EBITDA is having a good year. Many companies will close 2026 with better operating results than in 2025.
The treasury tells another story. Rates have risen again after almost three years, costs are more difficult to foresee and collections are lengthening. It is perfectly possible to present a good result and, at the same time, have little room for manoeuvre.
It's not a problem of metrics. EBITDA measures what it has to measure: the operating profitability of the business. The problem arises when it becomes the only number that guides decisions.
In the carousel I have summarized what EBITDA does not count and what distinguishes the companies that are best withstanding the changes in the environment.
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