Tegma’s 3Q25 Results

TEGMA GESTÃO LOGÍSTICA SA (TGMA3), one of the largest logistic providers in Brazil and one of the leaders in logistics for brand new vehicles in Brazil, hereby presents its 3Q25 results.

Highlights:

. The quantity of vehicles transported  in 3Q25 was 198.000, 3% decrease vs. 3Q24. The market share was 24.0%, down 1.8 p.p. YoY, due to the underperformance of key customers. Average distance in 3Q25 was 1,116 km, 4.6% higher than 3Q24.

. The Board of Directors Meeting decided on November 3 to distribute 80% of the 3Q25 net income in  Dividends and Interest on Equity corresponding to R$63.9 million, or 2.7% dividend yield [8.2% in the last twelve months], for payment on November 18.

. Net revenues in 3Q25 was R$634.2 million, 5% higher YoY, due to the growth of the Automotive Division, driven by an increase in the average delivery distance, as well as from the tariff adjustments and the growth of the used vehicle logistics unit.

. EBITDA in 3Q25 was R$117 million, a 18.4% margin, 2.4 p.p. lower than the 3Q24 EBITDA margin, due to the decline in margins of both divisions, caused by lower volumes and loss of contracts, as well as by the increase in administrative expenses.

. Net income in 3Q25 was R$80 million, 5.4% lower than in 3Q24, representing a reduction of 1.4 p.p. in the net margin, reaching 12.6%. This loss in net margin can be attributed to the reduction in operational margin

. Free cash flow in 3Q25 was positive at R$15 million, a reduction vs 3Q24 mainly due to higher CAPEX and lower utilization of tax credits.

. Return on invested capital in 3Q25 was 37.1%, 2.1 p.p. lower than 2Q25, mainly due to the recent loss of market share in the vehicle transport operation over the past 12 months and the negative performance of integrated logistics.

. Net cash in September 2025 was R$ 160 million, compared to R$ 236 million in June 2025, a reduction mainly resulting from the payment of dividends and interest on equity related to 1H25, the higher CAPEX during the period and the acquisition of Buskar.me (R$ 9.4M).

Click here to access the earnings release.
Click here to access the results center.
Click here to access the results presentation

Results conference call

Tuesday, November 4, 2025

3:00 pm (Brasília)

1:00 pm (US-EST)

[Portuguese with simultaneous translation to English]

Zoom Webcast: click here