Aeris Indústria e Comércio de Equipamentos para Geração de Energia (AERI3) Q1 2026 earnings summary

Executive summary

• Net revenue in 1Q26 was R$105.6 million, down 7.8% from 4Q25 and 49.8% year-over-year, reflecting weak domestic demand partially offset by export growth.

• Adjusted EBITDA was negative R$27.5 million (margin -26.0%), a significant improvement from negative R$60.6 million in 4Q25, but still pressured by low capacity utilization.

• Net loss for 1Q26 was R$138.0 million, a substantial reduction from the R$477.5 million loss in 4Q25.

• 1.4 GW of wind blade supply contracts secured for 2026/2027, with a 0.7 GW pipeline under negotiation and plans to progressively reactivate four production lines as demand recovers.

• Only two mature production lines operated in 1Q26, with four more to be reactivated as demand recovers.

Financial highlights

• Net revenue: R$105.6 million (-7.8% vs 4Q25; -49.8% vs 1Q25).

• Adjusted EBITDA: -R$27.5 million (margin -26.0%), improved from -R$60.6 million in 4Q25.

• Net loss: -R$138.0 million, improved from -R$477.5 million in 4Q25.

• Gross margin: -12.6%, a 0.6pp improvement over 4Q25.

• Operating expenses (excluding one-off impairment) fell R$24 million sequentially and R$8.2 million YoY.

Outlook and guidance

• Gradual demand recovery expected, with phased reactivation of four production lines and a 2.1 GW pipeline for 2026/2027.

• Export sales expected to remain strong, with a projected 55% of 2026 sales for export and 45% for domestic market.

• Focus on operational optimization, disciplined capital allocation, and international market expansion.