Tegma’s 2Q26 Earnings Release
Tegma Gestão Logística SA
Earnings Release – Second quarter and first half of 2026
São Bernardo do Campo, August 3, 2026
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Tegma Gestão Logística S.A., one of the largest logistics companies in Brazil, hereby presents its 2Q26 results:
Disclaimer – Forward-looking statements
This communication contains forward-looking statements based on the current expectations and beliefs of Tegma’s management. Tegma is providing information as of the date of this communication and assumes no obligation to update any forward-looking statements contained herein because of latest information, future events or otherwise.
No forward-looking statements can be guaranteed, and actual results may differ materially from those we are projecting here.
Highlights
Interim dividends and interest on capital for the first semester of 2026
In the minutes of the Board of Directors’ meeting held on August 3, Tegma announced the distribution of R$ 75 million in interim dividends (R$ 56 million in dividends and R$ 19 million in interest on capital), or R$ 1.14 per share. The payment corresponds to 62% of the 1S26 net income. The interim dividends will be settled on August 18, 2026, benefiting shareholders that appear in the Company’s shareholding position of August 6, 2026 (“Cut-off Date”). The Company’s shares will be traded “ex-dividends and IOE” from August 7, 2026 on. Dividend yield corresponds to 3.8% (considering the date of the resolution as the base price).
New Container Management Contract – Integrated Logistics
In 2Q26, the Integrated Logistics Division launched a new business segment focused on container transport logistics and yard management. The first customer is BYD, and the flow between the Port of Salvador/CLIA’s and the automaker’s plant in Camaçari, Bahia, is carried out by Tegma with third-party carriers, as is the return of the empty container. This new business vertical has a strategic rationale of serving customers comprehensively across their various logistics flows.
New Investments in Yards
In 2026, Tegma has already announced additional investments of R$30 million in new yards for Automotive Logistics. This investment includes the acquisition and improvement of an additional plot of land in Camaçari, Bahia, adjacent to the land acquired last year next to BYD’s plant, as well as the adaptation of other leased plots to become operational yards also adjacent to the same area. This demand for new areas stems from the automaker’s accelerated production ramp-up. In addition, we also announced an investment in a yard in the city of Horizonte, next to the PACE plant (Polo Automotivo do Ceará, a multi-brand factory), to manage the yards for vehicles produced there.
Operation to Receive Two Ships Carrying 12,000 Imported Vehicles
In June 2026, Tegma carried out two “war-room” operations to receive, at the Port of Itajaí, Santa Catarina, two ships that together brought nearly 12,000 vehicles (5,000 and 7,000). These operations are relevant due to their scale, challenges, and the concentrated effort of the teams to move such a large number of vehicles in a shorter period. The operations lasted between 70 and 80 hours and involved 150 to 200 employees, including people from other operations, as well as between 90 and 140 third-party and company-owned car carriers.
Beyond the numbers, these operations are a source of pride for Tegma, as they demonstrate how much our operations can adapt to handle situations that fall far outside the division’s routine and, above all, how much customers can trust our teams.
Automotive market
Domestic vehicle sales in the 2Q26 were 24.4% higher YoY, as shown in Table 1. According to ANFAVEA, this performance was driven by growth in sales of electrified vehicles and those qualifying for the government’s “Sustainable Car” program; FENABRAVE attributed it to rising consumer income, competitive dynamics, and lower vehicle prices resulting from various promotions. The government’s “Move Brasil” program, which offers subsidized credit to ride-hailing drivers and taxi drivers, took effect on June 19.
Graph 1 illustrates the growth trend in monthly sales throughout the second quarter of 2026 (2Q26), particularly in May and June.
An analysis of the top 20 automakers reveals that BYD, Geely, and GWM were the biggest market share gainers during the period, while Fiat, Toyota, and Hyundai saw the largest losses. Electrified vehicles now account for 20% of sales in Brazil.
