Tegma Gestão Logística (TGMA3) Q1 2026 earnings summary

Executive summary

• Net revenue in Q1 2026 reached R$521.3 million, up 18.4% year-over-year, driven by higher vehicle transport volumes and increased average distance per trip, despite a slight market share decline to 22.3%.

• EBITDA was R$74.2 million (margin 14.2%), up 7.7% year-over-year, but margin declined due to weaker automotive division results and higher costs.

• Net income was R$38.8 million, down 11.3% year-over-year, with net margin at 7.4%, impacted by higher financial expenses and reduced equity income.

• Free cash flow was R$71.2 million, lower than last year due to higher CapEx and lower net income, but supported by operational performance and working capital release.

• Included for the first time in B3's Corporate Sustainability Index (ISE B3), reflecting ESG commitment.

Financial highlights

• Automotive Logistics net revenue rose 22.4% year-over-year to R$599.2 million, with a 59% increase in Fastline operations.

• EBITDA margin for Automotive Logistics was 13.7%, down 1.7 percentage points year-over-year.

• Integrated Logistics net revenue dropped 8.6% year-over-year to R$50.8 million, while EBITDA margin improved by 2.8 percentage points due to lower expenses and non-recurring revenue.

• GDL net revenue fell 21% year-over-year to R$53 million, with net income down 77% and net margin at 5.8%.

• Net cash position of R$59 million at March 2026, reversing net debt of R$12 million in December 2025.

Outlook and guidance

• Management expects full utilization of GDL facilities in Q2 and Q3 2026 due to anticipated peak in vehicle imports before import tax increases.

• Ongoing focus on operational efficiency, sustainable growth, and continued investments in technology and infrastructure.

• Management highlights ongoing uncertainties due to global supply chain disruptions and geopolitical risks.

• Yard capacity investments are expected to accommodate increased vehicle imports until mid-2026.

• Forward-looking statements are subject to risks and actual results may differ materially.