Portobello (PTBL3) posts net loss of R$ 111.5 mn in 3Q26

Adjusted and Recurring EBITDA (earnings before interest, taxes, depreciation and amortization) came in at R$ 103.6 mn, stable versus 3Q25, and the margin was 17.5%, up 0.7 percentage point. Unadjusted EBITDA was R$ 84.7 mn, down 13.1%, with a margin of 14.3%. Non-recurring events had a negative impact of R$ 19.0 mn, with a contingency provision of R$ 23.4 mn and restructuring expenses of R$ 13.5 mn, partially offset by R$ 12.8 mn of IPI Premium Credit and R$ 5.2 mn of tax optimization. Adjusted and recurring net loss was R$ 92.7 mn.

Gross profit was R$ 235.7 mn, with a gross margin of 39.9%, up 0.3 percentage point in constant currency. Revenue in the domestic market fell 11.3%, to R$ 410.8 mn. The foreign market totaled R$ 179.5 mn (US$ 35.0 mn), up 23.6% in constant currency. Portobello America had revenue 33.1% higher and a gross margin of 17.9%. Recurring expenses were R$ 186.4 mn, and the restructuring generated savings of about R$ 15.0 mn in the quarter.

Net bank debt closed at R$ 1,108.2 mn, R$ 62.8 mn below 2Q26, and leverage (net debt over adjusted EBITDA) stood at 3.82x. The company is negotiating the reprofiling of its bank debt and the capitalization of shareholders, with completion expected by the end of January 2027. On October 21, debenture holders' meetings approved the postponement of obligations of the fifth and sixth issuances to January 31, 2027, and Fitch revised the national long-term rating to RD(bra). The company states that its obligations remain current.

The sale of the Pointer Unit to Cerâmica Almeida, approved by CADE on August 10, 2026, is now reported as a discontinued operation, with a negative result of R$ 127.2 mn in the quarter. For 4Q26 and 1Q27, the company projects a gross margin of around 36% and a drop in sales volume.