Exports fell by 23.5% in 2Q26 compared to 2Q25. According to ANFAVEA, this result was primarily due to a drop in sales to Argentina and Uruguay and increased competition from Chinese automakers in Latin America.
The 12.7% increase in vehicle production in 2Q26 compared to 2Q25 was driven by the rise in domestic sales.
The 40% increase of sales of imported vehicles is due to the entrance of new Chinese automakers and the increase of electrification in Brazilian market.
| Table 1 – Automotive market data | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Vehicles and light commercial vehicles sales | 872.2 | 15.2% | 757.1 | 1,565.1 | 12.5% | 1,390.6 |
| Domestic | 762.6 | 24.2% | 613.9 | 1,361.5 | 20.2% | 1,132.4 |
| Exports | 109.6 | -23.5% | 143.2 | 203.6 | -21.2% | 258.2 |
| Production of vehicles and light commercial | 698.6 | 12.7% | 619.6 | 1,299.9 | 10.2% | 1,179.5 |
| Sales of imported vehicles and light commercial | 159.9 | 40.3% | 114.0 | 278.1 | 23.4% | 225.3 |
Source: ANFAVEA, Fenabrave (in thousand)
Operational Highlights – Automotive Logistics Division
The number of vehicles transported by Tegma in 2Q26 was 207,000, a 21.5% increase year-over-year, as shown in Table 2. This volume resulted in a market share of 23.8% (+1.2 p.p. vs. 2Q25). The growth in the number of vehicles transported in 2Q26 was driven by an increase in domestic vehicle registrations. Tegma’s market share gain reflects the performance of key clients.
The average distance of domestic trips in 2Q26 was 1,285 km, a 3.5% increase year-over-year, according to Table 2. The average export distance was 8% lower in 2Q26 compared to the previous year, due to a reduction in trips to Mercosur. As a result, the consolidated average distance in 2Q26 increased by 7.8% year-over-year, driven primarily by the increased share of domestic trips and the growth in the average distance of this type of trip.
| Table 2 – Operational figures | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Vehicles transported (thousand) | 207.2 | 21.5% | 170.5 | 361.9 | 14.8% | 315.3 |
| Domestic | 182.5 | 29.3% | 141.2 | 319.6 | 22.4% | 261.1 |
| Exportations | 24.7 | -15.8% | 29.4 | 42.3 | -21.8% | 54.1 |
| Market share %* | 23.8% | 1.2 p.p. | 22.5% | 23.1% | 0.5 p.p. | 22.7% |
| Average km per vehicle (km) | 1,166.3 | 7.8% | 1,082.4 | 1,154.4 | 9.3% | 1,056.3 |
| Domestic | 1,285.0 | 3.5% | 1,242.0 | 1,266.1 | 5.5% | 1,199.9 |
| Exportations | 289.5 | -8.0% | 314.8 | 310.9 | -14.4% | 363.4 |
* Considering the denominator the light and light commercial vehicle sales in the previous page. (in thousand, except average km per vehicle)
Results – Automotive Logistics Division
Gross revenue for the Automotive Logistics Division in 2Q26 was R$866 million, up 39% year-over-year, as shown in Table 3. This performance is explained by a 21.5% increase in the volume of vehicles transported in 2Q26, a 7.8% increase in average transport distance, and annual rate adjustments for transport and logistics services. Fastline’s revenue grew 7% in Q2 2026, reflecting demand for the transport of used vehicles and motorcycles.
The YoY changes in gross revenue deductions were affected by a modification in the tax remittance method regarding ICMS credits related to transport activities, a change in effect since 3Q25. This adjustment impacted this line item, resulting in an additional tax payment of R$5.4 million in 2Q26 (representing a 0.8 p.p. impact on margin variance).
