Tegma Gestão Logística (TGMA3) investor relations material

Executive summary

• Q3 revenue rose 19.9% YoY to R$760.6m; EBITDA increased 11.1% to R$129.8m, with margin down 1.4 p.p. to 17.1%; net income rose 46.5% to R$117.0m.

• Net income included a R$29.2m tax credit; excluding it, net income was R$87.8m, up 9.9% YoY, with an 11.5% adjusted net margin.

• Volume growth supported revenue, while operating and capacity-expansion costs pressured Automotive Logistics margins.

Financial highlights

• 9M revenue rose 25.2% YoY to R$2,022.0m; adjusted EBITDA increased 22.2% to R$342.6m and net income grew 25.3% to R$238.9m.

• Q3 free cash flow was R$94.6m; 9M free cash flow reached R$165m.

• Q3 gross profit rose 9.9% to R$144.9m, while gross margin declined 1.7 p.p. to 19.0%; EBIT increased 11.3% to R$112.7m.

Outlook and guidance

• Approved growth investments total R$52m: R$12m for a Pernambuco vehicle yard, R$22m for river-transport car-carrier trailers and R$18m for Fastline fleet expansion; projects extend into 2027.

• The Pernambuco yard and Fastline fleet expansion are expected by June 2027; river equipment deployment is planned from late 2026 through 2027, subject to availability.

• Investments remain subject to return assessment against cost-of-capital criteria; Fastline plans to retain an asset-light model, with over 70% of revenue from outsourced freight.

• Integrated Logistics expansion is a strategic priority; the proposed Transcopa acquisition is intended to broaden geographic diversification and support growth, subject to closing conditions.