Grupo Petz Cobasi (AUAU3) Reports Net Income of R$ 71.4 Million in 3Q26

Adjusted net income rises 31.1% to R$ 96.1 million; adjusted EBITDA reaches R$ 209.1 million, up 31.5%

Editorial Team Visno InvestPublished 11/12/2026 18:36

AUAU3União Pet ParticipaçõesR$ 4.27as of 11/11/2026Price, ratios and dividends

Illustrative image: União Pet Participações

União Pet Participações, Grupo Petz Cobasi (AUAU3), reported net income of R$ 71.4 million in 3Q26, down 1.3% from pro forma 3Q25 (R$ 72.3 million). Adjusted net income, which excludes non-recurring effects, totaled R$ 96.1 million, up 31.1% from 3Q25. The 2025 figures are pro forma, simulating the consolidation of Petz and Cobasi, and results follow IAS 17, without the effect of IFRS 16.

Total gross revenue reached R$ 2.1 billion (R$ 2,116.1 million), up 6.6%. Petz grew 6.7%, to R$ 1.2 billion, and Cobasi grew 6.4%, to R$ 956.6 million. Growth came mainly from volume, with a price effect of about 1%. The physical channel totaled R$ 1.2 billion (+5.9%) and the digital channel R$ 895.6 million (+8.4%), accounting for 42.3% of sales. Services revenue rose 23.4%.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 209.1 million, up 31.5%, with a margin of 9.9% of gross revenue (+1.9 p.p.). Adjusted gross profit reached R$ 852.2 million (+8.5%), with a margin of 40.3% of gross revenue. Operating expenses totaled R$ 643.1 million (+2.7%) and fell from 31.5% to 30.4% of gross revenue. The company attributes the improvement to synergies with suppliers, private labels, indirect expenses and logistics.

The non-recurring result was an expense of R$ 25.4 million, including R$ 20.9 million from the effect of CAT Ordinance 42, related to the end of ICMS tax substitution on pet food in São Paulo since August 1. The company classifies the effect as temporary and with no cash impact. Operating cash generation was R$ 187.4 million, with 90% of EBITDA converted into cash.

The company early redeemed R$ 133.3 million in debentures in September, and gross debt fell 35.9%, to R$ 225.6 million. Net cash closed at R$ 415.1 million, up R$ 129.0 million in the quarter, equivalent to 0.6x adjusted EBITDA for the last 12 months. The chain ended the period with 519 stores (266 Petz and 253 Cobasi), with 3 openings and 4 closures in the quarter. In the nine-month cumulative period, gross revenue totaled R$ 6.2 billion (+8.0%) and adjusted net income R$ 220.3 million (+25.7%).