Smart Fit (SMFT3) posted recurring net income of R$ 248 million in 3Q26, up 40% from 3Q25, with a recurring net margin of 10.5%, an increase of 0.8 percentage point. The result reflects growth in EBITDA (earnings before interest, taxes, depreciation and amortization) and a lower impact from income tax/CSLL, partially offset by higher recurring financial expenses.
Net revenue totaled R$ 2,349 million (R$ 2.3 billion) in the quarter, up 29% from 3Q25 and 8% from 2Q26. The increase came from a 26% rise in revenue from company-owned Smart Fit gyms and 50% growth in the "Others" line. The average ticket at company-owned gyms rose 15%. Over the last 12 months, net revenue reached R$ 8,576 million, a record level.
Adjusted EBITDA was R$ 762.8 million, the highest level ever recorded in a quarter, up 30% from 3Q25, with a margin of 32.5%, an expansion of 0.3 percentage point. Cash gross profit totaled R$ 1,205 million, up 33%, with a margin of 51.3%, 1.7 percentage points above 3Q25. Over the last 12 months, recurring net income was R$ 893 million.
The chain reached 2,259 gyms in 17 countries, with 89 units added in the quarter and 392 over the last 12 months, up 21% in one year. Operating cash generation was R$ 658.9 million in the quarter, with 86% EBITDA conversion, and R$ 2.4 billion over the last 12 months, with 88% conversion.
Investment (capex) was R$ 632 million, up 23%, of which R$ 510 million was for expansion. Adjusted net debt rose to R$ 4,991 million, with financial leverage of 1.80x (1.21x under the covenant criterion, a contractual clause of the debentures). In 2Q26, debt was R$ 4,614 million.
