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Dexco (DXCO3) investor relations material
Dexco Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue rose 9.8% YoY to R$2.336bn; adjusted recurring EBITDA increased 31.6% to R$585.4m, with a 25.1% margin.
Operating cash generation and working-capital release supported deleveraging; net debt fell R$352.5m QoQ to R$4.783bn and leverage declined to 2.36x.
Wood and LD Celulose led performance, while Ceramic Tiles remained loss-making amid pricing pressure and weak demand.
Financial highlights
9M26 revenue was R$6.586bn, up 7.1% YoY; adjusted recurring EBITDA was R$1.611bn, up 30.6%, with a 24.5% margin.
Reported net loss was R$142.2m; excluding R$136.7m of net non-recurring items, recurring net loss was R$5.5m versus R$42.8m in 3Q25.
Operating free cash flow was R$557.7m and total free cash flow was R$635.5m in Q3; 9M total free cash flow was R$991.2m versus a R$335.5m outflow in 9M25.
3Q26 gross profit was R$565.1m, up 15.3% YoY; reported gross margin was 24.2%.
Outlook and guidance
Priorities remain profitability, operating efficiency, cash generation and debt reduction, with selective CAPEX focused on higher-return initiatives.
Ceramic Tiles is emphasizing commercial discipline, efficiency and cash preservation; pricing pressure and weak demand remain concerns for coming quarters.
LD Celulose’s scheduled maintenance shutdown was completed in October, with effects expected in 4Q26.
- 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.DXCO3
Q2 2026 - Wood and LD Celulose strength offset Tiles and Metals weakness amid high leverage and restructuring.DXCO3
Q4 2025 - Recurring EBITDA was R$566.5m, but net income fell and leverage rose to 3.48x.DXCO3
Q3 2025 - Strong Wood and LD Celulose results drove revenue growth, but net income declined sharply.DXCO3
Q2 2025 - Strong 3Q24 results led by Wood and LD Celulose, with higher margins and lower leverage.DXCO3
Q3 2024 - Adjusted and recurring EBITDA (pro forma) rose 12.1% year-over-year to R$560.6 million.DXCO3
Q2 2024 - Pro forma EBITDA up 10.2% to R$611.2M, but Tiles losses and leverage rose to 3.45x.DXCO3
Q1 2025 - Revenue up 11.5%, EBITDA up 22%, but net income down 26.1% amid higher costs.DXCO3
Q4 2024
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