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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Santos Brasil Participações
Santos Brasil Participações (STBP3) investor relations material
Santos Brasil Participações has been acquired
Santos Brasil Participações Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Mar, 2026
Executive summary
Achieved record operational and financial performance in 2025, driven by capacity expansion, productivity gains, and modernization across terminals.
Container throughput rose 8.1% YoY, with Tecon Santos handling 1.44 million containers (+9.2% YoY).
Net revenue reached R$3.63 billion (+25.0% YoY), EBITDA R$1.98 billion (+34.6% YoY), and net income R$871.7 million (+17.5% YoY).
Completed acquisition by CMA CGM Group, resulting in delisting from B3 and transition to Category B publicly-held company.
Financial highlights
Gross revenue: R$4.11 billion (+24.8% YoY); net revenue: R$3.63 billion (+25.0% YoY).
EBITDA margin improved to 54.5% (+3.9 p.p. YoY); net margin at 24.0%.
Operating costs increased 13.4% YoY, mainly due to personnel and maintenance for expanded capacity.
Cash flow from operations: R$1.63 billion (+16.3% YoY), with 82.5% EBITDA cash conversion.
Capex: R$646.5 million, focused on terminal expansion and modernization.
Outlook and guidance
Continued focus on maximizing value through asset expansion and modernization, especially at Tecon Santos (targeting 3.0 million TEUs by 2026).
Positive long-term sector outlook driven by containerization, economic openness, cabotage growth, and port infrastructure modernization.
Ongoing evaluation of M&A and new concession opportunities.
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Latest events from Santos Brasil Participações
- Container-led growth lifted 4Q23 EBITDA 85% as automotive volumes remained weak.STBP3
Q4 2023 - 3Q25 saw record revenue and EBITDA, with CMA CGM acquiring over 95% ownership.STBP3Q3 2025
- Revenue and EBITDA surged YoY as CMA CGM took control and operational expansion accelerated.STBP3Q2 2025
- Net revenue up 43.2% YoY, EBITDA up 57.7%, and net income up 55.5% in 3Q24.STBP3Q3 2024
- Net income rose 82% in Q2 2024, with strong revenue, margin, and container volume growth.STBP3Q2 2024
- Net revenue rose 37% and EBITDA 54% YoY, with CMA CGM acquiring a 51% controlling stake.STBP3Q1 2025
- Net revenue up 36%, EBITDA up 46.9%, 100% payout, and CMA CGM deal pending approval.STBP3Q4 2024
Santos Brasil Participações
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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.