Dexxos Participações (DEXP3) investor relations material

Executive summary

• Q3 2026 net revenue was R$506.6m (-1.9% YoY); gross profit rose 10.2% to R$82.3m, adjusted EBITDA fell 2.5% to R$49.5m, and adjusted net income rose 38.2% to R$41.6m.

• Net cash excluding IFRS 16 reached R$81.7m at quarter-end, up R$69.5m YoY.

Financial highlights

• Q3 gross margin rose 1.8 p.p. YoY to 16.2%; adjusted EBITDA margin was 9.8%, down 0.1 p.p., and adjusted net margin rose 2.4 p.p. to 8.2%.

• Q3 reported EBITDA was R$59.9m (+14.2%) with an 11.8% margin; reported net income was R$41.6m (+41.2%), versus adjusted net income growth of 38.2%.

• 9M26 net revenue fell 21.2% to R$1,353.8m; gross profit was R$251.8m (-8.2%), with gross margin up 2.6 p.p. to 18.6%.

• 9M26 adjusted EBITDA declined 19.3% to R$166.8m, with a 12.3% margin; adjusted net income rose 11.0% to R$135.0m, with a 10.0% margin.

• 9M26 operating cash flow was R$111.2m; investing cash outflow was R$52.2m, and financing cash inflow was R$9.6m.

Outlook and guidance

• Investment priorities include revenue growth and diversification across chemical and steel operations; cumulative investment since 2021 through 9M26 was R$319.4m.

• Apolo introduced its Artemis line of galvanized tubes in March 2026, targeting new markets with proprietary technology described as a Brazilian first.

• Studies resumed in October 2026 on a potential conversion of all preferred shares into ordinary shares.