Positivo Tecnologia (POS3) Q1 2026 earnings summary

Executive summary

• Gross revenue grew 4% year-over-year to R$881 million, led by IT Infrastructure, Services and Solutions (ISS), with servers up 186% and managed services up 21%.

• EBITDA increased 31% to R$70 million, with margin up 2.0 p.p. to 9.4%, driven by a better revenue mix and 15% lower operating expenses.

• Net loss was R$12 million, similar to 1Q25, reflecting seasonality, higher financial expenses, and increased working capital from early memory chip purchases.

• Strategic launches included the Positivo Inteliserver, Ascent GX10 supercomputer, and a Smart POS with palm vein biometrics in partnership with Tencent.

Financial highlights

• Gross revenue: R$881.4 million (+3.6% to 4% YoY); Net revenue: R$741.4 million (+3.6% YoY).

• EBITDA: R$69.7 million (+31% YoY), margin 9.4% (+2.0 p.p.); Operating cash generation: R$91 million (vs. -R$52 million in 1Q25).

• Net loss: R$12.3 million (vs. -R$12.6 million in 1Q25); Gross margin: 22.8% (-1.1 p.p. YoY).

• Leverage (Net Debt/EBITDA LTM): 2.1x (vs. 2.5x in 1Q25); ROIC: 9.9% (+0.4 p.p. YoY).

• Cash and equivalents at R$605.8 million (+30.2% YoY); operating cash flow positive at R$91 million.

Outlook and guidance

• 2026 gross revenue guidance maintained at R$4.0–4.2 billion, reflecting confidence in sequential recovery and strategic execution.

• Management expects sequential recovery in public sector sales and continued growth in IT infrastructure and payment solutions.

• Risks include global memory supply constraints and cost pressures, especially for public sector contracts.

• Strategic focus on expanding IT infrastructure, payment solutions, and active cost management.