Ferbasa (FESA3, FESA4) posted net income of R$ 66.4 mn in 3Q26, with a net margin of 10.9%. In 2Q26, net income was R$ 4.5 mn, and in 3Q25, R$ 46.0 mn (up 44.3%). Consolidated net revenue totaled R$ 606.8 mn, up 15.9% over 2Q26, reflecting a 15.7% increase in ferroalloy sales volume, which reached 77 thousand tons.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) was R$ 53.8 mn, with a margin of 8.9% and up 7% over 2Q26. Cost of goods sold (COGS) reached R$ 577.3 mn, up 24.1% over 2Q26, including an impact of R$ 48.8 mn from the depletion (consumption) of the biological asset. General and administrative expenses totaled R$ 61.6 mn, up 60%, due to higher profit sharing. The financial result was R$ 25.2 mn, 14% above 2Q26.
In the first nine months of 2026 (9M26), net income was R$ 68.5 mn, down 22.9% from R$ 88.9 mn in 9M25. Net revenue totaled R$ 1.64 bn (R$ 1,636.7 mn), down 5.5%, and Adjusted EBITDA was R$ 148.2 mn, down 17.4%. Ferroalloy production in 3Q26 was 73.5 thousand tons, down 8.6% from 2Q26.
The consolidated financial reserve was R$ 896.4 mn on September 30, 2026, and debt was R$ 363.1 mn, resulting in net cash of R$ 533.3 mn, R$ 185.1 mn below the amount recorded on December 31, 2025. In 2Q26, the company paid R$ 131 mn (net of withholding income tax) in JCP (interest on equity), declared in October 2025. Capex (investments) was R$ 79.7 mn in 3Q26 and R$ 184.4 mn in 9M26.
The company said that, since August 2026, silicon alloys exported to the US have been subject to an additional tariff of approximately 56%. The earnings call will be held on November 11, 2026, at 3 p.m. (Brasília time).
