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Kepler Weber SA reported its third-quarter 2025 earnings, revealing mixed results with a significant miss on earnings per share (EPS) but a slight beat on revenue forecasts. The company posted an EPS of 0.2283, falling short of the projected 0.36, representing a 36.58% negative surprise. Despite this, Kepler Weber’s revenue reached 417.11 million USD, slightly surpassing the forecast of 416 million USD. The market responded positively, with the company’s stock price rising by 7.23%, closing at 8.31 USD, marking a notable increase from its previous close of 7.75 USD.
Key Takeaways
- Kepler Weber’s EPS fell below expectations by 36.58%.
- Revenue exceeded forecasts slightly, reaching 417.11 million USD.
- Stock price surged by 7.23% in response to the earnings report.
- The company emphasized efficiency improvements and cost control.
- Strong growth was noted in international sales, particularly in Argentina.
Company Performance
Kepler Weber reported its third-best Q3 in company history, with net revenues reaching 423 million BRL. The company achieved an EBITDA of 73.6 million BRL, indicating a 17.4% EBITDA margin, and a net income of 51.6 million BRL, translating to a 12.2% net margin. The firm also distributed 25 million BRL in dividends and managed to generate cash despite capital investments.
Financial Highlights
- Revenue: 417.11 million USD, slightly above forecast
- Earnings per share: 0.2283 USD, below forecast of 0.36 USD
- EBITDA: 73.6 million BRL, 17.4% margin
- Net Income: 51.6 million BRL, 12.2% margin
Earnings vs. Forecast
Kepler Weber’s actual EPS of 0.2283 fell short of the forecasted 0.36, resulting in a 36.58% negative surprise. However, the company’s revenue slightly exceeded expectations by 0.27%, reaching 417.11 million USD compared to the forecast of 416 million USD.
Market Reaction
Following the earnings announcement, Kepler Weber’s stock price increased by 7.23%, closing at 8.31 USD. This surge reflects a positive market sentiment despite the EPS miss, possibly influenced by the company’s strong revenue performance and strategic initiatives.
Outlook & Guidance
Looking forward, Kepler Weber anticipates ending 2025 with a higher order portfolio compared to 2024. The company expects to enter 2026 with increased business volume and projects improvements in commodity prices. However, it also foresees high interest rates persisting through 2026.
Executive Commentary
CEO Bernardo Nogueira highlighted the company’s resilience, stating, "We have prepared for these more difficult moments and the results are here." He also emphasized the focus on efficiency, saying, "We are not allowing this crisis to go unused. We’re attempting to become more efficient in our process."
Risks and Challenges
- Macroeconomic pressures with high interest rates expected to continue.
- Margin challenges in international and farm businesses.
- Potential supply chain disruptions impacting logistics and production.
- Market saturation in the agribusiness segment.
- Need for ongoing investment in technology and innovation to maintain competitive edge.
Q&A
During the earnings call, analysts inquired about the company’s warehouse expansion program and its dividend payout policy, which stands at 75-80% of earnings. Questions also addressed margin challenges and the strategy for enhancing technology and connectivity.
Full transcript - Kepler Weber SA (KEPL3) Q3 2025:
Conference Moderator: Good morning, ladies and gentlemen. Welcome to Kepler Weber’s video conference to discuss the results for the third quarter 2025. Joining us today are Mr. Bernardo Nogueira, the CEO, and Mr. Renato Barbeiro, Chief Financial and Investor Relations Officer. We would like to inform you that this presentation is being recorded and simultaneously translated. The translation option is by clicking on the interpretation button for those following the conference. In English, it is possible to mute the original Portuguese audio by clicking on Mute original audio. During the company’s presentation, all participants will have their microphones disabled and using this we will begin the Q and A session. To ask a question live, please click on the raise hand icon. Once your name is announced, you will receive a prompt to enable your microphone and you may proceed with your question.
Those wishing to submit questions in writing can use the Q and A feature available at the bottom toolbar of Zoom. Please bear in mind that any statements made during this conference regarding Kepler Weber’s business outlook, operational and financial goals are management’s current projections and assumptions and they may or may not materialize. Investors should be aware that political, macroeconomic, and operational factors may affect the company’s future performance and lead to results that differ materially from those expressed in such forward-looking statements. Now we will play a video about Porta Zaberta’s Open Doors event held in September, a special occasion when the company had the pleasure of welcoming clients and various stakeholders to its Panambi facility. The video also highlights the main awards and recognitions earned by Kepler during the first nine months of 2025, reinforcing the company’s commitment to excellence, innovation, and strong relationships in the market.
