Três Tentos Agroindustrial (TTEN3) Q2 2026 earnings summary

Executive summary

• Achieved 30 consecutive quarters of revenue growth, with Q2 2026 net operating revenue up 31.9% YoY to R$4.7 billion, driven by Ag Inputs (+24.6%) and Grains (+76%), supported by a record soybean harvest and expanded canola acreage in Rio Grande do Sul.

• Expanded operations with six to eight new stores, reaching 81 stores across new states, and inaugurated a new ethanol plant in Mato Grosso, which operated at 80% capacity by quarter-end.

• Completed major industrial expansions, including soybean processing and biodiesel capacity increases, and started a share buyback program for up to 5 million shares (1% of total), valid until Feb 2028.

• Continued geographic and operational diversification to mitigate climate and market risks, supporting consistent earnings growth.

Financial highlights

• Net revenue rose 31.9% YoY in Q2 2026 to R$4.7 billion and 26.1% in 1H26 to R$8.9 billion; adjusted gross profit with hedge was R$669.5 million (+9.0% YoY), margin 14.2%.

• Adjusted EBITDA with hedge was R$78.7 million in Q2 2026 (-64.3% YoY, margin 1.7%) and R$472.9 million in 1H26 (+12.8% YoY, margin 5.3%).

• Adjusted net income was R$14.4 million in Q2 2026 (-86.3% YoY, margin 0.3%) and R$245 million in 1H26 (+14.5% YoY, margin 2.8%).

• Net debt rose to R$3.58 billion at June 30, 2026, mainly due to inventory build-up and CAPEX for plant expansions.

Outlook and guidance

• Guidance for the second half of 2026 reaffirmed, with expectations of continued growth, higher volumes as new and expanded plants reach full capacity, and updated projections for grain origination and processing.

• Conservative expectations for new store revenue, targeting 6%-8% of total input revenue in the near term.