GPA (PCAR3) recorded a widening net loss in the second quarter of 2026, as strong operational progress at the Brazilian retailer was entirely eclipsed by high interest expense stemming from its substantial net debt position. The company, which operates the Pão de Açúcar supermarket chain, reported a net loss attributable to controlling shareholders of R$ 204 million, a 15.5% increase year-over-year. This negative bottom-line figure came despite a significant improvement in operational efficiency, which saw the adjusted EBITDA margin climb 1.6 percentage points to 10.6%.