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Dexco (DXCO3) investor relations material
Dexco Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Adjustments in production, headcount, and portfolio to align with lower demand, focusing on higher-end products and inventory reduction by year-end.
Pro-forma adjusted & recurring EBITDA reached R$1.9 billion for 9M25, with strong Wood Division results and improved Metals & Sanitary Ware performance, but Tiles Division pressured by high inventories and soft prices.
Transformation plan launched in 2025, prioritizing financial deleveraging, operational efficiency, go-to-market, tiles turnaround, wood innovation, and Deca competitiveness.
Net revenue for 3Q25 was R$2,128.0 million, down 5% year-over-year, reflecting a highly competitive environment and price/volume pressures.
Sustaining free cash flow was R$81.6 million, marking the end of the 2021-2025 investment cycle.
Financial highlights
Adjusted & recurring EBITDA for 3Q25 was R$445 million (margin 20.9%), excluding LD Celulose equity equivalence.
Recurring net income for 9M25 was R$647 million, a 5% increase year-over-year, but 3Q25 recurring net income was a loss of R$42.8 million due to higher financial expenses and lower LD Celulose contribution.
Free cash flow YTD was R$1,234 million, with higher working capital needs due to inventory build-up and supplier finance suspension.
Gross profit for 3Q25 was R$490.1 million, down 26.5% year-over-year; pro forma gross margin fell 7.7 p.p. to 24.9%.
Issue of R$1.5 billion in debentures post-quarter for debt restructuring and maturity extension.
Outlook and guidance
Continued focus on deleveraging, efficiency, and value creation to reinforce financial sustainability.
Wood panels demand expected to remain strong, supporting Wood Division performance.
Ceramic Tiles strategy review aims to balance inventories and gradually rebuild margins into 2026.
LD Celulose expected to maintain efficient operations post-maintenance, despite volatile pulp prices and FX.
Metals & Sanitary Ware to face temporary volume and revenue impact from scheduled maintenance in 4Q25.
Tiles Division EBITDA turnaround plan
What drove Wood EBITDA without forestry trading?
Strategy to reduce 3.48x Net Debt/EBITDA?
Deleveraging: Key levers and trade-offs?
Deca's outsourcing strategy: benefits and challenges?
Future of wood: R&D and forest exploration plans?
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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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