Q2 2026 Intelbras SA Industria de Telecomunicacao Eletronica Brasileira Earnings Call (English, Portuguese) Transcript
Key Points
- Intelbras SA (BSP:INTB3) delivered a robust quarter with EBITDA growing quarter-on-quarter and year-on-year, reaching almost BRL170 million.
- The company achieved its best gross margin in the last 18 months, driven by a better product mix and disciplined expense management.
- Core businesses, excluding Solar and GPON, grew revenue by double digits in the semester, with profit growing even faster than revenue.
- The company generated significant operational cash flow, reducing inventory levels and improving working capital efficiency.
- ROIC improved to 18.8%, drawing closer to the company's target, reflecting a strategic focus on capital efficiency and portfolio quality.
- Consolidated revenue dropped 7.5% year-on-year in Q2 2026, impacted by a strong comparison base from the previous year.
- The Security segment, the company's largest, saw a year-on-year revenue decline due to a high base effect from pent-up deliveries in Q2 2025.
- The company is facing increased input costs due to global inflation in commodities like memory, copper, and plastics, pressuring margins.
- The planned exit from the GPON business is reducing revenue, with the segment still accounting for double-digit revenue in the first half of 2026.
- Management cautioned that part of the margin improvement is cyclical, driven by lower inventory costs, and may normalize over the second half of the year.
Hello and welcome to Intelbras' first-quarter (sic - "second-quarter") 2026 earnings call. My name is Bruno Teixeira, Head of Investor Relations, and it's a pleasure to join you this morning. I am joined in this earnings call by Henrique Fernandez, CEO, to get the presentation started. This conference is being recorded and will be available at the company's IR website, where you can also find the slide deck. You can download it now to follow along with the presentation, and after the call, you will also be able to find the video playback in our website. (Event Instructions)
The information contained in the presentation and any statements that may be made during the conference call about the business perspectives, projections, as well as operating and financial targets for Intelbras, are based on the beliefs and assumptions of the company's management, on currently available information. Forward-looking statements do not guarantee performance. They involve risks, uncertainties, and
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