TECN3: quote, dividends and indicators for Technos

Technos S.A. is a publicly traded corporation headquartered in Rio de Janeiro, with common shares traded on B3 under the ticker TECN3. The company’s current structure was established in 2007, with operations beginning in 2008, and its corporate purpose is to hold equity interests in other companies. The business, however, dates back to 1956, when the importer Centauro was founded in Brazil as the exclusive distributor of the Swiss brand Technos in the country. The Technos brand’s history goes back even further, linked to the Gunzinger family, which began manufacturing pocket watches in 1900 and registered the Technos brand in 1924. In Brazil, the company consolidated strong growth from the 1950s to the 1970s, opened an assembly plant in Manaus in 1982 and, by the late 1980s, already held a leading position in revenue in the Brazilian watch market. In the 1990s, Technos acquired the rights to the brand in the country, turning it into a Brazilian brand and reinforcing its dominant position in the sector.

From the 2000s onward, Technos expanded its scope of operations with a strategy based on a portfolio of brands, partial vertical integration and broad-based distribution. In 2002, it began working with third-party brands by licensing Mormaii and distributing Seiko, a move complemented in 2009 with the licensing of Euro, focused on the female fashion audience. Control of the company was acquired in 2008 by the GMT Private Equity Fund, which brings together executives from the company itself, and in 2011 the Technos Group’s IPO was carried out, marking the start of trading of TECN3 on the São Paulo stock exchange. From then on, the group intensified brand acquisitions and relaunches, relaunching Mariner in 2010 and Allora in 2012, as well as acquiring Touch in 2012 and the Dumont Saab Group in 2013, adding the Dumont and Condor brands and the right to distribute in Brazil international brands licensed by the Fossil group.

Technos’ business model is based on the development, assembly and distribution of watches, with a primary focus on the Brazilian market. As of December 31, 2025, the company developed and distributed products from ten nationally known brands, seven of which were proprietary (Technos, Touch, Euro, Allora, Condor, Mariner and Dumont) and three third-party brands under licensing or distribution agreements (Mormaii, Fossil and Michael Kors). The Technos brand remains the main asset, associated with classic design featuring modern elements and a perception of quality, and the company broadens its reach through complementary brands that cover the classic, sports, lifestyle and fashion segments, across different price ranges and consumer profiles. In 2025, the company’s gross revenue totaled around R$ 562.8 million, with Adjusted EBITDA of R$ 111.7 million and net income of approximately R$ 71.5 million, in a context of recovery in the watch market after the pandemic and continuity of the turnaround project launched in 2019, focused on operational efficiency and profitability.

Technos’ operating structure combines in-house product development with an international supply chain for components and industrial assembly in the Manaus Free Trade Zone. The company maintains an in-house design and planning team responsible for identifying fashion trends, designing new models and managing the product portfolio, with creation processes that take from 180 to 360 days before products become available for sale. Watch components such as cases, straps, crystals and movements are produced by suppliers in China and Japan, with whom the company maintains long-term relationships and works directly, without intermediaries, supported by an inspection team in Shenzhen to ensure quality control at source. Final assembly takes place at the company’s own plant in Manaus, with 8,570 m² and around 350 employees in 2025, following structured quality control processes based on ABNT standards, including sample testing, water resistance testing and systematic monitoring of productivity and quality indicators.

On the commercial side, Technos adopts a multichannel distribution strategy with wide geographic dispersion. In 2025, the group’s products were present in more than 9,000 points of sale in Brazil, across watch shops, jewelry stores, optical retailers and department stores, with no material concentration in any single customer. The company maintains its own sales team and pays particular attention to the North and Northeast regions, which account for a significant share of revenue and have recorded GDP growth equal to or above the national average. In addition to the wholesale channel, the company has developed a direct retail presence, with e-commerce operations and its own stores. In e-commerce, it operates dedicated websites for the Technos, Fossil, Euro and Condor brands, as well as a multibrand platform, Timecenter, all managed internally and operated by specialized third parties. In brick-and-mortar retail, the company has full-price stores focused on brand building and product testing, and outlet stores used as a tool for inventory management and clearance of slower-moving items with lower impact on traditional channels.

The brand portfolio illustrates Technos’ segmentation by target audience and positioning. The Technos brand is focused on the classic segment, targeting adult consumers, with an emphasis on analog watches, multifunction watches and steel chronographs. Mormaii, licensed until 2036, is positioned in sports and lifestyle, aimed at consumers with a youthful spirit and an affinity with sports fashion, offering analog and digital models. The Euro brand serves the women’s fashion segment, aimed at women seeking trends at affordable prices and watches with an accessory-like profile. Touch and Condor operate in the fashion and casual segments, with analog, digital and chronograph products, giftable kits and a wide variety of styles at competitive prices. Fossil and Michael Kors, under an exclusive contract for assembly, distribution and marketing in Brazil until 2027, represent international fashion brands with designs aligned with global trends. Complementing the traditional product line, Technos has invested in connected watches and smartwatches since 2015, having launched the Technos Connect 3.0 in 2017, the first full-display smartwatch from a Brazilian brand, and gradually increasing the importance of this category in its portfolio.

Technos’ operations are heavily concentrated in the domestic market, with all net revenue coming from Brazilian customers. Exports and overseas operations have an immaterial impact on revenue, which heightens the company’s exposure to macroeconomic, foreign exchange and consumer conditions in Brazil. The watch segment in the country showed continued recovery between 2021 and 2024, with more pronounced expansion in 2025, when the market reached its highest level in history, according to the company’s internal calculations based on data from SUFRAMA and the Ministry of Development, Industry and Trade. In this context, Technos reported the best operating and financial performance in its history in 2025, also benefiting from ICMS tax incentives granted by the State of Amazonas to the sector, in effect until December 2026, which helped maintain gross margin even in a scenario of a strong US dollar and high interest rates.

From a regulatory standpoint, Technos’ industrial activity, especially watch assembly in Manaus, is subject to environmental legislation and licensing by the competent agencies. The Manaus unit operates under a license issued by IPAAM, valid until March 2027 and renewable periodically, and the company highlights its compliance with standards for effluent management, waste disposal and emissions control. Brazilian environmental legislation provides for administrative, civil and criminal liability in the event of violations, including in situations where damages are caused by contracted third parties, which makes socio-environmental management of the supply and service provider chain relevant. The company is also dependent on its own and licensed brands to carry out its activities, with material licensing agreements for Mormaii and for the exclusive distribution of the Fossil group’s brands in Brazil.

With respect to environmental, social and governance (ESG) practices, Technos states a formal commitment to sustainable development and adopts practices such as sewage treatment at the Manaus plant, sending more than 70% of total factory waste for recycling and selling metallic waste for reuse by third parties. The company has conducted a greenhouse gas emissions inventory for scopes 1, 2 and 3 and uses an internal materiality matrix to prioritize topics such as business model resilience, ethics and reputation, health and well-being, product quality and safety, socio-environmental management of suppliers, waste, emissions, water, gender equity, training, diversity and data security. The company also aligns its ESG agenda with UN Sustainable Development Goals considered relevant to the business, such as health and well-being, quality education, gender equality, clean energy, decent work, responsible consumption and production, climate action and strong institutions. In 2025, Technos was certified as a B Corporation, becoming a pioneer in the Brazilian watch sector in receiving this international recognition for socio-environmental impact and governance, consolidating this agenda as part of its corporate strategy.