Tegma Gestão Logística (TGMA3) Q2 2025 earnings summary

Executive summary

• Net revenue in Q2 2025 rose 14% year-over-year to BRL 540.5 million, with net income up 6% to BRL 67 million and a net margin of 12.4%.

• Dividend and interest on equity distribution totaled BRL 89 million, representing 80% of net income and an 8.3% yield over the last 12 months, with payment scheduled for August 19, 2025.

• Strategic expansion included the acquisition of a 70% stake in Buskar.Me for BRL 15.1 million and customs clearance of a 200,000 sqm plot for logistics operations, increasing storage capacity by 20%.

• Free cash flow was BRL 41 million in Q2 2025, reflecting strong operational performance and a reduced cash-to-cash cycle.

• Publication of the third consecutive integrated ESG report, reinforcing transparency and sustainability initiatives.

Financial highlights

• Consolidated EBITDA for Q2 2025 was BRL 94.7 million, up 11.2% year-over-year, with a margin of 17.5%.

• Automotive Logistics division net revenue grew 16% year-over-year, driven by tariff adjustments, warehousing, and Fastline's performance.

• Integrated Logistics division net revenue declined 2% year-over-year due to a lost contract, despite new contracts adding BRL 4.3 million.

• GDL segment net revenue increased 11% year-over-year to BRL 79 million, but profitability declined due to extraordinary rental costs.

• CapEx for the quarter was BRL 11 million, focused on yard improvements and fleet expansion.

Outlook and guidance

• Management expects the green IPI tax cut and new vehicle launches to sustain or boost sales volumes in the short term.

• Dividend distribution remains above the minimum policy, with an 80% payout ratio.

• The framework of guarantees is expected to improve loan conditions and reduce NPL costs for financial institutions over time.

• Management continues to focus on operational efficiency, capital discipline, and expansion in logistics services.

• Despite a lost contract, the Integrated Logistics division is focused on acquiring new, more profitable contracts and exploring M&A opportunities.