On Friday, August 14, 2026, Orizon Valorização de Resíduos (ORVR3) released its results for the second quarter of 2026 (2Q26), the first earnings report after the incorporation of Vital, GBio, and Orbis. On a combined pro forma basis and with accounting adjustments, the company posted net operating revenue of R$ 981.7 million, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 281.7 million, with a margin of 28.7%, and adjusted net income of R$ 103.1 million. Net debt ended the period at R$ 2,241.2 million, equivalent to 1.8 times the adjusted pro forma Net Debt/EBITDA ratio.
Considering only Orizon’s legacy assets, net revenue was R$ 349.1 million, up 32.2% compared to 2Q25, adjusted EBITDA totaled R$ 123.7 million, down 1.6%, and adjusted net income came to R$ 1.5 million, versus R$ 26.8 million a year earlier. Vital, on a pro forma basis and adjusted for the effects of ICPC-01 and non-recurring items, reported net revenue of R$ 632.5 million, growth of 10.4% year over year, adjusted EBITDA of R$ 158.1 million, practically stable (+0.5%), and adjusted net income of R$ 101.5 million, an increase of 22.7% over 2Q25.
On the operating front, the total volume of waste received at OrizonVR’s ecoparks reached 3,875.3 thousand tons in 2Q26, an increase of 9.0% compared to the same period of the previous year. Legacy final disposal assets received 2,449.4 thousand tons, up 10.7% on the same comparison basis, with an average gate fee of R$ 90.4 per ton, 8.5% higher than in 2Q25. The combined platform generated 913.3 thousand tons of carbon credits (tCO₂e) in the quarter, a decline of 23.9% year over year, but maintained recurring sales: 347.6 thousand tCO₂e were sold, with revenue of R$ 12.3 million, marking the fifth consecutive quarter of monetization in this line.
In the energy transition front, average biomethane production from the three plants in operation (Paulínia, Jaboatão, and Metagás) reached 130.3 thousand cubic meters per day in 2Q26, an increase of 63.9% compared to the previous quarter. Power generation at the thermoelectric plants was 21.5 thousand MWh, down 73.0% versus 2Q25, reflecting the reallocation of biogas to biomethane and the preparation of the Paulínia Verde TPP for the start of the capacity auction (LRCAP) contract in August 2026. In March, the company had contracted 52.7 MW of capacity at three plants, with estimated fixed annual revenue of R$ 79.4 million, indexed to the IPCA.
In the quarter, total capex amounted to R$ 343.0 million, of which R$ 204.1 million at Orizon Legacy, concentrated in biogas plants, leachate treatment stations, biomethane projects, and the Barueri Energy Recovery Plant, and R$ 138.8 million at Vital, of which R$ 125.0 million refers to the construction cost of concessions under IFRIC-12. The company also completed, in June, the issuance of 41,197,230 new common shares and 5,646,849 warrants in the context of the incorporation of Vital, increasing capital to 137,324,101 shares, and highlights that the ORVR11 warrants, exercisable between May and September 2027, may represent potential cash inflow of around R$ 1.0 billion.
