Três Tentos Agroindustrial (TTEN3) Q3 2025 earnings summary

Executive summary

• Achieved record net operating revenue of R$4,995 million in 3Q25, up 42.9% year-over-year, with growth across all business segments and strong harvests.

• 27th consecutive quarter of growth, demonstrating resilience and ongoing expansion in operations and industrial capacity.

• Net income for 3Q25 was R$203.0 million, down 36.2% year-over-year, with a net margin of 4.1%.

• Adjusted EBITDA fell 51.4% to R$166.3 million, reflecting margin pressure in the Industry segment despite positive hedge effects.

• Strategic advances include expansion in canola, entry into ethanol and DDGS markets, new grain origination offices, and port terminal development.

Financial highlights

• Consolidated net revenue for 9M25 was R$12,057 million, up 34.4% year-over-year.

• Adjusted gross profit for 3Q25 was R$677.4 million, up 11.6% year-over-year, with adjusted gross margin at 13.6% (down 3.8 p.p.).

• Adjusted EBITDA margin was 3.3% in 3Q25 (down 6.5 p.p. YoY).

• Net debt at quarter-end was R$1,579.6 million, with net debt/EBITDA (LTM) at 1.77x.

• Net financial result was positive at R$249.2 million in 3Q25, mainly due to derivative settlements.

Outlook and guidance

• Industrial expansions, including a new plant in Porto Alegre do Norte (MT), are expected to be operational in early 2026, supporting future revenue and margin growth.

• Updated investment plan to R$2.12 billion through 2030, with increased allocation to corn ethanol and industrial expansions.

• Optimism for margin recovery in Ag Inputs and further growth in grains and industrial segments.

• All 2024 operational targets for store openings and grain origination were met; 2025 forecasts maintained.

• Plans to promote canola in Rio Grande do Sul and open new stores.