Americanas shares (AMER3) dropped 19.7% on November 12, 2026, after the company's third-quarter earnings report showed a net loss of R$ 352 million—reversing a net profit of R$ 367 million from the same period last year. However, CFO Sébastien Durchon highlighted what the headline numbers did not immediately show on the conference call: cash burn declined 60% in the 12 months ending in September, without relying on asset sales or non-recurring gains.
What Happened to Americanas (AMER3) in 3Q26?
Americanas released its first quarterly results since exiting judicial reorganization—Brazil's bankruptcy protection process—on October 19, 2026. The R$ 352 million net loss drove selling pressure the following day. However, it was not the only metric in the report: net revenue grew 10.3% to R$ 2.97 billion, same-store sales increased 7.3%, and adjusted EBITDA fell from R$ 558 million in 3Q25 to R$ 52 million in 3Q26.
reversed net profit of R$ 367 million in 3Q25
+10.3% year-over-year
down from R$ 558 million in 3Q25 (90.7% drop)
The stock had reached R$ 7.50 on October 20, when the Rio de Janeiro state court declared the end of the judicial reorganization. Following the 3Q26 results, shares closed at R$ 4.07—a 45.7% decline from their peak in under four weeks.
Is the 90% Drop in EBITDA Operational Deterioration or a Baseline Effect?
The 3Q25 EBITDA figure was distorted by one-off items. Results for the first nine months of 2025 benefited from R$ 850 million in non-recurring effects, including tax credits, provision reversals, and restructuring gains from the court-supervised reorganization. In 3Q26, non-recurring effects totaled just R$ 16 million. Excluding these non-recurring items, core operating performance for the first nine months improved by R$ 198 million, narrowing the operating loss from R$ 647 million in 9M25 to R$ 449 million in 9M26.
This improvement does not mean the operating performance is strong, but it shifts the baseline for comparison. Americanas remains operating at a loss—the core question is whether that deficit is shrinking quickly enough. Gross margin narrowed from 29.4% to 28.4%, while SG&A expenses fell 2.3% to R$ 754 million. Net financial result turned negative, shifting from positive R$ 88 million to negative R$ 190 million for the quarter as debt obligations emerging from the reorganization plan took effect.
What the CFO Said About Cash Burn—and Why It Is the Key Metric
During the call with analysts, CFO Sébastien Durchon stated that Americanas does not depend on asset sales or extraordinary gains to cut cash burn, adding that improvements stem directly from operations. The figures confirm that trend.
According to Durchon, cash burn declined from nearly R$ 500 million in the prior-year period to just under R$ 200 million for the 12 months ending in September—a reduction of approximately 60%. CEO Fernando Soares emphasized this strategic direction: "We cannot rebuild the company relying on asset sales. We have to rebuild it through core operations." Unlike real estate funds relying on asset sales to sustain cash flow, Americanas is taking the opposite approach by relying strictly on operational efficiency—a path that is slower, but structurally more resilient.
"Americanas is still a loss-making company, so it still has to fund its losses."Sébastien Durchon, CFO of Americanas — 3Q26 earnings call, November 2026
Regarding the timeline for turning cash-flow positive, Durchon declined to provide a target, stating that progress has been steady but offering no specific timeline or fixed date.
What Operational Improvement Has Not Yet Solved: Debt and Net Interest Expense
The central hurdle in the turnaround thesis remains straightforward: adjusted EBITDA of R$ 52 million for the quarter remains well below net financial expenses of R$ 190 million over the same period. Core operations are not yet generating enough cash to cover servicing costs on the debt.
Net debt reached R$ 1.16 billion at the end of September, reversing a net cash position of R$ 488 million at year-end 2025. This change partly reflects the reorganization plan itself, as scheduled payments to creditors came due. During the restructuring, the company closed 430 stores and reduced headcount from 43,000 to 27,000. While the cash conversion cycle improved from 62 days in May 2025 to 19 days in April 2026, turning cycle efficiency into net cash generation requires quarterly EBITDA to exceed net interest expense—a threshold the company has not yet crossed.
Management also cautioned that exiting court protection does not automatically lower borrowing costs or improve credit availability. When operating performance does cross that threshold, market reaction can be swift—as seen when CURY3 shares surged following record operational cash flow, or when MRVE3 generated R$ 456 million in cash during the quarter and was immediately re-rated by investors.
For investors buying AMER3 on the court exit thesis, recent price action reflects a sharp repricing: shares fell from R$ 7.50 at the October peak to R$ 4.07 following earnings—a decline of nearly R$ 3.50 in a month. The central issue is not merely the R$ 352 million net loss, but what it highlights: despite 10% revenue growth and a 60% decline in cash burn, operational earnings are not yet sufficient to cover R$ 190 million in quarterly financial expenses. The operational turnaround is progressing—cash burn is falling without accounting tricks. However, the timeline for Americanas to transition from burning less cash to generating positive cash flow remains uncertain, and management has declined to offer a specific target date.
Key Factors to Watch in Coming Quarters
EBITDA vs. net financial expenses — currently R$ 52 million vs. R$ 190 million per quarter. Crossing this threshold (EBITDA ≥ interest expense) is the key trigger needed to turn the recovery story into sustainable cash generation.
Annualized cash burn rate — if cash burn continues its downward trajectory, the next comparable 12-month figure should drop below R$ 100 million, a necessary step before turning cash-flow positive.
Gross margin trends — gross margin contracted from 29.4% to 28.4% in the quarter. A recovery back above 29% would signal that revenue growth is driven by healthier product mix rather than volume alone.
Post-reorganization credit access — management warned that exiting judicial protection does not automatically reduce financing costs. The terms and borrowing rates of future debt refinancings will show how much debt continues to weigh on the restructuring process.
