Orizon Valorização de Resíduos (ORVR3) Q2 2026 earnings summary

Executive summary

• Completed the largest acquisition/merger in company history, integrating Vital and others to become the largest waste valorization platform in Latin America, with 15.4 million tons/year and 34% landfill market share, operating 30 Ecoparks across 15 states and five business segments.

• Achieved strong operational performance and resilient growth in core business, with significant ramp-up in biomethane plants and robust carbon credit sales.

• Significant one-off and integration expenses impacted EBITDA and net income, mainly due to transaction costs, operational ramp-up, and higher taxes, but these are not expected to recur.

• New board and management established post-acquisition, with five advisory committees and enhanced governance.

• Share split (1:4) executed to broaden access and liquidity, with post-split trading starting August 2026.

Financial highlights

• Adjusted net revenue reached R$981.7 million in Q2 2026 (+17.3% YoY); pro forma EBITDA was R$281.7 million (margin 28.7%); adjusted net income R$103.1 million.

• Net debt stood at R$2,241.2 million, with a net debt/EBITDA ratio of 1.8x.

• Gross profit was R$192.8 million (Q2 2026), with gross margin at 30.96%.

• Carbon credit sales reached R$12.3 million (347.6k tCO₂e) in 2Q26.

• Biomethane production averaged 130.3k m³/day (+63.9% QoQ).

Outlook and guidance

• Expectation of strong EBITDA growth and deleveraging over the next 12–24 months as one-off expenses subside and synergies from integration materialize.

• Biomethane production ramp-up completed, with higher volumes and margins anticipated in Q3 and Q4 2026; seven new biomethane plants and one waste-to-energy unit under construction.

• Pipeline of new projects and M&A opportunities under review, with continued focus on organic and inorganic growth.

• Regulatory advances in carbon and biomethane markets expected to drive new revenue streams.