Kepler Weber (KEPL3) Q4 2025 earnings summary

Executive summary

• 2025 marked the company's centennial, with strong client engagement, technological innovation, and industry recognition despite a challenging agribusiness environment and high interest rates.

• Achieved record-breaking international revenues, with Argentina, Bolivia, and Paraguay contributing significantly.

• Demonstrated resilience and adaptability through diversification, international expansion, and digital integration.

• Net revenues for 2025 were R$1.5 billion, with net income at R$156.3 million and EBITDA at R$231.9 million.

• Dividend payout reached 92.8%–94% of net income, totaling R$145 million.

Financial highlights

• Q4 2025 net revenue was R$398.7 million; full-year net revenue was R$1.5 billion.

• Q4 EBITDA was R$67.5 million (16.9% margin); full-year EBITDA was R$231.9 million (15.1%–15.6% margin).

• Q4 net income was R$64.8 million (16.2% margin); full-year net income was R$156.3 million (10.5% margin).

• CapEx increased 50.5% year-over-year to R$71.2 million, focused on modernization, new products, and IT.

• Cash and cash equivalents at year-end were R$316.4 million, with net debt at R$1.3 million.

Outlook and guidance

• 2026 is expected to remain challenging, with revenue stability or a possible single-digit negative variation.

• Gross margin is projected to face a two percentage point pressure due to project mix and client pricing demands.

• International business is expected to maintain 2025 levels, with optimism in Argentina, Bolivia, and Venezuela.

• CapEx for 2026 is expected to be slightly lower, focused on modernization and new products.

• Backlog orders carried into 2026 posted single-digit percentage growth compared to 2025.