GPS Participações e Empreendimentos S.A. (GGPS3) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$4,598 million in 2Q26, up 7% year-over-year, with 6% organic growth and contributions from recent acquisitions.

• Adjusted EBITDA ex-IFRS16 was R$445 million, a 10% increase year-over-year, with a 9.7% margin.

• Adjusted net profit was R$410 million in 2Q26, up 163% year-over-year, with an 8.9% margin; excluding a one-time System S reversal, adjusted net profit was R$180 million, up 16%.

• Customer base stood at 4,543 as of June 2026, with an NPS of 67%; optimization led to a net reduction of 170 customers, focusing on higher-value, multi-service contracts.

Financial highlights

• 1H26 net revenue was R$9,082 million, up 8% year-over-year; organic revenue up 6%.

• Adjusted EBITDA ex-IFRS16 for 1H26 was R$882 million, up 9% year-over-year, with a 9.7% margin.

• Net profit for 2Q26 was R$378 million, up 204% year-over-year; 1H26 net profit was R$503 million, up 85%.

• Cash generation from operations in 1H26 was R$1,082 million, representing 123% of adjusted EBITDA.

• Inorganic revenue growth driven by acquisitions of RHMed, Nutricar, Tagg, and others.

Outlook and guidance

• Margin improvement and disciplined M&A remain priorities, with R$587 million in gross revenue acquired in 2026 and further consolidation expected.

• Management expects 2026 and 2027 to be challenging due to tax reform, economic uncertainty, and margin pressure.

• Organic growth may slow in the second half due to customer caution amid elections and tax reform.

• Ongoing focus on customer satisfaction and operational efficiency, with NPS at 67% in 1H26.