Grupo Multi (MLAS3) Q1 2026 earnings summary

Executive summary

• Net revenue grew 14.3% year-over-year to R$872.7 million in 1Q26, reflecting structural advances despite seasonal declines from 4Q25.

• Gross margin expanded to 30.4%, up 6.7 percentage points from 1Q25, driven by portfolio optimization, pricing strategy, and gains in the memory line amid global component shortages.

• EBITDA reached R$96.5 million, up R$91.0 million year-over-year, with margin expanding to 11.1%.

• Net income surged 91% year-over-year to R$123.4 million, aided by operational gains and positive FX variation.

• Operating cash flow turned positive at R$65.8 million, reversing a cash consumption of R$330.3 million in 1Q25.

Financial highlights

• Net revenue: R$872.7 million, up 14.3% year-over-year.

• Gross margin: 30.4%, up 6.7 percentage points from 1Q25.

• EBITDA: R$96.5 million, highest since 2022, with margin at 11.1%.

• Net income: R$123.4 million, with R$35 million positive FX effect.

• Net cash position: R$190.9 million, reversing net debt of R$216.3 million in 1Q25.

Outlook and guidance

• Management expects margin pressure in future quarters due to higher component costs but anticipates stable margins through price pass-through.

• Focus remains on profitability, working capital discipline, and portfolio optimization.

• Dividend policy prioritizes debt reduction but aims for recurring annual payments as financial health allows.

• Continuous monitoring of market opportunities and trends is emphasized.

• The macroeconomic environment remains challenging, with high interest rates and global supply chain uncertainties.