3tentos (TTEN3) posted net income of R$ 208.2 mn in 3Q26, up 2.5% from 3Q25, with a net margin of 3.6%. Net operating revenue was R$ 5.9 bn (R$ 5,854.2 mn), growth of 17.2%, with gains across all segments. It is the 31st consecutive quarter of revenue growth.
Hedge-adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 226.7 mn, down 38.5%, with a margin of 3.9%. The company attributes the result to lower profitability in the Grains and Industry segments and higher unit logistics costs, with a greater share of the Center-West region and higher fuel prices. Hedge-adjusted gross profit was R$ 908.5 mn (+3.2%), with a margin of 15.5%.
In 9M26, net revenue totaled R$ 14,761.5 mn (+22.4%). Net income was R$ 499.3 mn, down 31.3%, and hedge-adjusted EBITDA was R$ 699.6 mn, a decrease of 11.2%.
By segment, Inputs revenue was R$ 1,166.0 mn (+8.0%), Grains revenue was R$ 1,853.9 mn (+8.5%) and Industry revenue was R$ 2,834.3 mn (+28.5%). The first ethanol plant, which began operating at the end of June, contributed R$ 321.2 mn in revenue and ended the quarter at full capacity. Industry's adjusted gross profit rose 89.2% to R$ 521.8 mn, with a PIS/COFINS credit of R$ 81.2 mn from biodiesel. Grains' fell 34.2% to R$ 134.2 mn.
The company had free cash flow of R$ 1.1 bn in the quarter, the highest ever recorded, with a release of working capital. Net debt was R$ 2,666.0 mn, and leverage (net debt/hedge-adjusted EBITDA, excluding TentosCap) fell from 3.05x to 2.44x. The network reached 83 stores, with two opened in the quarter, and TentosCap's credit portfolio reached R$ 510 mn (+54.2%).
Is TTEN3 worth investing in?
- Price
- R$ 10.64
- as of 11/11/2026
- Dividend yield
- 1.71 %
- P/L
- 9.06
- P/VPA
- 1.07
