Viveo (VVEO3) posted a net loss of R$ 95.2 mn in 3Q26, compared with net income of R$ 226.9 mn 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 mn.
Net revenue totaled R$ 3,055.0 mn in 3Q26, up 7.8% from 3Q25. Gross profit was R$ 447.1 mn (up 7.6%), with a gross margin of 14.6%, versus 14.7% a year earlier. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 195.5 mn, up 13.1%, with a margin of 6.4%. The adjusted loss was R$ 75.1 mn, versus adjusted net income of R$ 42.4 mn in 3Q25. The financial result was negative R$ 174.6 mn, versus negative R$ 37.9 mn in 3Q25.
By segment, Hospitals and Clinics had revenue of R$ 2,378.5 mn, up 18.9%, driven by Medications. Laboratories and Vaccines fell 23.9% to R$ 255.0 mn; Consumer fell 4.7% to R$ 253.5 mn; and Services fell 27.4% to R$ 168.1 mn, with the halt of sterile compounding in Porto Alegre in August. In 9M26, revenue was R$ 8,797.1 mn (up 4.3%), adjusted EBITDA totaled R$ 620.3 mn (up 21.6%) and the net loss was R$ 186.9 mn, versus net income of R$ 96.6 mn in 9M25.
Net debt ended September at R$ 2,248.3 mn, with leverage (net debt to adjusted EBITDA) of 2.80x, versus 4.17x in 3Q25. The capital increase was approved at R$ 867.2 mn, at R$ 0.90 per share, of which R$ 630.3 mn was already reflected in the September balance sheet. With the roughly R$ 236.8 mn completed in October, pro forma leverage would be approximately 2.51x. Free cash flow was R$ 193.8 mn in the quarter.
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 over the nine months, and the company expects to resume supply in December 2026, with normalization by the end of the first half of 2027.
