Tegma’s 4Q25 Results

TEGMA GESTÃO LOGÍSTICA SA (TGMA3), one of the largest logistic providers in Brazil and one of the leaders in logistics for brand new vehicles in Brazil, hereby presents its 4Q25 results.

Highlights:

. The quantity of vehicles transported  in 4Q25 was 189 thousand, a reduction of 6.6% versus 4Q24. Market share was 22.7%, 1.3 p.p. lower yoy, due to below-market performance of key clients. Average distance in 4Q25 was 1,154 km, 6.0% higher than in 4Q24.

. Net revenues in 4Q25 was R$ 610 million, 2% lower year over year, reflecting a reduction in the number of vehicles transported, combined with loss of market share from key clients. In Integrated Logistics, there was a loss of termination of a relevant contract in 2Q25.

. EBITDA in 4Q25 was R$ 81.4 million, with a margin of 13.3%, 6.9 p.p. lower than the 4Q24 EBITDA margin, due to weaker operating indicators, higher tax burden, as well as higher expenses with attorney fees.

. Net income in 4Q25 was R$ 52.2 million, 38.7% lower than in 4Q24, representing a 5.1 p.p. reduction in net margin, reaching 8.6%. This result is attributable to the decline in operating result and lower equity pickup in the period.

. Free cash flow in 4Q25 was a negative R$ 21 million, mainly due to the reduction in the company’s operating result and higher investments in fixed assets, with the disbursement for the acquisition of the Camaçari/BA land, logistics equipment and site improvements.

. Return on invested capital in 4Q25 was 31.2%, 6.1 p.p. lower than the 3Q25, mainly due to the reduction in the market share of the Automotive Logistics Division, from non-recurring events in the quarter and the reduction in net cash.

. Net debt in December 2025 was R$ 12 million, compared with net cash of R$ 160 million in September 2025, a change mainly due to the payment of R$ 164 million in dividends in 4Q25.

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Results conference call

Tuesday, March 10, 2026

3:00 pm (Brasília)

2:00 pm (US-EST)

[Portuguese with simultaneous translation to English]

Zoom Webcast: click here