LWSA (LWSA3) Posts Adjusted EBITDA of R$ 100.3 Million in 3Q26

Consolidated net revenue totaled R$ 380.9 million, up 5.1% from R$ 362.5 million in 3Q25. The Commerce segment, which accounts for 74% of revenue, generated R$ 280.0 million, up 6.7%, with subscription (recurring) revenue growing 9.2%. Ecosystem revenue was R$ 126.6 million, up 3.7%. The Beonline segment had revenue of R$ 100.9 million, versus R$ 99.9 million in 3Q25.

In Commerce, adjusted EBITDA was R$ 73.9 million, versus R$ 58.1 million in 3Q25, with a margin of 26.4%, versus 22.1%. In Beonline, adjusted EBITDA was R$ 26.3 million, versus R$ 29.0 million, and the margin went from 29.0% to 26.1%. The company attributes the improvement to a simpler structure and to capital allocated to the most profitable products.

Operating cash generation (adjusted EBITDA minus Capex and financial expense on receivables prepayment) was R$ 55.7 million, up 27.7% from R$ 43.6 million in 3Q25. Free cash flow for the last 12 months was R$ 263.3 million, up 34%, with a margin of 17.6%. In the first 9 months of 2026, it was R$ 199.6 million, up 23.9%. Free cash flow after Capex in the quarter was R$ 62.4 million, versus R$ 70.5 million in 3Q25. The cash position at the end of September was R$ 333.3 million. The company indicates a return of about R$ 200 million to shareholders in 2026, via dividends, capital reduction and share buybacks; through September, it had already returned about R$ 190.0 million.

Among operating data, the GMV (gross merchandise volume) of ecosystem clients grew 14.4%, to R$ 21.1 billion. The client base reached 218.5 thousand, up 6.8%, and TPV (total payment volume) rose 6.9%, to R$ 2.4 billion. The company cites a quarter of real decline in retail, according to the ICVA (Cielo Expanded Retail Index). The data are presented on a comparable basis, excluding Squid and Nextios.