Digital is today one of the main growth engines in Brazilian retail. In the case of the Casas Bahia group, this movement translates into consistent expansion and relevance gains in the market, consolidating the company as an expert and first destination of millions of consumers in search of electronics and strategic categories.
In the second quarter of 2025, the group’s e-commerce (1p online + 3p Marketplace) grew 10.4% over the previous year, reaching R $ 4.2 billion in GMV and marking the third consecutive quarter of evolution. Online revenue advanced 8.7% in the period, especially the 6.8% growth in 1p online and 16.2% in the marketplace.
Profitability and efficiency in focus
Digital expansion has been accompanied by efficiency gains. The adjusted EBITDA margin reached 8.3% in the quarter – the highest in 27 months – after progressing 1.3 percentage point compared to the previous year. Adjusted EBITDA grew 26.5%, reaching R $ 572 million, reflection of operational leverage and strict control of expenses, which fell 2.9% in the period.
Technology and services strengthen the ecosystem
More than 60% of Capex of R $ 79 million in 2T25 was intended for technology, a 35% increase over the previous year. These investments support the company’s digitization, improve customer experience, and expand services to marketplace shopkeepers as logistics and credit solutions.
Rugged Marketplace in a multichannel model
Within the digital ecosystem, marketplace has been gaining protagonism by expanding product supply, diversifying recipes and creating new opportunities for retailers and consumers. In the quarter, it moved R $ 1.7 billion in GMV and generated R $ 215 million in revenue, with growth of 15.5%.
These results reinforce the relevance of digital in the company’s strategy, without changing the essence of its business: physical stores follow central, functioning as relationship hubs, capillarity and revenue generation. Digital advancement and physical strength are not competing – are complementary in a multichannel model that supports the group’s growth.
Digital credit as a competitive differential
The credit, the brand’s historical differential, has also expanded in digital. In the quarter, the wallet grew 11.3% and reached R $ 6.2 billion. The penetration of the digital credit reached 8.6% in 1P and 9.7% in the 3P, qualifying more than 4,800 tenants and expanding capillarity to more than 4,600 municipalities without physical presence. Thus, the group promotes financial inclusion without compromising the quality of the portfolio, which kept controlled default at 8.4%.
Solid financial management and value generation
Digital advancement, added to the resilience of physical stores and financial discipline, strengthened the structure of the company. Net debt was reduced by 40% in 12 months, and BanQi, the group’s financial arm, registered a profit for the third consecutive quarter, with 8.4 million accounts open and more than R $ 28.4 billion in transactions. These indicators show that modernization does not represent the abandonment of the physical model, but the construction of a solid base for the integration of channels.
A new level in retail
The recent trajectory of the Casas Bahia group shows that the digital transformation and the strength of the physicist walk together. E-commerce grows at a rapid pace and drives results, while stores are still the core of the operation, with capillarity and proximity of the consumer.
This balance – technological innovation, financial discipline and complementarity between channels – supports a strategy that already translates into consistent numbers and places the company into a new level in Brazilian retail.
