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Santos Brasil Participações (STBP3) investor relations material
Santos Brasil Participações Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record operational and financial results in 3Q25, with strong growth in container, vehicle, and liquid bulk terminals, and robust logistics performance.
Net revenue reached R$ 920.4 million in 3Q25 (+20.4% YoY), EBITDA R$ 500.5 million (+23.2% YoY), and net income R$ 231.5 million (+7.1% YoY).
CMA CGM Group completed a public tender offer, increasing its stake to ~95% and triggering delisting and conversion to category "B" registration.
Financial highlights
9M25 net revenue: R$ 2.685 billion (+27.1% YoY); EBITDA: R$ 1.453 billion (+36.4% YoY); net income: R$ 623.3 million (+16.4% YoY).
EBITDA margin in 3Q25: 54.4% (+1.2 p.p. YoY); net margin: 25.1% (-3.1 p.p. YoY).
Cash from operations in 9M25: R$ 1.184 billion (+19.1% YoY), with 81.5% EBITDA-to-cash conversion.
Capex in 3Q25: R$ 118.7 million, focused on terminal expansion and modernization.
Net debt at 3Q25: R$ 1.83 billion; leverage (Net Debt/EBITDA LTM): 1.09x.
Outlook and guidance
No formal guidance for 2025 due to global trade uncertainties, tariff changes, and geopolitical risks.
Impact of 95% CMA CGM stake on share liquidity?
Detail global risks impacting 2025 guidance
Explain net income margin drop despite EBITDA gain
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Frequently asked questions
Santos Brasil Participacoes S.A. provides port container handling and logistics services in Brazil. It operates through Concession Segment, Associated Ports Segment, and Logistics Services Segment. The company offers port management and operation, cargo handling, and hauling services for domestic and international maritime transportation containers; provides ground logistics, warehousing, and storage management services; engages in the manufacture of machinery and equipment; operates as a property manager; and invests in real estate sector.
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