Santos Brasil Participações (STBP3) Q3 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 3Q25, with historic throughput at Tecon Santos and strong growth in container, vehicle, and liquid bulk terminals.

• Net revenue for 3Q25 reached R$ 920.4 million (+20.4% YoY), EBITDA R$ 500.5 million (+23.2% YoY), and net income R$ 231.5 million (+7.1% YoY).

• CMA CGM Group completed a public tender offer, increasing its stake to over 95% and triggering a transition from category "A" to "B" publicly traded company.

Financial highlights

• 3Q25 consolidated net revenue: R$ 920.4 million (+20.4% YoY); 9M25: R$ 2.7 billion (+27.1% YoY).

• 3Q25 EBITDA: R$ 500.5 million (+23.2% YoY), margin 54.4% (+1.2 p.p. YoY); 9M25 EBITDA: R$ 1.45 billion (+36.4% YoY).

• 3Q25 net income: R$ 231.5 million (+7.1% YoY), margin 25.1% (-3.1 p.p. YoY); 9M25 net income: R$ 623.3 million (+16.4% YoY).

• CapEx in 3Q25: R$ 118.7 million, focused on terminal expansion and modernization.

• Net debt at 3Q25: R$ 1.8 billion, leverage at 1.09x Net Debt/EBITDA LTM.

Outlook and guidance

• No formal guidance for 2025 due to global trade uncertainties, US tariff policy changes, and geopolitical risks.

• Management expects continued resilience but highlights complexity in projecting container flows.