Intelbras (INTB3) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4 2025 was R$1,167.98 million, down 9.3% year-over-year but up 3.8% sequentially, mainly due to declines in ICT and Energy segments.

• Net income rose 8.2% year-over-year to R$137.94 million, with a net margin of 11.8%, though it declined sequentially.

• Operational discipline, SAP implementation, and strategic adjustments led to improved EBITDA margins quarter-over-quarter.

• Strategic focus shifted to profitability and efficiency, especially in solar and GPON segments.

• Fiscal year 2025 closed with net revenue of R$4,460.38 million, down 6.2% from 2024, reflecting deliberate portfolio and commercial policy changes.

Financial highlights

• EBITDA for Q4 2025 was R$162.22 million, with a 13.9% margin, up 12.6% sequentially but down 1.9% year-over-year.

• Gross margin for Q4 2025 was 30.7%, up 1.7 p.p. year-over-year, but slightly down sequentially.

• Free cash flow for the year was 1.51x EBITDA; year-end cash position was R$1,070.77 million after R$300 million in dividends.

• CapEx for 2025 was R$100 million, about half of the previous year, and 54.4% lower than 2024.

• ROIC (pre-tax) for the last twelve months was 15.1%, up 0.6 p.p. sequentially but down 3.0 p.p. year-over-year.

Outlook and guidance

• 2026 will reflect strategic decisions made in 2025, with expected improvements in profitability and ROIC.

• Revenue growth may be modest, but operational improvements and cash generation are expected to continue.

• CapEx in 2026 is expected to remain at 2025 levels unless new opportunities arise.

• Efficiency gains and improved operational performance are expected by mid-2026, supporting ROIC improvement.

• Dividend policy will remain unchanged, with no expectation of increased payouts.