Kepler Weber (KEPL3) Q3 2025 earnings summary

Executive summary

• 3Q25 marked a consistent operational recovery, with net revenue of R$423.3 million among the best third-quarter results in company history, despite a challenging macroeconomic environment and high interest rates.

• EBITDA margin reached 17.4%, representing 45% of the year-to-date total, and net income was R$51.6 million (12.2% margin), reflecting resilience and efficiency improvements.

• Diversification in ports, terminals, and international markets, especially Argentina, offset local agribusiness weakness, with international sales up 23.6–30% year-over-year and all units sold featuring embedded technology.

• The company expanded its customer base by 13% in 3Q25 and celebrated its centennial with market recognitions and awards, reinforcing its reputation and governance standards.

• Strong cash generation enabled R$95 million in dividends over the last 12 months (payout ratio 75–103.8%) and continued CapEx investments in modernization and IT.

Financial highlights

• Net revenue in 3Q25 was R$423.3 million, down 3.6% year-over-year but up 36.1% sequentially; EBITDA was R$73.6 million (17.4% margin), and net income was R$51.6 million (12.2% margin).

• 9M25 net revenue totaled R$1.1 billion, EBITDA R$164.4 million (15.1% margin), and net income R$91.5 million (8.4% margin), all down year-over-year.

• Gross margin in 3Q25 was 24.9%, down from 29.9% in 3Q24, with SG&A expenses stable as a percentage of revenue.

• Net cash stood at R$31.1 million, with gross cash of R$363.9 million at quarter-end.

• CapEx for 9M25 was R$53.5 million, up 105% year-over-year, focused on modernization, new products, and IT.

Outlook and guidance

• Management expects stability and balanced margins in 4Q25, with a resilient order book and operational maturity supporting future results.

• International and ports/terminals segments are expected to sustain growth, with Argentina as a strategic vector.

• Agribusiness segment shows signs of gradual recovery, with a stronger rebound anticipated in 2026.

• Order portfolio ended September slightly below 2024 but is expected to finish the year above 2024 levels and enter 2026 with higher business volume.

• Ongoing demand for storage solutions is supported by a record 2025 harvest and storage deficit.