3Q26 Earnings Release
Tegma Gestão Logística SA
Earnings Release – Third quarter and nine months of 2026
São Bernardo do Campo, November 4, 2026
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Tegma Gestão Logística S.A., one of the largest logistics companies in Brazil, hereby presents its 3Q26 results:
Disclaimer – Forward-looking statements
This communication contains forward-looking statements based on the current expectations and beliefs of Tegma’s management. Tegma is providing information as of the date of this communication and assumes no obligation to update any forward-looking statements contained herein because of latest information, future events or otherwise.
No forward-looking statements can be guaranteed, and actual results may differ materially from those we are projecting here.
Highlights
Approval of interim dividends and interest on equity for the third quarter of 2026
At the Board of Directors meeting held on November 4, 2026, the Board approved the distribution of R$ 70.6 million in interim earnings, consisting of R$ 52.8 million in dividends and R$ 17.8 million in interest on equity, or R$ 1.07 per share, corresponding to 60% of 3Q26 net income. Payment will be made on November 19, 2026 to shareholders of record on November 9, 2026. The shares will trade ex-dividends and ex-interest on equity as of November 10, 2026. The dividend yield is 3%, based on the share price on the approval date.
Use of previously recognized IRPJ/CSLL credits (cash effect) – final court decision
Tegma recognized in 2019 and 2021 PIS and COFINS tax credits arising from a court ruling that secured the right to exclude ICMS from the respective tax bases, including recovery of prior overpayments, totaling approximately R$ 102 million. Income tax and social contribution were levied when these amounts were recognized.
In parallel, Tegma filed a lawsuit to exclude taxation on the Selic monetary adjustment on tax overpayments recognized by court order. In September 2022, the Brazilian Supreme Court ruled on the matter under the general repercussion system and excluded such taxation. Tegma therefore recognized taxes previously paid on the monetary adjustment of these credits, comprising R$ 12.9 million in principal and R$ 7.8 million in monetary adjustment, totaling R$ 20.7 million.
In May 2026, the Company’s lawsuit became final and unappealable. The credits began to be used in July, generating a R$ 5.2 million reduction in income tax payments in 3Q26. The credits will be utilized over a minimum period of 12 months, at one twelfth per month.
IRPJ/CSLL credit on ICMS presumed credit (income statement and cash effects)
Law No. 14,789/2023, enacted on December 29, 2023 and effective January 1, 2024, established the levy of corporate income tax and social contribution on all tax incentives, including ICMS presumed credits. The law revoked paragraphs 4 and 5 of Law No. 12,973/2014, which treated ICMS tax benefits as investment grants.
Following the enactment, the Company began taxing presumed credits and filed a writ of mandamus challenging this taxation and seeking the right to exclude the amounts from the IRPJ and CSLL tax bases. The main argument was respect for the federal principle, since federal taxation of a benefit granted by the states would create an improper hierarchy among federal entities.
In June 2026, the court decision became final and favorable to the Company and its subsidiaries, allowing recovery of amounts paid in prior periods. The Company resumed deducting these amounts and calculated tax credits arising from the reassessment of IRPJ and CSLL since January 2024. Tegma recognized a R$ 24.4 million income tax credit and R$ 4.8 million in monetary adjustment, totaling R$ 29.2 million.
New features on the IR website
Analyzing the Brazilian automotive market can be challenging because information comes from fragmented sources and is difficult to consolidate for comparative and historical analysis. Tegma Investor Relations therefore created an Automotive Dashboard at https://ritegma.com.br/painelauto/en, providing investors with a clearer view of this key market, including sales, production, automotive credit and market share.
Tegma IR also launched a Quarterly Results Dashboard to consolidate the various documents published with each earnings release in an organized and accessible format at https://ritegma.com.br/.
The Tegma Valuation Guide, historically provided in Excel, is now available as a web page with improved navigation at https://ritegma.com.br/valuationguide.
