M. Dias Branco (MDIA3) Q3 2026 earnings summary

Executive summary

• 3Q26 sales volume rose 2.1% YoY to 492.8k tons; 9M26 volume increased 3.2% to 1,377.6k tons.

• 3Q26 revenue was R$2,738.3m, down 1.7% YoY; 9M26 revenue was R$7,654.9m, down 0.8%.

• Higher volume and gross margin were offset by lower average prices, cost pressures and higher operating expenses; EBITDA and net income declined YoY.

Financial highlights

• 3Q26 EBITDA was R$255.9m, down 19.6% YoY; 9M26 EBITDA was R$736.2m, down 10.6%.

• 3Q26 net income was R$157.7m, down 27.0% YoY; 9M26 net income was R$432.9m, down 13.7%.

• Operating cash flow was R$589.3m in 3Q26, up 11.1% YoY, and R$1,105.6m in 9M26, down 9.9%.

• 3Q26 average price was R$5.6/kg, down 4% YoY; sales volume was 492.8k tons, up 2.1%.

• Operating income before financial results was R$152.4m in 3Q26, down 30.0% YoY; 9M26 was R$434.0m, down 17.4%.

Outlook and guidance

• Near-term cost pressure expected from Real depreciation and higher dollar-denominated commodity costs; selective pricing may be constrained by consumer sensitivity.

• Volume growth, richer product mix, expense management and productivity initiatives are margin levers; investment gains are expected over the medium and long term.

• A 15% tax rate is the planning baseline, subject to recalibration as earnings and cash-flow effects evolve.