Intelbras (INTB3) Q1 2026 earnings summary

Executive summary

• Net revenue reached R$1,110.6 million in 1Q26, up 20.6% year-over-year and down 4.9% sequentially, driven by a lower comparative base, operational leverage, and expected seasonality.

• EBITDA totaled R$156.3 million, up 92.6% year-over-year, with a margin of 14.1%, and healthy operations.

• Net income was R$153.1 million, up 148.5% year-over-year and 11% sequentially, with a net margin of 13.8%.

• Deferred income tax recognition positively impacted results, reversing the previous quarter's effect.

• ROIC (pre-tax) improved to 17.7%, up 3.9 p.p. year-over-year and 2.6 p.p. sequentially, reflecting operational discipline.

Financial highlights

• Gross margin was 30.7%, up 1.3 p.p. year-over-year and stable sequentially.

• EBITDA margin reached 14.1%, up 5.3 p.p. year-over-year and 0.2 p.p. sequentially, reflecting strong expense control.

• Net margin was 13.8%, up 7.1 p.p. year-over-year and 2.0 p.p. sequentially.

• Cash balance increased from R$1,070.8 million at year-end to R$1,303.1 million at March 31, driven by operating cash generation and new financing.

• CapEx was low in Q1, with major investment in Manaus land to be reflected in future quarters.

Outlook and guidance

• Management expects continued efficiency, stable or slightly higher expenses, and ongoing focus on ROIC and disciplined capital allocation.

• Security segment revenue is projected to grow around 5% in 2026, similar to last year.

• EBITDA margin is expected to remain slightly above historical averages but not accelerate further in 2026.

• New commercial structure is in place to support future growth and enhance efficiency.

• Expansion of industrial footprint with new site in Manaus to support growth and flexibility.