On Wednesday, July 29, 2026, Intelbras (INTB3) reported net income of R$ 158,302 thousand in the second quarter of 2026 (2Q26), an increase of 16.1% compared with 2Q25 and 3.4% compared with 1Q26. Net revenue totaled R$ 1,149,034 thousand in 2Q26, down 7.8% year over year and up 3.5% from the immediately preceding quarter.
EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 168,880 thousand in 2Q26, an increase of 9.4% over 2Q25 and 8.1% compared with 1Q26, with an EBITDA margin of 14.7%, 2.3 percentage points higher than in 2Q25 and 0.6 point higher than in 1Q26. Gross margin reached 33.1%, an increase of 3.8 percentage points year over year and 2.4 percentage points quarter over quarter, while net margin came to 13.8%, 2.8 percentage points higher than in 2Q25.
According to the company, the expansion in gross margin was supported by replacement-cost pricing and a lower impact from AVP (CPC 12), with gross margin ex-AVP rising from 30.2% in 2Q25 to 33.7% in 2Q26. Expenses remained stable year over year, contributing to higher profitability, and return on invested capital (ROIC) before taxes reached 18.8%, 5.2 percentage points above 2Q25 and 1.1 percentage point higher than 1Q26.
By segment, net operating revenue from Security reached R$ 690,477 thousand in 2Q26, stable compared with 1Q26 and 11.4% below 2Q25, with the company highlighting 5.8% growth when comparing the first half of 2026 with the same period of 2025. In ICT, revenue was R$ 283,473 thousand, up 12.5% versus 1Q26 and 7.0% compared with 2Q25, driven mainly by Structured Cabling. In Energy, revenue totaled R$ 175,084 thousand, growth of 4.0% over 1Q26 and a 13.5% year-over-year decline, reflecting the new level of Solar Energy and greater relevance of UPS systems and vehicle chargers in the mix.
Intelbras also reported an improvement in cash alongside scheduled debt amortizations and the maintenance of a net cash position considered "robust" in the period, supported by the continuous improvement of working capital, especially in inventory financing. CAPEX increased in the quarter, influenced by the acquisition of land in Manaus and the start of construction work, focusing on expansion and operational support, while management stated it is taking a prudent stance in light of the macroeconomic and global scenario, maintaining commercial discipline and focusing on revenue quality and closeness to customers.
