Alupar (ALUP11) reported net revenue of R$ 2.883 billion in the first half of 2026 (1H26) under IFRS standards. In the same period, EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 1.869 billion, with an EBITDA margin of 83.7%, and net income totaled R$ 615 million, equivalent to a net margin of 21.3%, considering the deduction of infrastructure costs (capex) from net revenue.
Under the regulatory criterion, the company’s net revenue in 1H26 was R$ 1.943 billion, EBITDA reached R$ 1.519 billion, with a margin of 78.2%, and net income was R$ 308 million, with a net margin of 15.8%.
In 2025, Alupar recorded IFRS net revenue of R$ 4.398 billion, EBITDA of R$ 3.3 billion, with a margin of 87%, and net income of R$ 1.216 billion, with a margin of 27.6%. From a regulatory perspective, net revenue was R$ 3.546 billion, EBITDA totaled R$ 2.819 billion, with a margin of 79.5%, and net income came to R$ 738 million, with a margin of 20.8%.
Regarding the consolidated capital structure, at the end of 2025 total gross debt amounted to R$ 14.5499 billion, of which R$ 1.6101 billion was short term and R$ 13.261,3 billion was long term. Of this amount, R$ 12.0746 billion refers to debentures, R$ 704 million to foreign-currency debt, R$ 414.9 million to BNDES (linked to TJLP/IGP-M) and R$ 1.6779 billion to other development banks.
Gross debt was mostly indexed to the IPCA (63.8% of the debt), followed by CDI (20.5%), foreign currency (13.7%) and TJLP (2%). With cash and cash equivalents of R$ 5.2462 billion, consolidated net debt at the end of 2025 was R$ 9.3038 billion. In the period, the average nominal cost of debt was 11.9% per year and the net debt/EBITDA ratio, under IFRS, was 3.2 times in the second quarter of 2026.
