Três Tentos Agroindustrial (TTEN3) Q2 2026 earnings summary

Executive summary

• Achieved 30 consecutive quarters of revenue growth, with Q2 2026 net operating revenue reaching R$4.7 billion (+31.9% YoY), driven by Ag Inputs (+24.6%) and Grains (+76%), supported by a record soybean harvest and expanded canola acreage in Rio Grande do Sul.

• Expanded geographic footprint with six to eight new stores, now totaling 81 stores, and inaugurated a new ethanol plant in Mato Grosso, which operated at 80% of daily capacity by quarter-end.

• Major industrial expansions included ramp-up of the new ethanol plant and increased soybean processing and biodiesel capacity.

• Continued diversification geographically and operationally, mitigating climate risks and supporting consistent earnings growth.

Financial highlights

• Net revenue grew 31.9% YoY in Q2 2026 to R$4.7 billion and 26.1% in 1H26 to R$8.9 billion; adjusted gross profit with hedge was R$669.5 million (+9.0% YoY), margin 14.2% (-3.0 p.p.).

• Adjusted EBITDA with hedge was R$78.7 million in Q2 2026 (-64.3% YoY, margin 1.7%), and R$472.9 million in 1H26 (+12.8% YoY, margin 5.3%).

• Adjusted net income was R$14.4 million in Q2 2026 (-86.3% YoY, margin 0.3%) and R$245.3 million in 1H26 (+14.5% YoY, margin 2.8%).

• Net debt rose to R$3.58 billion at Q2 2026, mainly due to working capital for inventory build and CAPEX for plant expansions.

Outlook and guidance

• Guidance for the second half of 2026 reaffirmed, with expectations for higher volumes and greater contribution from the new ethanol plant as it ramps up to full capacity.

• Management remains confident in long-term growth, despite seasonal and market challenges.