Valid Soluções (VLID3) Q2 2026 earnings summary

Executive summary

• Net revenue in Q2 2026 was R$506 million, up 13% sequentially and 3% year-over-year, with consolidated H1 2026 revenue at R$952.6 million; digital revenue rose to 24% of total, with a target of 50% by 2030.

• Strategic M&As (Diazero Security and HST) expanded digital security and payments, accelerating Engine 2 growth and enhancing the digital portfolio.

• Shareholder value increased through BRL 44 million in dividends, 2 million share cancellations, and ongoing buybacks.

• Both business engines contributed: Engine 1 funded investments, Engine 2 accelerated with new products and clients, demonstrating resilience despite quarterly fluctuations.

• Net income for H1 2026 was R$93.2 million, down from R$128.5 million year-over-year.

Financial highlights

• EBITDA for Q2 2026 was R$112 million (22% margin, up 3 p.p. YoY); H1 2026 EBITDA was R$227 million (+16% YoY), with adjusted EBITDA at R$226.5 million.

• Net income for Q2 2026 was R$38 million (net margin 7.4%), with EPS of R$0.48; H1 2026 net income was R$93 million (net margin 10%), EPS R$1.19.

• Adjusted EBITDA grew 30% quarter-over-quarter, excluding a BRL 29 million special effect from the AES system in Q1.

• Gross margin in Q2 2026 was 33.8% (vs. 32.3% in Q2 2025); EBIT margin 15.0% (vs. 11.4%).

• Cash and cash equivalents at period end were R$491.1 million, down from R$699.2 million at year-end 2025.

Outlook and guidance

• Management expects stronger growth in H2 2026 due to favorable seasonality, M&A integration, and continued digital expansion.

• Focus on consolidating leadership in secure identity and accelerating private sector digital sales.

• Ongoing investments in Engine 2, digital, cybersecurity, and payments platforms, with 80% of Q2 2026 CAPEX allocated to expansion.

• Targeting digital revenue to reach 50% of total by 2030.

• Evaluating further divestments of non-core assets to enhance competitiveness.