Sequoia Logística e Transportes (SEQL3) Q4 2025 earnings summary

Executive summary

• Major financial restructuring in 2025 included debt-to-equity conversions, extrajudicial recovery plan approval, and a strategic shift to banking logistics and B2B recovery, resulting in a R$ 741 million equity increase and R$ 599 million debt reduction.

• JiveMauá assumed shareholder control after capital injections and debt conversions, stabilizing operations and now holding over 90% of shares.

• Exit from unprofitable B2C e-commerce logistics and sale of the Mega Sorter Damon improved profitability and cash flow.

• Focus shifted to recurring EBITDA generation, cost reductions, and core banking logistics, with a streamlined workforce.

• Fiscal liabilities were regularized through agreements with PGFN and successful negotiations, reducing federal tax liabilities.

Financial highlights

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

• EBITDA consolidated reached R$ 87 million, with EBITDA margin improving to 14.6% or 3.6% depending on adjustments.

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

• Debt reduced to R$ 280.1 million at year-end 2025 (from R$ 751.7 million in 2024), with most maturities extended to 2029-2032.

• Equity increased by R$ 741 million, mainly due to debt-to-equity conversions and capital injections.

Outlook and guidance

• Entered 2026 with lower leverage, improved liquidity, and regularized fiscal and labor liabilities.

• Revenue from banking logistics targeted to grow at least 10%, with operating margin improvements and positive cash generation expected.

• B2B logistics recovery could add R$ 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.

• Management warns of risks if business plan targets are not met, but expects sufficient cash generation to meet obligations.