On Thursday, August 13, 2026, Portobello (PTBL3) reported a net loss of R$ 62.7 million in the second quarter of 2026 (2Q26), with a negative net margin of 9.6%. In the period, consolidated net revenue totaled R$ 651.3 million and adjusted and recurring EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 97.1 million, with a margin of 14.9%.
Compared with the first quarter of 2026, net revenue grew 10.3% in constant currency, driven mainly by better performance in the international market and price adjustments, while adjusted and recurring EBITDA advanced 89.6%. Versus 2Q25, revenue fell 1.9% in constant currency and adjusted EBITDA declined 3.9%, while the net loss increased 42.0% compared with the negative R$ 44.2 million a year earlier.
Gross profit reached R$ 246.7 million in 2Q26, with a gross margin of 37.9%, an expansion of 4.6 percentage points over 1Q26 and 1.6 percentage points versus 2Q25 in constant currency, reflecting price revisions, improvement in the product mix and greater use of production capacity. Financial expenses totaled R$ 96.8 million, up 21.6% versus 1Q26 and 4.5% compared with 2Q25, a movement that weighed on the bottom line even with positive operating profitability.
Free cash flow was positive at R$ 27.8 million in 2Q26, versus a use of R$ 35.5 million in 1Q26, while ending cash closed the quarter at R$ 134.5 million. Operating working capital reached R$ 590.3 million, an increase of R$ 55.0 million compared with 1Q26 and R$ 74.6 million versus 2Q25, with an operating cash conversion cycle of 82 days, compared with 80 days and 63 days, respectively.
Portobello's net debt totaled R$ 1,171.0 million at the end of 2Q26, above the R$ 1,120.2 million in 1Q26 and the R$ 955.8 million in 2Q25. Financial leverage, measured by the net debt/EBITDA ratio for the last 12 months, stood at 3.47 times, compared with 3.29 times in the immediately preceding quarter and 3.07 times a year earlier, with an average debt cost equivalent to CDI + 0.71%.