Finally, in addition to Tegma’s long-standing Historical Series in Excel, an Interactive Results Dashboard is now available for chart-based analysis and consolidation across periods beyond the quarter at https://ritegma.com.br/serie-historica/dre-contabil.
Announcement of new investments
At the Board of Directors meeting held on October 22, 2026, the Board approved significant new investments to support growth and expand the capacity of the Vehicle Logistics operation.
The first investment consists of R$ 12 million to pave a Tegma-owned site located in the city of Cabo de Santo Agostinho, in Pernambuco, 12 km from the Port of Suape. Scheduled for completion in June 2027, the new vehicle yard will increase capacity to meet demand for domestically produced vehicles and support vehicle import operations by Chinese automakers, which already account for nearly 20% of nationwide vehicle registrations and have significant growth prospects.
The second investment involves the approval of R$ 22 million for the purchase of car-carrier trailers for use in river transportation operations between Belém-PA and Manaus-AM. In this operation, the car-carrier trailers, loaded with vehicles and without tractor units, are loaded onto ferries for transportation between the two locations. The expansion of operating capacity accompanies the growth in vehicle sales in the State of Amazonas, which have increased by 48% since 2024, compared with 18% growth in nationwide sales (as of 3Q26). This expansion will improve operational performance and will be implemented from late 2026 through 2027, subject to equipment availability in the market.
The third investment involves allocating R$ 18 million to expand the transportation equipment fleet of Fastline, a business unit specializing in logistics for registered vehicles, used vehicles and motorcycles. Established in 2018, the operation, together with the recently acquired Buskar.me, currently generates net revenue of R$ 84 million. Expected to be completed by June 2027, the investment will include the purchase of tractor units, trailers, flatbeds and cage carriers (the latter two to provide operational flexibility in urban centers). The expansion of the owned fleet will enhance operational safety and increase the ability to capture new markets. Nevertheless, Fastline will maintain an “asset-light” strategy, with more than 70% of its revenue derived from outsourced freight services.
All approved investments are subject to return analysis under Tegma’s stringent cost-of-capital criteria.
Automotive market
Vehicle sales in the domestic market in 3Q26 were 17.9% higher year over year, as shown in Table 1. According to ANFAVEA, this performance continued to be driven by growth in electrified vehicles and vehicles eligible for the government’s Carro Sustentável program. Other contributing factors included: (i) growth in the population’s average real income, (ii) stronger competition among automakers, (iii) lower vehicle prices and (iv) more customer incentives, such as zero-interest financing. The government’s Move Brasil program, which provides subsidized credit to ride-hailing and taxi drivers, has been in effect since June 19.
Chart 1 shows that monthly sales remained above 3Q25 levels throughout 3Q26.
Among the top 20 automakers, the largest market share gains in the period were recorded by BYD, Geely, GWM and Omoda & Jaecoo. Fiat, Toyota, Volkswagen and Hyundai posted the largest losses. Electrified vehicles already account for 24% of sales in Brazil.
Exports fell 25.3% in 3Q26 compared with 3Q25. According to ANFAVEA, this was mainly due to lower sales to Argentina, Uruguay and Chile and stronger competition from Chinese automakers in Latin America.
The 8.9% increase in vehicle production in 3Q26 versus 3Q25 resulted from higher domestic sales.
The 44% increase in imported vehicle sales reflects the entry of new Chinese brands and the advance of electrification in the Brazilian market.
| Table 1 – Automotive market data | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| (=) Vehicle sales | 908.6 | 10.1% | 825.2 | 2,473.7 | 11.6% | 2,215.8 |
| (+) Domestic | 797.5 | 17.9% | 676.5 | 2,159.0 | 19.4% | 1,808.9 |
| (+) Exports | 111.1 | -25.3% | 148.7 | 314.7 | -22.7% | 406.9 |
| Vehicle production | 752.4 | 8.9% | 690.6 | 2,052.5 | 9.8% | 1,870.1 |
| Imported vehicle sales | 181.4 | 44.1% | 125.9 | 459.5 | 30.8% | 351.2 |
Source: ANFAVEA, FENABRAVE – light vehicles and light commercial vehicles (in thousand)
Operational Highlights – Automotive Logistics Division
The number of vehicles transported by Tegma in 3Q26 was 214 thousand, 8.5% higher year over year, as shown in Table 2. This volume resulted in a market share of 23.6% (-0.3 p.p. vs. 3Q25). Growth in vehicles transported was driven by higher domestic registrations. The reduction in Tegma’s market share reflects the performance of key clients.
