Três Tentos Agroindustrial (TTEN3) Q4 2025 earnings summary

Executive summary

• Consolidated net operating revenue reached R$16.4 billion in 2025, up 28.1% year-over-year, with all business segments growing and market share expanding in key regions.

• Record net income of R$809 million for 2025, a 6.9% increase compared to 2024, driven by strong Grains segment performance and ongoing geographic expansion.

• Largest-ever capital expenditure of R$1.7 billion focused on industrial expansion, new stores, and the first ethanol plant in Mato Grosso.

• Strategic expansion into new Brazilian states, including a second ethanol plant and new retail stores in Pará, Tocantins, Goiás, and Minas Gerais.

• All business segments—ag inputs, grains, and industry—posted positive growth for both the quarter and the year, with grains and corn volumes as key highlights.

Financial highlights

• Net revenue rose 28.1% year-over-year to R$16,424 million in 2025; 4Q25 net revenue up 13.3% to R$4,367 million.

• Adjusted EBITDA (including settled futures contracts) was R$1,024.7 million, up 2.3% year-over-year; adjusted EBITDA margin was 6.2%, down 1.6 p.p.

• Net income for 2025 was R$809 million, up 6.9% from 2024, with a net margin of 4.9%.

• Net debt increased to R$1.6 billion from R$224.7 million, driven by investments in new plants and stores; Net Debt/EBITDA at year-end was 1.56x.

• R$91 million in dividends paid for 2025.

Outlook and guidance

• 2026 expected to be a deleveraging year, with maintenance CapEx projected between R$340–450 million and a focus on operational efficiency and margin recovery.

• Projections for 2026 include 100 stores and grain origination of 6.9 million tons, with continued expansion in ethanol and biodiesel production.

• Ethanol plant in Araguaia River Valley set to begin operations in April 2026, with rapid ramp-up anticipated.

• Canola project in Rio Grande do Sul to double contracted area to over 100,000 hectares, supporting diversification and higher margins.

• The company discontinued its aspirational net revenue target of R$50 billion by 2032.