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, while consolidated net revenue for the nine months was R$1,615.1 million, up 10.2% year-over-year.

• Net income for Q3 2025 was R$79.9 million, down 5.4% year-over-year, with a net margin of 12.6%; nine-month net income reached R$190.7 million, up 2.8% year-over-year.

• Interim dividends and interest on equity totaling R$63.9 million (80% payout, 8.2% yield over 12 months) will be paid in November 2025.

• Acquisition of a 200,000 m² land plot in Camaçari, Bahia, for R$40 million to expand operational capacity, and completion of Buskar.Me acquisition to strengthen logistics platform.

• Launched a decarbonization pilot project converting trucks to diesel-CNG hybrid technology, aiming for 35% emission reduction.

Financial highlights

• EBITDA in Q3 2025 was R$116.8 million (18.4% margin), down 2.4 p.p. year-over-year, with nine-month EBITDA at R$280.4 million (17.4% margin).

• 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, reflecting strong liquidity.

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

• Basic and diluted earnings per share for the nine months were R$2.89.

Outlook and guidance

• New contracts with OMODA&JAECOO and strategic land acquisition near BYD expected to support future market share and revenue growth.

• Management expects continued revenue growth, supported by Buskar.Me integration and Bahia expansion.

• Toyota's production halt is expected to negatively affect volumes in the coming months.

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

• GDL will focus on diversification and new entrants to offset slower imported vehicle sales.