Tegma Gestão Logística (TGMA3) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4 2025 was R$610.3 million, down 2.3% year-over-year, mainly due to lower vehicle transport volumes, operational disruptions, and contract losses; full-year 2025 net revenue reached R$2.23 billion, up 6.5% from 2024, driven by strong first-half performance.

• Net income for Q4 2025 was R$52.2 million, down 39% year-over-year; full-year net income was R$242.96 million, with an 11% net margin.

• Automotive market growth slowed to 2.6% in 2025 after two years of double-digit expansion; Q4 was impacted by a 40% drop in Toyota sales due to a factory incident.

• Completed the acquisition of Buskar.Me Logística e Tecnologia Ltda. in August 2025, consolidating it from that date.

• Record dividend and interest on equity distribution in 2025, totaling R$292 million, with a payout of 110% of the distributable base.

Financial highlights

• Automotive Logistics division Q4 net revenue fell 2% year-over-year; EBITDA margin dropped 7 percentage points to 13.6% due to lower volumes, higher taxes, and operational disruptions.

• Integrated Logistics division Q4 net revenue declined 6% year-over-year, with EBITDA margin down 5.2 percentage points to 8.8%.

• GDL division Q4 net revenue was R$61 million, lower year-over-year, with net margin reduced to 14.3%.

• Free cash flow for Q4 2025 was negative R$21.1 million; full-year free cash flow was R$128 million, down from R$170 million in 2024.

• Consolidated net service revenue for 2025 was R$2,225,428 thousand, with gross profit of R$429,154 thousand.

Outlook and guidance

• Automotive market expected to grow 3–3.8% in 2026, with over 70 new models and new entrants stimulating fleet renewal.

• Management expects modest growth in vehicle sales in 2026, supported by projected interest rate cuts and a focus on cost discipline and efficiency.

• Daily vehicle sales in the first two months of 2026 grew 9%, exceeding expectations.

• Exports dropped 28% in early 2026, mainly due to reduced demand from Argentina.

• No significant impact expected from upcoming IFRS changes.