Three Brazilian listed companies posted sharply diverging Q1 2026 results on May 6, with pulp giant Klabin (KLBN11) booking a R$497 million (US$101 million) net loss, gold miner Aura Minerals (AURA33) reversing to a US$95.2 million profit on the gold rally, and hospital operator Rede D’Or (RDOR3) shares climbing 4.21% to R$40.36 (US$8.20) ahead of after-market earnings. The Rio Times, the Latin American financial news outlet, reports that the trio reflects how commodity prices, balance-sheet leverage, and sector positioning are pulling Brazilian equities in opposite directions.
Key Facts
— Klabin (KLBN11) reversed a year-ago profit of R$446 million into a R$497 million (US$101 million) Q1 loss.
— Aura Minerals (AURA33) swung to a US$95.2 million profit, with revenue up 136% to US$382.6 million as gold averaged US$4,873/oz.
— Rede D’Or (RDOR3) shares rose 4.21% to R$40.36 (US$8.20) ahead of after-market Q1 release, BTG Pactual sees +17% revenue QoQ.
— Aura announced a record US$65 million dividend (US$0.78/share) on the Q1 strength.
— Klabin’s R$32.9 billion (US$6.69 billion) net debt and 3.3x leverage ratio remain key concerns.
| Company | Q1 Net Result | YoY | Sector |
|---|---|---|---|
| Klabin (KLBN11) | −R$497M (−US$101M) | From R$446M profit | Pulp & paper |
| Aura Minerals (AURA33) | US$95.2M (R$468.4M) | From −US$73.2M loss | Gold mining |
| Rede D’Or (RDOR3) | After-market release | +17% rev QoQ est. | Hospitals |
Klabin Slips to R$497M Loss on Biological Assets, FX
Klabin (KLBN11) posted a Q1 2026 net loss of R$497 million (US$101 million), reversing the R$446 million profit of Q1 2025. Adjusted EBITDA fell 10% to R$1.67 billion (US$339.4 million), missing the LSEG analyst consensus of R$1.75 billion, with margin compressing from 38% to 34%. Net revenue rose 2% to R$4.95 billion (US$1.006 billion) on a 12% volume increase, with pulp volumes up 16% to 401,000 tons.
The loss reflected fair-value adjustments to biological assets, higher financial expenses, and FX headwinds on export revenues. Total cash cost per ton held flat at R$3,342, but COGS per ton rose 4% on the Monte Alegre maintenance shutdown and higher fiber costs. Quarterly capex jumped 39% to R$839 million (US$170.5 million), focused on maintenance, silviculture, and industrial modernization.
Net debt closed March at R$32.9 billion (US$6.69 billion), down R$3.9 billion in the quarter, with leverage stable at 3.3x in dollar terms. Cash totaled R$8.9 billion (US$1.81 billion). The corrugated cardboard segment was a bright spot, with revenue up 9% and outperforming the broader Brazilian market according to Empapel data.
Aura Minerals Reverses Loss to US$95M on Gold Rally
Aura Minerals (AURA33) swung to a Q1 2026 net profit of US$95.2 million from a US$73.2 million loss a year earlier and a US$19.9 million Q4 2025 loss. Revenue surged 136% year-over-year to US$382.6 million, up 19% from Q4. The realized gold price averaged US$4,873 per ounce, up 70% year-over-year, while copper rose 27% to US$5.81 per pound.
Quarterly highlights from the Nasdaq-listed miner:
- Adjusted EBITDA: US$243.9 million, up 199% YoY, with margin at 64% (+14pp).
- Adjusted net income: US$109.5 million, up 307% YoY.
- Production: 82,137 GEO (gold-equivalent ounces), up 37% YoY.
- Record dividend: US$65 million total, US$0.78 per share announced.
- Leverage: 0.16x net debt/EBITDA versus 0.88x a year ago.
Costs rose alongside the rally, with cash cost reaching US$1,485/GEO (+29% YoY) and All-in Sustaining Cost hitting US$1,829/GEO (+25%), pressured by the MSG mine consolidation, Aranzazu/Apoena sequencing, and FX headwinds from a stronger real and Mexican peso. CEO Rodrigo Barbosa said cost reductions should kick in during H2 2026 as MSG turnaround initiatives mature. Aura held its 2026 production guidance of 340,000 to 390,000 GEO.
