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 segments contributing to growth and Mato Grosso accounting for about 50% of total sales.

• Record net income of R$809 million in 2025, a 6.9% increase from 2024, driven by strong Grains segment performance and ongoing geographic expansion.

• 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.

• Regional diversification advanced, with groundwork laid for expansion into four new states and up to 10 new stores planned for 2026.

• Celebrated 30th anniversary, marking a year of major achievements and operational milestones.

Financial highlights

• Net operating revenue for Q4 2025 grew 13.3% year-over-year 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%, pressured by lower soybean meal prices and higher SG&A.

• Net debt/EBITDA at year-end was 1.56x, with net debt rising due to high CAPEX.

• Dividends paid totaled R$95 million.

Outlook and guidance

• 2026 expected to be a deleveraging year, with maintenance CAPEX projected between R$340–450 million and reduced investment needs.

• Ethanol plant in Araguaia River Valley set to begin operations in early Q2 2026, with fast ramp-up anticipated.

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

• Canola project in Rio Grande do Sul to double contracted area to over 100,000 hectares, enhancing diversification and input sales.

• Operational efficiency and margin recovery targeted for 2026, with freight and SG&A under close management.