SIMPAR (SIMH3) Q3 2026 earnings summary

Executive summary

• 3Q26 gross revenue reached R$12.7bn (+4.6% YoY), EBITDA was R$3.486bn (+19.9%) and adjusted continuing-operations net income was R$137.0mn versus a R$128.6mn loss.

• Priorities included pricing discipline, cost control, asset utilization, lower investment needs and contract maturation.

• Net Debt/EBITDA fell to 2.7x, the lowest since the 2010 IPO; LTM productive ROIC excluding BBC was 13.3%, 2.8 p.p. above the cost of debt.

Financial highlights

• Net revenue excluding construction was R$11.5bn (+3.7% YoY); services revenue reached R$9.48bn (+5.8%).

• EBITDA was R$3.486bn (+19.9%) and adjusted EBITDA R$3.505bn (+16.1%); EBITDA margin was 30.4% of net revenue excluding construction.

• EBIT reached R$2.153bn (+24.1%); adjusted continuing-operations net income was R$137.0mn versus an adjusted loss of R$128.6mn in 3Q25.

• LTM cash generation was 1.6x net CapEx; cash generation before growth was R$3.2bn in 3Q26.

Outlook and guidance

• Moderate growth and cash generation are expected to support further deleveraging, with timing varying by business and seasonality.

• JSL targets R$21.4bn gross revenue and R$3.7bn EBITDA by 2030; contract revenue is expected to ramp as operations are deployed.

• JSL signed record new contracts worth R$2.8bn in 3Q26 and R$5.5bn in 9M26; Intralog targets a return to its historical growth pace from 2027.

• VAMOS reiterated FY26 guidance of R$1.2bn–R$1.9bn net CapEx, R$6.3bn–R$6.9bn net revenue and R$3.75bn–R$4.0bn EBITDA; CS Infra targets R$524mn EBITDA by 2029.