The average distance of domestic trips in 3Q26 was 1,246 km, down 0.9% year over year, as shown in Table 2. The average export distance was 19% lower year over year due to fewer trips to Mercosur. Nevertheless, given the higher share of domestic trips in the weighted calculation, the consolidated average distance increased 2.7% year over year.
| Table 2 – Operating data | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| Vehicles transported (thousand) | 214.4 | 8.5% | 197.5 | 576.3 | 12.4% | 512.8 |
| Domestic | 191.2 | 16.1% | 164.7 | 510.8 | 19.9% | 425.9 |
| Exports | 23.2 | -29.3% | 32.8 | 65.5 | -24.7% | 87.0 |
| Market share % * | 23.6% | -0.3 p.p. | 23.9% | 23.3% | 0.2 p.p. | 23.1% |
| Average km per vehicle (km) | 1,146.3 | 2.7% | 1,116.1 | 1,151.4 | 6.7% | 1,079.3 |
| Domestic | 1,245.7 | -0.9% | 1,257.5 | 1,258.5 | 3.0% | 1,222.2 |
| Exports | 327.4 | -19.5% | 406.6 | 316.8 | -16.6% | 379.7 |
* Using light vehicle and light commercial vehicle sales from Table 1 as the denominator. (in thousand, except average km)
Results – Automotive Logistics Division
Gross revenue of the Automotive Logistics Division was R$ 887 million in 3Q26, up 19% year over year (Table 3). Growth reflected the 8.5% increase in vehicles transported, the 2.7% increase in average distance due to mix and the higher share of domestic trips, annual transportation rate adjustments, and the expansion of vehicle warehousing and yard-transfer services. Fastline revenue increased in the quarter, driven by demand for transportation of used vehicles and motorcycles.
The division’s gross revenue deductions increased 21.2%, above gross revenue growth. The main reason was the sharp decline in revenue from vehicle transportation for export, which is not subject to ICMS. The lower share of this revenue increased the weight of deductions on gross revenue.
The division’s cost of services rendered increased 21.7%, also above revenue growth, pressuring the margin. The main factors were: i) a 47% decline in export road trips after the atypical increase in 3Q25. These trips mainly used the Company’s own fleet and are more profitable, resulting in a negative year-over-year impact of R$ 6.4 million (-0.9 p.p. of margin); ii) additional labor costs of R$ 2.9 million (-0.4 p.p.), as high volumes and limited staff availability at Camaçari/BA and Cariacica/ES required employees to be relocated from other branches, generating overtime at their original branches and the need to hire temporary workers; iii) higher consulting and professional fees, mainly to regularize recently acquired and leased land in Camaçari/BA, totaling R$ 1.9 million (-0.3 p.p.); and iv) higher depreciation of new investments in equipment and yard improvements and a greater accounting impact from amortization following lease renewals and new contracts, with a combined negative impact of R$ 2.2 million (-0.3 p.p.).
As a result, gross margin was 19.4% in 3Q26, down 2.0 p.p. year over year.
The division’s expenses increased 5.5%, in line with inflation in the period. As expenses grew less than revenue, they contributed positively by 0.5 p.p. to operating margin.
