Três Tentos Agroindustrial (TTEN3) Q3 2025 earnings summary

Executive summary

• Achieved record net revenue of R$5.0 billion in 3Q25, up 43% year-over-year, with growth across all business segments driven by strong harvests and hedging strategies.

• 27th consecutive quarter of growth, reflecting resilience and ongoing expansion in operations and industrial capacity.

• Strategic advances include expansion in canola, entry into ethanol and DDGS markets, new grain origination offices, and port terminal development.

• Recognized with multiple industry awards for agribusiness excellence and ESG practices.

• Year-to-date net revenue surpassed R$12 billion, nearly matching full-year 2024 results.

Financial highlights

• Net revenue reached R$4,995 million in 3Q25, a 42.9% increase year-over-year; 9M25 net revenue was R$12,057 million, up 34.4%.

• Adjusted gross profit for 9M25 was R$1,889 million, up 31.5% from 9M24.

• Adjusted EBITDA for 9M25 was R$638 million, a 13.2% increase year-over-year.

• Net income for 9M25 reached R$726 million, up 17.1% from 9M24.

• Net debt at R$1,579.6 million; net debt/EBITDA (LTM) at 1.77x.

Outlook and guidance

• Industrial expansions, including a new plant in Porto Alegre do Norte, are expected to be operational in early 2026, supporting future revenue and margin growth.

• Positive prospects for the biofuels sector due to B15 and E30 mandates and expansion of canola in Rio Grande do Sul.

• Guidance for soybean crushing remains at 2.6 million tons for the year, with management confident in reaching or nearing this target.

• Continued focus on market share gains, especially in newer regions and maturing store bases.

• Continued investment in new opportunities, including ethanol and DDGS production, and expansion of retail and origination networks.