Mills Locação, Serviços e Logística (MILS3) investor relations material

Executive summary

• Net revenue reached R$450.1 million in 2Q25, up 21.6% year-over-year, with 6M25 revenue at R$862.5 million, driven by rental growth and a focus on long-term contracts.

• Adjusted EBITDA was R$227.2 million in 2Q25, up 25.7% year-over-year, with a margin of 50.5%; net income increased 23% to R$87.3 million.

• Cash net income for 2Q25 was R$151.9 million, with a margin of 33.7%.

• Strategic capital allocation led to a 64.9% reduction in investments for the quarter, focusing on higher-return contracts and long-term agreements.

• Acquisition of Next Rental for R$180 million expands presence in mining, forestry, agribusiness, construction, and the South region.

Financial highlights

• Rental segment net revenue was R$413.0 million in 2Q25, up 19.7% year-over-year, with 50% of rental revenue from long-term contracts.

• Adjusted operating cash flow reached R$114.3 million in 2Q25, up 31.2% year-over-year.

• CapEx for the quarter was R$162.9 million, down 64.9% year-over-year, with 93.3% allocated to rental assets.

• Net income was R$87.3 million in 2Q25, with a net margin of 19.4%.

• Distribution of R$48.9 million in Interest on Equity for 2Q25, with a payout ratio of 40% for the first half.

Outlook and guidance

• Margins expected to remain healthy, with ongoing focus on productivity, SG&A reduction, and operational excellence.

• Continued focus on long-term contracts, especially in Heavy Equipment and Intralogistics, to drive revenue predictability.

• Expansion in the Southern region and forestry sector through acquisition of Next Rental, with premium fleet and long-term contracts.

• Management remains focused on efficient integration of new operations and disciplined capital allocation.

• CapEx for the second half of the year to remain stable, focused on heavy and intralogistics segments.