Três Tentos delivered mixed results for the third quarter of 2026, with revenue surpassing expectations but earnings falling short. The company reported revenue of $5.85 billion, beating estimates by 14.26%, while earnings per share (EPS) came in at $0.1868, missing the forecast of $0.2847 by 34.39%. Despite the earnings miss, the stock rose 3.55% to $11.08, reflecting investor optimism about the company’s revenue growth, cash generation, and improving leverage.
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 and a heavier grain-trading mix. 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 strong cash generation, while CFO Cristiano Costa noted improving leverage, now at 2.4x net debt to EBITDA. Executive Chairman Luiz Osório Dumoncel pointed to the company’s significant processing capacity for soybeans and corn.
Looking ahead, Três Tentos expects 2027 to be a consolidation year after a heavy investment cycle. The company plans to focus on operational improvements, such as stable ethanol plant operations and better product mix in soybean crushing. However, risks remain, including logistics costs, commodity margin swings, and macroeconomic pressures.