We will now turn the floor over to Mr. Bernardo Nogueira, who will begin the results presentation. I would now like to turn the floor over to Mr. Bernardo Nogueira, who will begin the results presentation for the third quarter 2025. Good morning, everybody. I’m going to share with you everything that is happening at Kepler Weber. Let’s go straight to our results. We begin with net revenues of BRL 423 million. Now, this is the third best result for the third quarter we have had in our history. This represents several achievements if we consider the macroeconomic environment in EBITDA, BRL 73.6 million with a 17.4% EBITDA margin, and the same holds true with net income with BRL 51.6 million, an evolution of 12.2% in net margin. We expect further improvements for the fourth quarter. Very well, let’s go on to our other business areas.
I think the main message here is that we have prepared for these more difficult moments and the results are here. You’ll see the diversification of our business: ports and terminals. We have large projects that come in out of the chain representing 97.4%. We will see movements in ports and terminals and replacement and services with a 10.8% growth. This is how we will end the year with a two-digit growth for the farms and agribusiness segments. These are segments quite connected to the situation of agribusiness in Brazil. We will probably continue to face a challenging scenario with farmers, of course, and in agribusiness, 30% reduction. We have two messages here. The sales happen somewhat later this year, so we had a rather interesting portfolio for the industry. We expect an increase of 26% and a return with greater strength for 2026.
In the fourth quarter, we will continue to see a retraction similar with what you see there. We share with you some of the projects and works we have in Goiás and in Peru and Uruguay now. Very well, to go into the more relevant projects for the period, here we have BRL 257 million. We have 43 strategic work throughout Brazil and we divide this into the different segments. Now today we are having very good results, as you can see. Very well, I will give the floor to continue on with our financial elements. Good morning everybody. Good morning to our shareholders and associates. It’s a pleasure to be with you again to speak about our figures for the third quarter 2025 and the nine months of 2025. In the quarter, here we are working with adversities in the market, a difficult macroeconomic situation.
Now to speak about the main variations, when we compare the third quarter with 3Q24, we had BRL 92 million last year. We had a decrease in the gross profit of the company once again due to the market situation and a trough in the price of commodities, somewhat lower than what we had before. Extremely steep interest rates and of course care credit because of the default situation we have in the market. As Bernardo mentioned, we have worked on diversifying the company in international business. We are growing considerably in replacement and services. We have also grown without impacting our margins. In the local market, we have had an impact from the macroeconomic issues that I have mentioned and the drop in gross profit because of a drop in prices. Our SG&A is under control.
If we look at this line item, it’s something that has always been very carefully controlled. We had some increases because of investments we made in the Procer platform. We have also made investments for sales in the peers in which we participate. This means a higher SG&A as a whole, and in operational business we had a positive impact of BRL 9.7 million because of a tax credit of complementary law 160 that happened in the third quarter. This is a very positive impact that we have had. Secondly, this is also due to the credit that we take. We take credit and other more aggressive companies also tend to do this in their work. The troughs are similar. When we look at 2025, a significant drop in gross profit once again due to prices, SG&A quite under control.
What I said about the second quarter still prevails here and you have other operations representing BRL 11.9 million. Now let’s go on to speak about CapEx. In the last quarter, we had mentioned that we would have an increase in CapEx vis-à-vis the second quarter. We went up to BRL 25 million. We are undergoing an important path when it comes to CapEx in the company. Even in challenging moments in the company, the company continues to maintain the capacity to make the necessary investments for its growth. We are focusing on very careful management in the company. We made refurbishments in some of our facilities, have modernized and streamlined our plant facilities, and we have invested considerably in information technology, of course with a focus on AI-driven IT upgrades. At the end of the year, we will have significant migrations. Additionally, we are developing important products.
We have 15% of sales during the year for the products that we have developed in the last five years. This is a very important metric for us. We have the capacity and the conditions to do what the company needs so that we don’t have to stop in more difficult moments. Regarding our return on invested capital, we had a drop vis-à-vis 2Q25. Now our return on invested capital is much above the local peers and the peers have similar reductions as ours. It is our understanding that this figure should become stabilized at 20% to 25%. At least this is our understanding. We were having great drops in terms of operational profit vis-à-vis last year, but we presently see a situation of stabilization and we believe that we will stabilize between 20% and 25%, a level much above what the market is delivering at present.
