Armac (ARML3) posted net income of R$ 47.4 mn in 3Q26, compared with R$ 38.3 mn in 3Q25 and R$ 7.7 mn in 2Q26. The net margin was 7.8% of net revenue. Gross revenue totaled R$ 653.2 mn, up 22.1% from 3Q25 and 11.4% from 2Q26.
EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 260.3 mn, up 31.2% in one year, with a margin of 42.9% of net revenue (40.1% in 3Q25). Rental & Services EBITDA reached R$ 259.8 mn, up 30.4%, with a margin of 56.5% (50.3% in 3Q25). Rental & Services net revenue was R$ 459.4 mn, up 16.0% from 3Q25, driven by the commercial progress of Rental, the consolidation of Escad and the acceleration of Terram projects.
Asset sales revenue was R$ 147.7 mn, 71.3% higher than in 3Q25. The Armac Seminovos network had 23 stores at the end of the quarter. Asset Sales EBITDA was R$ 0.5 mn.
Net debt ended the period at R$ 2,289.7 mn, R$ 89.1 mn higher than in 2Q26, reflecting the consolidation of Escad (debt of R$ 93.6 mn) and the R$ 43.0 mn payment for the acquisition. The net debt/EBITDA ratio for the last 12 months fell to 2.42x, from 2.50x in 2Q26. Cash and investments totaled R$ 908.8 mn, an amount that covers principal amortizations through 1Q 2030. Annualized ROIC (return on invested capital) was 17.4%.
Organic CAPEX (investment in machinery and equipment) totaled R$ 198.9 mn in the quarter, and Cash CAPEX was R$ 169.2 mn. In July, the company completed the acquisition of Escad, with an Enterprise Value of R$ 170.0 mn. Management stated that the short-term priority is to reduce net debt/EBITDA to below 2.0x within a few quarters.
