Santos Brasil reports R$193.4 million Q2 net profit, up 12.6%

With strong operational performance, Santos Brasil posted revenue growth across all its business units in the second quarter of 2025 (2Q25). Consolidated net revenue reached BRL 880.9 million (+25.3% YoY), with highlights including a 27.9% YoY increase in net revenue from container and general cargo terminals and a 123.4% YoY increase in net revenue from liquid bulk terminals. The company’s net income totaled BRL 193.4 million (+12.6% YoY), with a net margin of 22.0% (-2.5 p.p. YoY).

Consolidated EBITDA reached BRL 456.7 million in 2Q25 (+35.2% YoY), with a margin of 51.8% (+3.8 p.p.). The performance was driven by the container and general cargo terminals, which posted EBITDA of BRL 437.3 million (+41.9% YoY) and a margin of 62.9% (+6.2 p.p. YoY), and the liquid bulk terminals, which reported EBITDA of BRL 21.0 million (+189.2% YoY), with a margin of 77.2% (+17.5 p.p.).

Santos Brasil’s container terminals handled 382,398 units in 2Q25 (+3.5% YoY), with a significant increase in empty containers (+26.8% YoY), which accounted for 30.5% of total volume in the quarter (vs. 24.9% in 2Q24). Cabotage operations grew 17.0% YoY in 2Q25, while long-haul operations remained stable compared to 2Q24. Another notable point was the 32% YoY reduction in transshipment operations during the quarter.

Tecon Santos handled 340,900 containers in 2Q25 (+5.2% YoY), driven primarily by growth in cabotage volumes (+27.2% YoY). Long-haul volumes were relatively flat (+0.6% YoY), reflecting a temporary reallocation of services at the Santos terminal that led to fewer vessel calls in April. However, volumes began to recover in May with the start of the new SEAS3 service operated by CMA CGM, which connects Asia with the East Coast of South America.

Tecon Vila do Conde handled 22,969 containers in 2Q25 (+3.5% YoY), supported by more regular vessel calls and higher average consignment per long-haul ship. Tecon Imbituba, on the other hand, saw a 20.2% YoY decline, mainly due to skipped calls from long-haul services.

At Santos Brasil Logística, container storage at bonded logistics centers (CLIA) dropped 6.3% YoY, and pallet handling fell 62.1% YoY.

The Vehicle Terminal (TEV) posted a 32.9% YoY increase in vehicle handling, driven by a continued recovery in exports of light vehicles to Argentina and a rise in exports of heavy-duty vehicles.

The liquid bulk terminals recorded a significant 34.2% YoY increase in fuel volumes handled, due to expanded capacity, which enabled the attraction of new customers and the broadening of existing contracts.

In 2Q25, CapEx totaled BRL 120.9 million, with key investments including: capacity expansion and equipment upgrades at Tecon Santos; acquisition, assembly, and maintenance of operational equipment at the Vila do Conde and Imbituba terminals; expansion and development projects at the Liquid Bulk Terminal (TGL02); and acquisition of new equipment for logistics operations.

According to Daniel Pedreira Dorea, Chief Financial and Investor Relations Officer at Santos Brasil, the company’s capital allocation strategy aims to maximize asset value by expanding terminal capacity to absorb excess demand, especially at the Port of Santos. “Since 2019, the company has been investing ahead of demand, even accelerating previously planned investments. The strategy has proven effective, with Santos Brasil gaining market share and consistently improving its financial indicators. The main financial result lines are growing much faster than the relative volume increase because the company has reached a scale that allows it to grow throughput without significantly raising fixed costs. Tecon Santos is well-positioned to operate with leveraged productivity,” he said.

Tender Offer (OPA)

In April 2025, the sale of the stake in Santos Brasil held by funds and companies managed by Opportunity to the CMA CGM Group was completed, making CMA CGM the controlling shareholder with a 51% stake in the company. In May, CMA CGM submitted a request to the Brazilian Securities and Exchange Commission (CVM) to register a public tender offer (OPA) to acquire all common shares issued by Santos Brasil.

The OPA combines three public offer modalities: the contractual obligation assumed by CMA CGM under the “Share Purchase Agreement,” the acquisition of control of the company, the conversion of Santos Brasil’s registration from a Category A to a Category B securities issuer with the CVM, and the company’s exit from the Novo Mercado special listing segment.

Source: Santos Brasil

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