On Wednesday, August 5, 2026, Dexco (DXCO3) reported net income of R$ 14.9 million in the second quarter of 2026 (2Q26). Recurring net income totaled R$ 33.8 million, while consolidated adjusted and recurring EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 547.4 million, with a margin of 24.5%. Consolidated net revenue was R$ 2,231.5 million in the period.
The 2Q26 performance was supported mainly by the Wood division, whose adjusted and recurring EBITDA was R$ 485.1 million, with a margin of 30.9%. The Metals & Sanitary Ware division posted adjusted and recurring EBITDA of R$ 55.6 million, with a margin of 11.8%, and Coatings recorded positive adjusted and recurring EBITDA of R$ 6.7 million, with a margin of 3.5%. Considering the 49% stake in the LD Celulose joint venture, pro forma adjusted and recurring EBITDA came to R$ 714 million.
The net financial result for 2Q26 was a negative R$ 197.9 million, with financial income of R$ 108.4 million and financial expenses of R$ 306.3 million. The company reported positive net non-recurring effects of R$ 18.9 million, mainly related to the monetization of forestry assets and the discontinuation process of the Urussanga (SC) coatings unit, which affected the accounting result but were excluded from recurring profit.
Operating free cash flow totaled R$ 455.1 million in the quarter, supported by higher operating generation, improved working capital and lower project investments. After financial disbursements, total free cash flow remained positive at R$ 120.7 million. In the first half of 2026, accumulated operating free cash flow was R$ 681.7 million and total free cash flow was R$ 355.9 million.
Dexco ended 2Q26 with gross debt of R$ 7,812.9 million and net debt of R$ 5,135.1 million, down R$ 188.2 million versus 1Q26 and R$ 364.2 million over 12 months. Leverage, measured by the ratio of net debt to adjusted and recurring EBITDA for the last 12 months, fell to 2.72x, from 2.99x in 1Q26 and 3.39x in 2Q25. The company also reported a market capitalization of around R$ 4.51 billion at the end of June 2026, with the DXCO3 share trading at R$ 4.97.
