Blau Farmacêutica (BLAU3) reported net income of R$ 69 million in 3Q26, down 35% from R$ 106 million in 3Q25. Net revenue totaled R$ 506 million in the quarter, up 7% and the first time above R$ 500 million, driven by the Hospital segment and international operations. The 3Q25 result was boosted by a financial gain from the divestment of Prothya.
Recurring net income (which excludes non-recurring effects) was R$ 69 million, down 5%, mainly due to a negative foreign exchange variation of R$ 10 million in the period. Excluding foreign exchange, recurring net income reached R$ 79 million, up 7%.
Gross profit was R$ 219 million, up 14%, with a gross margin of 43.2% (+260 basis points). EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 128 million, up 19%, with a margin of 25.3%. Recurring EBITDA grew 12%, with a margin of 25.3% (+120 basis points). According to the company, gross and EBITDA margins accelerated compared with 1H26. In 9M26, net revenue was R$ 1.4 billion (R$ 1,428 million), up 9%, and net income totaled R$ 161 million, down 38%. In the period, gross margin was 42.8% (+250 basis points), EBITDA margin was 25.1% (+70 basis points), and operating cash flow was R$ 425 million (+84%).
The Hospital segment had revenue of R$ 431 million (+11%), and International, R$ 54 million (+31%). Retail+Aesthetics declined 13%, to R$ 75 million, due to a high comparison base in 3Q25. Operating cash flow rose 49%, to R$ 213 million, and free cash flow reached R$ 88 million, 3.4 times that of 3Q25, due to operational improvement, working capital optimization and prioritization of investments. In 9M26, free cash flow was R$ 158 million, reversing a cash burn of R$ 58 million in 9M25. Working capital fell 10%, to R$ 867 million.
The company ended the quarter with cash of R$ 1,009 million, up R$ 124 million from 2Q26, and gross debt of R$ 910 million, resulting in net cash of R$ 98 million, an increase of R$ 34 million. Leverage (net debt/EBITDA) was -0.2x. During the quarter, it raised its second commercial note of R$ 250 million, at CDI+1.05%.
