Três Tentos Agroindustrial (TTEN3) Q1 2026 earnings summary

Executive summary

• Net operating revenue reached R$4.2 billion in 1Q26, up 20.2%–21.6% year-over-year, marking the 29th consecutive quarter of growth, with robust performance across all segments.

• Adjusted EBITDA with hedge nearly doubled to R$394.3 million, margin at 9.4%, and adjusted net income surged 110.7% to R$230.9 million.

• Expansion included two new stores in Pará and Goiás, and the first ethanol plant is near operational start pending regulatory approval.

• TentosCap's credit portfolio grew 94.9%–95% year-over-year, launching a new payment account for rural clients.

• Market share gains and capacity expansions, including the Porto Alegre do Norte ethanol plant, supported growth.

Financial highlights

• Net operating revenue: R$4,206.9M (+20.2% YoY); adjusted gross profit with hedge: R$906.6M (+66.3% YoY), margin 21.6%.

• Adjusted EBITDA with hedge: R$394.3M (+98.5% YoY), margin 9.4% (+3.7 p.p. YoY).

• Adjusted net income: R$230.9M (+110.7% YoY), margin 5.5% (+2.4 p.p. YoY).

• Net debt: R$2,073.9M, net debt/adjusted EBITDA with hedge: 1.37x (ex-TentosCap).

• Dividend payout of R$91M during the quarter.

Outlook and guidance

• Positive outlook for 2026, driven by ramp-up of expanded soybean industrial plants and imminent start of ethanol plant operations, pending regulatory approval.

• Full capacity expected for new industrial facilities in 2Q26 and 3Q26.

• Continued expansion into new regions and new store openings planned.

• Supply agreements for ethanol and DDG already in place.

• 2026 projections for grain origination, soybean and corn processing, and byproduct volumes remain unchanged.