Randoncorp (RAPT4) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$3.3 billion in 2Q26, up 0.9% year-over-year, driven by recovery in truck and trailer markets and resilient aftermarket performance.

• Adjusted EBITDA rose 19.4% to R$440.4 million, with margin expanding to 13.3% due to operational efficiency and strong industrial verticals.

• Net loss of R$90.5 million, mainly due to the discontinuation of Delta Global, negative equity results, and higher effective tax rates.

• ROIC declined to 5.4%, reflecting non-recurring expenses and higher tax burden.

• Strategic focus on deleveraging, working capital optimization, and ESG targets, including zero landfill waste and increased female leadership.

Financial highlights

• Gross profit increased 18% to R$942.5 million, with gross margin at 28.4% (+4.1 p.p. YoY).

• Adjusted EBITDA margin improved to 13.3%, up 206 bps year-over-year.

• Net loss of R$90.5 million (vs. R$34.9 million loss in 2Q25), mainly due to discontinued operations and negative equity pickup.

• Free cash flow (ex-Banco Randon) was positive at R$141.3 million, reversing prior outflows.

• Net debt (ex-Banco Randon) reduced to R$4.3 billion, with leverage at 2.91x LTM EBITDA.

Outlook and guidance

• 2026 guidance: net revenue R$12.5–14.0 billion, external revenue US$780–840 million, adjusted EBITDA margin 12–14%, investments R$380–420 million.

• Expectation of stable OEM demand, continued aftermarket resilience, and gradual railcar production ramp-up.

• Cautious market outlook for 2H26 due to macroeconomic uncertainties and one-off effects from government programs.

• Focus on capital discipline, deleveraging, and working capital optimization.