Eucatex (EUCA3, EUCA4) reported net revenue of R$ 824.4 mn in 3Q26, up 3.3% from R$ 798.3 mn in 3Q25. In the 9M26 cumulative period, revenue was R$ 2.4 bn (R$ 2,414.3 mn), growth of 3.7% versus 9M25.
Gross profit in 3Q26 was R$ 262.8 mn, down 10.9%, and the gross margin went from 37.0% to 31.9%. Recurring EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 170.2 mn, down 11.3%, with a margin of 20.6% (24.0% in 3Q25). Recurring net income was R$ 82.1 mn, down 2.5% from R$ 84.3 mn. Year to date, recurring net income rose 11.7%, to R$ 305.5 mn.
By segment in 3Q26, Industry and Resale had revenue of R$ 306.6 mn (+5.8%), Construction, R$ 306.3 mn (+0.2%) and Exports, R$ 196.0 mn (+3.2%). Selling, general and administrative expenses (SG&A) were R$ 155.6 mn, up 3.3%, equivalent to 18.9% of revenue.
Gross debt was R$ 946.0 mn at the end of 3Q26, versus R$ 991.8 mn in 2Q26. Cash and equivalents totaled R$ 440.5 mn and net debt was R$ 505.5 mn, representing 0.7 times recurring EBITDA. The cash conversion cycle was 104 days, versus 110 days in 3Q25.
Investments made were R$ 135.6 mn in 3Q26 and R$ 369.4 mn in 9M26. The forecast for 2026 is R$ 495.2 mn, including a new BP press, modernization of the door factory, expansion of the planted area, a Slurry plant, a boiler at the fiber plant and a new filling machine in paints.
Is EUCA4 worth investing in?
- Price
- R$ 19.00
- as of 11/11/2026
- Dividend yield
- 5.92 %
- P/L
- 4.39
- P/VPA
- 0.58
