Santos Brasil Participações (STBP3) Q3 2025 earnings summary

Executive summary

• Achieved record operational and financial results in 3Q25, with strong growth in container, vehicle, and liquid bulk terminals, and robust logistics performance.

• Net revenue reached R$ 920.4 million in 3Q25 (+20.4% YoY), EBITDA R$ 500.5 million (+23.2% YoY), and net income R$ 231.5 million (+7.1% YoY).

• CMA CGM Group completed a public tender offer, increasing its stake to ~95% and triggering delisting and conversion to category "B" registration.

Financial highlights

• 9M25 net revenue: R$ 2.685 billion (+27.1% YoY); EBITDA: R$ 1.453 billion (+36.4% YoY); net income: R$ 623.3 million (+16.4% YoY).

• EBITDA margin in 3Q25: 54.4% (+1.2 p.p. YoY); net margin: 25.1% (-3.1 p.p. YoY).

• Cash from operations in 9M25: R$ 1.184 billion (+19.1% YoY), with 81.5% EBITDA-to-cash conversion.

• Capex in 3Q25: R$ 118.7 million, focused on terminal expansion and modernization.

• Net debt at 3Q25: R$ 1.83 billion; leverage (Net Debt/EBITDA LTM): 1.09x.

Outlook and guidance

• No formal guidance for 2025 due to global trade uncertainties, tariff changes, and geopolitical risks.