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TOTVS (TOTS3) investor relations material
TOTVS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved robust growth across all business units, with consolidated net revenue up 18% year-over-year in Q3 2025 and recurring revenue representing over 91% of total revenue.
Adjusted EBITDA grew 23% year-over-year, with margin expansion to 26% and recurring revenue up 20% year-over-year.
TechFin's ERP Banking pillars validated, with a 3.3x increase in applied limits, ~3x increase in PIX average ticket, and default rates 67% below market average.
Strategic focus on contextualized ERP and TechFin, leveraging ERP data for superior credit modeling and lower delinquency.
Continued innovation and integration, especially in SaaS, cloud, and AI-driven solutions.
Financial highlights
Consolidated net revenue reached R$1.6 billion in 3Q25 (+18% y/y), with recurring revenue up 21% y/y and non-recurring revenue down 5.1% y/y.
Adjusted EBITDA hit R$405 million (+23% y/y), with EBITDA margin expanding 100bp to 26.0%.
Adjusted net income was R$249 million (+10% y/y), and EPS (LTM) rose 35% y/y.
Free cash flow reached R$280 million (+54% y/y), driven by higher EBT and stable tax payments.
ROIC (LTM) improved to 20%, up 250bp y/y.
Outlook and guidance
Expectation of continued ARR and SaaS revenue growth, driven by new pricing models and product launches.
TechFin to launch more credit products and expand cash management solutions into 2026.
Confident in further margin improvements as integration and scale increase across business units.
Management expects the strong foundation built in 2025 to support continued growth and high client retention into 2026.
Quantify Techfin's credit risk model advantage
Explain RD Station's SaaS vs Transactional revenue strategy
What drove Management BU's operating leverage change?
Techfin's long-term product roadmap?
Path for less mature ops to reach 29% margin?
Future AI revenue classification and growth?
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Q4 202512 Feb, 2026
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Frequently asked questions
TOTVS S.A., provides business management systems and platforms, and related services in Brazil and internationally. It offers TOTVS Business Management System software solutions, including DANFE Viewer for mobile phones; e-Social that manages social security information for employers’ employees; Fagga MX, a cloud-based business management solution; TOTVS Protheus/Fiori, an on-premises cloud solution; and TOTVS TMS Solution Web that enables companies to control their means of transportation. The company also provides Microsiga Protheus, which provides integrated solutions ranging from financial management to production, materials management, and sales; education technology solutions; ERP solutions; omnichannel retail solutions; human resource solutions comprising time recording systems and human resources administration systems. In addition, it offers corporate performance management software solutions to planning, budgeting and consolidation processes. Further, the company provides support and training services through telephone assistance system or internet portal; implementation services; cloud platform services and technical support service plan; content authorization services; desktop outsourcing services and technical support services for implementation of PROtheus platform.
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