Dexxos Participações (DEXP3) Q3 2025 earnings summary

Executive summary

• Net revenue for 9M25 reached R$1.7 billion, up 30.0% year-over-year, with adjusted EBITDA of R$206.8 million (+6.3%) and adjusted net income of R$121.6 million (+11.5%).

• Gross profit for 9M25 was R$274.2 million, nearly flat year-over-year, with gross margin declining to 16.0%.

• Cash at quarter-end was R$313.5 million, exceeding gross debt by R$12.2 million, reflecting a net cash position.

• Dividend payments for 2024 totaled R$57.0 million, and 1.6 million shares (1.5% of total shares) were repurchased by September 2025.

• Apolo secured R$29.9 million from the second tranche of FINEP financing in November 2025.

Financial highlights

• 3Q25 net revenue was R$516.7 million, up 4.6% year-over-year, but down 13.5% sequentially.

• 3Q25 gross profit was R$74.6 million, down 18.6% year-over-year, with a gross margin of 14.4%.

• 3Q25 adjusted EBITDA was R$50.8 million, down 16.7% year-over-year, with a margin of 9.8%.

• Gross margin for 9M25 was 16.0% (down 490 bps year-over-year), and adjusted EBITDA margin was 12.0% (down 270 bps year-over-year).

• Net cash position at quarter-end was R$12.2 million, with 78.4% of gross debt long-term and average maturity of 5.1 years.

Outlook and guidance

• Strategic investments continue in both chemicals and steel, focusing on diversification, value creation, and sustainability.

• Apolo's Lorena unit began anticorrosive coating operations for oil and gas pipes in 2025.