Unipar (UNIP3, UNIP5 and UNIP6) reported a net loss of R$ 16 mn in 3Q26, compared with net income of R$ 123 mn in 2Q26 and R$ 107 mn in 3Q25. The result reflects a 14% drop in the international price of caustic soda and a 22% drop in PVC versus 2Q26, while the price of ethylene remained high.
Net revenue was R$ 1.3 bn (R$ 1,283 mn), down 14% from 2Q26 and up 2% from 3Q25. EBITDA (earnings before interest, taxes, depreciation and amortization) came in at R$ 122 mn, with a 10% margin. Recurring Adjusted EBITDA was R$ 180 mn, 55% lower than in 2Q26 (R$ 402 mn) and 32% lower than in 3Q25 (R$ 266 mn), with a 14% margin, versus 27% in 2Q26. In the quarter, PVC sales volume was 6% lower and chlorine derivatives volume was 11% lower.
Operating cash generation was R$ 330 mn in 3Q26, compared with R$ 347 mn in 2Q26 and R$ 269 mn in 3Q25. The plant utilization rate 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%. The chlorine purification project in Camaçari (BA) began operating in July 2026 and is running at full capacity.
In the first nine months of 2026, net income was R$ 145 mn, 70% below the same period of 2025 (R$ 489 mn). Net revenue totaled R$ 4,017 mn, and Recurring Adjusted EBITDA was R$ 727 mn, versus R$ 927 mn. Operating cash generation was R$ 993 mn, compared with R$ 952 mn.
As of September 30, 2026, net debt was R$ 2,279 mn, with gross debt of R$ 3,638 mn and cash of R$ 1,359 mn, enough to cover 32 months of amortization. Net debt fell R$ 36 mn from June. Leverage (net debt/last-12-month EBITDA) was 2.89x, compared with 2.50x in June 2026. The average debt maturity is 64 months, and 93% of the total matures from 2029 onward, with an average cost of CDI + 0.32% per year.
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
