M. Dias Branco (MDIA3) Posts R$ 158 Million Profit in 3Q26

Profit falls 27% from 3Q25; revenue is R$ 2.7 billion and net cash reaches R$ 1.2 billion

Editorial Team Visno InvestPublished 11/12/2026 18:46

MDIA3M. Dias BrancoR$ 17.34as of 11/11/2026Price, ratios and dividends

M. Dias Branco (MDIA3) posted net income of R$ 158 million in the third quarter of 2026 (3Q26), an exact figure of R$ 157.7 million, down 27.0% from 3Q25, when it was R$ 216.1 million. The result was affected by non-recurring restructuring expenses, such as severance payments, and by cost pressures from commodities, packaging and freight. Net revenue totaled R$ 2.7 billion (R$ 2,738.3 million), a 1.7% decline year over year.

EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 255.9 million, down 19.6%, with a margin of 9.3% (11.4% in 3Q25). According to the company, the figure includes an unfavorable impact of R$ 16.0 million from the restructuring. Sales volume rose 2.1% to 492.8 thousand tons, the fifth consecutive quarter of growth, while the average price fell 3.6% to R$ 5.6 per kg, due to mix effects and commercial initiatives.

Gross margin rose to 32.9%, compared with 32.4% in 3Q25, with gross profit of R$ 899.9 million. The company attributes the gain to a 5.1% drop in variable costs, helped by inventory positions and hedging operations. Packaging costs rose 14.2%. Selling and administrative expenses (SG&A) totaled R$ 673.4 million, up 9.3%, including R$ 14.5 million in non-recurring restructuring costs.

Operating cash generation was R$ 589.3 million in 3Q26. The company ended the quarter with net cash of R$ 1.2 billion (R$ 1,170.7 million), compared with R$ 720.6 million a year earlier, equivalent to 1.2 times EBITDA. Total debt was R$ 1,480.4 million, and capital expenditures (capex) totaled R$ 122.7 million. Fitch reaffirmed the AAA (bra) rating with a stable outlook for the 9th consecutive year.

In the first nine months of 2026, net income was R$ 432.9 million (-13.7%), net revenue was R$ 7.7 billion (-0.8%) and EBITDA was R$ 736.2 million (-10.6%). The company also announced the acquisition of Grespan, a maker of frozen bread with gross revenue of R$ 139 million in 2025, marking its entry into that market.