Santos Brasil Participações (STBP3) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, driven by capacity expansion, productivity gains, and modernization across terminals.

• Container throughput rose 8.1% YoY, with Tecon Santos handling 1.44 million containers (+9.2% YoY).

• Net revenue reached R$3.63 billion (+25.0% YoY), EBITDA R$1.98 billion (+34.6% YoY), and net income R$871.7 million (+17.5% YoY).

• Completed acquisition by CMA CGM Group, resulting in delisting from B3 and transition to Category B publicly-held company.

Financial highlights

• Gross revenue: R$4.11 billion (+24.8% YoY); net revenue: R$3.63 billion (+25.0% YoY).

• EBITDA margin improved to 54.5% (+3.9 p.p. YoY); net margin at 24.0%.

• Operating costs increased 13.4% YoY, mainly due to personnel and maintenance for expanded capacity.

• Cash flow from operations: R$1.63 billion (+16.3% YoY), with 82.5% EBITDA cash conversion.

• Capex: R$646.5 million, focused on terminal expansion and modernization.

Outlook and guidance

• Continued focus on maximizing value through asset expansion and modernization, especially at Tecon Santos (targeting 3.0 million TEUs by 2026).

• Positive long-term sector outlook driven by containerization, economic openness, cabotage growth, and port infrastructure modernization.

• Ongoing evaluation of M&A and new concession opportunities.