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 11.3%–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 in Q2 2025 was BRL 41 million, supported by strong operational results and a reduced cash-to-cash cycle.

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

Financial highlights

• Consolidated net revenue reached BRL 541 million in Q2 2025, up 14% year-over-year, with EBITDA of BRL 94.7–95 million and a margin of 17.5%.

• Automotive Logistics division net revenue grew 15–16% year-over-year, driven by higher volumes, tariff adjustments, and Fastline's performance.

• Integrated Logistics division net revenue declined 2–2.6% 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, but profitability declined due to extraordinary rental costs.

• CapEx for the quarter was BRL 11–11.4 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 aggressive, with an 80% payout ratio above the minimum policy.

• Focus remains on operational efficiency, value generation, and expansion in logistics services, including M&A opportunities.