The division’s gross margin in 2Q26 was 21.3%, up 0.3 p.p. YoY, as shown in Table 3. As previously mentioned, 2Q26 results were affected by a tax-related impact that reduced this metric by 0.8 p.p. YoY. Additionally, it is worth noting that the previous quarter saw a mismatch in passing on diesel price increases between suppliers and customers; this negatively impacted 1Q26 results by R$ 2.5 million but was subsequently reimbursed, generating a credit of the same amount in the current quarter (+0.4 p.p. margin impact). Two other factors that weighed on the Division’s gross margin were: i) river transport operations in the country’s northern region grew by 75% during the period, but barge costs rose even more sharply, though the operation still achieved 50% growth in nominal earnings (-0.4 p.p. margin impact); and ii) the transfer of employees from branches in the state of São Paulo to those in Camaçari/BA and Cariacica/ES to handle the high vehicle volumes at the latter locations, which generated additional travel and overtime costs totaling R$ 2.5 million (-0.4 p.p. margin impact).
The division’s expenses were affected by indemnity involving the former subsidiary Direct Express, amounting to R$7.2 million, which impacted the Automotive Division’s “Other Expenses and Income.” For further details, please refer to the EBITDA Reconciliation section. Excluding this factor, expenses rose 2.4% year-over-year in the second quarter of 2026, less than inflation in the period driven by a reduction in legal fees related to M&A projects and anti-competitive proceedings.
The division’s adjusted EBITDA in 2Q26 was R$131.6 million, with a margin of 19.0%, 1.6 p.p. higher than the margin recorded in 2Q25. This result is explained by the growth in the company’s revenue, combined with stable expenses during this period, despite the negative impact of the previously mentioned tax payments.
The 23.2% increase in depreciation and amortization stems from higher depreciation of investments in yards and operational semi-trailers, as well as the renewal of significant lease agreements, which—under the IFRS-16 methodology—impacts short-term accounting figures.
| Automotive logistics division | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Gross revenue | 866.5 | 39.4% | 621.4 | 1,465.7 | 31.9% | 1,111.0 |
| Taxes and deductions | (173.6) | 38.3% | (125.5) | (292.7) | 32.7% | (220.5) |
| Net revenue | 692.9 | 39.7% | 495.9 | 1,173.0 | 31.7% | 890.4 |
| Cost of services | (545.5) | 39.2% | (392.0) | (948.0) | 33.6% | (709.4) |
| Gross profit | 147.3 | 41.7% | 103.9 | 225.0 | 24.3% | 181.0 |
| Gross margin% | 21.3% | 0.3 p.p. | 21.0% | 19.2% | -1.1 p.p. | 20.3% |
| Expenses | (36.3) | 27.7% | (28.4) | (60.9) | 9.3% | (55.7) |
| Operating income | 111.1 | 47.0% | 75.6 | 164.2 | 31.0% | 125.3 |
| Operating margin% | 16.0% | 0.8 p.p. | 15.2% | 14.0% | -0.1 p.p. | 14.1% |
| (-) Depreciation and amortization | (13.3) | 23.2% | (10.8) | (25.8) | 19.7% | (21.5) |
| EBITDA | 124.4 | 44.0% | 86.3 | 189.9 | 29.3% | 146.9 |
| (+) Non-recurring¹ | 7.2 | – | – | 7.2 | – | – |
| Adjusted EBITDA¹ | 131.6 | 52.4% | 86.3 | 197.1 | 34.2% | 146.9 |
| Adjusted EBITDA Margin¹ % | 19.0% | 1.6 p.p. | 17.4% | 16.8% | 0.3 p.p. | 16.5% |
Results – Integrated Logistics Division
Gross revenue for the Integrated Logistics Division in 2Q26 was R$ 58 million, up 7% year-over-year, despite the loss of an inbound transport contract in the Bulk Logistics operation in June 2025. This loss was mitigated by the start of a new container transport contract for a vehicle manufacturer in the state of Bahia (+R$ 6 million) and by growth in the packaging management division.