When you think of the local market, once again now to speak about our cash, I would like to mention that we have paid out BRL 25 million in dividends. We invested considerably in working capital because we went from revenues of BRL 330 million to BRL 425 million and we had a capex of BRL 14.3 million. All of this was funded by our adjusted results. We generated cash despite paying out capital, despite investing in working capital and creating the necessary capex for the company. Very well, here we have additional information and we are now open for the questions in the Q&A session. We repeat this very often in our calls. It gives you that context. First of all, thesis, strategy and management. Now our investment thesis, of course. We had a record harvest in 2025 of 354 million tons.
The farmers are already cultivating the harvest for 2026 and we consist strongly on the thesis of the protagonism, the importance of Brazil and what we see as a growing factor is the industrialization of agribusiness in Brazil. We had significant business this year and in the third quarter. The business refers to ethanol and biogas, and this of course requires storage for a period of 12 months, highly favorable for our segment. We, as I mentioned, have a highly diversified portfolio into different segments, one offsetting the other at the different moments of the economy, and the highlight goes to the international business because of the growth of Argentina, with a 30% increase in our sales this year. For the end of the year, this figure will increase and it’s a very positive moment for investment in Argentina.
We have a competitive edge when it comes to the resumption of investments in our neighboring country, Argentina. Another point that I would like to mention in the strategy is the connection with post-harvest stage. We have the Procer platform and the silos that allow for full connectivity and we want to generate value for the entire chain, the bank, the insurance companies, logistics and what happens in post-harvest. This has been making significant strides during the quarter. If we look at efficient management, which is our third pillar in our strategy, Renato mentioned that we are seeking and gaining efficiency in different parts of the company. I will refer to this in more detail in the closing. We’re not allowing this crisis to go unused. We’re attempting to become more efficient in our process and elsewhere in the organization.
Finally, in efficient management, what is important is the relationship with clients. Kepler Weber maintains a close relationship and this is part of our strategy. Of course, let’s go on to the last slide before the Q&A. I’m going to explain this to you. For those who are following up on us for the first time, it refers to the main factors that have an impact on our business. In orange, the soybeans price, bushels per dollar. We had an exceptional moment in agriculture between 2021 and 2024. We see that in two phases we were doing well. It dropped, it got to 2% in 2019, it increased, and then it increased again to the highest levels in the last 20 years and finally below the production.
Of course, our storage thesis: in 2016, we were able to store 93% of our production and Brazil is able to store only 60% of its production. You can see the great disparity that we have here now. When we look at our results in the third quarter and the results for the year of 2025, when compared to 2024, the results are lower, but we begin to see stability. It’s important to compare oranges with oranges, with the same previous cycle in 2015, 2016, when the interest rates were stable and the commodity had a higher price. We see that we are working at a superior level. The company has reached a completely different level. We continue to seek efficiency perpetually so that this will deliver results to us. We know that there is a storage deficit. Of course, this is important.
We know that this is a cyclical business. The climate is cyclical. The storage business in Brazil will doubtlessly maintain itself for the next 20 years, at least in Brazil. Let’s go on to the question and answer session. We would like to remind you that should you wish to pose a question, you can pose it live. You will receive a prompt and you will turn on your microphone to pose your question. For those who prefer to ask their questions in writing, please use the Q&A icon at the bottom of the Zoom screen. Because of the large number of questions we normally receive and to be able to respond to everybody, we will group the results according to their topic. Questions asked over the microphone will have a priority. We have a question from Mrs. Fernanda Urbano from XP Investimentos Corretora de Câmbio. You may proceed, ma’am.
Good morning, everybody. Good morning, Bernardo and Renato. Thank you for taking my question. We have two questions at our end. First of all, I would like to explore your order portfolio. You said that your order portfolio was at a higher level vis-à-vis last year, but now we see a retraction, although there has been a sequential improvement. What does this prompt you year after year? Is it due to the scenario of scarcity, or is there another factor that has impacted your order portfolio? What can we think when it comes to the fourth quarter? This is the first point. At the end of the presentation, you had an interesting slide referring to the Selic rate, the price of grains, and of course the situation of storage. This, of course, has an impact on your margin.
