TTEN3 2024: Industry 53%, Grains Surge, FX Tail
Três Tentos (TTEN3) 2024 FRE performance is a segment-mix story: Industry stayed the revenue majority, Grains nearly doubled in reais, and Inputs grew in absolute terms while losing share.
This page summarizes an operational/financial performance analysis. apicvm returns the filings.
The research question
> What factors drove revenue and results across Industry, Grains, and Inputs?
Segment mix (R$ thousands)
| Segment | 2023 revenue | 2024 revenue | 2024 share |
|---|---|---|---|
| Industry | 4,689,203 | 6,748,766 | 52.6% |
| Grains | 1,766,232 | 3,257,421 | 25.4% |
| Inputs | (higher share in 2023) | (grew absolute; 22.0% share) | 22.0% |
| Total net revenue | 8,998,985 | 12,825,771 | 100% |
Product concentration (2024)
| Product line | Share of revenue |
|---|---|
| Soybean meal | 29% |
| Biodiesel | 24% |
| Soy trading | 18% |
| Crop protection | 11% |
Other drivers cited
- Commodity prices: soybeans, soy oil, biodiesel — cyclical margin pressure.
- FX: BRL depreciation supported export revenues and domestic soy-complex pricing.
- Seasonality: March–April harvest pressure on soy prices.
- Tax / subsidies: investment subsidies R$ 94.6 million (2024) vs R$ 300.2 million (2023); ICMS investment regimes; presumed PIS/COFINS credits on biodiesel; family-farmer feedstock benefits.
- Macro: IGP-M/IPCA and credit conditions as demand/delinquency levers.
Research takeaway
Segment tables beat a single “agribusiness revenue” embedding. Filter FRE performance pages with name=Desempenho before building mix models.
Replicate with apicvm
export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/companies/resolve?query=TTEN3&by=ticker"
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/documents?ticker=TTEN3&type=FRE&year=2025&name=Desempenho"
curl -X POST -H "Authorization: Bearer $APICVM_KEY" \
-H "Content-Type: application/json" \
-d '{"callback_url":"https://your-server/callback","document":{"id":"<id>"}}' \
"$APICVM_URL/v1/document-text-extractions"Methodology note
Findings above come from a completed Hold analysis of the company's public 2025 FRE. This is a research illustration, not investment, legal, or tax advice. Verify numbers against the original filing before trading, modeling, or publishing reports.
Limitations
- apicvm returns filings and extracted text — it does not classify risks or compute coverage ratios.
- Figures are as of the FRE filing date; later ITRs or facts relevantes can update them.
- Corpus coverage depends on ingestion lag.
Next steps
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