Três Tentos Agroindustrial (TTEN3) investor relations material

Executive summary

• Q2 2025 delivered strong results with revenue up 27.4–30% year-over-year, record net income growth of 127%, and robust performance across all business segments, supported by geographic and product diversification.

• All segments—ag inputs, grains, and industry—contributed to growth, with notable expansion in canola and increased industrial capacity utilization.

• Ongoing industrial and commercial expansions, including new stores and capacity, are delivering consistent earnings growth.

• The company remains fully hedged, maintaining disciplined risk management and liquidity through physical inventories.

• Geographic diversification, especially in Mato Grosso, mitigated climate impacts and drove record harvests.

Financial highlights

• Gross/net revenue reached BRL 3.6–7 billion, up 27.4–30% year-over-year; gross profit rose 44–46% to BRL 575.9–1.2 billion.

• Adjusted gross margin improved to 16.2–17.2%, up 1.9–2.1 percentage points.

• Adjusted EBITDA more than doubled, rising 113–119% to BRL 182–1,200 million; EBITDA margin improved to 5.1–6.7%.

• Net income rose 127% to BRL 331–523 million, with net margin at 7.4–9.3%.

• Net debt stood at BRL 1.8 billion, with net debt/EBITDA at 1.47–1.80x, reflecting healthy leverage.

Outlook and guidance

• Guidance for the Porto Alegre Do Norte ethanol plant remains Q1 2026, with potential for earlier completion; industrial expansion plans through 2030.

• Positive outlook driven by biofuels, renewable energy, and continued expansion in industrial and retail operations.

• Plans include expanding rural credit offerings and increasing technology adoption among farmers.

• Management emphasizes continued geographic and product diversification.