Três Tentos delivered a mixed performance in the third quarter of 2026, with revenue surpassing expectations but earnings falling short. The company reported revenue of $5.85 billion, beating the $5.12 billion estimate by 14.26%. However, earnings per share (EPS) came in at $0.1868, missing the forecast of $0.2847 by 34.39%. Despite the earnings shortfall, the stock rose 3.55% to $11.08, indicating investor optimism about the company’s revenue growth, cash generation, and deleveraging efforts.
The quarter saw strong demand and volume growth across inputs, grains, and industrial operations, with revenue up 17% year over year. Gross profit increased by 21.8% in the quarter and 24.4% year to date, but profitability was pressured by logistics costs, lower-margin grain trading, and industrial margin compression. EBITDA reached BRL 126.6 million, and free cash flow exceeded BRL 1 billion, supported by seasonal inventory release.
Management highlighted the company’s transformation, including expanded crushing capacity, new store openings, and the operationalization of a new ethanol plant in Porto Alegre do Norte. CEO João Marcelo Dumoncel emphasized the strong cash generation, while CFO Cristiano Costa noted the improvement in leverage, which fell to 2.4x net debt to EBITDA. Executive Chairman Luiz Osório Dumoncel pointed to the company’s significant processing capacity, including 11,000 tons per day for soybean crushing and 2,800 tons per day for corn crushing.
Looking ahead, Três Tentos plans to consolidate its investment cycle in 2027, with all industrial plants expected to operate at full capacity. The company also anticipates margin improvements from more stable ethanol plant operations, better product mix, and lower logistics costs once the Via Maris port facility begins operations. However, risks such as logistics costs, commodity margin swings, and macroeconomic pressures remain challenges.