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Mills Locação, Serviços e Logística (MILS3) investor relations material
Mills Locação, Serviços e Logística Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Net revenue for Q3 2025 reached BRL 483 million, up 15% year-over-year, with year-to-date revenue at BRL 1.345 billion, up 17.7%, driven by balanced growth across business units and the Next Rental acquisition.
55% of rental revenue now comes from long-term contracts, enhancing revenue predictability and supporting sustainable growth.
Heavy and intralogistic segments increased in relevance, now accounting for 35.5% of consolidated revenue, with strong performance in Formwork & Shoring.
Acquisition of Next Rental in August added 738 assets, expanded fleet size by 13% year-over-year to 16,100 machines, and strengthened presence in resilient sectors.
Strategy focused on operational efficiency, disciplined capital allocation, and segment diversification.
Financial highlights
Adjusted EBITDA for Q3 2025 was BRL 254.6 million (53% margin), up 27.9% year-over-year, with 9M25 EBITDA at BRL 688.3 million (51.2% margin).
Cash net income totaled BRL 117.9 million (24.4% margin) in Q3; year-to-date net income reached BRL 363.4 million (27% margin).
Operating cash flow was BRL 224.7 million in Q3, up 9.9% year-over-year, with nearly 100% EBITDA-to-cash conversion.
Gross debt at quarter-end was BRL 2.2 billion, with a robust cash position of BRL 913 million and net debt at BRL 1.2 billion.
Distribution of BRL 42.5 million in interest on equity, representing a 63% payout of quarterly profit.
Outlook and guidance
Management expects continued competitive pressure in light equipment, with no significant change in the scenario anticipated.
Focus remains on long-term contracts, especially in Heavy and Intralogistics, and on sustainable growth and operational efficiency.
Organic investments are planned for 2026, with a selective approach to capital allocation due to the interest rate environment.
Infrastructure and shoring segments have a strong investment pipeline and backlog, justifying ongoing CapEx.
ROIC for LTM ended September 2025 at 19.7%, with expectations for gradual return to historical levels as new investments mature.
How to sustain light equipment margins in 2026?
What drives 2026 organic CapEx allocation?
How will non-recurring items affect 2026 results?
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Next Mills Locação, Serviços e Logística earnings date
Q4 202520 Mar, 2026
Next Mills Locação, Serviços e Logística earnings date
Q4 202520 Mar, 2026
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