On Wednesday, August 12, 2026, Grupo GPS (GGPS3) released its results for the second quarter of 2026 (2Q26), with adjusted net income of R$ 410 million, 163% higher than in 2Q25, and an adjusted net margin of 8.9%. In the period, net revenue totaled R$ 4,598 million, 7% above 2Q25, with organic growth of 6% compared to the same quarter of the previous year.
The quarter’s net income was positively impacted by the reversal of the Sistema S provision, linked to case Tema 1,079, whose effect, including monetary restatement and net of income tax and social contribution, was R$ 230 million. Excluding this effect, adjusted net income ex-Sistema S was R$ 180 million in 2Q26, 16% higher than in 2Q25, with a net margin of 3.9%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) ex-IFRS16 reached R$ 445 million in 2Q26, up 10% compared to 2Q25, with a margin of 9.7%, 0.3 percentage point above the previous year. In the first half of 2026 (1H26), adjusted EBITDA ex-IFRS16 totaled R$ 882 million, 9% higher than in 1H25, maintaining a margin of 9.7%, 0.1 percentage point above the same period in 2025.
In the half-year, net revenue reached R$ 9,082 million, an increase of 8% over 1H25, of which R$ 8,867 million was organic revenue and R$ 214 million was inorganic revenue from RHMed, Nutricar and Tagg. Operating cash flow in 1H26 was R$ 1,082 million, equivalent to 123% of adjusted EBITDA, while interest and income tax payments totaled R$ 497 million. Financing activities consumed R$ 282 million, including dividend payments of R$ 222 million, and investment cash flow was negative at R$ 118 million, mainly due to capital expenditures.
At the end of 2Q26, Grupo GPS’s gross debt was R$ 6,366 million, with cash and cash equivalents of R$ 4,078 million and net debt of R$ 2,349 million. The leverage ratio closed the quarter at 1.3x adjusted EBITDA ex-IFRS16 for the last 12 months, a reduction of 0.3x compared to 2Q25. In the half-year, the company also announced the acquisitions of Grupo SEI, Uniflex and Grupo Aster, which together add up to R$ 587 million in gross revenue in the 12 months prior to the signing of the contracts and are still subject to approval by the relevant authorities.
