Santos Brasil Participações (STBP3) Q2 2025 earnings summary

Executive summary

• Achieved record container volumes at Tecon Santos, handling 135,000 containers in July, the highest monthly volume ever in a South American terminal.

• Container terminals handled 382,398 containers in 2Q25, up 3.5% year-on-year, with cabotage up 17% and long-haul stable; transshipment dropped 32% year-on-year.

• Achieved strong financial and operational results in 2Q25, with significant year-over-year growth in revenue, EBITDA, and net income.

• Continued focus on ESG initiatives, winning awards for sustainability and engaging in community and environmental projects.

• CMA CGM Group became controlling shareholder (51% stake) and filed a public tender offer to acquire all common shares, with the process under review by the CVM.

Financial highlights

• Net revenue reached R$880.9 million in 2Q25, up 25.3% year-on-year, with growth across all business lines.

• EBITDA was R$456.7 million, up 35.2% year-on-year, with a margin of 51.8%, nearly 4 percentage points higher than Q2 2024.

• Net income increased 12.6% year-on-year to R$193.4 million, with a net margin of 22%.

• Gross revenue in 2Q25 was R$998.3 million, up 25.6% year-on-year.

• Operating cash flow in 2Q25 was R$397 million, up 47.9% year-on-year.

Segment performance

• Container/general cargo: Net revenue R$695.7 million (+27.9% YoY), EBITDA R$437.3 million (+41.9% YoY), margin 62.9%.

• Logistics: Net revenue R$123.5 million (+6.3% YoY), EBITDA R$24.7 million (-13.1% YoY), margin 20%.

• Vehicle Terminal handled 63,000 vehicles in Q2 2025, up 33% year-on-year, with net revenue up 20.6% and EBITDA up 19.5%.

• Liquid Bulk Terminals handled 244,000 meters of fuel, up 34% year-on-year, with net revenue up 123.4% and EBITDA up 189.2%.

• Tecon Imbituba saw a 20% year-on-year drop in container movements due to service omissions, but cabotage remained strong.