Tegma Gestão Logística (TGMA3) posted net revenue of R$ 740 million in the second quarter of 2026 (2Q26), up 37% year over year, driven by higher volume of vehicles transported and increased average distance. Adjusted EBITDA¹ (earnings before interest, taxes, depreciation and amortization) totaled R$ 139 million in the quarter, with an adjusted EBITDA margin of 18.7%.
Consolidated net income in 2Q26 was R$ 83 million, growth of 24% versus the R$ 67 million reported in 2Q25, despite a 1.2 percentage point drop in net margin, to 11.2%, due to an indemnity, a reduction in equity income and an increase in negative financial results. In the first half of 2026, net revenue reached R$ 1.261 billion, an increase of 28% over the same period in 2025, while adjusted EBITDA came to R$ 213 million, with a margin of 16.9%.
In the Automotive Logistics division, net revenue reached R$ 693 million in 2Q26, up 40% compared with 2Q25, supported by a higher number of vehicles transported and longer average distance. Adjusted EBITDA¹ for this division was R$ 132 million in the quarter, a 47% increase over the previous year, with an expansion of the adjusted EBITDA margin to 19.0%, supported by the combination of higher revenue and lower expenses excluding the non-recurring indemnity related to former subsidiary Direct Express.
In Integrated Logistics, net revenue totaled R$ 47 million in 2Q26, up 6% over 2Q25, mainly supported by the new container logistics service started in the period. The division’s EBITDA was R$ 7 million, down from R$ 8 million a year earlier, with an EBITDA margin of 14.7%, pressured by pass-throughs of diesel price increases to clients at a lower level than supplier price hikes and by changes in the method for recognizing ICMS tax credits.
In the quarter, the Board of Directors approved the payment of R$ 1.14 per share in dividends and IOC (interest on equity), with a distribution equivalent to a 62% payout and a dividend yield of 3.8%. It also authorized R$ 30 million in investments in the vehicle logistics operation at yards in Bahia, to meet strong demand from an automotive sector client, and in the creation of a new production hub in Ceará. The company also reported that its cash conversion cycle remained within the normal range of the last 12 months, that CAPEX was R$ 15 million in 2Q26, and that free cash flow was negative at R$ 1 million due to working capital consumption associated with revenue growth.
In June 2026, Tegma had gross debt of R$ 141 million and cash of R$ 197 million, resulting in a net cash position of R$ 56 million and a deleveraged capital structure, with net debt to EBITDA for the last 12 months not applicable. On March 30, 2026, Fitch Ratings assigned the company a local rating of “A” with a stable outlook. According to the company, return on invested capital (ROIC) and return on equity (ROE) recovered in 2Q26 after three quarters of decline, following the improvement in vehicle logistics results, and dividend distributions for the year, of R$ 75 million, remained above the indicative policy of a minimum payout of 50% of adjusted net income.
¹Adjusted EBITDA in 2Q26 includes an indemnity related to former subsidiary Direct Express, in the amount of R$ 7.2 million, which affected other expenses and income in the automotive division.