Accordingly, operating margin was 15.3%, down 1.5 p.p., partially offset by the lower share of expenses in revenue. The division’s EBITDA was R$ 122.4 million, with a margin of 17.2%, also 1.5 p.p. below 3Q25.
| Table 3 – Automotive Logistics Division income statement | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| Gross revenue | 887.2 | 19.2% | 744.4 | 2,352.9 | 26.8% | 1,855.4 |
| Gross revenue deductions | (175.3) | 21.2% | (144.6) | (468.0) | 28.2% | (365.1) |
| Net revenue | 711.9 | 18.7% | 599.9 | 1,884.9 | 26.5% | 1,490.3 |
| Cost of services rendered | (573.5) | 21.7% | (471.1) | (1,521.4) | 28.9% | (1,180.5) |
| Gross profit | 138.5 | 7.5% | 128.8 | 363.5 | 17.3% | 309.8 |
| Gross margin % | 19.4% | -2.0 p.p. | 21.5% | 19.3% | -1.5 p.p. | 20.8% |
| Expenses | (29.5) | 5.5% | (28.0) | (90.4) | 8.0% | (83.7) |
| Operating income/EBIT | 109.0 | 8.1% | 100.8 | 273.1 | 20.8% | 226.2 |
| Operating margin % | 15.3% | -1.5 p.p. | 16.8% | 14.5% | -0.7 p.p. | 15.2% |
| (-) Depreciation and amortization | (13.5) | 20.5% | (11.2) | (39.2) | 20.0% | (32.7) |
| EBITDA | 122.4 | 9.3% | 112.0 | 312.4 | 20.7% | 258.9 |
| (+) Non-recurring items¹ | – | – | – | 7.2 | – | – |
| Adjusted EBITDA¹ | 122.4 | 9.3% | 112.0 | 319.6 | 23.4% | 258.9 |
| Adjusted EBITDA margin¹ % | 17.2% | -1.5 p.p. | 18.7% | 17.0% | -0.4 p.p. | 17.4% |
¹ Adjusted for an indemnity related to the former subsidiary Direct Express, in the amount of R$ 7.2 million (recognized in 2Q26), which impacted Other Expenses and Income of the Automotive Division.
Results – Integrated Logistics Division
Gross revenue of the Integrated Logistics Division in 3Q26 was R$ 61 million, 46% higher year over year, mainly driven by higher warehoused volumes in the Bulk Logistics operation and by a new container transportation contract for an automaker in the State of Bahia, which added R$ 4.5 million.
The division’s gross revenue deductions increased 64.8%, above gross revenue growth, influenced by the cancellation of R$ 0.9 million in invoices that were subsequently reissued in the same month and therefore had no impact on net revenue.
The division’s costs increased 34.8%, below revenue growth, reflecting operating leverage in warehousing as fixed costs were diluted by higher volumes. Diesel prices remained a source of pressure, as increases were fully passed on to carriers but only partially recovered from clients.
As a result of this cost performance, gross margin increased 4.4 p.p. year over year in 3Q26. Together with the dilution of expenses, which increased only 3.1%, EBITDA margin reached 15.2%, 1.2 p.p. higher.
