Santos Brasil loses fee appeal: what it means for Santos Brasil stock

Published on 10/14/2026 at 02:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

On September 21, 2026, the fee ruling kept Santos Brasil from collecting THC-2 charges. For Santos Brasil stock, fiscal 2025 revenue was BRL 3.63 billion.

Fee ruling and financial base

Brazil's Superior Court of Justice ended Santos Brasil's appeals on September 21, 2026.
Fiscal 2025 revenue reached BRL 3.63 billion.
Fiscal 2025 net income stood at BRL 871.66 million.

Santos Brasil, BRSTBPACNOR3, Illustration mit AI erstellt.

Santos Brasil (BRSTBPACNOR3) had its final appeals over the THC-2 port fee rejected on September 21, 2026, leaving the terminal operator barred from collecting the charge from Marimex. The ruling gives Santos Brasil stock a legal cost issue to weigh alongside its operating results, rather than a simple volume story.

What the ruling means

According to El Fondo on September 21, 2026, Brazil's Superior Court of Justice upheld the prohibition on charging the controversial fee, known as SSE or THC-2, to Marimex. The dispute had remained in the courts for 24 years, while an earlier injunction had already blocked the charge since 2009.

The economic effect is material because the fee represented a potential revenue stream tied to port handling. The decision therefore places greater importance on container throughput, logistics activity and the company's ability to grow earnings through its core terminals.

Revenue sets the financial base

AUVP Analitica lists Santos Brasil fiscal 2025 net revenue at BRL 3.63 billion, compared with BRL 2.90 billion in fiscal 2024. That is an increase of BRL 730.00 million, or 25.17 percent, year over year.

The same fiscal-year data show net income of BRL 871.66 million in 2025, up from BRL 741.97 million in 2024. The BRL 129.69 million increase, equivalent to 17.48 percent, shows that earnings expanded alongside revenue before the court ruling removed the fee from the company's future operating equation.

Five terminals define the business

Santos Brasil operates port terminals and logistics services for containers and vehicles. Its infrastructure includes three container terminals, one vehicle terminal and one general cargo terminal, with additional logistics and customs facilities in Brazil.

The combination of BRL 3.63 billion in fiscal 2025 revenue and BRL 871.66 million in net income provides a quantified operating base for assessing the legal setback. The next read-through for Santos Brasil stock is whether core terminal activity can sustain that earnings base while the fee dispute remains settled against the company.

Legal risk remains part of valuation

The September 21, 2026 decision closes the appeal path described by El Fondo. For readers assessing the stock, the key comparison is between the company's 25.17 percent fiscal-year revenue increase and the removal of a disputed tariff source from future cash-generation assumptions.

Market context: Market report Bovespa.