It all depends on the market appetite for better volumes, better pricing, and of course, what will happen with your SG&A. These are our two questions for the time being. Hello, Fernanda. Thank you. Excellent questions. Regarding our order portfolio, we have good news. We ended September somewhat below the figures of 2024, but September was the month with the highest sales since then, and we do have very good news to calm everybody down. This is an excellent indicator of what will happen going forward. We follow up on this very closely. To speak about our order portfolio for the fourth and first quarter, we hope to end the year with a portfolio that is higher than at the end of 2024. We’re going to enter 2026 with a higher volume of business when compared to 2025.
Regarding profitability, we have a great deal of information, and what we believe is that we will maintain the scenario of 2025. We expect there will be an improvement in the price of commodities. There won’t be a sudden reduction in interest rates. We believe the interest rates will continue high throughout 2026. In the year 2027, we expect stability versus what we see in 2025. Simply to complement here, compared to the previous year, we might have a higher volume of sales for the first quarter and who knows, the second quarter. This is the expectation. Now, when it comes to sales in 2024, we don’t see anything different when compared to 2025. Commodities at a similar level. If we look at the interest rate, we believe that they will only have a reduction at the very end of the year.
What we do see is that this year we were much more efficient than we were in the year 2024. These adverse moments are important for us to verify internal procedures that were not very efficient and to work differently. Nowadays the company does have much greater efficiency than in the past. Perhaps this will bring a gradual improvement in the coming year when it comes to our results. Our next question. Good morning, Bernardo, Renato, and team. Thank you for allowing me to ask questions. Congratulations on your results. I have two here. First, international business that I would like to divide in two points. You mentioned something interesting in the release that 100% of the sales had embedded technology. I would like to understand somewhat more about this topic, if possible, how much of this in terms of product profitability, if you could characterize this further.
When it comes to international sales, despite the very strong sales, I believe the fourth quarter will also remain strong. There will be a loss of 20% at the end. You have spoken about a more difficult competitive environment and selective commercial operations. If you could give us a clear view on this. Now, the Procer and embedded technology is something very positive. You do have a drop despite the strong sale. The second question. I will wait a bit until I get my answers. Thank you for the question. I will first of all answer about Procer and Renato will refer to the profitability. Our strategy since the acquisition of Procer. 100% of our unit is no longer in default. Unless the client has the platform for IoT, they end up embarking in Procer.
In the last two years we have increased the number of connected units and in international sales was 100% of the units connected with Procer. We have two values here. It is important to have connectivity and connection with the units. We expect to have recurrent revenues in the long term once all of the units are connected, whether they are in Brazil or in the neighboring countries like Paraguay or Uruguay. There’s a great deal of enthusiasm every time we have this embedded technology. If you could speak about profitability. Thank you for the question. Now, regarding international. Now, when you look at the totality of our receivables, they’re done in an anticipated way, which reflects a very low risk of credit. The shipments are sent out with anticipated payment.
In terms of cash flow, this represents a good sale because it has no carryover of receivable for a period of 8 to 10 months. Regarding the drop in margin, we undergo the same situation as local players. What we see now, and that is important, is that we’re expanding our share in international business. You work with a client, you become a preferred supplier. Of course, this will lead to recurrent sales. This also generates the replacement and services in the future. All of this arises from the competitive scenario, something the players are also seeking. This is a very good way of generating cash flow as you do not have receivables. That was very clear. Is this for all of the countries where you operate? Are there specificities? There is a certain fragmentation of margin among the countries.
Of course, a recurrent sale allows you to have somewhat higher margins and new entrants as well. It depends very much on the country as well. My second question refers to the PCA. The program for construction and expansion of warehouses, the program approved represents BRL 8 billion for 2025 and 2026. I think you’ve used up to 50% to 60% of the resources for different, different reasons, of course. Some people have problems in their investment degrees. What is happening with it? What is it that you see in terms of the use of this very important resource? Perhaps it will be a lead indicator of the intention of the farmers, the intention to invest once again. In the second point, also referring to this program, the PCA, in the release you mentioned that 15% of the Kepler Weber S.A. sales are funded through the use of these resources.
