Santos Brasil Participações (STBP3) Q1 2025 earnings summary

Executive summary

• Net revenue reached R$883.7 million in 1Q25, up 37% year-over-year, with strong growth across all business units and robust operational performance at key terminals.

• EBITDA rose 54.4% to R$496.0 million, with margin expanding to 56.1%, and net income increased 34.3% to R$198.5 million, with a net margin of 22.5%.

• Container terminals handled 383,890 containers (+15.1% YoY), led by Tecon Santos (+15.3% YoY) and Tecon Imbituba (+60.8% YoY), with full container imports led by chemicals, capital goods, auto parts, plastics, and resins.

• Vehicle terminal volumes surged 44%–51% YoY, driven by light vehicle exports to Argentina.

• CMA CGM Group acquired a 51% controlling stake, triggering a public tender offer and board changes.

Financial highlights

• Gross revenue was R$1,001.7 million (+36.3% YoY); net revenue R$883.7 million (+37.0% YoY).

• EBITDA margin improved to 56.1% (+6.3 p.p. YoY); EBIT reached R$425.1 million (+65.8% YoY).

• Net profit/net income grew 34% to R$198.5 million, with a net margin of 22.5%.

• Operating costs increased 22%–22.2% YoY; operating expenses rose 6% YoY.

• Net debt stood at R$2.2 billion, with leverage at 1.53x net debt/proforma EBITDA LTM.

Outlook and guidance

• Expectation for continued strong performance, with focus on asset expansion, modernization, and shareholder remuneration; no formal guidance for 2025 due to global trade uncertainties.

• CMA CGM Group to register a Tender Offer with CVM within 30 days post-acquisition.