Kepler Weber (KEPL3) Q3 2025 earnings summary

Executive summary

• Net revenues reached R$423.3 million in 3Q25, among the best third quarters in company history, with EBITDA of R$73.6 million (17.4% margin) and net income of R$51.6 million (12.2% margin), reflecting resilience and efficiency improvements despite a challenging macroeconomic environment.

• 3Q25 EBITDA represented 45% of the year-to-date total, highlighting operational strength and structural business evolution.

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

• The company expanded its customer base by 13% in 3Q25 and maintained strong customer satisfaction.

• Celebrated its 100th anniversary with market recognitions and awards, reinforcing its reputation and governance standards.

Financial highlights

• 3Q25 net revenue was R$423.3 million, EBITDA R$73.6 million (17.4% margin), and net income R$51.6 million (12.2% margin); 9M25 net revenue was R$1,091.6 million, EBITDA R$164.4 million (15.1% margin), and net income R$91.5 million (8.4% margin).

• EBITDA and net income rose sharply from 2Q25 but declined year-over-year; gross margin in 3Q25 was 24.9%, down from 29.9% in 3Q24.

• 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.

• R$25 million distributed in dividends and interest on capital in 3Q25; R$95 million paid in 9M25.

Outlook and guidance

• Order portfolio ended September slightly below 2024 but showed sequential improvement, with expectations to finish the year above 2024 levels and enter 2026 with higher business volume.

• Management expects commodity prices and high interest rates to persist into 2026, with gradual efficiency improvements and a stronger rebound in 2026.

• 4Q25 is expected to maintain stability and balanced margins, supported by operational maturity and a solid business model.

• Agribusiness segment shows signs of gradual recovery, with an upward trend anticipated in the first half of 2026.

• Expansion in Argentina led to a 30% increase in sales in 3Q25 compared to 3Q24.