Pague Menos (PGMN3) delivered its strongest-ever operational performance, reporting a record-high adjusted EBITDA margin of **6.5%** in the second quarter of 2026. The result underscores a successful operational turnaround driven by efficiency gains, though it comes with a complication for investors: sales growth of **9.3%** year-over-year fell short of the **11.6%** consensus forecast for the period. This tension—a clear margin beat alongside a sales miss—highlights a debate among investors in the **Brazil Small Caps** space over whether the market is currently underpricing the demonstrated ability to control costs.