INTB3 Intelbras

Intelbras, traded on B3 under the ticker INTB3, is a Brazilian technology company founded in 1976 in Santa Catarina, originally as part of the Grupo Diomício Freitas. Its trajectory began with the manufacturing of telecommunications equipment, in a context where the market was heavily concentrated in state-owned companies. Throughout the 1980s, the company stood out by launching the first automatic switching center (PABX) with domestic technology, anticipating corporate communication trends and consolidating its presence in the country. In the 1990s, the privatization process of the telecommunications sector led Intelbras to redirect its focus to the private sector, with an emphasis on small and medium-sized companies, which contributed to strengthening the brand in the Brazilian corporate communications market.

From the 2000s onward, Intelbras intensified its diversification and expansion process. In 2006, it acquired Maxcom, expanding its portfolio in condominium communication and incorporating a manufacturing unit in Santa Rita do Sapucaí (MG). In 2007, it entered the electronic security and networks segment organically, giving rise to the current Security and Information and Communication Technology (ICT) business units. Between 2009 and 2011, it reinforced its production capacity by expanding the plant in São José (SC) and installing industrial operations in the Manaus Free Trade Zone (AM). During this period, it also created Intelbras Itec, a technological training center focused on training resellers and installers, accompanied by the UNI — Intelbras University program, which structures technical and management training for the distribution channel.

Intelbras’ business model is structured into three major business units: Security, Information and Communication Technology (ICT), and Energy. The Security BU, launched in 2007, accounts for the largest share of net operating revenue, with 55% in 2024, and encompasses video surveillance (CCTV), access control, intrusion alarms, fire alarms, and monitoring software through the group company Seventh. The ICT BU, which dates back to the company’s origin in 1976, represents 22% of revenue and includes enterprise networks, optical networks, radiocommunication, unified communication, structured cabling, and the operations of subsidiaries Khomp and Metalúrgica Décio. The Energy BU, created in 2017, accounted for 23% of revenue in 2024, with power supplies and protection, batteries, UPSs, and on-grid and off-grid solar generators, including Renovigi Energia Solar. Despite segmented management by BUs, the company operates in an integrated manner, with technological and commercial synergies among the areas.

Intelbras’ portfolio covers a broad range of products and technological solutions. In Security, the company develops everything from analog and IP cameras, DVRs and NVRs, motion and opening sensors, intrusion and fire alarms, plug and play cameras, vehicle monitoring systems, to access control equipment such as video intercoms, digital locks, turnstiles, and facial readers. In ICT, it offers equipment for GPON optical networks, managed switches, broadband radios, wireless routers, cloud corporate communication solutions, PBX systems, residential and corporate telephony, radio communicators, and communication peripherals, including videoconferencing equipment and projectors. In Energy, it supplies vehicle chargers, power supplies, batteries, UPSs, lighting equipment, and photovoltaic systems connected or not to the power grid, providing solutions for homes and businesses.

Intelbras’ commercial operations are based on a nationwide distributed sales channel ecosystem. As of December 31, 2024, the company had around 500 distributors and more than 80,000 accredited resellers, responsible for much of the reach of its operations. The distribution network channel, which supplies these resellers and installers, accounted for 71% of total sales, while direct retail sales accounted for 13% and sales to integrators and named accounts for 16%. The products target various sectors, such as homes, condominiums, internet service providers, industry, transportation, finance, government, healthcare, hospitality, retail, and call centers. The company reports that it does not depend on individual customers with a share greater than 10% of net revenue, which indicates a diversified customer base.

Intelbras’ geographic presence is predominantly national, with products sold in 98% of Brazilian municipalities with electronic consumption potential, according to internal data. The company maintains manufacturing units in São José (SC), Santa Rita do Sapucaí (MG), Tubarão (SC), and Manaus (AM), in addition to operations and subsidiaries linked to the security, ICT, and energy segments. In the international market, it exports to Latin American and African countries such as Uruguay, Argentina, Bolivia, Chile, Colombia, Peru, Mexico, among others, as well as Angola and Mozambique. In 2023, it reinforced its internationalization strategy by acquiring 55% of the capital of Allume Holding S.A.S., a Colombian company operating in electronic security, networks, communication, building automation, and energy management, with branches in Bogotá, Medellín, and Barranquilla. Exports, however, still represent a small fraction of net operating revenue, less than 1% in 2024.

The company operates in a regulatory environment that involves multiple agencies and incentives. Several products depend on approval from the National Telecommunications Agency (Anatel) and the National Institute of Metrology, Quality and Technology (Inmetro), with compliance certifications obtained through accredited bodies. Intelbras is a beneficiary of the Informatics Law, under the supervision of the Ministry of Science, Technology and Innovation (MCTI), which requires minimum annual investments in research, development, and innovation, as well as observance of basic production processes (PPB) for certain products. Operations in the Manaus Free Trade Zone subject the company to oversight and incentives coordinated by SUDAM, SUFRAMA, SEFAZ-AM, and SEDECTI, including Corporate Income Tax and ICMS benefits conditioned on production requirements, compliance with labor and environmental regulations, social benefit programs, and regional technological development.

In the environmental, social, and governance field, Intelbras has been incorporating initiatives related to energy efficiency and renewable energy generation in its industrial operations. In 2020, it installed more than four thousand photovoltaic modules at its São José (SC) unit, totaling 1,359 kWp of installed capacity, and since 2023 it has also had a solar plant in Tubarão (SC). In 2024, these facilities generated 2,459 MWh, equivalent to the approximate annual consumption of more than one thousand households, accounting for about 28% of the energy consumed monthly by the units. On the social front, the company maintains structured training programs through Intelbras Itec and Intelbras University, with hundreds of thousands of qualifications carried out in 2024, and participates in relationship and incentive programs with distributors and resellers. In corporate governance, the company has been listed on B3’s Novo Mercado segment since 2021, with common shares INTB3, a professionalized management structure, and a track record of debenture issuances to finance its expansion.

Intelbras’ financial performance reflects the growth of its integrated security, ICT, and energy portfolio. In 2024, net operating revenue reached R$ 4.76 billion, up 15.9% compared to 2023, while net income totaled R$ 528.4 million and EBITDA R$ 642.2 million. The largest contribution to gross profit comes from the Security BU, followed by ICT and Energy, with an increasing share from the Energy unit over recent years. The combination of in-house technological development, strategic partnerships — such as the agreement with Dahua Technology, which also became a significant shareholder of the company — and a channel structure distributed across the country underpins the business model that sustains Intelbras’ operations in the Brazilian market for electronic equipment and solutions, with a focus on electronic security, connectivity, and energy.