PBG (PTBL3) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$651.3 million in 2Q26, up 10.3% from 1Q26 but down 1.9% year-over-year in constant currency, with international growth offsetting domestic softness.

• Gross margin improved to 37.9%, up 4.6 p.p. from 1Q26 and 1.6 p.p. from 2Q25, driven by price adjustments, product mix, and operational efficiency.

• Adjusted and recurring EBITDA was R$97.1 million, up 89.6% sequentially, with margin expanding to 14.9%.

• Net loss totaled R$62.7 million, with higher financial expenses and working capital needs impacting results.

• Strategic focus remains on profitability, capital structure optimization, and international expansion.

Financial highlights

• Net revenue: R$651.3 million (+10.3% vs. 1Q26, -1.9% vs. 2Q25, constant currency).

• Gross profit: R$246.7 million (+25.6% vs. 1Q26, +2.3% vs. 2Q25, constant currency).

• Adjusted EBITDA: R$97.1 million (+89.6% vs. 1Q26, -3.9% vs. 2Q25); margin 14.9%.

• Net loss: R$62.7 million (vs. R$44.2 million loss in 2Q25); net margin -9.6%.

• Net debt: R$1,171.0 million; net debt/EBITDA at 3.47x.

• Cash balance: R$134.5 million, down R$50.8 million from 1Q26.

Outlook and guidance

• Macroeconomic and sectoral environment expected to remain challenging in 2H26.

• Focus on operational improvement, cost discipline, and capital structure optimization.

• Gross margin expected to remain around 37% in coming quarters.

• Slight sales volume and net revenue growth anticipated in 2H26 due to seasonality, but overall volumes and revenue to remain pressured.

• Ongoing initiatives to reduce expenses and optimize working capital, especially inventories.