2Q21 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 Q2 2021 results.


. The number of vehicles transported in 2Q21 was 127,793, 6.9% lower compared to 1Q21. This volume resulted in a 22.8% market share, stable in q/q comparison. The average distance in 2Q21 was 989 km, 6% lower than 1Q21.
. Tegma carried out 17,200 trips in the Integrated Logistics Division in 2Q21, 8.4% up y/y. Transported volume, on the other hand, was 6.1% lower y/y. The average stored volume by the chemical operation decreased by 10.8% compared to 2Q20.
. Net revenue in 2Q21 was R$ 237.1 million, 1.3% higher q/q, reflecting the automotive market’s conditions’ stability in the period and the integrated logistics growth in the quarterly comparison.
. Adjusted EBITDA in 2Q21 was R$ 35.3 million, representing a 14.9% margin, 3.6% lower q/q. This is due mainly by operational events that, although not adjusted as “non-recurring”, positively distorted 1Q21 EBITDA
. Net income in 2Q21 was R$ 24.2 million, 19.8% higher q/q despite the revenue stability, primarily due to the 2Q21 tax credit in 2Q21 which resulted in a net impact of R$ 6.0 million.
. Free cash flow in 2Q21 was negative by R$ 9.7 million, mainly due to the one-off increase in the automotive logistics operation cash-to-cash cycle, despite the resilience of operating results.
. Tegma’s return on invested capital in 2Q21 was 23.4%, 5.6 percentage points higher q/q, as a result of the automotive sector recovery along the 2S20 and the company’s better level of efficiency in the period.
. Net cash in June 2021 was R$ 92.2 million, as a result of the company’s operating efficiency, non-recurring events, and the postponement of spending cuts amid the resurgence of the pandemic.

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