Três Tentos Agroindustrial (TTEN3) investor relations material

Executive summary

• Net operating revenue reached R$4.2 billion, up 21.6% year-over-year, marking the 29th consecutive quarter of growth.

• Adjusted EBITDA with hedge rose 98.5% to R$394.3 million, with margin up 3.7 p.p. to 9.4%.

• Adjusted net income increased 110.7% year-over-year to R$230.9 million, with net margin at 5.5%.

• Expansion included two new stores in Pará and Goiás, and the first ethanol plant is near operational start pending regulatory approval.

• TentosCap's credit portfolio grew 95% year-over-year, launching a new payment account for rural clients.

Financial highlights

• Net operating revenue grew 21.6% year-over-year to R$4.2 billion.

• Adjusted EBITDA with hedge surged 98.5% to R$394.3 million; margin improved by 3.7 p.p. to 9.4%.

• Adjusted net income increased 110.7% year-over-year to R$230.9 million, margin 5.5%.

• Net debt (ex-TentosCap) stood at R$1.7 billion, leverage at 1.37x net debt/adjusted EBITDA with hedge.

• Dividend payout of R$91 million during the quarter.

Outlook and guidance

• Positive outlook for 2026, driven by ramp-up of expanded soybean industrial plants and imminent start of ethanol plant operations.

• Full capacity expected for new industrial facilities in 2Q26 and 3Q26.

• Supply agreements for ethanol and DDG already in place.

• Continued expansion into new regions (Pará, Goiás, Tocantins, Minas Gerais) and new store openings planned.

• Optimistic outlook for biofuels, with anticipated regulatory changes (E32, B16) and increased mandates supporting long-term growth.