On Wednesday, August 5, 2026, Mills (MILS3) reported net income of R$ 106.3 million in the second quarter of 2026 (2Q26), an increase of 21.7% compared to 2Q25, with a net margin of 22.5%. Net revenue reached R$ 472.2 million in 2Q26, growth of 4.9% year over year.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding non-recurring items) totaled R$ 268.9 million in 2Q26, up 18.3% from the same period of the previous year, with an adjusted EBITDA margin of 56.9%. In the first six months of 2026, accumulated adjusted EBITDA was R$ 504.0 million, an increase of 16.2% over the same period of 2025.
The company reported that 2Q26 rental revenue was driven by the Heavy Equipment and Formwork and Shoring units, offsetting stronger competitive pressure in aerial work platforms. Long-term contracts accounted for 55% of rental revenue in the quarter, an increase of 5 percentage points compared to 2Q25. The fleet in operation reached 16.4 thousand pieces of equipment at the end of the period, an increase of 7.7% in 12 months.
Adjusted operating cash flow was R$ 188.3 million in 2Q26, up 23.2% compared to 2Q25. Investments totaled R$ 88.6 million in the quarter, a drop of 45.6% year over year, with around 91% allocated to the acquisition of assets for rental. Gross debt closed 2Q26 at R$ 1,757.2 million, while leverage stood at 1.16x net debt/EBITDA over the last 12 months.
Among profitability indicators, return on invested capital over the last 12 months (ROIC) reached 21.7%, an increase of 1.6 percentage points compared to 2Q25, and return on equity over the last 12 months (ROE) was 26.5%, 6.1 percentage points higher than a year earlier.
