Tegma Gestão Logística (TGMA3) Q2 2026 earnings summary

Executive summary

• Net revenue increased up to 37% year-over-year in Q2/H1 2026, driven by higher vehicle transport volumes, longer average distances, and new integrated logistics services, with automotive logistics as the main growth driver.

• Dividend payout of BRL 1.14 per share (62% of net income, 3.8% yield) was approved, totaling BRL 75 million, with payment scheduled for August 18 and record date August 6.

• Strategic investments of BRL 30 million in yard operations and new container logistics services were launched to support automotive clients and meet rising demand, especially in Bahia and Ceará.

• Managed complex port operations for nearly 12,000 BYD vehicles at Port of Itajaí, demonstrating operational efficiency and flexibility.

• Net income performance varied: up 24% YoY in Q2 2026, up 10% in H1 2026, but also reported an 11% YoY decline in one summary due to non-recurring indemnity and higher financial expenses.

Financial highlights

• Net revenue reached up to BRL 1,261 million in H1 2026 and BRL 740 million in Q2 2026, with automotive logistics revenue up 40% YoY and integrated logistics up 6-7%.

• Adjusted EBITDA grew up to 46% YoY in Q2 2026, with margin improvement, though some margin contraction was noted due to cost pressures and tax credit changes.

• Free cash flow was negative BRL 1 million in Q2 2026, mainly due to working capital needs from revenue growth.

• Net cash position at June 2026 was BRL 56 million, with cash at BRL 197 million and gross debt at BRL 141 million.

• ROIC, ROE, and EVA rebounded after prior declines, with ROIC reaching 31.8% in Q2 2026.

Outlook and guidance

• Management expects continued growth in vehicle logistics, supported by ongoing investments in yards and container logistics, though growth may slow in H2 2026.

• Full impact of tariff adjustments for main customers expected from Q3 2026 onward.

• Dividend policy remains above the minimum 50% of adjusted net income.