Dexxos Participações (DEXP3) Q2 2026 earnings summary

Executive summary

• Net revenue for 2Q26 was R$460.3 million, down 22.9% year-over-year, with gross profit at R$83.9 million, down 9.6% but margin improved to 18.2% (+270 bps).

• Adjusted EBITDA for 2Q26 was R$58.8 million, down 13.2% year-over-year, but margin rose to 12.8% (+140 bps). Adjusted net income grew 8.0% to R$42.0 million, with margin up to 9.1% (+260 bps).

• Net cash position reached R$16.6 million, a R$98.7 million improvement from 2Q25.

• A new share buyback program was approved for up to 3.6 million shares (3.0% of outstanding shares) over 18 months.

• The company expanded its steel product portfolio with the Artemis® line.

Financial highlights

• 1H26 consolidated net revenue was R$847.2 million, down 29.4% year-over-year; gross profit R$169.6 million (-15.0%), gross margin 20.0% (+340 bps).

• 1H26 adjusted EBITDA was R$117.3 million (down 24.8%), margin up 90 bps to 13.8%.

• 1H26 adjusted net income was R$93.4 million, up 2.0% year-over-year, with net margin up 340 bps to 11.0%.

• Net cash/EBITDA LTM ratio improved to (0.1x) from 0.3x in 2Q25.

• Average cost of gross debt was 8.8% in 2Q26, down 100 bps YoY, with average maturity of 5.2 years.

Outlook and guidance

• The company continues to invest in portfolio diversification and value creation in both chemical and steel segments, with R$253.7 million invested since 2022.

• Ongoing focus on ESG initiatives, operational safety, and sustainable resource use.

• Disciplined capital allocation and long-term sustainability remain priorities.