In a move that is unusual in the last three years, Americanas ' shares soared on the B3 stock exchange on the morning of Thursday, March 26, a day after the retailer released its fourth-quarter and consolidated 2025 results.

After opening the day with a rise of more than 14%, the shares were up 19.8% around 1 p.m., trading at R$ 6.17. Year-to-date, the shares are up more than 20%, valuing the company at R$ 1.23 billion.

More than the figures for the period, another delivery explains this rally. Along with the balance sheet , Americanas announced yesterday that it filed a request to exit judicial reorganization , a process that originated from an accounting fraud of R$ 25 billion discovered in early 2023.

“We still need the judge’s approval, but there’s no denying that it’s a very special day,” said Fernando Soares, CEO of Americanas, in a call with analysts on Thursday, where he highlighted three pillars behind the decision to request the end of this process.

“We fulfilled the obligations outlined in the RJ plan and executed a very significant transformation plan for the company, both from an operational and strategic point of view,” he stated. “And, finally, we ended 2025 with very consistent numbers.”

The executive highlighted some of the movements that unite these three fronts and that were guided by the judicial recovery plan approved with creditors at the end of 2023 and put into execution in February 2024.

One of the key points was the decision to prioritize physical stores as the core of the business, rather than digital channels which, until then, had divided the retailer's attention and operated separately, with isolated investments and strategies.

The company also put businesses that made up its ecosystem up for sale. In October 2025, it initiated the sale of Uni.Co, owner of the Imaginarium, Puket, and Lovebrand brands. And it continues to advance in the process of divesting Hortifruti Natural da Terra.

Regarding the capital structure, one of the figures highlighted in the 2025 plan was the fact that the network ended the year with a gross debt of R$ 2 billion, an amount entirely related to debentures.

On the other hand, Americanas closed 2025 with a total cash availability of R$ 2.5 billion, consisting of R$ 1.1 billion in available funds and R$ 1.4 billion in card receivables. This allowed the company to end the year with a net cash position of R$ 488 million.

Based on these advances and other indicators, and with the prospect of leaving behind the judicial reorganization process, the retailer has already outlined the new steps to be taken in the next four years, within what it has dubbed Plan 100, in reference to the 100 years it will celebrate in 2029.

The plan in question involves several priority avenues. The first is to continue improving the layout of physical stores as a central pillar of the business, based on studies that, among other things, have already involved interviews with more than 10,000 consumers.

In this area, Americanas, for example, has reopened stores, bucking the trend of massive store closures over the past three years – a trend that is no longer part of their plan. There were 6 openings in 2025 and another three already planned for 2026.

In another recent step, and one that is yet another pillar of the new plan, Americanas launched Americanas Ads, its retail media arm, in February of this year. And it has been seeking to get closer to the industry to begin leveraging this strategy.

“We have nearly 1,500 stores in 800 cities, more than 40 categories, over 95 million visits, and the largest volume of followers in the retail sector on social media,” said Soares. “So, we have enormous potential to explore.”

A third avenue runs through digital businesses and financial services, which, among other initiatives, included the launch of the network's credit card – more than 1,500 have already been issued – and the relaunch of the loyalty program, named Cliente A.

“We’ve turbocharged our CRM and today we have over 36 million identified customers,” stated the CEO. “Customers in the program spend three times more. We want to guarantee repeat business and increased average spending. And that involves a closer relationship with this existing customer base and less focus on acquiring new customers.”

Americanas is also testing new offerings to be incorporated into its portfolio of financial services. Among them is an installment plan, with the possibility of paying for purchases in up to ten installments. This is already being tested in some of the chain's stores.

In summary

In parallel with the development of these new plans, Americanas closed the fourth quarter of 2025 with a net loss of R$ 44 million, equivalent to a 92.5% improvement over the loss of R$ 586 million reported in the same period a year earlier.

For the year, the reported loss was R$ 271 million, compared to a profit of R$ 8.3 billion a year earlier. However, this latter figure, from 2024, was driven by extraordinary effects related to the judicial reorganization process.

Quarterly net revenue, in turn, contracted by 3.8%, to R$ 3.6 billion. While for the year as a whole, the decline was 1.2%, to R$ 12.3 billion. Between October and December, the gross merchandise volume (GMV) fell 5.6%, to R$ 5.1 billion and, in 2025, 9.1%, to R$ 17 billion.

Conversely, operating EBITDA for the quarter was R$376 million, compared to a negative EBITDA of R$141 million in the same period of 2024. For the 2025 balance sheet, the indicator showed a decrease of 33.2%, to R$1.13 billion.

Adjusted EBITDA, which excludes expenses and events related to the judicial reorganization, was R$ 276 million in the quarter, up 1.9%, and R$ 1.1 billion for the year, representing growth of 11.6% over 2024.

In other indicators, during the quarter, sales expenses fell 12.4% to R$760 million, and general and administrative expenses decreased 49.6% to R$324 million.