Select an indicator to see the 2Q26 result with comparison and the explanation drawn from official documents.
The 24.2% growth in domestic sales was driven by the advance of electrified vehicles and the Carro Sustentável program and, according to FENABRAVE, by higher income, stronger competition and lower prices. Highest sales level since 2014, accelerating in May and June. The 23.5% drop in exports reflects lower sales to Argentina and Uruguay and stronger Chinese competition in Latin America.
The number of vehicles transported grew 21.5%, driven by higher domestic vehicle registrations, raising market share to 23.8% (+1.2 p.p.), reflecting Tegma's key customers outperforming the market. Exported vehicles transported fell 15.8%, tracking the period's export decline.
Consolidated average distance grew 7.8%, driven by a 3.5% increase in domestic distance (to 1,285 km) and by domestic trips' higher share of the mix. BYD has a relevant contribution to this increase, particularly vehicles loaded in Cariacica, Espírito Santo, according to CEO Nivaldo Tuba. Export distance fell 8.0% on fewer trips to Mercosur.
The 39.4% growth reflects a 21.5% increase in vehicles transported, a 7.8% increase in average distance, and annual tariff adjustments. Fastline's revenue grew 7%. Deductions rose 38.3% on the change in ICMS tax collection related to transport — in effect since 3Q25 — resulting in an additional R$5.4 mi tax payment (0.8 p.p. margin impact).
The gross margin rose 0.3 p.p., despite the ICMS tax impact (-0.8 p.p.). The quarter benefited from a R$2.5 mi credit related to the 1Q26 diesel pass-through mismatch, already reimbursed (+0.4 p.p.). This was partly offset by higher barge costs in river transport in the country's north (-0.4 p.p.) and the transfer of employees to Camaçari, Bahia and Cariacica, Espírito Santo due to high volumes at those operations (-0.4 p.p.).
Adjusted EBITDA grew 52.4% on revenue growth combined with stable expenses (excluding the R$7.2 mi non-recurring indemnity related to the former subsidiary Direct Express), despite the negative impact of ICMS tax payments (-0.8 p.p.). Excluding the indemnity effect, expenses rose only 2.4%, below inflation, driven by lower legal fees related to M&A and anti-competitive proceedings.
The 7.4% growth occurs despite the loss of an inbound transport contract in the Bulk Logistics operation in June/25. This loss was mitigated by the start of the new container transport contract for BYD in Bahia (+R$6 mi) and by growth in the packaging management division.
The gross margin fell 5.5 p.p., explained by the change in ICMS tax credit calculation related to transport (+R$0.6 mi in tax payments, 1.3 p.p. impact) and by higher diesel prices, fully passed on to carriers but only partially to customers.
EBITDA margin fell 4.0 p.p., reflecting the decline in gross margin during the period, partly offset by lower expenses in the division. The new container logistics service for BYD is starting to offset the bulk logistics revenue lost in 2025.
Consolidated gross revenue grew 36.9%, driven by the Automotive Division (higher vehicles transported, average distance and tariff adjustments) and a positive contribution from Integrated Logistics with the new container management contract.
The gross margin was stable at 20.6%, as the change in ICMS tax credit collection (-0.7 p.p., R$6.1 mi), the discontinuation of a chemical logistics contract, and operational issues in automotive logistics tied to strong operational growth were all offset by the volume effect.
Adjusted EBITDA grew 46.3%, with a 1.2 p.p. margin expansion, driven by revenue growth in automotive logistics and stable expenses (excluding the R$7.2 mi Direct Express indemnity). Total expenses rose 22.1% in the quarter precisely because of this indemnity; excluding it, they fell 0.6% on lower legal fees related to M&A and anti-competitive proceedings.
Equity pickup mainly reflects the result of the GDL joint venture. GDL posted revenue of R$68 mi (-13%) and net income of R$12 mi (-38%). Drivers: (1) customs clearance of vehicles on water followed by removal to non-bonded yards; (2) a higher volume on ro-ro vessels instead of rack storage; (3) use of DUIMP, which reduces the need for storage in secondary zones; and (4) unfavorable exchange-rate variation affecting bonded storage revenues. Margins were also pressured by the cost of yards kept under lease to meet vehicle inventory peaks.
The financial result turned negative due to the 44.5% drop in revenue from financial investments, reflecting the lower cash position after the extraordinary dividends of December 2025 and R$55 mi in new financing raised over the last 12 months. Interest on leasing (IFRS-16) fell 12.1% on the shorter remaining term of the contracts.
Net income grew 23.8%, but the margin fell 1.2 p.p. due to the non-recurring indemnity of R$7.2 mi (R$4.8 mi net of income tax) related to the former subsidiary Direct Express, the lower equity pickup, and the reversal of the financial result from positive to negative, plus a higher effective income tax rate of 29.7% (vs 26.9% in 2Q25).
Negative FCF of R$1.2 mi was impacted by high working capital consumption resulting from the rapid pace of revenue growth (+37% vs 2Q25). Days sales outstanding held at the same level as the prior year; the cash-to-cash cycle rose 1 day, to 39 days. The R$14.7 mi CAPEX was invested in: yards in Serra, Espírito Santo and Camaçari, Bahia (R$2.1 mi), a new plot of land in Camaçari (R$4.1 mi), and tractor units for used-vehicle logistics (R$1.7 mi).
Net cash of R$56 mi (total cash of R$196.9 mi less gross debt of R$141.0 mi) declined vs March/26, mainly due to the negative free cash flow in the quarter. In 2Q26 Tegma raised R$15 mi through BNDES's "Renova Frota" fleet-renewal line (5 years, CDI -2.2%), lowering the average cost of debt to CDI +0.94% (-0.4 p.p. vs Mar/26). In March/26, Fitch reaffirmed Tegma's rating at A(Bra), stable outlook.
ROIC of 31.8% remains well above the estimated cost of capital (12%-17%), demonstrating strong value generation. The 1.9 p.p. increase vs 1Q26 stems from growth in operating results, driven by higher vehicles transported, average distance and margin improvement. According to CFO Ramón Perez, ROIC, ROE and EVA all rebounded this quarter after three consecutive quarters of decline. EVA of R$109-144 mi (vs R$88-121 mi in 1Q26) confirms this recovery. All of Tegma's current and prospective operations undergo an assessment using EVA as a criterion for value generation and viability.