Dexxos Participações (DEXP3) Q4 2025 earnings summary

Executive summary

• Net revenue reached up to R$2.14 billion in 2025, up 18% year-over-year, driven by strong performance in both chemical and steel segments.

• Adjusted EBITDA was R$242.9 million, down 2.5% year-over-year, with a margin of 11.4% (down 2.4 p.p.).

• Adjusted net income totaled R$143.7 million, a decrease of 0.8% year-over-year, with a margin of 6.7% (down 1.3 p.p.).

• Cash position improved to R$395.3 million, exceeding gross debt by R$32.6 million at year-end.

• Dividend distributions totaled R$100 million, and a bonus share issue of R$130.1 million was completed.

Financial highlights

• Consolidated gross revenue rose 18.5% to R$2.66 billion in 2025.

• Gross profit for 2025 was R$338.3 million, down 3.5% year-over-year.

• Adjusted EBITDA margin dropped to 11.4% from 13.8% in 2024.

• Net debt/EBITDA ratio improved to -0.1x from 0.1x, reflecting a net cash position.

• SG&A expenses rose 6.6% year-over-year but declined as a percentage of net revenue to 9.5%.

Outlook and guidance

• Ongoing investments in portfolio diversification and operational sustainability are planned.

• Expansion in the chemical segment is expected to continue, supported by strong demand in the wood panel market.

• Steel segment faces ongoing challenges from competitive pressures and commercial barriers.

• Management expresses confidence in continued positive results for 2026.

• Second share buyback program initiated, targeting up to 3.6 million shares over 18 months.