Tegma Gestão Logística (TGMA3) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenue was BRL 610.3 million, down 2.3% year-over-year, mainly due to lower vehicle transport volumes, operational disruptions, and contract losses; full-year 2025 net revenue reached BRL 2.2 billion, up 6.5% from 2024, driven by strong first-half performance.

• Net income for Q4 2025 was BRL 52.2 million, down 39% year-over-year; full-year net income was BRL 243 million, with an 11% net margin.

• Automotive market growth slowed to 2.6% in 2025 after prior double-digit expansion; Q4 was impacted by a 40% drop in Toyota sales due to a factory incident and other client-specific disruptions.

• EBITDA margin in Q4 2025 contracted to 8.6% from 13.6% in Q4 2024, reflecting reduced gross margin and increased expenses.

• Record CAPEX and dividend distribution in 2025 led to net debt for the first time in five years.

Financial highlights

• Automotive Logistics division Q4 net revenue fell 2% year-over-year; EBITDA margin dropped 7 percentage points to 13.6% due to lower volumes, higher taxes, and operational disruptions.

• Integrated Logistics division Q4 net revenue declined 6% year-over-year, with EBITDA margin down 5.2 percentage points to 8.8%.

• GDL division Q4 net revenue was BRL 61 million, lower year-over-year, with net margin reduced to 14.3%; profitability was impacted by extra yard costs and lower warehousing revenue.

• Free cash flow for Q4 2025 was negative BRL 21 million, mainly due to higher CAPEX and tax payments; full-year free cash flow was BRL 128 million, down from BRL 170 million in 2024.

• EBITDA in Q4 2025 was BRL 81.4 million (margin 13.3%), down 35.4% year-over-year.

Outlook and guidance

• Automotive market expected to grow 3–3.8% in 2026, with over 70 new models and new entrants stimulating fleet renewal.

• Daily vehicle sales in early 2026 grew 9%, exceeding expectations.

• Management expects modest growth in 2026, supported by projected interest rate cuts and a focus on cost discipline and efficiency.

• Exports dropped 28% in early 2026, mainly due to reduced demand from Argentina.