Valid Soluções (VLID3) Q2 2026 earnings summary

Executive summary

• Both business engines contributed: Engine 1 funded investments, Engine 2 accelerated with new products and clients, demonstrating resilience despite quarterly fluctuations.

• Net revenue for the first half of 2026 reached R$952.6 million, a decrease from R$990.8 million year-over-year, with consolidated net income of R$93.2 million, down from R$128.5 million.

• 2Q26 saw a recovery in recurring results, with net revenue up 3% year-over-year and 13% sequentially, and EBITDA up 22% year-over-year, reflecting disciplined execution amid a challenging environment.

• Strategic M&As (Diazero and HST) expanded cybersecurity and digital payments capabilities, supporting growth in the digital portfolio.

• Shareholder value increased through share cancellation and significant dividend/JCP distributions.

Financial highlights

• Net revenue in 2Q26 was R$506M (+3% Y/Y, +13% Q/Q); 6M26 revenue was R$953M (-4% Y/Y).

• EBITDA reached R$112M (+22% Y/Y), with a margin of 22% (+3 p.p. Y/Y); 6M26 EBITDA was R$227M (+16% Y/Y).

• Net income reached R$38M in 2Q26 (down 31% YoY) and R$93M for 6M26 (down 27% YoY), with net margins of 7.4% and 10% respectively.

• EPS was R$0.48 for 2Q26 and R$1.19 for 6M26.

• Gross profit for the first half was R$344.1 million, up from R$326.6 million year-over-year.

Outlook and guidance

• Focus on consolidating leadership in secure identity in Brazil and accelerating private sector sales for the digital platform.

• Management maintains a strategy of targeting high-value-added solutions and international diversification.

• Continued strategic M&As and expansion CAPEX, with ~80% of 2Q26 CAPEX allocated to expansion projects.

• Ongoing efficiency gains from operational adjustments and working capital improvements.

• Positive outlook for ID & Digital Gov. due to continued adoption of new national identity cards and expansion of digital solutions.