Dexco (DXCO3) posted a net loss of R$ 142.2 million in the third quarter of 2026 (3Q26), compared with net income of R$ 14.2 million in 3Q25. The accounting result was affected by net negative non-recurring events of R$ 136.7 million, mostly with no cash effect, tied to the review of the Metals and Sanitaryware industrial footprint, including the closure of the Cabo de Santo Agostinho (PE) plant. Excluding these events, the recurring net loss was R$ 5.5 million, compared with a recurring loss of R$ 42.8 million in 3Q25.
Consolidated net revenue reached R$ 2.3 billion (R$ 2,336.0 million), up 9.8% from 3Q25 and 4.7% from 2Q26. Adjusted and recurring EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 585.4 million, with a margin of 25.1%, up 31.6% from 3Q25 and 7.0% from 2Q26. Considering 49.0% of LD Celulose's results, pro forma adjusted and recurring EBITDA was R$ 783.6 million, up 9.8% from 2Q26. Pro forma gross profit totaled R$ 601.1 million, with a margin of 25.7%.
By division, Wood had adjusted and recurring EBITDA of R$ 535.2 million (32.6% margin), up 35.8% from 3Q25, with volume of 775.3 thousand m³ (-2.2%). Metals and Sanitaryware recorded R$ 57.1 million (11.5% margin), with 3,725 thousand pieces shipped (-12.5%). Ceramic Tiles had negative EBITDA of R$ 6.8 million, with volume of 4,524 thousand m² (+6.3%). In Dissolving Pulp (LD Celulose), considering 100% of the operation, EBITDA was R$ 403.8 million, with a margin of 49.5% and up 62.8% from 3Q25.
Total free cash flow was R$ 635.5 million in the quarter, compared with R$ 49.7 million in 3Q25, and R$ 991.2 million year to date in 2026. The result reflects higher operating cash generation, working capital release and the receipt of R$ 153.0 million from the sale of the Urussanga plant, which is non-recurring.
Net debt ended September at R$ 4.8 billion (R$ 4,782.6 million), down R$ 352.5 million from June. Leverage, measured by the net debt/EBITDA ratio, fell to 2.36x, from 2.72x in 2Q26 and 3.48x in 3Q25. Cash and equivalents totaled R$ 3.3 billion (R$ 3,290.8 million).
