Grupo Mateus S.A. stock (BRGMATACNOR3): Brazilian retailer posts solid Q4 2024 growth

Brazilian supermarket chain Grupo Mateus reported higher revenue and expanding store base in its Q4 2024 results, while margins stayed under pressure. The stock remains a regional consumer play that some US investors follow via Brazil’s equity market.

Brazilian food retail chain Grupo Mateus S.A. recently released its fourth-quarter and full-year 2024 results, showing continued revenue growth driven by store expansion in northern and northeastern Brazil, while profitability remained under pressure from a competitive grocery landscape and rising operating costs, according to the company’s earnings materials and local exchange releases published in March 2025. These metrics keep the stock on the radar of investors watching consumer spending trends in Latin America.

As of: 18.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Grupo Mateus S.A.
• Sector/industry: Food retail, supermarkets, cash-and-carry
• Headquarters/country: São Luís, Brazil
• Core markets: Northern and northeastern regions of Brazil
• Key revenue drivers: Supermarkets, hypermarkets, wholesale formats and ecommerce
• Home exchange/listing venue: B3 São Paulo (ticker GMAT3)
• Trading currency: Brazilian real (BRL)

Grupo Mateus S.A.: core business model

Grupo Mateus operates a network of food retail and wholesale stores, primarily in Brazil’s North and Northeast, with formats that include supermarkets, hypermarkets, cash-and-carry outlets and smaller neighborhood stores. The group also offers ecommerce and delivery options in selected cities, integrating physical and digital channels to reach a broader customer base and support same-store sales growth.

The company’s strategy focuses on serving low- and middle-income consumers with a strong emphasis on food, perishables and household essentials, segments that tend to show relatively resilient demand across economic cycles. In addition to traditional retail, the group’s cash-and-carry and wholesale formats cater to small businesses, independent retailers and food service operators seeking bulk purchases at competitive prices.

Historically concentrated in Maranhão and neighboring states, Grupo Mateus has pursued a regional expansion strategy, opening new stores in several states across the North and Northeast over recent years. This geographic focus differentiates it from some larger national chains that have stronger footprints in Brazil’s Southeast and South, giving the company a more targeted exposure to consumption trends in its home regions.

Main revenue and product drivers for Grupo Mateus S.A.

Revenue at Grupo Mateus is primarily generated by food retail sales in its supermarket and hypermarket formats, where shoppers purchase fresh produce, meat, bakery items and packaged groceries. These core categories are complemented by non-food items, including cleaning products, personal care and some general merchandise, which can provide margin support but usually account for a smaller share of total sales volume than food.

Wholesale and cash-and-carry stores represent another important revenue stream. These outlets typically operate on thinner margins but higher volumes, serving smaller retailers and professional customers alongside individual consumers looking for lower prices on bulk goods. This format has been expanding across Brazil’s retail landscape and offers Grupo Mateus a way to address both consumer and business demand under a single brand umbrella.

The company also participates in ecommerce and delivery services in selected urban centers, allowing customers to order groceries online for pickup or home delivery. While still a smaller portion of total revenue compared with in-store sales, online channels can help support customer loyalty and basket size. Revenue is further supported by private label products in certain categories, which may help the group manage margins and offer more competitive prices to value-focused shoppers.

Conclusion

Grupo Mateus S.A. offers investors exposure to Brazil’s food retail sector with a strong regional presence in the North and Northeast, anchored in supermarket and cash-and-carry formats. Recent results highlighted continued revenue growth supported by new store openings, though margins remain sensitive to competition and cost trends. For US investors who follow Brazilian equities, the stock represents a consumer-focused play linked to local income dynamics and inflation patterns rather than the US economy directly, making it a potential diversifier within an emerging markets allocation without constituting any recommendation.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.