2Q22 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 2Q22 results.

. The number of vehicles transported in 2Q22 was 137,700, a 7.7% increase vs 2Q21, a market share of 22.4%, 0.4 p.p. lower com-pared to 2Q21 due to the mix of clients im-pacted by the semiconductors shortage. The average distance in 2Q22 was 965 km, 2.5% less than 2Q21 due to the increase in shorter export trips.
. Net revenue was 28.5% higher in 2Q22 vs 2Q21, positively impacted by the growth in the number of transported vehicles, in addition to the growth in other logistics services of the Automotive Division, as well as Integrated Logistics performance.
. The gross margin was 18.9% in 2Q22, stable vs 2Q21 due to the increase in the volume transported by the Automotive Division and to the reduction in the margins of the Integrated Logistics Division.
. EBITDA in 2Q22 was R$ 49.1 million, a 16.1% margin, 1.2 p.p. higher in the annual comparison, mainly due to the growth in the number of transported vehicles and to the constant effort to control expenses in the operation, which results in greater efficiency.
. Net income for 2Q22 was R$ 30.6 million, 26.6% higher than 2Q21, a 10.0% net margin, similar to better periods in the industry, which corroborates the resilience of the Automotive Division’s operations even in difficult moments in the industry, results of Integrated Logistics and in GDL Joint Venture.
. The free cash flow in 2Q22 was 17.0 million negative, due to occasional delays by clients on June 30 (already settled), as well as the high consumption of working capital due to the growth of the automotive operation in this quarter.
. The return on invested capital in 2Q22 was 16.6%, 0.3 p.p. higher vs 1Q22, a stabilization following a long downturn in the indicator since last year, due to automakers’ issues with the supply of semiconductors.
. Net cash in June 2022 was R$ 51.3 million vs R$ 91.3 million in March 2022, a decrease mainly due to the consumption of working capital resulting from the rapid recovery of revenue from the vehicle logistics operation vs 1Q22.

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