Intelbras (INTB3) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4 2025 was R$1,167.98 million, down 9.3% year-over-year but up 3.8% sequentially, mainly due to declines in ICT and Energy segments.

• EBITDA reached R$162.22 million, a 1.9% decrease year-over-year but a 12.6% increase from Q3 2025, with margin gains from operational improvements.

• Net income rose 8.2% year-over-year to R$137.94 million, though it declined 6.7% sequentially; net margin was 11.8%.

• Strategic focus shifted toward profitability and efficiency, especially in energy and ICT, with operational discipline and SAP/ERP implementation driving efficiency and customer experience.

• Fiscal year 2025 closed with net revenue of R$4,460.38 million, down 6.2% from 2024, reflecting deliberate portfolio and commercial policy changes.

Financial highlights

• EBITDA for Q4 2025 was R$162.22 million, with a margin of 13.9%, up 1.1 p.p. both year-over-year and sequentially.

• Gross margin for Q4 2025 was 30.7%, up 1.7 p.p. year-over-year but slightly down 0.2 p.p. from Q3 2025.

• Free cash flow in Q4 was R$16.2 million; year-end cash position was R$1,070.77 million after R$300 million dividend payment.

• CapEx for 2025 was R$100 million, half of the previous year and 54.4% lower than 2024, aligned with strategic planning.

• ROIC (pre-tax) for the last twelve months was 15.1%, down 3.0 p.p. year-over-year but up 0.6 p.p. sequentially.

Outlook and guidance

• 2026 will reflect strategic decisions from 2025, prioritizing profitability and ROIC over revenue growth, with efficiency gains expected by mid-2026.

• CapEx in 2026 expected to remain at 2025 levels, with potential for opportunistic investments in Manaus.

• Dividend policy to remain unchanged, with no expectation of increased payouts.

• Five-year plan targets real revenue growth slightly above inflation and market share gains, but no specific target set.