Strong results mark the second quarter of 2026, with net income exceeding market expectations and showing operational performance that, while reflecting a slight decrease compared to the previous year, demonstrates resilience amidst challenges.

In this article, we will explore the company's financial details, analyzing operating revenue, EBITDA growth, and the dynamics of domestic and international sales.

Furthermore, we will discuss the impact of significant investments and strong demand for products, especially in the international market.

Financial Outlook for Q2 26

The Financial Outlook for Q2 26 shows a robust quarter, albeit with slight annual pressure, as the company recorded net income of R$ 1,56 billion , net operating revenue of R$ 10,14 billion and EBITDA of R$ 2,21 billion , with a margin of 21,8%.

Furthermore, the result exceeded market expectations for profit, reinforcing operational resilience in a more selective consumer environment.

Demand remained strong overseas, while the domestic market showed greater weakness, but business discipline helped sustain the profitability and efficiency of the business.

• Net profit: R$ 1,56 billion
• Net operating revenue: R$ 10,14 billion
• EBITDA: R$ 2,21 billion, with a margin of 21,8%

Comparison with Q2 25

In the second quarter of 2026, we observed significant variations in financial indicators when compared to the same period of the previous year.

Although net income of R$1,56 billion exceeded market expectations, it was down 2,1% compared to the second quarter of 2025. Operating revenue also showed a decrease of 0,6%, with a notable contrast between domestic and international sales impacting the overall analysis.

Profit and Revenue Evolution

The 2,1% drop in net profit, to R$ 1,56 billion, and the 0,6% decrease in net operating revenue, to R$ 10,14 billion, show a more challenging Q2 26 compared to the previous year.

Although the domestic market contracted by 4,9% , the 2,3% increase in international sales helped to contain a greater slowdown.

Furthermore, the 36% increase in investments has raised pressure in the short term, but it sustains productive capacity and competitiveness.

Thus, even with resilient margins and a ROIC of 33,6% , the quarter suggests operational adjustments and greater dependence on external demand.

Sales Performance

• -4,9% domestic market
• +2,3% exports

Despite weak domestic consumption, the company offset some of the loss with higher external demand, which sustained sales volume and helped preserve margins.

Thus, the domestic contraction weighed on consolidated revenue, but the increase in exports brought balance to the quarter's performance.

This move was crucial in maintaining cash flow, reinforcing the ROIC of 33,6%, and sustaining net income of R$ 1,56 billion, even with a year-on-year decrease of 2,1%.

Investments and Capital Efficiency

The increase in investments to R$ 794,9 million in Q2 26, a 36% rise over the R$ 585,0 million in 2025, reinforces an expansion strategy with financial discipline and a focus on value creation.

This movement broadened the productive base and sustained demand, especially abroad, without significantly impacting profitability.

Furthermore, the ROIC of 33,6% shows that the allocated capital continues to yield returns above high levels, demonstrating efficiency in converting investment into operating income.

Thus, even with virtually stable revenue and slightly lower profits, the company maintained robust margins and confirmed its ability to reinvest with consistent returns.

Investment	Value (R$ million)
2025	585,0
2026	794,9

Source: Q2 2026 Earnings Release

External Demand and Operating Margins

Strong external demand continues to be the main driver of the company's results in 2026, especially since international sales grew 2,3% in the second quarter, offsetting part of the 4,9% drop in the domestic market.

Furthermore, the global scenario still favors products with higher added value and helps to preserve the volume shipped, even with domestic fluctuations.

As a result, the resilience of operating margins is clearly evident in the EBITDA of R$ 2,21 billion and the 21,8% margin, demonstrating efficiency in cost management and commercial discipline.

In this way, the company maintains its cash generation capacity and reinforces its growth prospects, supported by higher investments, a ROIC of 33,6%, and international demand that remains strong, which could sustain further operational progress in the coming quarters.

Strong results demonstrate the company's ability to maintain resilient operating margins, even in the face of challenges.

Continued growth in exports and robust investments are promising signs for the future.