Nuvini Group Reports First Half 2026 Results: Operating Income of R$19.6 Million, Positive Operating Cash Flow, Net Loss Reduced 76%

Nuvini shifted to positive operating income and cash flow in H1 2026 while still carrying sizeable acquisition-related obligations and balance sheet deficits.

Rhea-AI Summary

Nuvini Group (NVNI) reported first half 2026 operating income of R$19.6 million versus a R$32.0 million loss a year earlier, with a sharply reduced net loss.

Net operating revenue was R$97.4 million, essentially flat year on year, with platform subscription revenue of R$90.5 million representing 93% of total. Gross profit rose 7.0% to R$66.3 million and gross margin expanded 500 bps to 68.1%. General and administrative expenses fell 24.6% to R$31.6 million and total personnel costs declined 18.2% to R$43.6 million. Adjusted EBITDA increased 54% to R$28.0 million, lifting margin to 28.7%. Net loss narrowed to R$14.0 million, and operating cash flow improved to R$15.1 million from an outflow of R$2.1 million. Cash and equivalents were R$9.8 million, while deferred/contingent acquisition consideration was R$293.8 million and loans from investors R$62.0 million. The company repaid the remaining R$2.8 million debenture facility on July 7, 2026.

Positive

• Operating income R$19.6m vs R$32.0m loss in H1 2025
• Net loss reduced to R$14.0m from R$57.5m (−75.6%)
• Adjusted EBITDA R$28.0m, up 54% YoY; margin 28.7% vs 18.5%
• Operating cash flow R$15.1m vs R$2.1m used in H1 2025
• G&A expenses cut 24.6% to R$31.6m; personnel costs −18.2%
• Gross margin expanded 500 bps to 68.1%
• Debenture facility fully repaid; R$2.8m principal settled at maturity

Negative

• Net operating revenue R$97.4m, down 0.7% YoY
• Net financial income/expense −R$27.0m vs −R$21.1m (28.2% worse)
• Cash and equivalents R$9.8m vs R$13.5m at Dec 31, 2025
• Deferred and contingent acquisition consideration R$293.8m outstanding
• Loans from investors R$62.0m, including new R$6.6m facility
• Shareholders’ deficit R$176.3m and working capital deficit R$363.6m

News Explained

The operating improvement is accompanied by unresolved capital restructuring and a R$176.3 million shareholders’ deficit at June 30, 2026.

Nuvini’s first-half results release says its capital restructuring is still being pursued, so it discloses no agreed terms or completed restructuring for deferred acquisition consideration and legacy financing.

At June 30, 2026, the company also reported a shareholders’ deficit of R$176.3 million and a working-capital deficit of R$363.6 million.

Key Figures

Gross Margin: 68.1% Operating Income: R$19.6 million Net Loss: R$14.0 million +5 more

Gross Margin

68.1%

H1 2026; up 500 basis points year over year

Operating Income

R$19.6 million

H1 2026 versus an operating loss of R$32.0 million in H1 2025

Net Loss

R$14.0 million

H1 2026 versus R$57.5 million in H1 2025; narrowed 75.6%

Operating Cash Flow

R$15.1 million

H1 2026 versus R$2.1 million used in H1 2025

Adjusted EBITDA

R$28.0 million

H1 2026; up 54% from R$18.2 million in H1 2025

Cash and Cash Equivalents

R$9.8 million

At June 30, 2026 versus R$13.5 million at December 31, 2025

Deferred Acquisition Consideration

R$293.8 million

At June 30, 2026, including R$22.3 million of accrued interest

Debentures Repaid

R$2.8 million

Remaining non-convertible debentures repaid at scheduled maturity on July 7, 2026

Historical Context

1 past event · Latest: Jul 07

1 event

1. Jul 07

   Debenture facility repayment

   24h Move

   -1.9%

   Prior report documented full repayment of the non-convertible debenture facility and release of covenants and liens.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, financial covenants, non-convertible debentures, working capital deficit

4 terms

adjusted ebitda financial

"Adjusted EBITDA of R$28.0 million in first half 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

financial covenants financial

"The facility carried financial covenants tied to leverage"

Financial covenants are rules written into loan or bond agreements that require a company to keep certain financial measures within agreed limits—examples include minimum cash, maximum debt levels, or minimum profit margins. They act like guardrails for lenders: breaking a covenant can force renegotiation, trigger penalties or default, and quickly affect a company’s available cash and stock value, so investors watch them as early warning signs of financial stress.

non-convertible debentures financial

"repaid the remaining R$2.8 million of non-convertible debentures"

Non-convertible debentures are formal, long-term IOUs issued by a company that promise to pay regular interest and return the principal at a set future date, and that cannot be turned into the company’s shares. They matter to investors because they offer a predictable income stream and a claim on the company’s assets ahead of shareholders, so their value depends on the issuer’s creditworthiness and prevailing interest rates—think of lending money under a fixed loan agreement with no equity option.

working capital deficit financial

"reported a shareholders’ deficit of R$176.3 million and a working capital deficit"

A working capital deficit occurs when a company's short-term obligations—like bills, supplier payments and near-term debt—are larger than its readily available short-term resources such as cash, money expected from customers, and inventory that can be sold. Like a household whose monthly bills exceed its checking account, it signals potential difficulty paying immediate expenses, which matters to investors because it raises the chance the company will need outside financing or cut operations, affecting risk and value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Gross margin expands to 68%; G&A down 25%; Company advances capital restructuring

SÃO PAULO, Sept. 21, 2026 (GLOBE NEWSWIRE) -- NVNI Group Limited (NASDAQ: NVNI) (“Nuvini” or the “Company”), an acquirer and operator of B2B SaaS companies in Brazil and Latin America, today reported unaudited results for the six months ended June 30, 2026, as filed with the U.S. Securities and Exchange Commission on Form 6-K.

