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%, compared with 1.9% a year earlier. The metrics are presented under the old 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%, compared with 29.9% in 3Q25. Operating expenses totaled R$ 1,048 mn (23.7% of gross revenue), compared with R$ 978 mn (23.6%) 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%, stable year over year. In the nine-month cumulative period, gross revenue was R$ 12,916 mn (+10.0%), 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, compared with 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 roughly R$ 1.1 bn in the quarter. The company ended 3Q26 with 1,705 stores, after 14 openings and 4 closures 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, equivalent to 68% of EBITDA. Net debt, including receivables prepayment, stood at R$ 1.8 bn (R$ 1,822.6 mn), equivalent to 1.8 times EBITDA, compared with 2.5 times in 3Q25, in the 13th consecutive quarter of leverage reduction. In the quarter, the company carried out its 9th debenture issuance (debt securities), at CDI + 1.35% and maturing in 2030, to roll over R$ 350 mn of the 6th issuance, which cost CDI + 2.20%. The average cost of debt fell to CDI + 1.4%. Investment (capex) was R$ 98.5 mn in 3Q26 and R$ 229.4 mn for the year, up 61%.
The company will hold its earnings video conference on November 5, 2026, at 10 a.m. (Brasília time).
