1Q24 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 1Q24 results:

. The quantity of transported vehicles in 1Q24 was 140.3 thousand, 1.8% higher YoY, a 25.0% market share, 0.3 p.p lower vs 1Q23. The 1Q24 average distance was 1,061 km, 6.9% higher YoY.
. Net revenue was R$ 389.2 million, 15.8% higher in 1Q24 YoY, due to the growth of the vehicle logistics operation (higher volume and distance) and the Integrated Logistics Division, stemming from the chemical operation.
. The 1Q24 consolidated gross margin was 18.9%, up 1.1 p.p. YoY, due to the expansion of the Automotive Division coming from higher volume and average distance and greater dilution of fixed costs.
. EBITDA in 1Q24 was R$ 58.3 million (margin of 15.0%, 1.0 p.p lower YoY), because of the increase of administrative expenses.
. Net income for 1Q24 was R$ 37.5 million, up 8% YoY, a 0.7 p.p drop in net margin to 9.6%. The main reasons for this decrease were the reduction in operating income and the begin of the taxation of presumed ICMS tax credits, despite the improvement of equity pickup.
. Free cash flow in 1Q24 was R$ 60.8 million, due to the Company’s positive operational performance and the reduction in working capital vs December 2023.
. The return on invested capital was 27.3% 1Q24, practically stable QoQ, mainly explained by the Company’s operational results
. Net cash in March 2024 was R$ 192.6 million vs R$ 130.9 million in December 2023, mainly stemming from the working capital reduction and the Company’s positive operational result.

Webcast Portuguese and English
https://mzgroup.zoom.us/webinar/register/WN_0C-iZSt6SwaTh4lyCLRhhg#/registration
Tuesday, May 7, 2024 | 2:00 pm (EST)

Click here to view the 1Q24 results presentation.