Wilson Sons (PORT3) Q3 2025 earnings summary

Significant events and developments

• SAS completed a public tender offer, now holding about 98% of share capital, with a squeeze-out and delisting from B3's Novo Mercado segment planned following a special general meeting on November 13.

• Minority shareholders can sell shares to SAS at the auction price, adjusted by the Selic rate, until January 23, 2026, or until the squeeze-out is approved.

• Free float fell below 5% after the tender offer, triggering the squeeze-out process.

• Insurance reimbursement of R$4.9 million was recognized for 2024 flood-related losses.

Financial highlights

• Net revenues for 9M25 reached R$2,346.5 million, up 11.6% year-over-year, with Q3 revenue at BRL 809 million, up 5%.

• 9M25 EBITDA rose 17% to R$1,125.8 million, with Q3 EBITDA flat at BRL 397 million due to non-recurring effects.

• Net profit for 9M25 increased 52.6% to R$559.9 million, while Q3 net profit was BRL 197 million, down 9% year-over-year.

• EBITDA margin improved to 48.0% from 45.8% year-over-year.

• Free cash flow for 9M25 was R$376.1 million, down 30.3% year-over-year.

Segment performance

• Container terminal volumes grew 21.1% year-over-year, with Rio Grande and Salvador terminals showing robust growth.

• Towage: EBITDA up 19% year-over-year, tug jobs up 3.4%, but special operations revenue down 10.1%.

• Offshore support vessels: EBITDA up 26.1% year-over-year, higher daily rates, operating days stable.

• Logistics: Net revenues up 28.9% year-over-year, EBITDA up 141%.

• Shipyard: EBITDA and EBIT declined sharply due to lower activity.