Compass Gas e Energia (PASS3) Q3 2026 earnings summary

Executive summary

• Adjusted consolidated EBITDA rose 8.4% YoY to R$1.508bn; net income increased 37% to R$591.1m, supported by distribution resilience and stronger normalized Marketing & Services results.

• Reported EBITDA reached R$1.637bn, up 22% YoY, boosted by cargo optimization gains; net debt/LTM EBITDA improved to 2.2x from 2.3x in 2Q26.

Financial highlights

• Revenue was R$4.128bn, down 3% YoY; gross profit was R$1.168bn, down 1%.

• Adjusted gross profit reached R$1.736bn, up 6.7% YoY; gross profit excluding D&A was R$1.528bn, up 3%.

• 9M26 EBITDA increased 10% to R$4.240bn and net income rose 5% to R$1.261bn.

• Net financial expense rose 16% to R$457.3m; excluding the prior-year R$52.8m Necta tariff-review adjustment, it increased 6.6%.

• Adjusted SG&A excluding D&A fell 6.7%, excluding R$9.6m of IPO expenses; adjusted EBITDA excludes R$15.1m of IPO expenses.

Outlook and guidance

• Deferred optimization gains totaled R$280m for 4Q26 and R$353m for 2027; recognition is normalized to the periods to which gains economically relate.

• Edge off-grid contracts totaled ~0.2m m³/day, half the first-phase potential; growth initiatives also include biomethane, gas trading and distribution network expansion.

• OneBio’s new production lines began operating in 3Q26 and approached full capacity; the plant was certified to issue CGOB certificates.