Intelbras (INTB3) Q4 2025 earnings summary

Executive summary

• Net revenue for 4Q25 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, while Security grew.

• EBITDA for 4Q25 was R$162.22 million, a 1.9% decrease year-over-year but a 12.6% increase from 3Q25, with margin gains from operational improvements.

• Net income for 4Q25 reached R$137.94 million, up 8.2% year-over-year, with a net margin of 11.8%.

• Fiscal year 2025 net revenue was R$4,460.4 million, down 6.2% year-over-year, reflecting deliberate portfolio and commercial policy changes.

• Strategic focus in 2025 was on operational discipline, efficiency, and simplification, including SAP/ERP implementation and selective investments.

Financial highlights

• Gross margin for 4Q25 was 30.7%, up 1.7 p.p. year-over-year, with EBITDA margin at 13.9%.

• Net margin for 4Q25 was 11.8%; full-year 2025 net margin was 10.8%.

• Free cash flow for 2025 was 1.51x EBITDA; year-end cash position was R$1,070.77 million.

• CapEx for 2025 was R$100 million, 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 is expected to remain challenging, with macroeconomic headwinds and effects of strategic adjustments persisting in the first half.

• Efficiency gains and improved operational performance are expected by mid-2026, supporting ROIC improvement.

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

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

• Five-year plan targets real revenue growth above inflation, but no specific target set.