| Table 4 – Integrated Logistics Division income statement | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| Gross revenue | 61.2 | 45.9% | 42.0 | 170.3 | 12.2% | 151.8 |
| Industrial logistics | 61.2 | 45.9% | 42.0 | 170.3 | 12.2% | 151.8 |
| Gross revenue deductions | (12.6) | 64.8% | (7.6) | (33.2) | 22.9% | (27.0) |
| Net revenue | 48.7 | 41.7% | 34.4 | 137.1 | 9.8% | 124.8 |
| Cost of services rendered | (42.3) | 34.8% | (31.4) | (119.2) | 11.3% | (107.2) |
| Gross profit | 6.4 | 114.0% | 3.0 | 17.9 | 1.2% | 17.7 |
| Gross margin % | 13.1% | 4.4 p.p. | 8.7% | 13.0% | -1.1 p.p. | 14.1% |
| Expenses | (2.7) | 3.1% | (2.6) | (6.9) | -23.8% | (9.1) |
| Operating income/EBIT | 3.7 | 823.9% | 0.4 | 11.0 | 27.8% | 8.6 |
| Operating margin % | 7.7% | 6.5 p.p. | 1.2% | 8.0% | 1.1 p.p. | 6.9% |
| (-) Depreciation and amortization | (3.7) | -16.7% | (4.4) | (12.1) | -7.1% | (13.0) |
| EBITDA | 7.4 | 53.8% | 4.8 | 23.0 | 6.8% | 21.6 |
| Adjusted EBITDA | 7.4 | 53.8% | 4.8 | 23.0 | 6.8% | 21.6 |
| EBITDA margin % | 15.2% | 1.2 p.p. | 14.0% | 16.8% | -0.5 p.p. | 17.3% |
Results – Consolidated
The Company’s consolidated gross revenue growth in 3Q26 was driven by the increase in vehicles transported, average distance due to mix, price adjustments and higher logistics services in the Automotive Logistics Division, as well as the growth in used-vehicle logistics. The Integrated Logistics Division contributed positively through a new container logistics management activity and higher volumes in the bulk operation.
Gross revenue deductions increased 23.4%, above gross revenue growth, due to the decline in export services in the Automotive Division, which are not subject to tax, and the cancellation and reissuance of invoices in the Integrated Logistics Division, with no impact on net revenue.
Cost of services rendered increased 22.6%, above revenue growth, due to operational effects in the Automotive Division, including the decline in export revenue, which was more profitable in 3Q25, higher employee relocation costs, consulting and professional fees, and higher depreciation. This occurred despite improvements in the Integrated Logistics Division arising from cost dilution as warehousing revenue increased.
Expenses increased 5.3%, in line with inflation in the period.
As a result of the factors described above, gross margin was 19.0% in 3Q26, down 1.7 p.p. The decline was partially offset by slower expense growth, resulting in an operating margin of 14.8%, 1.1 p.p. lower. Depreciation and amortization grew less than revenue, at 9.6%, which is why EBITDA margin contracted more than operating margin, by 1.4 p.p.
| Table 5 – Consolidated income statement | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| Gross revenue | 948.4 | 20.6% | 786.4 | 2,523.2 | 25.7% | 2,007.3 |
| Automotive logistics | 887.2 | 19.2% | 744.4 | 2,352.9 | 26.8% | 1,855.4 |
| Integrated logistics | 61.2 | 45.9% | 42.0 | 170.3 | 12.2% | 151.8 |
| Gross revenue deductions | (187.8) | 23.4% | (152.2) | (501.2) | 27.8% | (392.1) |
| Net revenue | 760.6 | 19.9% | 634.2 | 2,022.0 | 25.2% | 1,615.1 |
| Cost of services rendered | (615.8) | 22.6% | (502.4) | (1,640.6) | 27.4% | (1,287.6) |
| Gross profit | 144.9 | 9.9% | 131.8 | 381.4 | 16.5% | 327.5 |
| Gross margin % | 19.0% | -1.7 p.p. | 20.8% | 18.9% | -1.4 p.p. | 20.3% |
| Expenses | (32.2) | 5.3% | (30.6) | (97.3) | 4.9% | (92.7) |
| Operating income/EBIT | 112.7 | 11.3% | 101.2 | 284.1 | 21.0% | 234.7 |
| Operating margin % | 14.8% | -1.1 p.p. | 16.0% | 14.0% | -0.5 p.p. | 14.5% |
| (-) Depreciation and amortization | (17.1) | 9.6% | (15.6) | (51.3) | 12.3% | (45.7) |
| EBITDA | 129.8 | 11.1% | 116.8 | 335.4 | 19.6% | 280.4 |
| (+) Non-recurring items¹ | – | – | – | 7.2 | – | – |
| Adjusted EBITDA¹ | 129.8 | 11.1% | 116.8 | 342.6 | 22.2% | 280.4 |
| Adjusted EBITDA margin¹ % | 17.1% | -1.4 p.p. | 18.4% | 16.9% | -0.4 p.p. | 17.4% |
¹ Adjusted for an indemnity related to the former subsidiary Direct Express, in the amount of R$ 7.2 million (recognized in 2Q26), which impacted Other Expenses and Income of the Automotive Division.
