In its 2Q26 earnings release, Eucatex (EUCA3, EUCA4) reported net revenue of R$ 806.1 mn, an increase of 2.8% compared to 2Q25. In the first half of 2026, net revenue totaled R$ 1,589.9 mn, up 4.0% versus the same period in 2025.
Gross profit reached R$ 273.3 mn in 2Q26, with a gross margin of 33.9%, versus R$ 286.9 mn and a margin of 36.6% in 2Q25. In 1H26, gross profit was R$ 562.8 mn, with a margin of 35.4%, slightly below the R$ 567.5 mn and 37.1% margin recorded in 1H25.
Selling, general and administrative expenses (SG&A) totaled R$ 154.7 mn in 2Q26, representing 19.2% of net revenue, compared to R$ 147.2 mn and 18.8% in 2Q25. In the half year, SG&A was R$ 298.2 mn, equivalent to 18.8% of revenue, versus R$ 290.2 mn and 19.0% in 1H25.
Recurring EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 174.6 mn in 2Q26, with a margin of 21.7%, compared to R$ 191.6 mn and a margin of 24.4% in the same quarter of 2025. In 1H26, recurring EBITDA was R$ 371.5 mn, with a margin of 23.4%, slightly below the R$ 372.9 mn and 24.4% margin recorded in 1H25.
Recurring net income totaled R$ 84.9 mn in 2Q26, down 3.9% from R$ 88.4 mn in 2Q25. In 1H26, recurring net income was R$ 223.3 mn, an increase of 18.1% versus R$ 189.2 mn in the first half of 2025. Gross debt closed 2Q26 at R$ 991.8 mn, with net debt of R$ 512.4 mn and a net debt/recurring EBITDA ratio of 0.7x, compared to R$ 1,131.1 mn of gross debt, R$ 602.0 mn of net debt and leverage of 1.0x in 2025.
