Nothing has vanished: the stock PGMN3 remains that of Pague Menos, which just reported to CVM an adjusted net income of R$ 96.3 million for the third quarter of 2026, up 19.5% from a year earlier. The issue is that same-store sales, which used to grow at 17.6%, now advance at 5.6%—and that is the signal the market will weigh against the profit.
PGMN3: What Happened?
Empreendimentos Pague Menos S.A. delivered its Q3 2026 earnings release to CVM at 6:25 PM on Apr 11, 2026, in both Portuguese and English. None of our sources suggest that the stock has been delisted; what changed is the financial statement, not the shares. Gross revenue reached R$ 4,429.3 million, a 6.9% increase. Adjusted EBITDA stood at R$ 278.8 million, with a margin of 6.3%, flat compared to Q3 2025, which the company attributes to "efficient expense control."
Net income grew much faster than revenue and EBITDA. The adjusted net margin went from 1.9% to 2.2%. The excerpt of the release to which we had access does not break down the math between EBITDA and net income, so the cause of this difference remains unexplained in the sources.
There is a calculation that the release itself allows us to make. Over nine months, adjusted net income went from R$ 153.9 million to R$ 225.5 million (+46.5%). Subtracting the third quarter from both sides, the first half yielded R$ 129.2 million this year compared to R$ 73.3 million last year, roughly +76%. Net income continues to rise, but at a slower pace than at the beginning of the year. The numbers side by side:
| Metric (R$ millions, adjusted) | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Gross revenue | 4,144.6 | 4,429.3 | +6.9% |
| Gross profit | 1,238.2 | 1,327.1 | +7.2% |
| Gross margin | 29.9% | 30.0% | +0.1 p.p. |
| Adjusted EBITDA | 260.1 | 278.8 | +7.2% |
| Adjusted net income | 80.6 | 96.3 | +19.5% |
| Adjusted net margin | 1.9% | 2.2% | +0.3 p.p. |
| Net debt / EBITDA | 2.5x | 1.8x | -0.7x |
Two methodological caveats, both from the document itself. The metrics follow the accounting standard prior to IFRS 16 (IAS 17 / CPC 06) and are adjusted for non-recurring events; net income excludes minority interest. This is not the "headline" net income that readers find in the financial statements. And while the drop in contribution margin from 8.8% to 8.6% went largely unnoticed, it is also part of the story: profit growth did not come from stores yielding more per real sold, but rather from other lines of the income statement. What remains to be seen is what is sustaining sales.
Have Same-Store Sales Lost Momentum?
They have, and the company itself admits it. The release states that growth was lower "due to progressively more challenging comparison bases and a more challenging market environment." In same-store terms, the 5.6% advance equals, in Pague Menos's words, twice drug inflation. Over twelve months, the decline reached 12 percentage points.
Total revenue is still growing faster than same-store sales because the chain is expanding: from 1,667 to 1,705 stores in a year. In Q3 2026, there were 14 openings and 4 closures; over twelve months, 46 openings, with a focus on the North and Northeast regions and lower-income brackets. The company reports having more than 20 stores in advanced stages to open in Q4 2026. Average monthly sales per store rose from R$ 832 thousand to R$ 868 thousand, and the average ticket from R$ 94.39 to R$ 97.39.
The digital channel is the quarter's strongest point: it went from 19.8% to 24.6% of gross revenue, boosted by the mobile app, while the active customer base reached 22.6 million (+2.1%). To compare with another healthcare sector company that also just published earnings, it is worth checking Hypera's third-quarter results.
Do Cash Flow and Debt Offset the Slowdown?
In part, yes. Operating cash flow reached R$ 164.8 million, roughly three times that of Q3 2025, totaling R$ 690 million over twelve months. The ratio of net debt to EBITDA fell from 2.5x to 1.8x and has remained at this level since Q2 2026, following 2.0x in Q4 2025 and 1.9x in Q1 2026. In other words, the improvement is no longer news this quarter: it has stabilized.
There are two caveats. The release states that net debt accounts for the balance of discounted receivables, which changes what is understood as "debt" when comparing with other companies. Furthermore, the operating cash conversion cycle worsened: from 68 days in Q3 2025 to 72 days in Q3 2026, after 69 days in Q2 2026. Four additional days of capital tied up in inventory and terms mean that part of the generated cash must return to fund operations. Our editorial desk reads the result as mixed precisely because of this pairing: better margins and cash flow, alongside a heavier operating cycle.
Was the PGMN3 Stock Canceled or Does It Pay Dividends?
It was not canceled: the company remains publicly traded, reporting earnings under the ticker PGMN3. The last stock price we have, as of 10/27/2026, was R$ 2.93, up 4.27% on the day and down 24.29% over 12 months. This price predates the earnings release, so market reaction is not yet reflected in it. Rico aos Poucos's quality rating for the company is 5.3 out of 10. Regarding dividends, the material we have for Q3 2026 makes no mention of distributions; payment history, stock quotes, and documents can be found on the PGMN3 stock page.
The thesis that Pague Menos can grow without squeezing margins remains intact: gross margin, EBITDA, and net income rose or remained stable, and debt is lower than a year ago. What weakens is the "growth" aspect: same-store sales falling each quarter and a longer cash conversion cycle. If your reason for holding the stock was the rising-profit story, this quarter helps; if it was accelerating sales, it calls for caution. There is nothing in the release that demands immediate action, and the share price will depend on how the market weighs one signal against the other.
What to Monitor in Coming Quarters?
Same-store sales — Q3 2026 closed at 5.6%, following 8.0% in Q2 2026. If Q4 2026 comes in below that, the slowdown continues; if it stabilizes near this level, the more challenging comparison base is already priced in.
Cash cycle — stood at 72 days, compared to 68 a year earlier. Returning closer to 68 releases cash; climbing beyond 72 consumes part of operating cash flow.
Leverage — stalled at 1.8x for two quarters. A new decline would show real deleveraging; an increase would indicate that expansion is being funded with more debt.
Store openings — the company projects more than 20 store launches in Q4 2026. If the number comes in well below that, the revenue growth engine loses one of its two legs.
