Wilson Sons (PORT3) Q4 2024 earnings summary

Executive summary

• Record consolidated results in 2024, driven by strong container terminal and towage performance, with EBITDA up 28.6% to R$1,335.8 million and revenues up 20.5% to R$2,925.9 million.

• Net profit for 2024 increased 20.7% to R$488.6 million, including a one-off gain of R$53.2 million from property sales.

• Change of control transaction: controlling shareholder agreed to sell entire stake to SAS, a subsidiary of MSC Group; completion expected in Q2 or Q3 2025, pending regulatory approvals and lender consents.

• Workplace safety outperformed benchmarks, with 0.29 lost-time accidents per million hours worked.

• Strong organic growth and operational excellence highlighted as key drivers of 2024 performance.

Financial highlights

• Net revenues for 2024 reached R$2,925.9 million, up 20.5% year-over-year; 4Q24 revenues were R$823.7 million, up 27.7% from 4Q23.

• EBITDA for 2024 was R$1,335.8 million (+28.6%); 4Q24 EBITDA was R$373.8 million (+41.0%).

• Net profit for 2024 was R$488.6 million (+20.7%); 4Q24 profit was R$121.6 million (+7.2%).

• EBITDA margin for 2024 increased 2.9pp to 45.7%; net margin stable at 16.7%.

• Interim dividend of R$0.28/share (R$125.6 million) declared, payable by 28 March 2025.

Segment performance

• Container terminal revenues up 28.9% to R$1,108.4 million; EBITDA up 39.1% to R$597.0 million; volumes at all-time high.

• Towage revenues up 16.3% to R$1,417.8 million; EBITDA up 15.4% to R$633.5 million; special operations revenue up 26.9%.

• Offshore support vessel JV revenues up 23.9% to R$682.2 million; EBITDA up 41.2% to R$268.6 million.

• Logistics revenues stable at R$176.9 million; EBITDA down 24.3% to R$20.9 million due to inflationary costs.

• Shipping agency revenues up 21.8% to R$66.8 million; EBITDA up 35.1% to R$13.7 million.