On Thursday, August 13, 2026, M. Dias Branco (MDIA3) released its results for the second quarter of 2026 (2Q26) and the first half of 2026 (1H26). In 2Q26, the company posted net income of R$ 168.9 million, EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 284.4 million, and net revenue of R$ 2,699.3 million. Total volume sold reached 477.3 thousand tons in the quarter and 884.8 thousand tons in 1H26.
Compared to 2Q25, net revenue fell 0.9%, while net income declined 22.0% and EBITDA decreased 17.5%. The EBITDA margin went from 12.7% to 10.5%. Versus 1Q26, net revenue grew 21.7%, net income increased 58.9%, and EBITDA advanced 45.2%. In 1H26, net revenue was R$ 4,916.6 million, practically stable versus 1H25, and net income totaled R$ 275.2 million, down 3.7% on the same comparison basis.
Gross margin reached 34.2% in 2Q26, versus 33.4% in 2Q25 and 32.4% in 1Q26, with gross profit of R$ 923.7 million in the quarter. According to the report, the increase in gross margin versus 2Q25 reflected lower variable costs, from R$ 3.2/kg to R$ 2.9/kg, and higher volumes, even in a pressured consumption environment.
The company ended 2Q26 with a net cash position of R$ 767.0 million, versus R$ 328.2 million a year earlier, equivalent to -0.7 times EBITDA for the last 12 months. Total cash amounted to R$ 2,086.7 million and gross debt was R$ 1,451.1 million, of which 94.6% was long term. Operating cash generation reached R$ 321.8 million in 2Q26 and R$ 516.3 million in 1H26.
In the quarter, investments (capex) totaled R$ 101.8 million, almost double the R$ 51.6 million in 2Q25, focused on automation and industrial optimization. In 1H26, accumulated capex was R$ 273.5 million.
