Três Tentos Agroindustrial (TTEN3) Q3 2026 earnings summary

Executive summary

• 3Q26 marked the 31st consecutive quarter of revenue growth: NOR rose 17.2% YoY to R$5.85B, with growth across all segments.

• Record quarterly free cash flow of R$1.1B supported deleveraging; net debt/adjusted EBITDA with hedge, excluding TentosCap, fell to 2.44x from 3.05x in 2Q26.

• Ethanol operations reached full capacity by quarter-end, while completed soybean processing and biodiesel expansions also operated at full capacity.

Financial highlights

• 3Q26 NOR was R$5,854.2M, +17.2% YoY; 9M26 NOR was R$14,761.5M, +22.4%.

• 3Q26 adjusted gross profit with hedge rose 3.2% to R$908.5M; adjusted gross margin with hedge was 15.5%, down 2.1 p.p. YoY.

• 3Q26 adjusted EBITDA with hedge fell 38.5% to R$226.7M, with a 3.9% margin, down 3.5 p.p.; 9M26 adjusted EBITDA declined 11.2% to R$699.6M.

• Net income rose 2.5% YoY to R$208.2M in 3Q26, but fell 31.3% to R$499.3M in 9M26; 9M net margin was 3.4%.

• Reported operating income was R$344.9M in 3Q26 versus R$3.7M in 3Q25; 9M26 operating income increased 37.2% to R$605.9M.

Outlook and guidance

• With the investment cycle concluded, expectations are for greater contributions from ethanol and maturing Ag Inputs stores, continued deleveraging, and recovering returns on invested capital.

• Ethanol operations are expected to contribute more in coming quarters as commercialization expertise and operating efficiency improve.

• 4Q26 grain volumes are expected to be substantially lower after 9M soybean and corn volumes exceeded operational guidance by 9.4% and 17.7%, respectively.

• Brazil's 2026/27 soybean planting was 56.9% complete by Oct. 30, ahead of 46.6% a year earlier; Mato Grosso planting was 89.2% versus 72.8%.