Aeris Indústria e Comércio de Equipamentos para Geração de Energia (AERI3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue rose 108.2% QoQ and 50.3% YoY to R$269.1m; gross margin recovered to 12.4% and adjusted EBITDA turned positive at R$6.1m.

• 9M26 revenue fell 20.2% YoY to R$504.0m; adjusted EBITDA loss narrowed to R$33.7m and net loss to R$399.2m.

• High net debt, limited cash and an extrajudicial reorganization process remain central challenges to financial recovery and business continuity.

Financial highlights

• 3Q26 net loss was R$109.2m, down 28.2% QoQ; 9M26 net loss was R$399.2m, down 6.6% YoY.

• Adjusted EBITDA was R$6.1m in 3Q26 versus a R$12.4m loss in 2Q26; 9M26 adjusted EBITDA loss was R$33.7m versus R$61.0m in 9M25.

• 3Q26 net financial expense was R$96.9m; 9M26 net financial expense increased 29.5% YoY to R$303.3m.

• 9M26 operating expenses excluding debt-restructuring costs decreased 17% YoY.

• Investments were R$12.6m in 3Q26 and R$40.2m in 9M26.

Outlook and guidance

• Four reactivated production lines are expected to reach operational maturity and targeted productivity during 1Q27.

• Blade supply contracts for 2026–2027 total 1.6 GW, with a further 0.8 GW of potential contracts at varying negotiation stages.

• Support from creditors holding more than half of covered claims is being sought within 90 days of the November 3 filing; plan approval and court homologation remain pending.

• 2026 sales mix is expected to remain export-weighted, subject to customers’ contractual flexibility.