Viveo (VVEO3) posted a net loss of R$ 95.2 mi in 3Q26, versus net income of R$ 226.9 mi in 3Q25. The difference mainly reflects the 2025 comparison base, which benefited from extraordinary effects from the reversal of DIFAL (ICMS Rate Differential) provisions and from gains on debenture buybacks. In 3Q26, there was also a negative deferred tax entry of R$ 29.5 mi.
Net revenue totaled R$ 3,055.0 mi in 3Q26, up 7.8% from 3Q25. Gross profit was R$ 447.1 mi (up 7.6%), with a gross margin of 14.6%, versus 14.7% a year earlier, pressured by the greater weight of Medications in sales. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 195.5 mi, up 13.1%, with a margin of 6.4%. The adjusted loss was R$ 75.1 mi, versus adjusted income of R$ 42.4 mi in 3Q25. The financial result was negative R$ 174.6 mi, versus negative R$ 37.9 mi in 3Q25.
By segment, Hospitals and Clinics had revenue of R$ 2,378.5 mi, up 18.9%, driven by Medications. Laboratories and Vaccines fell 23.9% to R$ 255.0 mi; Consumer fell 4.7% to R$ 253.5 mi; and Services fell 27.4% to R$ 168.1 mi, with the interruption of sterile compounding in Porto Alegre in August. The company also cited lower demand for vaccines in the private market and the commercial review of contracts and portfolio. In 9M26, revenue was R$ 8,797.1 mi (up 4.3%), adjusted EBITDA totaled R$ 620.3 mi (up 21.6%), with a margin of 7.1%, and the net loss was R$ 186.9 mi, versus net income of R$ 96.6 mi in 9M25.
Net debt ended September at R$ 2,248.3 mi, with leverage (net debt to adjusted EBITDA) of 2.80x, versus 4.17x in 3Q25. The capital increase was approved at R$ 867.2 mi, at R$ 0.90 per share, with 99.7% of the maximum amount subscribed, of which R$ 630.3 mi was already in the September balance sheet. With the approximately R$ 236.8 mi completed in October, pro forma leverage would be approximately 2.51x. Free cash flow was R$ 193.8 mi in the quarter. Excluding the effect of receivables prepayment, it was R$ 150.1 mi in the quarter and R$ 320.4 mi in the nine months, up 51.4%, and the cash cycle was 54 days, 8 days shorter than in 3Q25.
On October 5, a fire hit Cremer's adhesives unit in Blumenau (SC), with no injuries. The affected products accounted for about 1.7% of consolidated revenue in the nine months, and the company expects to resume supply in December 2026, with normalization by the end of the first half of 2027. Insurance coverage is estimated at about R$ 15 mi, and the exposure is equivalent to about R$ 7 mi per month of gross profit.
