Tegma Gestão Logística (TGMA3) Q2 2025 earnings summary

Executive summary

• Net revenue in 2Q25 reached R$540.5 million, up 14% year-over-year, driven by growth in Automotive Logistics and higher vehicle transport volumes, as well as increased storage and transfer services.

• Net income for 2Q25 was R$67.1 million, up 6% year-over-year, with a net margin of 12.4%.

• Dividend and interest on equity distribution of R$89 million was approved, representing 80% of net income and an 8.3% yield over the last 12 months, to be paid August 19, 2025.

• Strategic expansion included the acquisition of 70% of Buskar.Me, a pre-owned vehicle logistics platform, for R$15.1 million, and customs clearance of a 200,000 sqm plot for logistics operations, expanding bonded area by 20%.

• Free cash flow in 2Q25 was positive at R$41 million, supported by operational performance and a reduced cash cycle.

Financial highlights

• Consolidated net revenue for 2Q25 was R$541 million, up 14% year-over-year, with EBITDA at R$94.7 million and a margin of 17.5%.

• Automotive Logistics division net revenue grew 15-17.4% year-over-year, driven by higher transported volume, tariff adjustments, and warehousing.

• Integrated Logistics division net revenue declined 2-2.6% year-over-year due to a lost contract, with EBITDA margin dropping to 17.8-18.7%.

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

• CapEx for 2Q25 was R$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.

• The company continues to focus on operational efficiency, cost control, and strategic investments, including M&A and technology upgrades.

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

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

• All operations are assessed using EVA criteria, with a commitment to expanding bulk transportation services.