Tegma Gestão Logística (TGMA3) investor relations material

Executive summary

• Net revenue reached R$521.3 million in Q1 2026, up 18.4% year-over-year, driven by strong performance in Automotive Logistics and increased vehicle transport volumes and distance.

• Net income declined 11.3% to R$38.8 million, impacted by higher financial expenses, reduced equity income, and margin compression.

• EBITDA grew 7.7% year-over-year to R$74.2 million, but margin declined due to weaker automotive division results and higher costs.

• Free cash flow was R$71.2 million, lower than last year due to higher CapEx and lower net income.

• Operating cash flow remained robust, supporting liquidity and a net cash position.

Financial highlights

• Automotive Logistics net revenue rose 22% year-over-year to R$480.1 million, with a 59% increase in Fastline operations.

• EBITDA margin for Automotive Logistics was 13.7%, down 1.7 percentage points year-over-year.

• Integrated Logistics net revenue dropped 10% year-over-year to R$41.2 million, while EBITDA margin improved by 2.8 percentage points due to lower expenses and non-recurring revenue.

• GDL net revenue fell 21% year-over-year to R$53 million, with net income down 77% and net margin at 5.8%.

• Gross margin was 16.1%, down 3.1 percentage points year-over-year.

Outlook and guidance

• Management expects full utilization of GDL facilities in Q2 and Q3 2026 due to anticipated peak in vehicle imports before import tax increases.

• Management remains confident for Q2 2026, focusing on growth in automotive logistics and operational efficiency.

• Yard capacity investments are expected to accommodate increased vehicle imports until mid-2026.

• No new accounting standards or amendments are expected to materially impact results in 2026.

• Forward-looking statements are subject to significant uncertainties.