Três Tentos Agroindustrial (TTEN3) Q2 2026 earnings summary

Executive summary

• Revenue grew for the 30th consecutive quarter, reaching R$4.7 billion in 2Q26 (+31.9% YoY), led by Ag Inputs and Grains.

• Brazil’s record soybean harvest and expanded canola acreage supported growth; six new stores brought the network to 81 outlets.

• The new ethanol plant began operations in 2Q26 and was ramping up, reaching 80% of daily capacity by quarter-end.

Financial highlights

• 1H26 net revenue was R$8.9 billion (+26.1% YoY); adjusted gross profit with hedge was R$1.58 billion (+36.0%).

• 2Q26 adjusted EBITDA with hedge fell 64.3% to R$78.7 million, with a 1.7% margin (-4.5 p.p.); 1H26 adjusted EBITDA rose 12.8% to R$472.9 million.

• 2Q26 adjusted net income fell 86.3% to R$14.4 million; 1H26 adjusted net income rose 14.5% to R$245.3 million.

• Net income was R$205.9 million in 2Q26 (-37.8% YoY) and R$291.1 million in 1H26 (-44.4%).

• Industrial revenue grew, but lower margins weighed on profitability; higher Grains mix also pressured consolidated margins.

Outlook and guidance

• 2H26 guidance was reaffirmed, with greater ethanol plant contribution expected from 3Q26 as operations ramp up.

• Updated 2026 projections: grain origination 6.53 million tons; soybean origination 4.8 million tons; corn origination 1.3 million tons; soybean processing 3.09 million tons; corn processing 500,000 tons; ethanol production 220,000 m³.

• Projections were revised based on expectations for the Rio Grande do Sul wheat crop and the new ethanol plant ramp-up.