Pague Menos (PGMN3) reported adjusted net income of R$ 96.3 mn in 3Q26, up 19.5% from R$ 80.6 mn in 3Q25. The result was driven by sales growth, higher profitability and lower financial expenses, according to the company. The adjusted net margin was 2.2%, versus 1.9% a year earlier. The metrics are presented under the former accounting standard (IAS 17/CPC 06), without the effects of IFRS 16, and adjusted for non-recurring events.
Gross revenue totaled R$ 4.4 bn in the quarter (R$ 4,429.3 mn), up 6.9%. Gross profit was R$ 1.3 bn (R$ 1,327.1 mn), an increase of 7.2%, with a gross margin of 30.0%, versus 29.9% in 3Q25. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 278.8 mn, up 7.2%, with a margin of 6.3%, flat year over year. In the nine-month period, adjusted net income was R$ 225.5 mn (+46.5%) and adjusted EBITDA was R$ 765.2 mn (+16.9%).
Same-store sales grew 5.6% in the quarter, versus 8.0% in 2Q26. The company attributes the slowdown to tougher comparison bases and a more challenging market. Digital channels accounted for 24.6% of sales (+4.8 p.p.), at about R$ 1.1 bn in the quarter. The company ended 3Q26 with 1,705 stores, after 14 openings and 4 closings in the period.
Operating cash flow was R$ 164.8 mn, more than triple that of 3Q25, and totaled R$ 690.0 mn over the last 12 months. Net debt, including receivables prepayment, stood at R$ 1.8 bn (R$ 1,822.6 mn), equivalent to 1.8 times EBITDA, versus 2.5 times in 3Q25. In the quarter, the company made its 9th debenture issuance (debt securities) and lowered the average cost of debt to CDI + 1.4%. Capital expenditure (capex) was R$ 98.5 mn in 3Q26 and R$ 229.4 mn for the year, up 61%.
The company will hold an earnings video conference on November 5, 2026, at 10 a.m. (Brasília time).
