Dexxos Participações (DEXP3) Q2 2025 earnings summary

Executive summary

• Net revenue reached R$1.2 billion in 1S25/1H25, up 45.2% year-over-year, with strong growth in both chemical and steel segments.

• Adjusted EBITDA for 1S25/1H25 was R$156.0 million, up 16.8% year-over-year, with a margin of 13.0% (down 3.2 p.p.).

• Adjusted net income totaled R$91.5 million in 1S25/1H25, up 29.7% year-over-year, with a margin of 7.6% (down 0.9 p.p.).

• Dividend payments for 2024 totaled R$57.0 million, and R$9.3 million was allocated to share buybacks, repurchasing 1.1 million shares (1.1% of ordinary shares).

• Investments over the last five years reached R$259.1 million, including new anticorrosive coating operations launched in 1S25.

Financial highlights

• Gross profit for 1S25/1H25 was R$199.6 million, up 8.4% year-over-year, with a gross margin of 16.6% (down 5.6 p.p.).

• Adjusted EBITDA for the last 12 months reached R$271.4 million, up 4.6% from the previous period.

• Net debt stood at R$82.1 million, with leverage at 0.3x EBITDA LTM.

• Cash and equivalents at period end were R$227.3 million.

• SG&A expenses increased 7.8% in 2T25 versus 2T24, mainly due to inflation and higher sales expenses.

Outlook and guidance

• The company is focused on revenue growth, portfolio diversification, and disciplined capital allocation for long-term sustainability.

• Investments in new production capabilities and ESG initiatives are expected to support future growth.