Grupo Multi (MLAS3) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$ 959.8 million in 2Q26, up 3.2% year-over-year and 10% sequentially, with semester revenue totaling R$ 1.83 billion, an 8.2% increase over 6M25, driven by strong Corporate segment performance and portfolio optimization.

• Net income soared to R$ 142.2 million in 2Q26, a 619.1% increase year-over-year, with net margin at 14.8%.

• Gross margin expanded to 34.3%, a 9.5 percentage point increase year-over-year, supported by operational efficiency, disciplined pricing, and favorable inventory costs.

• EBITDA reached R$ 119.2 million, up 286.6% year-over-year, with EBITDA margin at 12.4%, doubling from the previous year.

• Net cash position at quarter-end was R$ 405.9 million, reversing net debt of R$ 157.9 million in 2Q25.

Financial highlights

• Gross profit was R$ 329.3 million in 2Q26, up 42.5% year-over-year, with gross margin at 34.3%.

• EBITDA margin improved to 12.4% (+9.1 p.p. YoY), with net income at R$ 142.2 million.

• Operating cash flow for the quarter was R$ 235.6 million, a significant increase from R$ 64.9 million in 2Q25.

• Gross debt decreased to R$ 371.5 million, down 43.4% year-over-year.

• Leverage (Net Debt/LTM EBITDA) at -1.19x, reflecting a strong net cash position.

Outlook and guidance

• Management expects gross margin compression in the second half of 2026 due to rising global component and freight costs.

• Strategic focus remains on cost efficiency, active pricing, inventory management, and strengthening proprietary brands to defend margins.

• Capital allocation will remain conservative, prioritizing healthy growth in tech lines, potential dividend payouts, and maintaining robust liquidity amid anticipated market challenges in 2027.