Mills Locação, Serviços e Logística (MILS3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue was BRL 492.9m, up 2.1% YoY; Adjusted EBITDA was BRL 256.1m, up 0.6%, with a 52.0% margin.

• Net income rose 94.5% YoY to BRL 130.9m, with prior-period tax credits and other non-recurring items contributing.

• 9M26 net revenue reached a record BRL 1,426.2m, up 6.0%; Adjusted EBITDA was BRL 760.1m, up 10.4%.

Financial highlights

• Adjusted operating cash flow was BRL 235.5m, down 39.8% YoY; the prior-year comparison was affected by Next Rental acquisition outlays.

• Adjusted free cash flow to firm was BRL 105.3m versus an outflow of BRL 92.4m in 3Q25.

• 3Q26 investments were BRL 100.5m, down 61.5% YoY and up 13.5% QoQ; 89% went to rental assets.

• Consolidated 9M26 operating cash flow was BRL 413.9m versus BRL 161.4m; cash and cash equivalents increased BRL 106.9m to BRL 541.3m.

• 9M26 net financial loss narrowed to BRL 92.8m from BRL 144.0m; diluted EPS was BRL 1.86316 versus BRL 0.92423.

Outlook and guidance

• Focus entering 4Q26 remained on disciplined growth, higher asset utilization, recurring revenue expansion and cash generation.

• Capital spending deferrals were timing-related; investment remained selective and linked to demand, contract visibility and returns.

• Formwork and Shoring opportunities were supported by infrastructure backlog, including urban mobility, sanitation, energy and large-scale projects.