Tegma Gestão Logística (TGMA3) Q3 2025 earnings summary

Executive summary

• Net revenue in Q3 2025 reached R$634.2 million, up 5% year-over-year, driven by higher average delivery distances, tariff adjustments, and growth in used vehicle logistics, despite a 2.6% drop in vehicles transported and a 1.8 p.p. market share loss.

• Net income for Q3 2025 was R$79.9 million, down 5.4% year-over-year, with a net margin of 12.6%, reflecting operational margin compression.

• Interim dividends and interest on equity totaling R$63.9 million (80% of Q3 2025 net income) will be paid on November 18, 2025, with a dividend yield of 8.2% over the last 12 months.

• Strategic land acquisition in Camaçari, Bahia (200,000 m² for R$40 million) and the acquisition of Buskar.me support expansion and digital logistics capabilities.

• Launch of a pilot project converting trucks to diesel-CNG hybrid technology aims to reduce emissions and improve sustainability.

Financial highlights

• EBITDA in Q3 2025 was R$116.8 million, with an 18.4% margin, 2.4 p.p. lower year-over-year due to margin declines in both divisions and higher administrative expenses.

• Free cash flow in Q3 2025 was R$15.2 million, lower than Q3 2024 due to higher CAPEX and advance land payment.

• Net cash position at end of September 2025 was R$160 million, down from R$236 million in June 2025, mainly due to dividend, CAPEX, and acquisition payments.

• ROIC for Q3 2025 was 37.1%, down from 39.2% in Q2 2025, mainly due to market share loss and Integrated Logistics performance.

• Dividend payout at 80% and dividend yield at 8.2% over the last 12 months.

Outlook and guidance

• Management expects continued margin pressure due to competitive dynamics, contract losses, and the impact of Toyota's production halt.

• Expansion in Bahia and new contracts with Omoda & Jaecoo are expected to support future growth and market share recovery.

• Dividend distribution remains above the minimum policy, with a strong yield.