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 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.

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

• Provided logistics, transportation, and storage services across automotive, consumer goods, chemical, and household appliances sectors, with two main divisions: automotive logistics and integrated logistics.

Financial highlights

• Consolidated net revenue for Q4 2025 was R$610.3 million, down 2.3% year-over-year; full-year net revenue was R$2.23 billion, up 6.5%.

• EBITDA for Q4 2025 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 39% year-over-year; full-year net income was R$242.96 million.

• 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.

• Dividend payout for 2025 was 110% on an accrual basis; dividend yield for the last 12 months was 12.5%.

Outlook and guidance

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

• 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 early adoption of new IFRS standards effective from 2026; no significant impact expected from upcoming changes.