Randoncorp (RAPT4) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$3.3 billion in 2Q26, up 0.9% year-over-year, driven by recovery in truck and trailer markets and resilient aftermarket performance.

• Adjusted EBITDA rose 19.4% to R$440.4 million, with margin expanding to 13.3% due to operational efficiency and strong industrial verticals.

• Net loss of R$90.5 million, mainly due to the discontinuation of Delta Global and negative equity results, despite improved operating income.

• Maintained brAAA rating with negative outlook; strategic focus on deleveraging, working capital optimization, and ESG targets, including zero landfill waste and increased female leadership.

• Achieved 2025 ESG targets ahead of schedule and received multiple awards for ESG, M&A, and financial excellence.

Financial highlights

• Gross profit increased 18% to R$942.5 million, with gross margin at 28.4% (+4.1 p.p. YoY).

• Adjusted EBITDA margin improved to 13.3%, up 206 bps year-over-year.

• Net loss of R$90.5 million (vs. R$34.9 million loss in 2Q25), mainly due to discontinued operations and negative equity pickup.

• Net debt (excluding Banco Randon) fell to R$4.3 billion, with net leverage at 2.91x LTM EBITDA.

• Investments dropped 82.5% year-over-year to R$55.3 million, reflecting disciplined capital allocation.

Outlook and guidance

• 2026 guidance: net revenue R$12.5–14.0 billion, EBITDA margin 12–14%, investments R$380–420 million.

• Expectation of stable OEM demand, continued aftermarket resilience, and gradual railcar production ramp-up.

• Cautious market outlook for 2H26 due to macroeconomic uncertainties and one-off effects from government programs.

• Focus on operational efficiency, capital discipline, and deleveraging.

• Continued synergy capture from new businesses and ongoing integration of recent acquisitions.