Fleury (FLRY3) Q3 2026 earnings summary

Executive summary

• Q3 gross revenue was R$2,695.5m, up 13.3% YoY and 9.9% organically; EBITDA rose 12.2% to R$672.2m and net income rose 42.9% to R$264.3m.

• ROIC reached 18.7%, up 470 bps since 2Q23; Q3 operating cash flow was R$798.5m, up 11.1%.

Financial highlights

• Q3 gross profit rose 16.6% to R$718.1m; gross margin expanded 79 bps to 28.9%.

• 9M gross revenue reached R$7,620.3m, up 12.6%; EBITDA rose 12.6% to R$1,891.1m, with a 26.9% margin.

• 9M net income was R$687.4m, up 33.1%.

• Operating expenses were R$276.3m in Q3, up 10.8%, and equaled 11.1% of net revenue; 9M expenses rose 11.2% to R$788.9m.

• Operating cash flow was R$798.5m in Q3 and R$1,758.9m in 9M, up 15.1% for the nine-month period.

Outlook and guidance

• Management expects growth to remain primarily organic, citing ~10% organic growth year to date; efficiency gains and acquisition synergies remain priorities, without formal guidance.

• Q4 activity tracked expectations amid holiday seasonality and scheduled unit retrofits; CapEx as a share of revenue is expected below prior years, with no full-year figure provided.

• Tax-reform preparations cover billing, systems, controls and pricing for the transition starting January 2027; no material accounting impacts had been identified.