Unipar (UNIP3, UNIP5 and UNIP6) posted a net loss of R$ 16 million in 3Q26, compared with net income of R$ 123 million in 2Q26 and R$ 107 million in 3Q25. The result reflects a 14% drop in the international price of caustic soda and a 22% drop in PVC prices versus 2Q26, while the price of ethylene remained high.
Net revenue was R$ 1.3 billion (R$ 1,283 million), down 14% from 2Q26 and up 2% from 3Q25. EBITDA (earnings before interest, taxes, depreciation and amortization) came in at R$ 122 million, with a 10% margin. Recurring Adjusted EBITDA was R$ 180 million, 55% lower than in 2Q26 (R$ 402 million) and 32% lower than in 3Q25 (R$ 266 million), with a 14% margin, versus 27% in 2Q26.
Operating cash generation was R$ 330 million in 3Q26, compared with R$ 347 million in 2Q26 and R$ 269 million in 3Q25. The capacity utilization rate at the plants in Brazil was 79%, 5 p.p. below the previous quarter, due to seasonally lower demand for chlorine derivatives, affected by low rainfall. In Argentina, it was 70%.
In the first nine months of 2026, net income was R$ 145 million, 70% below the same period of 2025 (R$ 489 million). Net revenue totaled R$ 4,017 million, and Recurring Adjusted EBITDA was R$ 727 million, versus R$ 927 million. Operating cash generation was R$ 993 million, compared with R$ 952 million.
As of September 30, 2026, net debt was R$ 2,279 million, with gross debt of R$ 3,638 million and cash of R$ 1,359 million, enough to cover 32 months of amortization. Leverage (net debt/last-12-months EBITDA) was 2.89x, compared with 2.50x in June 2026. The average debt maturity is 64 months, and 93% of the total falls due from 2029 onward.
Is UNIP6 worth investing in?
- Price
- R$ 51.96
- as of 11/11/2026
- Dividend yield
- 12.46 %
- P/L
- 22.06
- P/VPA
- 2.94
