Schulz (SHUL4) Q3 2025 earnings summary

Executive summary

• Net income for the first nine months of 2025 reached R$214.4 million, up 3% year-over-year, with a net margin of 14%.

• Gross revenue for the period was R$1.9 billion, a 3% increase over 2024, driven by both domestic and international markets.

• The company maintained resilience amid global volatility, with disciplined cost management and strategic focus on innovation and sustainability.

Financial highlights

• Consolidated net revenue for 3Q25 was R$513.5 million, down 3% from 3Q24; nine-month revenue was R$1.55 billion, up 4%.

• EBITDA for 3Q25 was R$78.7 million (margin 15%), down 22% year-over-year; nine-month EBITDA was R$254.5 million (margin 16%), down 10%.

• Gross profit for 3Q25 was R$122.7 million (margin 24%), down 12% from 3Q24; nine-month gross profit was R$386.5 million (margin 25%).

• Operating cash flow for the nine months was R$193.9 million; cash and equivalents rose to R$1.02 billion.

• Net financial result improved, with R$23.2 million in net financial income for the nine months, up 227% year-over-year.

Outlook and guidance

• Management expects a more restrictive environment in 4Q25, with continued focus on operational discipline and cost efficiency.

• The company anticipates moderate deceleration in agricultural and construction machinery, and a challenging scenario for heavy trucks due to high credit costs.