3tentos stock draws BTG support ahead of third-quarter results

Published on 11/09/2026 at 02:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

3tentos stock has a BRL 26 twelve-month target from BTG Pactual. The bank expects margin recovery, but near-term earnings remain pressured.

BTG backs 3tentos outlook

BTG Pactual retained its buy recommendation and named 3tentos its top agribusiness pick.
The bank expects improving soybean meal and biodiesel economics to support industrial margins.
Third-quarter results are scheduled for November 12, followed by an English-language webcast on November 13.

3Tentos, BRTTENACNOR0, Illustration mit AI erstellt.

BTG Pactual reiterated its buy recommendation for 3tentos on October 28, 2026, according to CNN Brasil. The bank kept the company as its top pick in agribusiness and set a twelve-month target of BRL 26.

Margin recovery remains central

BTG sees pressure on 3tentos' industrial margins nearing an end. Higher soybean meal and biodiesel prices could improve soybean-processing profitability, while the bank expects a gradual normalization of industrial results in 2027.

Corn ethanol is another growth driver. BTG estimates BRL 419 million in gross profit from the operation in 2027, based on average plant utilization of 95% and corn processing of 930,000 tonnes.

Near-term results stay demanding

The bank projects third-quarter net income of BRL 155 million, down 24% from a year earlier. It also expects grain volumes to decline 45% after unusually strong soybean sales in the first half. Management previously attributed second-quarter pressure to biodiesel, delays in new industrial capacity and a revenue mix weighted more heavily toward lower-margin grains.

A logistics joint venture with Caramuru is expected to require combined investment of BRL 400 million in infrastructure along the Arco Norte export corridor. BTG estimates potential annual savings of BRL 60 million to BRL 70 million once the project is fully operational, although those savings are not included in its estimates.

3tentos is scheduled to release its third-quarter results after the market close on November 12, 2026. The company says its results videoconference will take place on November 13 at 9:00 a.m. Brasília time, with simultaneous English translation, according to its investor relations calendar.

3tentos business model

3tentos supplies Brazilian farmers with seeds, fertilizers, crop protection products and technical assistance. It also buys and processes grains, producing soybean meal and biodiesel while selling grains into domestic and international markets. Its integrated, farmer-facing model combines agricultural inputs with grain trading and processing, giving it a more specialized regional profile than diversified global agribusiness groups such as Bunge and Cargill; SLC Agrícola is more focused on crop production.