Locaweb stock: BTG Pactual highlights stronger margins in Q2
Published on 11/03/2026 at 01:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSMargin expansion and capital returns
- BTG Pactual said Locaweb's adjusted EBITDA rose 35 percent year over year in the second quarter of 2026.
- The company announced dividends and a share buyback alongside the results.
Locaweb's second-quarter 2026 results combined slower revenue growth with stronger profitability, according to a BTG Pactual research report published on Monday, August 17, 2026.
Revenue growth loses momentum
Net revenue reached 375.3 million Brazilian reais in the second quarter, up 8.2 percent year over year. BTG Pactual said growth slowed from 10 percent in the first quarter as challenging macroeconomic conditions weighed on retailers.
The Commerce division grew revenue 12.4 percent year over year. BeOnline and SaaS revenue declined 2 percent to 99.3 million Brazilian reais, creating a mixed contribution across the company's operating areas.
Margins remain the main bright spot
Adjusted EBITDA rose 35 percent year over year to 102.5 million Brazilian reais, while the adjusted margin expanded by 5.4 percentage points to 27.3 percent. The result came in 5 percent above BTG Pactual's estimate.
Operating cash flow reached 58.1 million Brazilian reais in the quarter, despite capital expenditure of 34 million Brazilian reais. Cash generation for the first half of 2026 totaled 137 million Brazilian reais.
Shareholder returns move higher
Alongside the second-quarter results, Locaweb announced 23.4 million Brazilian reais in dividends and a new share buyback program covering up to 50 million shares. BTG Pactual viewed the combination of improving cash generation and capital distribution as supportive of its operating thesis.
Locaweb report facts
- Company: Locaweb Serviços de Internet S.A.
- Exchange ticker: LWSA3
- Reporting period: Second quarter of 2026
- Research source: BTG Pactual
