Companhia Melhoramentos de São Paulo (MSPA3) Q2 2025 earnings summary

Executive summary

• Q2 revenue was R$43.9m, up 18% YoY; net loss was R$10.5m versus net income of R$0.9m in Q2 2024.

• Biona opened on June 25, marking entry into sustainable fiber-based packaging; final preparations target full operations in Q3 2025.

Financial highlights

• H1 net revenue reached R$87.3m, up 13% YoY; adjusted net revenue was R$93.2m, up 2%.

• Q2 adjusted net revenue was R$47.0m, up 2% QoQ and down 3% YoY; it includes cash-impacting other revenue, such as standing timber and land sales.

• Q2 EBITDA was R$2.1m, down 58% YoY; adjusted EBITDA was R$2.5m, down 81%. H1 EBITDA was R$4.0m, down 72% YoY.

• H1 net loss was R$20.8m versus R$6.1m in H1 2024; Q2 financial expense was R$6.5m versus R$0.6m a year earlier.

Outlook and guidance

• Biona was completing final preparations for definitive operations in Q3 2025, with installed capacity of 80–120m customized packages annually.

• R&D to reduce chemicals used in fiber bleaching has supported product contribution margins and reduced environmental impact.

• Swiss Park expansion advanced with approval of its EIA/RIMA; the development represents ~50% of Altea’s 2025 revenue.