Brisanet Serviços de Telecomunicações (BRST3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue rose 14% YoY to R$492.6 million; adjusted EBITDA was R$207.3 million at a 42.1% margin, and net income reached R$43.4 million.

• 9M26 revenue was R$1,422.3 million, adjusted EBITDA was R$599.1 million, up 10% YoY, and operating cash generation totaled R$771.0 million.

• Mobile revenue reached R$69.6 million, up 43.9% YoY; 109,173 mobile customers were added in Q3.

Financial highlights

• 3Q26 revenue increased R$58.9 million YoY; 9M26 revenue rose from R$1,235.4 million to R$1,422.3 million.

• Reported EBITDA was R$214.0 million, down 5.2% YoY; adjusted EBITDA increased 7.5% to R$207.3 million, excluding R$6.8 million of extraordinary revenues and out-of-period tax credits.

• 3Q26 gross profit was R$229.5 million, with a 47% gross margin versus 42% in 3Q25; operating income was R$86.2 million versus R$94.5 million.

• Net income rose 13.1% YoY to R$43.4 million; 9M26 net income was R$88.6 million versus R$65.0 million.

Outlook and guidance

• 2026 capex is estimated at R$700 million; 9M26 capex was R$520.6 million, in line with the annual plan. Management expects more balanced quarterly spending and a free-cash-flow reversal versus 2024–25.

• Mobile and 5G expansion will continue across the Northeast and Center-West; initial Midwest expansion capex is under R$100 million.

• AST SpaceMobile satellite service is targeted to begin commercial operations in 2028, following development and infrastructure deployment through 2027.

• Satellite investment is expected in 2027 ahead of revenue; service exploration is expected from 2028, with development over three to four years.

• Management sees 2027 as a year to adapt and adopt AI and related technologies, with potential for new-service revenue over time.