Through a simple calculation, I’m under the impression that the share of this. It seems that a Kepler Weber S.A. client uses the PCA much less than the clients of the competitors. I’m trying to calculate which would be the value for you vis a vis the total value. If you could give us more color in terms of the relevance of PCA for the company and how important this is for competitors, that disparity of share that we see. These are my two points. Last year we released approximately 10% of the amount available. There was an increase in pace in September. August was quite slow, September increased the pace, but it’s still way below the expectations of the sector. There are several protocols, a great number of intentions, but there is a great deal of red tape to release this.
The scenario is very similar with the former PCA that we had for this. Now we’re speaking about farms. That is why this fragmentation and diversification of business is important for us. When you go to ports and terminals and international sales, you don’t have the PCA stay involved here. Of course, these companies fund themselves in different ways. How have we structured ourselves? We have used our balance to fund some of the sales to farms or replacement and services. We look in the long term, we make an analysis of our cash flow to do this because the competition is working with installments that have a different skill. I’ll give the floor to Bernardo to speak about the competition questions. When it comes to the PCA, we don’t think it has a lower share release compared to our competitors.
Quite the contrary, we do have an excellent share and we have. They have been releasing the funds with discipline for several construction for equipment storage units. Of course, this could change the calculation you made. We have been very active in seeking out and helping the consultancy. Our financial team, of course, is aiding the clients to find the best resources possible to use in their own units. Thank you. Thank you very much. Once again, congratulations for your results. Our next question comes from Mr. Ronaldo Bueno, an individual investor. Good morning. Which is the company’s strategy to improve margins in the coming quarters, especially in the farm area and international businesses. Thank you, Ronaldo, for the question. It’s partially what I already mentioned. We have the external part of the company. We have the positive points that Kepler Weber has.
The differentials of the company, the awards, the trophies that we have just won that will give our client greater security when making their investments. In house and because of internal issues, we truly have improved our factory efficiency. Our costs have been reduced by 30%. Our costs with outsourcing time to deliver, thank you, have also improved significantly. It’s a significant cost reduction. Additionally to that, we see that our SG&A is behaving very well. As you increase your revenue, you increase your operating leverage. Yes, we have carried out several actions since the company began this year. We have had evolution and our situation of efficiency is much better than it was at the end of last year, at the beginning of this year. This generates operational improvements. Of course, we have acted upon the credit issue and the price of commodities as a whole.
We’re focusing on credit, attempting to improve margins and other areas as well. Ronaldo, thank you. I think Renato has explained the short-term actions very well. In the midterm, what we can do and what lies within our control for the company profitability are three broad points to develop, points that set themselves up, that save energy. Research and development, of course. Research and development is one of our important focuses now. Our improvement in distribution centers, whether you are in Parana or in Minas, we do have distribution centers that help us capture premiums or new sales to new units. This is the double strategy. We want to sell parts, recurrence services, but we want new units to also have access to these distribution centers. We have more than 260 works underway, work that will deliver in an organized way, with security in the right timeline.
This means that the client will come back and buy again from us. They have an excellent experience, excellent deliveries. This will, of course, extend the business as 60% of our invoicing in the third quarter are for clients that have already bought from Kepler Weber in the past. Please hold while we pull for more questions. Our next question comes from Mr. Verner Hojer from Trigono Capital. You may proceed, sir. Good morning and congratulations for the results, Bernardo, Renato, and the Kepler team. I have two questions. First of all, the tax issue. Taxes on fiscal incentives. There’s a deficit in storage, but what are you going to do with the harvest as the ports are not ready to receive the trains, the trucks? This, of course, could delay shipment. Thank you for the question regarding the tax recovery.
We had that recovery of BRL 9 million above based on BRL 3 million taxes. I believe we’re going to assess throughout the fourth quarter. There was an explanatory note number 27, the details of what has been done. We have gone through courts. Perhaps some of this will be acknowledged in the fourth quarter, but so far we cannot monetize this. We have allowed these points to remain in the explanatory note. There will be an assessment in the fourth quarter regarding the amount. We do hope that something will take place during the fourth quarter. Bernard, thank you for the question. When it refers to port specifically, we have increase in demand. Of course, to grow production, you have to have the necessary outflow. We have several projects in Santos and in the North Arch. This project has been highly valued by the ports themselves.
