SYN Prop & Tech (SYNE3) reported net income of R$ 18.8 million in 3Q26, down 18.5% from R$ 23.1 million in 3Q25. The decline stems from a smaller contribution of non-recurring gains from asset sales and corporate events, as well as lower financial income due to a lower average cash position.
Net revenue totaled R$ 61.3 million, up 9.4% from 3Q25. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 26.6 million. Adjusted EBITDA, which excludes non-recurring effects, reached R$ 25.1 million, an increase of 20.8%, with a margin of 40.9%. The company attributes the result to growth in recurring revenue, NOI (net operating income of the properties) and the maturation of the CLD logistics warehouse, which is 100% leased.
NOI was R$ 27.5 million, up 14.5%. Adjusted net income was R$ 14.2 million, down 12.8%. FFO (a cash generation indicator) was R$ 22.6 million, and adjusted FFO was R$ 18.0 million, a decline of 9.9%, affected by lower financial income.
Gross debt was R$ 493.7 million at the end of the quarter, and cash was R$ 205.8 million, resulting in net debt of R$ 287.9 million. The ratio of net debt to trailing 12-month Adjusted EBITDA stood at 2.91x, compared with 3.06x in 3Q25. The portfolio's physical occupancy was 92.7%, down 2.4 p.p. (percentage points), and financial occupancy was 95.0%.
SYN will hold an earnings conference call on November 13, 2026, at 11 a.m. (Brasília time).
Is SYNE3 worth investing in?
- Price
- R$ 2.80
- as of 11/11/2026
- Dividend yield
- 14.97 %
- P/L
- 7.85
- P/VPA
- 0.61
