SIMPAR (SIMH3) Q2 2025 earnings summary

Executive summary

• Record consolidated EBITDA of R$3.0 billion in 2Q25, up 13% year-over-year, with margin expansion and improved operational efficiency across subsidiaries.

• Net revenue reached R$10.5 billion in 2Q25, up 6% year-over-year, driven by service growth at Movida (+18%), JSL (+10%), and VAMOS (+5%).

• Adjusted net loss of R$36 million, impacted by higher interest rates and increased net debt to support business expansion.

• Operational efficiency, cost reduction, and pricing discipline programs contributed to margin improvements and sustainable revenue.

• Strategic focus on capital allocation, deleveraging, and maximizing value from established business foundations.

Financial highlights

• Net revenue: R$10.545 billion in Q2 2025, with R$2 billion from asset sales and R$8.5 billion from services.

• EBITDA: R$3 billion, 28.4% margin, up 13% year-over-year.

• EBIT: R$1.9 billion, 17.6% margin, up 6% year-over-year.

• Adjusted net income: -R$36 million, reflecting higher interest rates and non-recurring items.

• Productive ROIC improved to 13.8% from 10.8% year-over-year.

Outlook and guidance

• Focus remains on organic growth, margin expansion, and deleveraging through asset monetization and operational efficiency.

• CapEx expected to remain low, with EBITDA now twice net CapEx on an annualized basis.

• VAMOS updated 2025 guidance: deployed CAPEX R$4.1–4.7bn, net CAPEX R$1.3–1.8bn, net income R$300–450mn.

• CS Portus port operations to begin full capacity in September 2025, with strong demand and guidance for R$400 million EBITDA in 2026.

• Asset inventory of R$2.5–3 billion targeted for monetization within 12 months to improve liquidity and reduce leverage.