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Tegma Gestão Logística (TGMA3) investor relations material
Tegma Gestão Logística Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 net revenue was BRL 610.3 million, down 2.3% year-over-year, mainly due to lower vehicle transport volumes, operational disruptions, and contract losses; full-year 2025 net revenue reached BRL 2.2 billion, up 6.5% from 2024, driven by strong first-half performance.
Net income for Q4 2025 was BRL 52.2 million, down 39% year-over-year; full-year net income was BRL 243 million, with an 11% net margin.
Automotive market growth slowed to 2.6% in 2025 after prior double-digit expansion; Q4 was impacted by a 40% drop in Toyota sales due to a factory incident and other client-specific disruptions.
EBITDA margin in Q4 2025 contracted to 8.6% from 13.6% in Q4 2024, reflecting reduced gross margin and increased expenses.
Record CAPEX and dividend distribution in 2025 led to net debt for the first time in five years.
Financial highlights
Automotive Logistics division Q4 net revenue fell 2% year-over-year; EBITDA margin dropped 7 percentage points to 13.6% due to lower volumes, higher taxes, and operational disruptions.
Integrated Logistics division Q4 net revenue declined 6% year-over-year, with EBITDA margin down 5.2 percentage points to 8.8%.
GDL division Q4 net revenue was BRL 61 million, lower year-over-year, with net margin reduced to 14.3%; profitability was impacted by extra yard costs and lower warehousing revenue.
Free cash flow for Q4 2025 was negative BRL 21 million, mainly due to higher CAPEX and tax payments; full-year free cash flow was BRL 128 million, down from BRL 170 million in 2024.
EBITDA in Q4 2025 was BRL 81.4 million (margin 13.3%), down 35.4% year-over-year.
Outlook and guidance
Automotive market expected to grow 3–3.8% in 2026, with over 70 new models and new entrants stimulating fleet renewal.
Daily vehicle sales in early 2026 grew 9%, exceeding expectations.
Management expects modest growth in 2026, supported by projected interest rate cuts and a focus on cost discipline and efficiency.
Exports dropped 28% in early 2026, mainly due to reduced demand from Argentina.
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