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Dexco
Dexco (DXCO3) investor relations material
Dexco Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Net revenue for 2025 reached BRL 8.249 million, with pro-forma adjusted recurring EBITDA of BRL 2.468 billion, including LD Celulose, and recurring net income of BRL 791 million, up 22% year-over-year.
2025 marked the end of a major investment cycle, with a shift to cash generation, deleveraging, and operational efficiency for 2026.
Strategic actions included asset sales, portfolio simplification, plant closures, and a focus on higher value-added segments.
Challenging market conditions, high interest rates, and leadership transition prompted decisive restructuring, especially in Sanitaryware and Tiles.
Financial highlights
Sustaining cash flow was positive at BRL 191 million for 2025, with BRL 136 million generated in Q4.
Net debt stood at BRL 5,519.2 million, with an average cost of 9.52% of CDI, average term of 5.4 years, and leverage at 3.35x net debt/EBITDA.
CapEx was 5% below the previous year, mainly due to forestry investments and project reductions.
Gross margin for 2025 was 20%, stable year-over-year.
Outlook and guidance
Targeting net debt/EBITDA of 2.7x by end-2026 through asset monetization, cost discipline, and operational improvements.
Focus on margin recovery in Tiles and Metals, with double-digit margins in ceramic tiles by 2027.
Continued emphasis on cash generation, working capital optimization, and price discipline.
Plan for reaching 2.7x leverage by year-end
Roadmap for Ceramic Tiles margin recovery
Feasibility of early LD Celulose dividends
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Latest events from Dexco
- Adjusted and recurring EBITDA (pro forma) rose 12.1% year-over-year to R$560.6 million.DXCO3
Q2 20242 Feb 2026 - Wood and LD Celulose boosted EBITDA and leverage, as investment cycle and CEO transition progress.DXCO3Q3 202416 Jan 2026
- EBITDA up 10.2% to R$611.2M, but Tiles Division losses and higher leverage persist.DXCO3Q1 202526 Dec 2025
- Record EBITDA and revenue in 2024, but net income fell due to higher costs and one-offs.DXCO3Q4 20244 Dec 2025
- Wood and LD Celulose drove EBITDA growth, but net income declined; leverage improved.DXCO3Q2 202523 Nov 2025
- Strong Wood and Metals results offset weak Tiles margins; leverage stable, debt restructured.DXCO3Q3 202513 Nov 2025
Next Dexco earnings date
Q1 20267 May, 2026
Dexco
Next Dexco earnings date
Q1 20267 May, 2026
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Frequently asked questions
Dexco S.A., produces and sells industrialized wood panels in Latin America and the Caribbean region. Dexco S.A operates in two segments, Panels, which includes pine pulpwood, sawmill, and recycled panels products, and Building Products, which includes conventional and prefabricated wood structures. It also manufactures by-products derived from wood products; and recycles wood waste material obtained from the transformation of pine and hardwood logs into value-added products such as lumber, paper pulp board, fiberboard, cellulose fiber insulation board and forest management services. Dexco S.A sells its products through dealers and distributors to construction enterprises and industrial companies that use them for residential housing, commercial buildings, investors for building portfolios for investments on subsidized housing to be paid out of government funds, as well as to end users for renovation or replacement of existing assets.
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