The 86% decrease in the net result from debt and financial investments in 3Q26, as shown in Table 6, reflects the increase in the Company’s debt following R$ 63 million in new financing, net of settlements, over the last 12 months. Interest on leases decreased 10% year over year due to lower interest resulting from contract maturities under IFRS 16. Other financial income and expenses were impacted by the tax credit described in the quarter highlights, whose monetary adjustment had a direct impact of R$ 4.8 million on this line.
| Table 6 – Financial result | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| Income from financial investments | 6.4 | -46.5% | 12.0 | 19.3 | -40.2% | 32.2 |
| Interest expense | (5.3) | 27.2% | (4.2) | (14.6) | 24.6% | (11.7) |
| Net result from debt and financial investments | 1.1 | -85.7% | 7.8 | 4.6 | -77.3% | 20.5 |
| Interest on leases | (2.7) | -10.0% | (3.0) | (7.6) | -16.2% | (9.0) |
| Other financial income and expenses | 3.8 | – | (1.5) | 2.7 | – | (2.5) |
| Financial result | 2.2 | -32.0% | 3.3 | (0.2) | – | 8.9 |
Equity income, as shown in Table 9, was positive at R$ 5.6 million in 3Q26. The result is mainly explained by earnings from the GDL joint venture, as shown in Table 7, which presents 100% of its results.
Equity income: 50% of GDL (bonded and general warehousing in Espírito Santo) and 20% of Rabbot (fleet management startup).
The 20% decrease in net revenue mainly reflects changes in the profile of imported-vehicle logistics operations through the State of Espírito Santo, as explained in 2Q26. The factors were: (i) greater competition from non-bonded vehicle yards, enabled by customs clearance while at sea; (ii) a higher volume of vehicles arriving on ro-ro ships rather than in racks, which generates lower value-added service revenue; (iii) greater use of the DUIMP by clients, allowing customs clearance while goods are at sea or in the air and eliminating the need to pass through a secondary customs zone; and (iv) currency appreciation, which is unfavorable to bonded warehousing revenue.
Regarding margins, despite the 20% revenue decline, GDL reduced costs by 17% in the quarter, mitigating the decline in gross margin, mainly in personnel and fixed costs. Expenses, however, were 7% higher, impacted by the wage agreement and a new commercial area, negatively affecting operating margins. Yards leased to meet demand during inventory peaks were subleased in 3Q26, mitigating the financial impact. The lower net margin was mainly due to the decline in operating margin.
| Table 7 – GDL results (100%) | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| Net revenue | 65.0 | -19.8% | 81.0 | 186.6 | -17.7% | 226.7 |
| Cost of services rendered | (43.5) | -16.8% | (52.4) | (132.6) | -5.6% | (140.5) |
| Expenses | (4.2) | 7.3% | (3.9) | (13.9) | 28.4% | (10.8) |
| Operating income/EBIT | 17.2 | -30.4% | 24.7 | 40.1 | -46.7% | 75.3 |
| Operating/EBIT margin % | 26.5% | -4.0 p.p. | 30.5% | 21.5% | -11.7 p.p. | 33.2% |
| Financial income, net | (0.2) | -61.0% | (0.4) | (0.8) | -25.1% | (1.1) |
| Income tax and social contribution | (5.9) | -33.4% | (8.8) | (13.5) | -49.4% | (26.6) |
| Net income | 11.2 | -27.9% | 15.5 | 25.8 | -45.8% | 47.6 |
| Net margin % | 17.2% | -1.9 p.p. | 19.2% | 13.8% | -7.2 p.p. | 21.0% |
As shown in Table 8, the effective income tax rate in 3Q26 was only 3%. As explained in the quarter highlights, a R$ 29.2 million tax credit was recognized, including approximately R$ 24.4 million of principal on this line. Excluding the credit, the rate would have been 23.2%. The main factors reducing the effective rate relative to the 34% statutory rate were: i) equity income for the period, ii) exclusion of the ICMS presumed credit from the tax base, and iii) the tax benefit from interest on equity distributions. Compared with the 3Q25 effective rate excluding the tax credit, the 5.5 p.p. decrease resulted from higher interest on equity distributions and exclusion of the ICMS presumed credit from the tax base.
