Kepler Weber (KEPL3) reported net income of R$ 13.4 million in 3Q26, down 74.0% from R$ 51.6 million in 3Q25. The net margin was 3.9%, compared with 12.2% a year earlier. The company attributes the decline to lower operating results, impacted by the drop in revenue and pressure on margins.
Net revenue totaled R$ 344.2 million in the quarter, down 18.7% from 3Q25 and up 15.1% from 2Q26. The Agribusiness (Agroindústrias) segment grew 38.0% to R$ 149.9 million and now accounts for 43.6% of revenue. Farms (Fazendas) fell 46.5% to R$ 73.4 million due to lower producer profitability, high interest rates and tighter credit restrictions.
EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 26.1 million, down 64.6%, with a margin of 7.6%, compared with 17.4% in 3Q25. Cost of goods sold totaled R$ 285.5 million, equivalent to 82.9% of revenue. Selling, general and administrative (SG&A) expenses declined 17.2% in the quarter. The quarter's results included R$ 3.9 million in non-recurring expenses related to the organizational redesign.
In the first nine months of 2026, net revenue was R$ 961.3 million (-11.9%), EBITDA was R$ 85.6 million (-47.9%) and net income totaled R$ 36.9 million, compared with R$ 91.5 million in the same period of 2025.
The company ended September with cash of R$ 362.6 million and total debt of R$ 335.1 million, resulting in net cash of R$ 27.4 million. The default rate was 3%, compared with 9% in the agribusiness sector. There were no dividend or JCP (Juros sobre Capital Próprio, or interest on equity) distributions in 2026 through the release of the report, as the company advanced R$ 50 million in payouts in December 2025.
Is KEPL3 worth investing in?
- Price
- R$ 6.64
- as of 11/10/2026
- Dividend yield
- 4.34 %
- P/L
- 8.54
- P/VPA
- 1.50
