Mills (MILS3) reported net income of R$ 130.9 mn in 3Q26, up 94.5% from 3Q25 and 23.1% from the previous quarter. According to the company, the increase over 2Q26 was due to non-recurring effects. The net margin was 26.6%.
Net revenue reached R$ 492.9 mn, growth of 2.1% over 3Q25, driven by the Heavy Equipment and Intralogistics units. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding non-recurring items) totaled R$ 256.1 mn, up 0.6%, with a margin of 52.0%, down 0.8 percentage point year over year. In the nine months of 2026, net income was R$ 434.3 mn (up 95.1%) and adjusted EBITDA was R$ 760.1 mn (up 10.4%).
Adjusted operating cash flow was R$ 235.5 mn, down 39.8% from 3Q25. The company explains that 3Q25 was impacted by the acquisition of Next Rental. Capital expenditures totaled R$ 100.5 mn, a decrease of 61.5% in one year and an increase of 13.5% over 2Q26, with about 89% allocated to purchasing rental assets.
Gross debt closed the quarter at R$ 1,763.5 mn, down 19.7% in one year. Net debt was R$ 1,056 mn, with leverage of 1.1 times adjusted EBITDA for the last 12 months, a reduction of 0.4 times from 3Q25. The average cost of debt is CDI + 1.13% per year, with an average term of 3.3 years. ROIC (return on invested capital) for the last 12 months was 23.4%, up 3.8 percentage points.
The fleet reached 17.0 thousand units of equipment, up 5.8% from 3Q25. Long-term contracts accounted for 56% of rental revenue, 1 percentage point above 3Q25.
