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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Dexco
Dexco (DXCO3) investor relations material
Dexco Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
3Q26 revenue rose 9.8% YoY to R$2.336bn; adjusted recurring EBITDA grew 31.6% to R$585.4m, with a 25.1% margin.
Reported net loss was R$142.2m; excluding R$136.7m of non-recurring items, recurring net loss was R$5.5m, improving from R$42.8m in 3Q25.
Wood and LD Celulose led earnings growth while Ceramic Tiles remained pressured; cash generation and working-capital discipline supported deleveraging.
Financial highlights
9M26 revenue was R$6.586bn, up 7.1% YoY; adjusted recurring EBITDA reached R$1.611bn, up 30.6%, with a 24.5% margin.
3Q26 gross profit was R$565.1m, up 15.3% YoY; pro forma gross margin was 25.7%, up 0.8 percentage points.
3Q26 operating free cash flow was R$557.7m and total free cash flow was R$635.5m; 9M total free cash flow reached R$991.2m versus a R$335.5m outflow in 9M25.
9M26 recurring net income was R$100.2m, up 41.2% YoY.
3Q26 recurring adjusted EBITDA excluding LD Celulose was R$585.4m; pro forma EBITDA including LD Celulose was R$783.6m.
Outlook and guidance
Priorities include profitability, operating efficiency, cash generation, working-capital efficiency, asset monetization and further deleveraging; capital allocation favors selective, higher-return projects.
2027 planning assumes ~1% market growth; management said growth of 0.5% or zero was manageable, with roughly two-thirds of expected tile improvement planned from cost actions.
Ceramic Tiles aims to stabilize operations in 2027 through productivity and cost improvements and greater premium-segment value share; pricing pressure remains a concern.
Tile plant transitions, logistics and learning curves are expected to weigh on Q4, with gradual improvement as the adjusted footprint enters 2027.
LD Celulose’s October maintenance shutdown is expected to affect 4Q26; Q1 2027 is also expected to be challenging amid tax reform effects.
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Latest events from Dexco
- Strong 2Q26 results driven by margin expansion, cash generation, and disciplined cost management.DXCO3
Investor presentation - EBITDA and revenue rose, led by Wood, as cost discipline improved margins despite sector headwinds.DXCO3Q2 2026
- Wood and LD Celulose strength offset Tiles and Metals weakness amid high leverage and restructuring.DXCO3Q4 2025
- Recurring EBITDA was R$566.5m, but net income fell and leverage rose to 3.48x.DXCO3Q3 2025
- Strong Wood and LD Celulose results drove revenue growth, but net income declined sharply.DXCO3Q2 2025
- Strong 3Q24 results led by Wood and LD Celulose, with higher margins and lower leverage.DXCO3Q3 2024
- Adjusted and recurring EBITDA (pro forma) rose 12.1% year-over-year to R$560.6 million.DXCO3Q2 2024
- Pro forma EBITDA up 10.2% to R$611.2M, but Tiles losses and leverage rose to 3.45x.DXCO3Q1 2025
- Revenue up 11.5%, EBITDA up 22%, but net income down 26.1% amid higher costs.DXCO3Q4 2024
Next Dexco earnings date
Q4 202610 Mar, 2027
Dexco
Next Dexco earnings date
Q4 202610 Mar, 2027
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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.