On Tuesday, August 11, 2026, Taurus Armas (TASA3; TASA4) reported net income of R$ 97.4 million in the second quarter of 2026 (2Q26), compared to R$ 33.2 million in 2Q25, and EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 124.8 million, with a margin of 34.6%. Net operating revenue reached R$ 360.9 million in 2Q26, down 10.3% from the same period in 2025, and totaled R$ 715.8 million in the first half of 2026 (1H26), a decrease of 4.8% versus 1H25.
In the quarter, gross profit was R$ 123.6 million, with a gross margin of 34.2%, an increase of 6.0 percentage points compared to 1Q26, although still below the 38.0% recorded in 2Q25. Cost of goods sold came to R$ 237.3 million, declines of 6.9% versus 1Q26 and 4.9% year over year. The sequential improvement in margin reflected a more favorable sales mix and the resumption of production, while the annual comparison was impacted by different tariff bases and by the appreciation of the real against the dollar.
Net operating expenses fell to R$ 15.2 million in 2Q26, or 4.2% of net revenue, compared to R$ 114.4 million in 2Q25. The main factor was the recognition, under other operating income, of R$ 91.1 million related to the reimbursement of import tariffs paid by Taurus in the United States, which raised total other operating income to R$ 102.9 million in the quarter. Even without this reimbursement, net operating expenses would have fallen 7.1% versus 2Q25.
In financial results, the company recorded net financial expense of R$ 8.6 million in 2Q26, compared to net financial income of R$ 5.9 million in 2Q25, mainly due to the lower contribution from positive foreign exchange fluctuations. In the accumulated result for 1H26, financial result was practically balanced, with net expense of R$ 0.8 million, versus net income of R$ 26.5 million in 1H25. As a result, net income for 1H26 totaled R$ 60.8 million, 17.4% higher than the R$ 51.8 million reported in the same period of the previous year.
At the end of June 2026, Taurus’s gross bank debt stood at R$ 734.2 million, a reduction of 19.1% compared to December 2025, while cash and financial investments totaled R$ 308.1 million. Net debt fell to R$ 426.1 million, down 25.5% from the R$ 572.0 million at the end of 2025 and 21.3% below the R$ 541.1 million in 1Q26. With the combination of lower net debt and higher operating cash generation, the net debt/EBITDA ratio for the last 12 months fell from 6.85 times on March 31, 2026 to 2.76 times on June 30, 2026.