| Table 8 – Income tax rate | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| Income before income tax and social contribution | 120.5 | 7.7% | 111.9 | 296.6 | 11.4% | 266.3 |
| Statutory rate | -34.0% | – | -34.0% | -34.0% | – | -34.0% |
| Income tax at statutory rate | (41.0) | 7.7% | (38.1) | (100.8) | 11.4% | (90.5) |
| (-) Interest on equity | 6.5 | 107.1% | 3.1 | 6.5 | – | 6.5 |
| (-) Equity income | 1.9 | -24.0% | 2.5 | 4.3 | -43.7% | 7.7 |
| (-) ICMS presumed credit | 2.9 | – | – | 5.8 | – | – |
| (-) Other | 26.2 | 6,849.9% | 0.4 | 26.6 | 3,204.8% | 0.8 |
| Income tax and social contribution | (3.5) | -89.0% | (32.0) | (57.7) | -23.7% | (75.5) |
| Effective rate | -2.9% | 25.7 p.p. | -28.6% | -19.4% | 8.9 p.p. | -28.4% |
Net income in 3Q26, as shown in Table 9, was R$ 117 million, 46% higher year over year, with a net margin of 15.4%, 2.8 p.p. above 3Q25. Excluding the R$ 29.2 million tax credit, net income would have been R$ 87.8 million, up 9.9%, with a net margin of 11.5%, 1.0 p.p. below 3Q25. The decline in net margin excluding the tax credit resulted from lower operating margin and equity income, despite the lower income tax rate.
| Table 9 – Consolidated results | 3Q26 | Chg % | 3Q25 | 9M26 | Chg % | 9M25 |
| Operating income/EBIT | 112.7 | 11.3% | 101.2 | 284.1 | 21.0% | 234.7 |
| Equity income | 5.6 | -24.0% | 7.4 | 12.7 | -43.8% | 22.6 |
| Financial result | 2.2 | -32.0% | 3.3 | (0.2) | – | 8.9 |
| Income before income tax and social contribution | 120.5 | 7.7% | 111.9 | 296.6 | 11.4% | 266.3 |
| Income tax and social contribution | (3.5) | -89.0% | (32.0) | (57.7) | -23.7% | (75.5) |
| Net income | 117.0 | 46.5% | 79.9 | 238.9 | 25.3% | 190.7 |
| Net margin % | 15.4% | 2.8 p.p. | 12.6% | 11.8% | – | 11.8% |
Cash flow
Net cash from operating activities in 3Q26 was positive at R$ 115 million, as shown in Table 11, due to operating performance, working capital release and the use of R$ 5.2 million in tax credits. The cash cycle decreased by two days to 37 days versus 2Q26, as shown in Chart 9, and is at its lowest level in recent quarters.
Net cash from investing activities in 3Q26 was negative at R$ 6 million, due to cash CAPEX of R$ 10.7 million and R$ 4.2 million in dividends received from GDL.
