Sequoia Logística e Transportes (SEQL3) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with major financial restructuring, including debt-to-equity conversions, a R$ 599 million debt reduction, and a R$ 741 million equity increase year-over-year.

• Approval and execution of the extrajudicial recovery plan in March 2025, with successful negotiations with PGFN and regularization of fiscal liabilities.

• JiveMauá assumed shareholder control after capital injections and debt conversions, stabilizing operations and now holding 90.11% of shares.

• Exit from unprofitable B2C logistics and sale of the mega sorter improved profitability and cash flow, with the B2C exit completed in April 2026.

• Focus shifted to banking logistics and B2B recovery, with a streamlined workforce and cost base.

Financial highlights

• Net revenue for 2025 was R$ 592.9 million, down 36.3% year-over-year, reflecting the exit from negative-margin segments.

• Consolidated EBITDA reached R$ 87 million in 2025, with EBITDA margin improving to 14.6%, up 42.1 percentage points year-over-year.

• Gross profit totaled R$ 40.4 million in 2025, up 449.6% from 2024, with gross margin rising to 6.8% from -1.2%.

• Cash position at year-end was BRL 257 million, with net debt reduced by BRL 430 million and total debt down to R$ 280.1 million.

• Net equity improved by R$ 741 million over the year, driven by debt conversions and capital injections.

Outlook and guidance

• 2026 expected to deliver positive operating cash generation, supporting growth and liability liquidation, with improved liquidity and regularized fiscal and labor liabilities.

• Revenue from banking logistics targeted to grow at least 10%, with operating margin improvements.

• B2B logistics recovery could add BRL 100 million in annual sales with 10–15% margin.

• Positive impact from the sale of the Mega Sorter Damon and B2C logistics exit expected to materialize in 2026 results.

• Continued focus on technological innovation, cross-selling, and asset-light B2B expansion.