Unipar Carbocloro (UNIP6) Q2 2026 earnings summary

Executive summary

• Achieved recurring adjusted EBITDA of R$402 million in 2Q26, up 177% sequentially, with net income at R$123 million and operating cash generation of R$347 million, driven by operational excellence, Cubatão ramp-up, and major capex completions.

• Operational excellence led to 84% utilization in Brazil, record sales for chlorinated products and caustic soda, and recognition for ethics and governance.

• Focused on safety, customer service, financial discipline, and technological modernization.

Financial highlights

• Net revenue reached R$1,496 million in 2Q26, up 21% sequentially and 17% year-over-year, with recurring adjusted EBITDA margin at 27%.

• Net income was R$123 million, up 232% from 1Q26 but down 47% from 2Q25.

• Operating cash generation was R$347 million in 2Q26, supporting a reduction in net debt.

• Net debt stood at R$2,316 million, with net debt/EBITDA ratio at 2.50x, improved from 2.58x in March 2026.

• Cash position at R$1.4 billion, covering 34 months of debt amortization.

Outlook and guidance

• Strategic capex projects completed, with normalization expected at BRL 500–600 million in 2026 and further investments in Santo André and Camaçari.

• Focus on deleveraging, optimizing working capital, and maintaining a minimum dividend payout of 25% of net income.

• Tax benefits from accelerated depreciation will reduce tax expenses for the next 30 months.

• Market volatility from geopolitical tensions and inflationary pressures expected to persist.