This is an interesting point that will bring about growth in the fourth quarter as well. Our mission is to grow within this segment. It’s important to mention another point referring to ports. Similarly to that, it has that strategic edge of offering connectivity in ports. Besides the diversification this brings to our company, the port projects are more dynamic. The Formula 1 for post-harvest are these projects that include greater speed, a larger scale using our engineering. This can be trickled down to other business lines. We have several other countries here. If you could speak about agribusiness and diesel and grains during the year, the production throughout the year. If you could speak about your vision in terms of this type of demand. Thank you, Werner. Once again, agribusiness. As I mentioned before, we have biofuel and the areas that of course demand storage.
First of all, because of the growth of this segment, we have dozens of projects underway throughout Brazil. Most of them are Kepler Weber. We closed important businesses in the first half and now in the third quarter and second half of the year, we will have important news in terms of corn, ethanol, and diesel. The dynamic changes completely. It’s one thing to have a production that has to be stored for 12 months. I cannot use the same unit for two harvests. The corn has to be stored in 12 months for ethanol, for example, then will have to be stored for the next harvest. That dynamic highly benefits our business. There is no doubt about this. Thank you very much. Our next question comes from Renato Luiz, an individual investor, which is the policy of payout of dividends. Good morning, Renato. Thank you for the question.
Let’s begin with the second part of the question. We understand that shares are falling, depreciated, the perceived value is much higher than what you see on the screen. This is perhaps due to the link that Kepler Weber S.A. has with the agribusiness sector and with the commodity identity sector in Brazil. We have strengths even in adverse moments like this one. We have to show shareholders as a whole that Kepler Weber S.A. is a safe haven to be. Of course, we’re also exposed to agri display. The sector that we’re working in, given the need for storage, is a highly resilient and strong sector, even in difficult times. We have mentioned we have had positive data even with this momentary situation of the market. Kepler Weber S.A. has not suffered in terms of its financial situation because it has sufficient cash.
Other problems in the sector face different problems from ours. To speak about dividends, we spoke about 2025. We have already paid out BRL 95 million for the year 2025. If you look at a 12-month period, it’s between 75% and 80%. If you look at the dividend yield, it’s around 9% for the last 12 months. The company is an excellent payer of dividends. We so far do not have a policy set forth for 2026, but we tend to maintain this recent history of payout between 60% and 80% of payout in the last Q&A session. Here we would like to return the floor to Mr. Nogueira for the closing remarks. Thank you very much. Thank you as well for the questions. Renato, that last question, I would love to speak about this more. I fully agree with you.
To complement the answer given by Renato, there’s a great deal of problems with cycle. What we’re showing in 2025 is that despite this adverse moment for the business, we’re the highest payer of dividends. We have created a company that includes resiliency through diversification. We are a completely different company nowadays and I agree with you. I have made a pledge with the board. I don’t sell the shares. I receive them from Kepler Weber S.A. and I will never sell them because I truly believe in Kepler Weber S.A. For the closing, we have prepared for this adverse scenario through intense diversification and we’re making use of the crisis in all areas of the organization. We are more efficient. We have reduced 24% of freight through trucks. We try to ship our loads in a more efficient way. We had a reduction of 24% in one year.
We increased the productivity of internal logistics within our plants by 7%. The man hours work. We have reduced outsourcing by BRL 6 million vis-à-vis last year. These are simply some examples of how the company is being well managed and with controlled costs throughout the organization. This is not work only of myself and Renato that are motivating this. All of the company leaders are committed in doing their very best within this scenario. We spoke about the portfolio and it’s important to reinforce this point. We are working and have an expectation that we’re going to end the year with a portfolio that is higher than what we had in 2025. It’s important to underscore this to close. I like to speak about shareholders, clients, and our team. The message here first is to the shareholders even in these difficult scenarios.
Renato mentioned that the share has not been properly valued in the last 12 months. We had a growth of 11,000 new shareholders and this means that Kepler Weber S.A. is being acknowledged and we’re working to continue to be the best payer of dividends in agribusiness and among the best in the category that we work in. If we look at our clients, and I’m sure some of you are here, we still have a strong commitment of working very closely with you, developing products that will add value to what you do. We’re in the area of 70%. Even in more difficult years where there is a retraction, we were able to increase the number of clients, which means that we’re not following the average. We’re above average in product development, access to the market, and making things happen.
Finally, and not less important, thank you to all of the Kepler Weber S.A. team. We received the prize of Great Place to Work. We’re among the best companies to work in. In Rio Grande do Sul, the video conference for the release of results for the third quarter 2025 has come to an end. Please send your question to our IR team. We would like to thank all of you for your attendance and we wish you an excellent day.
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