On Tuesday, August 11, 2026, Blau Farmacêutica (BLAU3) reported that recurring net income reached R$ 107 million in the first half of 2026 (1H26), down 15% compared to 1H25, impacted by exchange rate fluctuations. In the same period, net revenue totaled R$ 922 million, an increase of 10% year over year, and recurring EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 230 million, up 12%.
Excluding the effects of exchange rate fluctuations, recurring net income totaled R$ 134 million in 1H26, an 18% increase versus the R$ 114 million in 1H25. The recurring net margin was 11.6% in the half year, or 14.6% when excluding exchange rate effects, compared to 15.1% and 13.6%, respectively, in the same period of the previous year.
Gross profit reached R$ 392 million in 1H26, a 17% increase over 1H25, with a gross margin of 42.6%, 2.4 percentage points above the 40.2% a year earlier. The improvement reflects gains in manufacturing efficiency and greater dilution of fixed costs, as well as more favorable exchange rates and sales mix.
In the half year, operating cash flow was R$ 212 million, 2.4 times higher than in 1H25, driven by lower working capital requirements. The company’s free cash flow was a positive R$ 70 million, reversing the R$ 84 million outflow in 1H25, and free cash flow to equity reached R$ 28 million, compared with an outflow of R$ 123 million a year earlier.
In terms of indebtedness, the company ended the second quarter of 2026 with cash and financial investments of R$ 885 million and gross debt of R$ 821 million, resulting in negative net debt of R$ 64 million and leverage of -0.2x EBITDA for the last 12 months. In the period, Blau issued a private commercial note of R$ 350 million and reduced the weighted average cost of debt from CDI+1.30% in 1Q26 to CDI+1.21% in 2Q26.
