Priner Serviços Industriais (PRNR3) Q2 2026 earnings summary

Executive summary

• Q2’26 net revenue rose 27.8% YoY to R$462.6M; adjusted operating profit increased 57.0% to R$43.7M, and adjusted net income was R$8.0M.

• Q2 contract awards reached R$966.4M; H1 wins totaled R$2.39B and consolidated LTM book-to-bill hit a record 2.23x.

Financial highlights

• Q2 revenue increased 9.8% QoQ; H1 revenue was R$883.8M, up 20.9% YoY.

• Adjusted EBITDA was R$72.2M, up 77.9% YoY, with margin expanding to 15.6% from 11.2%; adjusted operating margin was 9.4%.

• Q2 gross profit was R$87.4M versus R$71.8M a year earlier; gross margin was 18.9%, down 0.9 p.p. YoY, while margin excluding D&A rose 1.9 p.p. to 24.2%.

• Reported Q2 net loss was R$1.0M versus adjusted net income of R$8.0M; H1 consolidated net income was R$51.7M versus R$4.5M in H1’25.

• Adjusted SG&A was 9.5% of Q2 revenue, down from 12.0% in Q2’25.

Outlook and guidance

• Management expects an ascending 2026 results trajectory; Q3 is not expected to reflect full operating capacity, with growth expected to accelerate from August as hiring and equipment deliveries progress.

• Headcount is expected to increase 25% over the next two months; execution depends on hiring, equipment delivery, financing, leasing and safety training.

• Revenue equivalent to the interrupted mining contract is expected to be replaced between August and December; related machinery has been reassigned to new projects.

• Engineering & Assembly is expected to end 2026 with EBITDA slightly above the combined 2025 results of Infrastructure and Assembly.

• Operational cash generation is expected to support deleveraging, with two consecutive quarters of higher book-to-bill anticipated through year-end 2026.