Santos Brasil Participações (STBP3) Q2 2025 earnings summary

Executive summary

• Net revenue for 2Q25 reached R$880.9 million, up 25.3% year-over-year, with all business units growing and container terminals handling 382,398 containers (+3.5% YoY).

• EBITDA rose 35.2% year-over-year to R$456.7 million, with a margin of 51.8% (+3.8 p.p.), and net income was R$193.4 million (+12.6% YoY), net margin 22.0%.

• CMA CGM Group became controlling shareholder with a 51% stake and launched a public tender offer for all shares at R$13.60/share, a 44% premium over 12-month VWAP.

• Major capex in 2Q25 totaled R$120.9 million, focused on terminal expansion, equipment modernization, and logistics improvements.

• ESG initiatives advanced, with sustainability awards and improved environmental performance.

Financial highlights

• Gross revenue in 2Q25 was R$998.3 million (+25.6% YoY); 6M25 gross revenue reached R$2.0 billion (+30.7% YoY).

• EBITDA for 6M25 was R$952.8 million (+44.6% YoY), margin 54%.

• Net income for 6M25 totaled R$391.8 million (+22.6% YoY).

• Net debt at quarter-end was R$2.1 billion, leverage ratio 1.33x Net Debt/LTM EBITDA.

• Cash and equivalents stood at R$571.8 million as of June 30, 2025.

Segment performance

• Container/general cargo: Net revenue R$695.7 million (+27.9% YoY), EBITDA R$437.3 million (+41.9% YoY), margin 62.9%.

• Logistics: Net revenue R$123.5 million (+6.3% YoY), EBITDA R$24.7 million (-13.1% YoY), margin 20%.

• Vehicle terminal: Net revenue R$40.8 million (+20.6% YoY), EBITDA R$29.2 million (+19.5% YoY), margin 71.5%.

• Liquid bulk: Net revenue R$27.2 million (+123.4% YoY), EBITDA R$21 million (+189.2% YoY), margin 77.2%.

• Container throughput at Tecon Santos up 5.2% YoY, with strong cabotage and import growth.