Três Tentos Agroindustrial (TTEN3) Q4 2025 earnings summary

Executive summary

• Achieved record annual net revenue of R$16.4 billion in 2025, up 28.1% year-over-year, with all business segments contributing to growth and continued regional diversification and expansion projects.

• Record net income of R$809 million in 2025, a 6.9% increase from 2024, driven by strong Grains segment performance and geographic expansion, with Mato Grosso accounting for about 50% of total sales.

• Largest CAPEX program in company history at R$1.7 billion, focused on industrial expansion, new store openings, and the first corn-based ethanol plant in Mato Grosso, expected to start operations in early Q2 2026.

• 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.

• Strategic geographic expansion into four new states announced, with up to 10 new stores planned for 2026.

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 gross profit with hedge reached R$2,851 million in 2025, up 30.0% from 2024.

• Adjusted EBITDA with hedge was R$1,025 million in 2025, a 2.3% increase year-over-year; Q4 adjusted EBITDA margin was 5.4%, under pressure from lower soybean meal prices and higher SG&A.

• Net income for 2025 was R$809 million, up 6.9% from 2024.

• CAPEX for the last twelve months reached R$1,658 million for fixed assets, with total investments including intangibles and forest assets at R$1.8 billion.

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.

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

• Plans to open up to 10 new stores in four additional states, expanding the ecosystem and industrial capacity.

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

• Positive expectations for Ag Inputs segment, with 36% NOR growth in early 2026 vs same period 2025.