FIRST HALF 2026 HIGHLIGHTS

Compared with the six months ended June 30, 2025; amounts in Brazilian reais.

• Net operating revenue of R$97.4 million, essentially flat; platform subscription revenue of R$90.5 million, 93% of total revenue
• Gross profit of R$66.3 million, up 7.0%; gross margin expanded 500 basis points to 68.1% in first half 2026
• General and administrative expenses reduced 24.6% to R$31.6 million; total personnel costs — payroll, benefits and social charges — reduced 18.2% to R$43.6 million
• Operating income of R$19.6 million in first half 2026, versus an operating loss of R$32.0 million in in first half 2025
• Net loss narrowed to R$14.0 million in first half 2026 from R$57.5 million in first half 2025; net loss per share of R$1.63 versus R$6.52, respectively
• Net cash generated by operating activities of R$15.1 million in first half 2026, versus R$2.1 million used in first half 2025
• Debenture facility of Brazilian subsidiaries repaid in full on July 7, 2026, in compliance with all covenants, releasing associated liens
• Adjusted EBITDA of R$28.0 million in first half 2026, up 54% from R$18.2 million in first half 2025; Adjusted EBITDA margin of 28.7% versus 18.5%
• Cash and cash equivalents, including short-term investments, of R$9.8 million at June 30, 2026, compared with R$13.5 million on December 31, 2025
  

MANAGEMENT COMMENTARY

“The first half shows what disciplined operations look like inside the portfolio: margins expanded, overhead came down by a quarter, and the businesses generated R$15 million in operating cash,” said Pierre Schurmann, Founder and Chief Executive Officer. “Our task now is to bring the capital structure in line with the performance of the operating businesses. Deferred acquisition consideration and legacy financing continue to absorb capital, and we are pursuing a comprehensive restructuring of those obligations.”

SUMMARY FINANCIAL RESULTS

R$ millions, six months ended June 30	H1 2026	H1 2025	Change
Net operating revenue	97.4	98.2	(0.7%)
Platform subscription revenue	90.5	90.2	0.2%
Gross profit	66.3	62.0	7.0%
Gross margin	68.1%	63.1%	+500 bps
General and administrative expenses	31.6	41.9	(24.6%)
Operating income (loss)	19.6	(32.0)	n.m.
Financial income and expense, net	(27.0)	(21.1)	28.2%
Net loss	(14.0)	(57.5)	(75.6%)
Net loss attributable to owners	(17.7)	(60.1)	(70.5%)
Net loss per share – basic and diluted (R$)	(1.63)	(6.52)	(75.0%)
Net cash from (used in) operating activities	15.1	(2.1)	n.m.

Percentages calculated on figures in thousands of reais as reported. n.m. = not meaningful.

BALANCE SHEET AND LIQUIDITY

Cash and cash equivalents were R$9.8 million on June 30, 2026, compared with R$13.5 million on December 31, 2025. Deferred and contingent consideration on acquisitions totaled R$293.8 million on June 30, 2026, reflecting R$22.3 millions of accrued interest and R$5.9 millions of payments during the period. Loans from investors totaled R$62.0 million on June 30, 2026, including a new R$6.6 million facility. On June 30, 2026, the Company reported a shareholders’ deficit of R$176.3 million and a working capital deficit of R$363.6 million.

SUBSEQUENT EVENTS

Debenture Facility

On July 7, 2026, The Company repaid the remaining R$2.8 million of non-convertible debentures that was outstanding as of June 30, 2026, at the facility’s scheduled maturity. The facility carried financial covenants tied to leverage, EBITDA margin, and debt service coverage. Repayment of the principal at maturity releases the covenant obligations and liens over assets specific to this instrument.

ABOUT NUVINI

Headquartered in São Paulo, Brazil, Nuvini is Latin America’s leading serial acquirer of business to business (B2B) software as a service (SaaS) company. The Company focuses on acquiring profitable, high-growth SaaS businesses with strong recurring revenue and cash flow generation. By fostering an entrepreneurial environment, Nuvini enables its portfolio companies to scale and maintain leadership within their respective industries. The company’s long-term vision is to buy, retain, and create value through strategic partnerships and operational expertise.

FORWARD-LOOKING STATEMENTS

Statements about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. The Company cannot guarantee future results, levels of activity, performance, or achievements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, without limitation: the Company’s ability to complete the potential acquisitions on the anticipated timeline or at all; general market conditions that could affect the consummation of the potential acquisition; if definitive documents with respect to a potential acquisition are executed, whether the parties will achieve any of the anticipated benefits of any such transactions; and other factors discussed in the “Risk Factors” section of the Company’s Ǫuarterly and Annual Reports filed with the Securities and Exchange Commission (“SEC”) and the risks described in other filings that the Company may make with the SEC. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. Any forward-looking statements speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether because of new information, future events or otherwise, except as required by applicable law. We caution you, therefore, against relying on any of these forward‐looking statements.

INVESTOR RELATIONS CONTACT

Sofia Toledo
ir@nuvini.ai 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Nuvini’s deferred and contingent acquisition consideration change during the first half of 2026?

Deferred and contingent consideration on acquisitions totaled R$293.8 million on June 30, 2026. This balance reflects R$22.3 million of accrued interest and R$5.9 million of payments made during the period.

What was the impact of repaying the debenture facility in July 2026?

On July 7, 2026, Nuvini repaid the remaining R$2.8 million of non-convertible debentures at scheduled maturity. The facility carried covenants tied to leverage, EBITDA margin, and debt service coverage. Repayment released the company from these covenant obligations and from liens over assets specific to this instrument.