TTEN3 Três Tentos Agroindustrial

Três Tentos Agroindustrial S.A., also known as 3tentos and listed on B3 under the ticker TTEN3, is an agribusiness company with integrated operations in agricultural inputs, grain origination and trading, and soybean processing. The company traces its origins to the agricultural activities of the Dumoncel family, which began in 1954 with wheat farming in Rio Grande do Sul. In 1995, it was incorporated as a limited liability company, a subsidiary of Sinuelo Participações Ltda., headquartered in Santa Bárbara do Sul (RS), initially focused on seed production, the sale of agricultural inputs, and the receipt, storage, and trading of grains. Throughout the 2000s, Três Tentos expanded its regional footprint with new branches and, in 2011, converted into a corporation in preparation for a more structured growth cycle and a higher level of corporate governance. In 2013, it marked its entry into the industrial segment with the start of soybean crushing operations and biodiesel production in Ijuí (RS), consolidating the integrated model connecting the retail of inputs, grains, and industry.

Três Tentos Agroindustrial’s business model is based on a vertical ecosystem that connects the sale of agricultural inputs, grain origination, and soybean processing for the production of soybean meal, oil, and biodiesel. The company focuses predominantly on small and medium-sized rural producers, offering a set of solutions that includes products, technical assistance, and financial services. The commercial relationship usually begins with the sale of inputs supported by agronomists, agricultural technicians, and researchers, evolving into barter contracts and grain origination after harvest, which can be directed to the domestic market, export, or the company’s own industrial processing. This operating structure seeks to generate logistical and commercial synergies among segments, enabling the company to arbitrate margins between inputs, grains, and industry, as well as to structure hedge operations linked to agricultural commodities.

The company organizes its operations into three major business segments: Inputs, Grains, and Industry. In the Inputs segment, it operates in the retail of seeds, fertilizers, and crop protection products for crops such as soybeans, corn, wheat, and rice. It has two seed processing units in Santa Bárbara do Sul (RS), a laboratory accredited by the Ministry of Agriculture for seed quality control, and a fertilizer blending unit in Ijuí (RS), through which it sells blends under the Trifértil brand, using macro-nutrient NPK and sulfur raw materials, partly imported. In the fiscal year ended December 31, 2024, the Inputs segment accounted for 22% of the company’s net revenue, with a gross margin before fair value adjustment of 18.0%, and a growing presence in the State of Mato Grosso, which already represented 23% of net revenue in this segment.

In the Grains segment, Três Tentos Agroindustrial is dedicated to the origination and commercialization of soybeans, corn, and wheat, mainly from small and medium-sized rural producers. The receiving structure includes truck scales, grading systems, intake pits, tippers, pre-cleaning, drying, and storage in silos with aeration and temperature control, totaling static capacity of about 1.7 million tons. In 2024, grain origination volume exceeded 3.95 million tons. The company can allocate soybeans both to its own industrial units and to top-tier global trading companies, and it operates a proprietary fleet of 116 trucks for logistics and distribution. In 2024, the Grains segment represented 25.4% of consolidated net revenue, with a gross margin before fair value adjustment of 10.5%, reinforcing the role of this link in the chain as a connector between input retail and industry.

The Industry segment is Três Tentos’ main revenue generator, accounting for more than half of its revenue. The company operates three soybean processing industrial plants in the cities of Ijuí and Cruz Alta, in Rio Grande do Sul, and Vera, in Mato Grosso. These units produce soybean meal, used in feed formulas for poultry, swine, and cattle, in addition to soybean oil and biodiesel. The installed soybean processing capacity is approximately 7.0 thousand tons per day, while the daily biodiesel production capacity is 1,850 m³. The industrial process includes grain preparation, removal and classification of hulls, flaking, expansion, solvent extraction (hexane), and distillation systems for reuse of inputs, as well as toasting and degumming stages. Degummed oil is used as a feedstock for transesterification and biodiesel production and can also employ animal fats. In 2024, the Industry segment accounted for 52.6% of net revenue and 51.9% of the company’s gross profit before fair value adjustment, highlighting the weight of the soybean agribusiness in generating results for the company listed on B3 under the code TTEN3.

Geographically, Três Tentos Agroindustrial has consolidated a significant base in Rio Grande do Sul and expanded its presence into Mato Grosso. As of December 31, 2024, the company had 70 commercial units, including 58 stores in Rio Grande do Sul and 12 in Mato Grosso, in addition to three industrial plants, two seed processing units, one fertilizer blending unit, and two research centers. The logistics infrastructure includes two rail modes with direct access to the Ijuí and Cruz Alta units connected to the Port of Rio Grande, an important route for exporting soybean meal, as well as highways such as BR-158, BR-285, and BR-392. In December 2023, the company announced a joint venture with Caramuru S.A. to operate a waterway terminal in Miritituba (PA), focused on the shipment of grains and soybean meal through the Northern Arc, with operations expected to start in 2026, expanding its logistics reach to the international market.

In addition to activities directly linked to agricultural production and processing, Três Tentos developed a specialized financial arm, Tentos S.A. Crédito, Financiamento e Investimento, known as TentosCap. The institution was formed in 2021, with approval from the Central Bank of Brazil to operate as a financial institution focused on rural producer credit. In 2022, its acquisition by 3tentos was announced and concluded in 2023, after which it became part of the company’s ecosystem. TentosCap offers working capital lines, receivables discounting, private payroll-deductible loans, personal loans, and, more recently, a credit card with harvest-based maturity, complementing the portfolio of solutions for rural producers and contributing to the loyalty of its base of more than 24 thousand active clients.

Três Tentos Agroindustrial’s operations are highly regulated at several points along the chain. In the agricultural field, the company must maintain registrations and authorizations linked to the Ministry of Agriculture, Livestock and Food Supply (MAPA), the National Health Surveillance Agency (ANVISA), state agriculture agencies, the Regional Councils of Engineering and Agronomy (CREA) and Chemistry (CRQ), in addition to complying with specific legislation for the sale of crop protection products, seeds, and fertilizers. On the environmental front, it is subject to licensing conducted by agencies such as the Henrique Roessler State Environmental Protection Foundation (FEPAM) in Rio Grande do Sul and the State Department of the Environment of Mato Grosso, in line with the National Environmental Policy. In biodiesel production, the company is regulated by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), requiring specific authorizations for plant operations and special registration with the Federal Revenue Service for tax classification. The company holds the Social Biofuel Seal granted by MAPA, which entails requirements for purchasing feedstock from family farmers and providing technical assistance to this group, integrating relevant social aspects into its supply chain.

From a corporate growth and capital markets perspective, Três Tentos Agroindustrial obtained registration as a publicly held company with the CVM in June 2021 and carried out its initial public offering of shares on B3’s Novo Mercado segment in July of the same year, with both primary and secondary offerings. Subsequently, in 2022, it executed a capital increase through an additional public offering, expanding its shareholder base and unlocking trading of TTEN3 shares for all investors, not only qualified ones. In 2023, the company brought forward the achievement of the goals set out in the IPO plan and, in 2024, announced a new growth cycle for the period from 2024 to 2030, which foresees expansion to 100 stores and four industrial plants, including entry into corn processing with production of corn ethanol and DDG in the Araguaia Valley (MT), with operations scheduled to start in 2026. In May 2024, it also completed a debenture issuance in the amount of approximately R$ 560.7 million, intended to support this new cycle of expansion of its agroindustrial and rural producer service platform.