Intelbras (INTB3) Q1 2026 earnings summary

Executive summary

• Net revenue reached R$ 1,110.6 million in Q1 2026, up 20.6% year-over-year and down 4.9% sequentially, reflecting expected seasonality and normalization post-ERP migration.

• Net income was R$ 153.1 million, up 148.5% year-over-year and 11.0% sequentially, with a net margin of 13.8%.

• EBITDA totaled R$ 156.3 million, up 92.6% year-over-year and down 3.7% sequentially, with a margin of 14.1%.

• ROIC (pre-tax) improved to 17.7%, up 3.9 p.p. year-over-year and 2.6 p.p. sequentially, driven by operational efficiency and capital discipline.

• Operational discipline, efficiency improvements, and disciplined capital allocation continued.

Financial highlights

• Gross margin was 30.7%, up 1.3 p.p. year-over-year and stable sequentially.

• Operating expenses decreased 5.5% sequentially, reflecting structural adjustments and disciplined cost management.

• Cash and cash equivalents at quarter-end were R$ 1,303.1 million, up from R$ 1,070.8 million at year-end 2025, driven by strong operating cash generation and new financing tranches.

• Financial result was positive, supported by strong cash position and lower financial expenses.

• EBITDA margin reached 14.1%, up 5.3 p.p. year-over-year and 0.2 p.p. sequentially.

Outlook and guidance

• Management expects continued focus on operational efficiency, capital allocation, and customer-centric strategies.

• New commercial structure aims to enhance channel efficiency and national presence.

• Expansion of industrial footprint with new site in Manaus to support future growth and flexibility.

• Profitability in 1Q26 was above historical levels, partly due to lower-than-expected operating expenses, which may not recur.

• Focus remains on improving working capital, inventory management, and targeting higher-ROIC businesses.