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Rede D’Or Up 4% Before Q1 Release on Hospital Strength
Rede D’Or (RDOR3) shares climbed 4.21% to R$40.36 (US$8.20) by 12:25 BRT on Wednesday, reaching an intraday high of +5.34% ahead of the after-market Q1 2026 release. BTG Pactual projects a clean print without one-off items, supported by solid KPIs and consistent execution. The bank expects 17% quarter-over-quarter growth in hospital revenue, driven by improved occupancy and a still-resilient average ticket.
Operational expectations include around 180 net new beds quarter-over-quarter (with 117 already added by February per the last earnings call) and strong oncology volumes, benefiting from competitor Oncoclinicas’s weaker positioning. BTG Pactual flagged Rede D’Or and Bradsaúde as preferred names in Brazilian healthcare, citing scale, vertical integration, and consolidation potential within the private health ecosystem.
What the Three Stories Mean for Brazilian Equities
Three sector signals stand out for cross-border investors:
- Commodity divergence. Aura’s 199% EBITDA jump on US$4,873/oz gold contrasts sharply with Klabin’s 10% EBITDA decline as pulp pricing weakens.
- Healthcare resilience. Rede D’Or’s pre-earnings rally signals investor confidence in private hospital consolidation, echoing BTG Pactual’s preferred-name positioning.
- Leverage matters. Klabin’s 3.3x net debt/EBITDA pressures earnings via FX and rates, while Aura’s 0.16x leverage enables record dividends.
For broader context on the Brazilian Q1 cycle, see our coverage of Itaú Unibanco’s record Q1 and Tenda, Moura Dubeux, and Totvs Q1 results.
Frequently Asked Questions
Why did Klabin post a Q1 2026 loss?
Klabin (KLBN11) reported a R$497 million (US$101 million) Q1 net loss, reversing R$446 million in profit a year earlier. The shift came from a 10% adjusted EBITDA decline to R$1.67 billion, fair-value adjustments to biological assets, higher financial expenses of R$570 million, and FX headwinds on exports. Net revenue still rose 2% to R$4.95 billion on 12% volume growth.
How much profit did Aura Minerals make in Q1 2026?
Aura Minerals (AURA33) swung to a US$95.2 million Q1 profit from a US$73.2 million loss a year earlier, with adjusted net income reaching US$109.5 million, up 307%. Revenue jumped 136% to US$382.6 million as the average realized gold price climbed 70% to US$4,873/oz. Aura announced a US$65 million dividend, or US$0.78 per share, and held 2026 guidance at 340,000 to 390,000 GEO.
What is BTG Pactual’s view on Rede D’Or?
BTG Pactual ranks Rede D’Or (RDOR3) and Bradsaúde as preferred Brazilian healthcare names, citing scale, vertical integration, and execution. The bank projects 17% quarter-over-quarter hospital revenue growth in Q1 2026 on better occupancy and around 180 new beds added. Shares rose 4.21% to R$40.36 (US$8.20) on May 6 ahead of the after-market release, hitting an intraday high of +5.34%.
What was Klabin’s net debt in Q1 2026?
Klabin’s net debt ended March 2026 at R$32.9 billion (US$6.69 billion), down R$3.9 billion in the quarter, with leverage held at 3.3x net debt/EBITDA in dollar terms and total cash at R$8.9 billion (US$1.81 billion). Capex jumped 39% YoY to R$839 million (US$170.5 million) on maintenance, silviculture, and modernization spending. The company also booked a negative R$570 million financial result, partly offset by hedging.
Updated: May 7, 2026 at 06:30 BRT.
Sources: Money Times, Klabin Q1 2026 release, Aura Minerals Q1 2026 release, Rede D’Or Q1 2026 preview, BTG Pactual research, LSEG, Empapel. Author: Rio Times Editorial Desk. dateModified: 2026-05-07T09:30:00Z.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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