Regarding CAPEX, as shown in Table 10, investments in 3Q26 totaled R$ 10.5 million. The most relevant investments were: i) yard improvements in Horizonte/CE, Serra/ES and Camaçari/BA, totaling R$ 6.9 million; and ii) acquisition of ERP licenses totaling R$ 0.7 million.
| Table 10 – Consolidated CAPEX | 3Q26 | 3Q25 | 9M26 | 9M25 |
| Maintenance & general improvements | 7.8 | 7.1 | 20.8 | 17.5 |
| Acquisition of logistics equipment | 0.5 | 8.8 | 2.6 | 11.3 |
| IT | 2.2 | 2.3 | 8.5 | 10.7 |
| Land | – | – | 5.6 | – |
| Total | 10.5 | 18.2 | 37.5 | 39.6 |
Net cash from financing activities in 3Q26 was negative at R$ 73.6 million, due to the payment of R$ 75 million in dividends and interest on equity for 1H26, new financing net of repayments of R$ 11.3 million, and lease payments under IFRS 16 totaling R$ 9.7 million.
| Table 11 – Consolidated cash flow | 3Q26 | 3Q25 | 9M26 | 9M25 |
| A – Opening cash | 196.9 | 347.2 | 113.9 | 241.3 |
| 1 – Net cash from operating activities | 115.0 | 41.7 | 237.8 | 211.6 |
| 2 – Net cash from investing activities | (6.4) | (22.9) | (40.9) | (37.3) |
| 3 – Net cash from financing activities | (73.6) | (120.3) | (78.8) | (169.9) |
| (=) Closing cash (A + 1 + 2 + 3) | 232.0 | 245.7 | 232.0 | 245.7 |
| 4 – Cash CAPEX | (10.7) | (18.6) | (45.5) | (39.4) |
| 5 – Lease payments | (9.7) | (7.9) | (27.6) | (23.0) |
| (=) Free cash flow (1 + 4 + 5) | 94.6 | 15.2 | 164.7 | 149.2 |
Debt and cash
Net cash in September 2026 was R$ 78 million, comprising R$ 154 million in debt and R$ 232 million in cash, up from R$ 56 million in June 2026, mainly due to free cash flow in 3Q26. During the quarter, Tegma strengthened its cash position through a R$ 12.5 million loan and the reprofiling of R$ 22.5 million in debt, both at CDI + 0.8% p.a. and maturing in August 2027.
The net debt / adjusted LTM EBITDA ratio for 3Q26 was not applicable because the Company reported net cash. The 3Q26 coverage ratio (LTM EBITDA over LTM financial result) was also not applicable because the Company’s financial result over the last 12 months was positive. The Company’s covenants are <2.5x and >1.5x, respectively.
The Company’s average total cost of gross debt in September 2026 was CDI + 0.79%, 0.15 p.p. lower than in June 2026, reflecting the new and renewed loans mentioned above. In March 2026, Fitch reaffirmed Tegma’s rating at A(bra), with a stable outlook.
| Table 12 – Indebtedness (consolidated) | Sep-25 | Jun-26 | Sep-26 |
| Current debt | 28.3 | 34.9 | 50.3 |
| Non-current debt | 57.5 | 106.1 | 103.7 |
| Gross debt | 85.8 | 141.0 | 154.0 |
| (-) Cash | 1.0 | 1.1 | 1.2 |
| (-) Financial investments | 244.7 | 195.8 | 230.8 |
| Net debt (cash) | (159.8) | (55.9) | (78.0) |
| EBITDA (last 12 months) | 406.4 | 410.9 | 424.0 |
| Net debt / EBITDA (last 12 months) | – | – | – |
Return on Invested Capital and Economic Value Added
Disclaimer: ROIC and EVA should not be considered substitutes for other accounting measures under IFRS and may not be comparable to similar measures used by other companies.
ROIC in 3Q26 was 31.4%, as shown in Chart 12, 0.4 p.p. lower than in 2Q26, due to the increase in capital employed, which in turn reflected the reduction in the net cash position and the increase in shareholders’ equity.
EVA in 3Q26, as shown in Chart 13, considering a WACC between 12% and 17% (historical range used by sell-side analysts), stood between R$ 110 million and R$ 147 million, a slight improvement from R$ 108 million to R$ 144 million in 2Q26, as growth in operating income more than offset the higher cost of capital employed.
All current and prospective Tegma operations are assessed using EVA as a criterion for value creation and feasibility.