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$2,225.4 million, up 6.5% from 2024.

• Net income for Q4 2025 was R$52.2 million, down 38.7% year-over-year; full-year net income was R$243.0 million, with an 11% net margin, reflecting margin compression and higher costs.

• 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.

• Integrated Logistics and Automotive Logistics divisions faced volume and margin declines due to contract losses, increased competition, and client-specific disruptions.

• Record CAPEX and dividend distribution in 2025 led to a net debt position for the first time in five years.

Financial highlights

• Consolidated net revenue for Q4 2025 was R$610.3 million, down 2.3% year-over-year; full-year consolidated net revenue was R$2,225.4 million, up 6.5%.

• Q4 2025 EBITDA was R$81.4 million (margin 13.3%), down 35.4% year-over-year; full-year EBITDA was R$361.8 million (margin 16.3%).

• Net income for Q4 2025 was R$52.2 million, down 38.7% year-over-year; full-year net income was R$243.0 million, down 10.2%.

• Free cash flow for Q4 2025 was negative R$21.1 million; full-year free cash flow was R$128.0 million, down from R$170.3 million in 2024.

• Dividend and interest on equity payments totaled R$292.1 million, a record distribution.

Outlook and guidance

• Automotive market expected to grow around 3–3.8% in 2026, with over 70 new models and normalization of client operations supporting recovery.

• Management prioritizes cost discipline, operational efficiency, and integration of recent acquisitions.

• Strategic focus remains on organic and inorganic growth opportunities in automotive and integrated logistics.

• Daily vehicle sales in early 2026 grew 9%, but exports dropped 28% due to reduced demand from Argentina.