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Três Tentos Agroindustrial (TTEN3) investor relations material
Três Tentos Agroindustrial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record annual net revenue of R$16.4 billion in 2025, up 28.1% year-over-year, with all segments contributing to growth and Mato Grosso accounting for about 50% of total sales.
Record net income of R$809 million in 2025, a 6.9% increase from 2024, driven by strong Grains segment performance and ongoing geographic expansion.
Largest CAPEX program in company history at R$1.7 billion, focused on industrial expansion, new store openings, and the first corn-based ethanol plant in Mato Grosso.
Regional diversification advanced, with groundwork laid for expansion into four new states and up to 10 new stores planned for 2026.
Celebrated 30th anniversary, marking a year of major achievements and operational milestones.
Financial highlights
Net operating revenue for Q4 2025 grew 13.3% year-over-year to R$4,367 million.
Adjusted gross profit with hedge reached R$2,851 million in 2025, up 30.0% from 2024.
Adjusted EBITDA with hedge was R$1,025 million in 2025, a 2.3% increase year-over-year; Q4 adjusted EBITDA margin was 5.4%, pressured by lower soybean meal prices and higher SG&A.
Net debt/EBITDA at year-end was 1.56x, with net debt rising due to high CAPEX.
Dividends paid totaled R$95 million.
Outlook and guidance
2026 expected to be a deleveraging year, with maintenance CAPEX projected between R$340–450 million and reduced investment needs.
Ethanol plant in Araguaia River Valley set to begin operations in early Q2 2026, with fast ramp-up anticipated.
Plans to open up to 10 new stores in four additional states, expanding the ecosystem and input sales.
Canola project in Rio Grande do Sul to double contracted area to over 100,000 hectares, enhancing diversification and input sales.
Operational efficiency and margin recovery targeted for 2026, with freight and SG&A under close management.
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