Unipar Carbocloro (UNIP6) Q1 2026 earnings summary

Executive summary

• Achieved and surpassed 2025 sustainability goals, including a 22% reduction in CO2 emissions and 79% renewable energy usage, exceeding targets.

• Completed the largest CAPEX cycle in company history, including technological modernization at Cubatão and new renewable energy agreements.

• Entered a 15-year solar energy contract with Casa dos Ventos, securing long-term clean energy supply and joint venture rights.

• Maintained strong operational cash generation and reversed previous quarter's net loss, with net income of R$37 million in 1Q26.

Financial highlights

• Recurring adjusted EBITDA for Q1 2026 was R$145 million, down 20% sequentially and 51% year-over-year; adjusted EBITDA also reported at R$174 million in some disclosures.

• Net income reached R$37 million, reversing a loss from the previous quarter.

• Operating cash generation was R$316 million, with a cash position of R$1.2 billion covering 30 months of debt amortization.

• Adjusted net revenue was R$1,221 million, down 10% year-over-year, impacted by lower international prices and currency effects.

• Cost of goods sold increased 4% year-over-year, mainly due to higher PVC volumes and opportunistic caustic soda resales.

Outlook and guidance

• Focus on increasing competitiveness through technological modernization, capacity expansion, and renewable energy agreements.

• Long-term renewable energy contract (33 MW) to begin in 2028, with a right to acquire 9.8% of the joint venture.

• CapEx for 2026 projected to be about half of 2025 levels, focusing on maintenance and select strategic projects.

• Dividend policy remains at 25% of net income, with additional distributions dependent on leverage and liquidity.

• Accelerated tax depreciation from CAPEX in Cubatão will support deleveraging over the next 30 months.