Orizon (ORVR3) reported accounting net income of R$ 55.7 mn in 3Q26, the first quarter with three full months of Vital's results. Excluding the accounting effects of the merger, mainly the amortization of the purchase price allocation surplus (R$ 67.4 mn), adjusted net income was R$ 136.8 mn. Adjusted net income was 21.8% below the R$ 174.9 mn in pro forma 3Q25 and 32.7% above the R$ 103.1 mn in 2Q26.
Adjusted net revenue totaled R$ 1,017.7 mn (R$ 1.02 bn), up 13.9% from pro forma 3Q25. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 347.5 mn, with a 34.1% margin and a 4.6% increase in one year. On an accounting basis, net revenue was R$ 1,090.3 mn and EBITDA was R$ 322.6 mn. Considering only the Orizon Legacy assets, adjusted revenue was R$ 366.8 mn (+30.5%) and adjusted EBITDA was R$ 154.3 mn (+18.0%).
The eco-parks received 3,872.5 thousand tons of waste, up 5.8% in one year. The average gate fee (price per ton received) was R$ 90.6/t at Orizon Legacy, up 7.2%, and R$ 93.8/t at Vital. Biomethane production reached 189.4 thousand m³/day, up 45.4% from 2Q26. Revenue from carbon credits sold was R$ 28.8 mn, up 105.7% in one year.
The company ended September with cash of R$ 1,683 mn, gross debt of R$ 4,146 mn and net debt of R$ 2,463 mn, equivalent to 1.9x adjusted EBITDA (1.8x in 2Q26). Capex (investments) for the quarter was R$ 409.7 mn. The R$ 500 mn debenture issuance made in October is not reflected in these balances.
During the period, Orizon signed the purchase of 51% of the Rondonópolis Landfill (MT) for R$ 45.4 mn and raised its stake in Ecourbis from 63.3% to about 69.1%, for R$ 69.2 mn. The company also approved a 1:4 stock split and elected Dalton Assumção Canelhas Filho as Chief Operating Officer.
Is ORVR3 worth investing in?
- Price
- R$ 19.32
- as of 11/11/2026
- Dividend yield
- 0.00 %
- P/L
- 211.17
- P/VPA
- 2.19
