Tegma Gestão Logística (TGMA3) Q1 2026 earnings summary

Executive summary

• Net revenue for 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.

• Net income was R$38.8 million, down 11.3% year-over-year, with margin decline due to higher costs, 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.

• EBITDA grew 7.7% to R$74.2 million, but margin declined due to weaker automotive division results and higher costs.

• The company operates mainly in automotive and integrated logistics, with automotive logistics as the primary revenue driver.

Financial highlights

• Automotive Logistics net revenue rose 22% year-over-year to R$480 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 10% year-over-year to R$41 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%.

• Gross margin was 16.1% (down 3.1 p.p. year-over-year), and net margin was 7.4% (down 2.5 p.p. year-over-year).

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.

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

• Management continues to focus on risk management, capital discipline, and operational efficiency.

• ESG initiatives remain a priority, with continued advancement following inclusion in the ISE B3 index.

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