1Q23 Earnings Release

TEGMA GESTAO LOGISTICA S.A., one of the largest logistic providers in Brazil and one of the leaders in logistics for brand new vehicles in Brazil, hereby presents its 1Q23 results.

. The volume of vehicles transported in 1Q23 was 137.8 thousand, 18.1% higher vs. 1Q22. It represented a 25.3% market share, 0.9 higher YoY due to the vehicles sales recovery in Brazil and the recovery of Tegma’s main customers’ sales. The average distance in 1Q23 was 992 km, 1.4% higher YoY.
. Net revenue was 39.4% higher in 1Q23 vs 1Q22, positively impacted mainly by the growth in the quantity of vehicles transported, the transportation tariffs readjustments and the improvement of logistics services provided by the Automotive Division.
. Consolidated gross margin was 17.8% in 1Q23, 1.6 p.p. higher than the 1Q22 margin due to the revenue growth of the Automotive Logistics Division and the cost control in both divisions in the period.
. EBITDA in 1Q23 was R$ 53.7 million, a 16.0% margin, up 1.4 p.p YoY, due to the higher quantity of vehicles transported by the Automotive Logistics operation, in addition to a higher average trip distance, contributing to a better dilution of fixed costs.
. Net income in 1Q23 was R$ 34.5 million, 84.4% higher than in 1Q23, corresponding to a margin of 10.3%, which is a result of the recovery of the Automotive Division’s main customers, a higher equity pickup stemming from good results from GDL and the consistent result from de Integrated Logistics Division.
. Free cash flow in 1Q23 was R$59.8 million positive, as a result of the good operating performance in both divisions and to a working capital release.
. ROIC in 1Q23 was 27.4%, 2.1 p.p higher QoQ, mainly due to the recovery in the volume transported by the Automotive Logistics Division.
. Net cash in March 2023 was R$ 151.7 million vs. R$88.6 million in December 2022, driven by the operating cash generation and to Wortking capital release.

Webcast English
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Thursday, May 4th 2023 | 2:00 pm (US-EST)

Click here to access the 1Q23 results presentation.