Grupo Multi (MLAS3) Q1 2026 earnings summary

Executive summary

• Net revenue grew 14.3% year-over-year to R$872.7 million in 1Q26, reflecting strong Corporate segment performance and strategic focus on profitability in Consumer Tech and Specialized segments, despite seasonal declines from 4Q25.

• Gross margin expanded to 30.4%, up 6.7 percentage points from 1Q25, driven by disciplined pricing, portfolio optimization, and successful price pass-throughs amid global component shortages.

• EBITDA reached R$96.5 million (11.1% margin), a significant increase from 1Q25, reflecting operational improvements and expense control.

• Net income was R$123.4 million, up 91% year-over-year, reversing the prior quarter's loss and aided by positive FX variation and operational gains.

• Operating cash flow turned positive at R$65.8 million, reversing a R$330.3 million cash burn in 1Q25.

Financial highlights

• Net revenue: R$872.7 million (+14.3% YoY); sequential decline from 4Q25 due to seasonality.

• Gross profit: R$265.0 million (+46.2% YoY); gross margin: 30.4% (+6.7 p.p. YoY).

• EBITDA: R$96.5 million (+1653.8% YoY); EBITDA margin: 11.1% (+10.4 p.p. YoY).

• Net income: R$123.4 million (+91.0% YoY); net margin: 14.1% (+5.6 p.p. YoY); positive FX effect of R$35 million.

• Operating cash flow: R$65.8 million (vs. -R$330.3 million in 1Q25); cash and equivalents: R$624.6 million (+32.1% YoY); net cash position: R$190.9 million.

Outlook and guidance

• Management expects margin pressure in future quarters due to higher inventory costs and macroeconomic challenges but anticipates stable margins through continued price pass-throughs and operational efficiency.

• Focus remains on profitability over volume, working capital discipline, and ongoing portfolio optimization.

• Dividend policy prioritizes debt reduction but aims for recurring annual payments as financial health allows.