Grendene (GRND3) reported net income of R$ 121.7 million in 3Q26, down 12.1% from 3Q25. Net revenue totaled R$ 742.1 million, a decline of 2.4%, pressured by lower exports, according to the company. Adjusted net income, which excludes non-recurring effects, was R$ 151 million, a decrease of 18.2% from R$ 184.5 million in 3Q25. Lower margins weighed on results, with labor and general manufacturing costs rising.
Gross margin was 44.4%, down 2.1 percentage points. Reported EBIT (earnings before interest and taxes) was R$ 62.2 million, a decrease of 17.8%, and adjusted EBIT totaled R$ 109 million, down 7.5%. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 133.7 million, a decline of 6.2%. COGS (cost of goods sold) rose 1.5% to R$ 412.7 million. Adjusted financial result fell 42.7% to R$ 54.7 million, with a lower average cash balance.
Sales volume was 35.8 million pairs, down 1.5%. In the domestic market, volume was 30 million pairs, up 3.6%, but gross revenue fell 1.8% to R$ 757.2 million due to a change in the sales mix. In exports, volume fell 21.6% to 5.8 million pairs, and gross revenue declined 23.4% to R$ 193.8 million, due to lower inventory replenishment and postponed orders from distributors.
In 9M26, net income was R$ 313.3 million, down 20.8%, and net revenue totaled R$ 1.83 billion, a decline of 2.7%. Adjusted net income fell 30.5% to R$ 368.4 million. Net cash was R$ 1.3 billion as of September 30, 2026, versus R$ 2.1 billion a year earlier, after distributions to shareholders that totaled R$ 1.18 billion in dividends and interest on equity (JCP) in 9M26.
The board approved the third advance dividend distribution of 2026, totaling R$ 54.1 million, or R$ 0.060000913 per share. Shareholders of record on November 11, 2026 are entitled, and shares trade ex-dividend starting November 12. Payment begins on December 9, 2026. For the year, approved distributions total R$ 168.4 million gross, or R$ 0.186680219 per share.
