Tegma Gestão Logística (TGMA3) Q4 2024 earnings summary

Executive summary

• Net revenue grew 32% year-over-year to R$2.09 billion in 2024, driven by strong automotive logistics performance and favorable market conditions.

• Net income rose 49% to R$271 million, with a net margin of 12.9% and EBITDA up 49% to R$395 million (18.9% margin).

• Proposed R$39 million in dividends and IOC for 2024, representing a 66% payout and 9.7% dividend yield.

• Tegma was a finalist in the 26th Abrasca Award for Best Annual/Integrated Report, reflecting sustainability and reporting excellence.

• Appointment of Paulo Franceschini as Director of Integrated Logistics Division to drive contract continuity and productivity.

Financial highlights

• Q4 2024 net revenue was R$624 million, up 38% year-over-year; full-year net revenue reached R$2.09 billion, up 32%.

• Q4 net income was R$85 million (+67% YoY); 2024 net income was R$271 million (+49% YoY).

• Automotive Logistics net revenue up 35% in 2024, with 15% volume growth in Q4.

• GDL joint venture net revenue up 37% in Q4 and 63% in 2024; net income up 39% in Q4 and 78% in 2024.

• Free cash flow in 2024 was R$170 million; net cash position at year-end was R$135 million.

Outlook and guidance

• Management expects continued growth in the automotive sector in 2025, with vehicle sales projected to rise nearly 7%.

• Dividend payout for 2025 expected to remain around 66%, balancing higher CapEx and financial flexibility.

• Planned investments of R$88–90 million in 2025, focusing on yard expansion, fleet renewal, and IT upgrades.

• Diversification remains a priority, with 15% of net income from non-automotive operations.