Tegma Gestão Logística (TGMA3) reported net income of R$ 117.0 million in the third quarter of 2026 (3Q26), up 46.5% from R$ 79.9 million in 3Q25. The net margin was 15.4%, versus 12.6% a year earlier. The result was boosted by the recognition of a R$ 29.2 million tax credit stemming from a favorable court ruling on the taxation of ICMS presumed credits. Excluding this credit, net income would have been R$ 87.8 million, up 9.9%, and the margin would have been 11.5%, down 1.0 percentage point.
Net revenue reached R$ 760.6 million, up 19.9% from 3Q25, with growth in both divisions. EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 129.8 million, up 11.1%, with a margin of 17.1%, down 1.4 percentage points. The gross margin was 19.0%, versus 20.8% in 3Q25, pressured by fewer export trips, which are more profitable, and by extra costs for labor, consulting and depreciation in automotive logistics.
Tegma transported 214.4 thousand vehicles in the quarter, up 8.5%. Domestic vehicles totaled 191.2 thousand (+16.1%), and exported vehicles totaled 23.2 thousand (−29.3%). Market share was 23.6%, versus 23.9% in 3Q25. Free cash flow was R$ 94.6 million, compared with R$ 15.2 million a year earlier. Net cash in September 2026 was R$ 78 million, with R$ 232 million in cash and R$ 154 million in gross debt. In June, net cash was R$ 56 million. ROIC (return on invested capital) was 31.4%, and ROE (return on equity) was 30.5%. In the nine-month period, net income was R$ 238.9 million (+25.3%) and net revenue was R$ 2.02 billion (+25.2%).
On November 4, 2026, the Board of Directors approved interim distributions of R$ 70.6 million, consisting of R$ 52.8 million in dividends and R$ 17.8 million in JCP (Interest on Equity). The amount equals R$ 1.07 per share, 60% of 3Q26 net income, and a yield of 3.0%. Payment will be made on November 19, 2026 to shareholders of record on November 9. The shares will trade ex-distribution starting November 10.
On October 22, the Board also approved three investments: R$ 12 million to pave a yard in Cabo de Santo Agostinho (PE), expected to be completed by June 2027; R$ 22 million in trailers for river transport between Belém and Manaus; and R$ 18 million to expand the Fastline fleet, estimated to be carried out by June 2027. The earnings conference call will be on November 5, at 3 p.m. (Brasília time).