The 5.5 p.p. year-over-year decline in the division’s gross margin in 2Q26 is explained by a change regarding ICMS credits related to transport operations, which increased tax payments by approximately R$ 0.6 million (1.3 p.p. of the gross margin) and by the rise in diesel prices, which were fully passed on to carriers and partially passed on to customers.
The 4 p.p. year-over-year reduction in the Integrated Logistics Division’s EBITDA margin in 2Q26 stems from the gross margin performance in the period, mitigated by the reduction of the division’s expenses in the period.
| Integrated logistics division | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Gross revenue | 58.3 | 7.4% | 54.2 | 109.1 | -0.7% | 109.8 |
| Industrial logistics | 58.3 | 7.4% | 54.2 | 109.1 | -0.7% | 109.8 |
| Gross revenue deductions | (11.0) | 14.7% | (9.6) | (20.6) | 6.5% | (19.4) |
| Net revenue | 47.2 | 5.8% | 44.6 | 88.4 | -2.3% | 90.5 |
| Cost of services | (42.0) | 12.8% | (37.2) | (76.9) | 1.5% | (75.8) |
| Gross profit | 5.2 | -29.3% | 7.4 | 11.5 | -21.8% | 14.7 |
| Gross margin % | 11.1% | -5.5 p.p. | 16.6% | 13.0% | -3.2 p.p. | 16.2% |
| Expenses | (2.5) | -25.9% | (3.3) | (4.3) | -34.6% | (6.5) |
| Operating income | 2.8 | -32.0% | 4.1 | 7.2 | -11.6% | 8.2 |
| (-) Depreciation and amortization | (4.2) | -2.4% | (4.3) | (8.4) | -2.1% | (8.6) |
| EBITDA | 6.9 | -16.9% | 8.4 | 15.6 | -6.7% | 16.7 |
| EBITDA Margin % | 14.7% | -4.0 p.p. | 18.7% | 17.7% | -0.8 p.p. | 18.5% |
Results – Consolidated
The company’s consolidated revenue growth in 2Q26 YoY was driven by the increase in the number of vehicles transported and the increase in average distance, as well as price adjustments in the Automotive Logistics Division. The Integrated Logistics Division contributed positively to revenues with the beginning of a new activity of container logistics.
The consolidated gross margin in 2Q26 was 20.6%, stable year-on-year. This stability reflects the sharp reduction in Yard Management services, the mismatch in the pass-through of diesel price increases to suppliers and clients, and changes in the collection of ICMS tax credits related to transportation activities, offset by the strong revenue growth in the period.
The 22.1% increase in expenses in 2Q26 was primarily driven by an indemnity related to the former subsidiary Direct Express, amounting to R$ 7.2 million. Excluding this indemnity, expenses fell by 0.6% due to reduction in legal fees related to M&A projects and anti-competitive proceedings.
Adjusted EBITDA in 2Q26 was R$138.5 million, an 18.7% margin, 1.2 p.p. higher than in 2Q25. This increase was primarily driven by revenue growth in the Automotive Logistics Division and stable expenses, excluding the R$7.2 million indemnity.
| Consolidated | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Gross revenue | 924.7 | 36.9% | 675.7 | 1,574.8 | 29.0% | 1,220.8 |
| Gross revenue deductions | (184.6) | 36.6% | (135.1) | (313.4) | 30.6% | (239.9) |
| Net revenue | 740.1 | 36.9% | 540.5 | 1,261.4 | 28.6% | 980.9 |
| Cost of services | (587.5) | 36.9% | (429.2) | (1,024.9) | 30.5% | (785.2) |
| Gross profit | 152.6 | 37.0% | 111.4 | 236.5 | 20.9% | 195.7 |
| Gross margin % | 20.6% | – | 20.6% | 18.7% | -1.2 p.p. | 19.9% |
| Expenses | (38.7) | 22.1% | (31.7) | (65.1) | 4.7% | (62.2) |
| Operating income | 113.9 | 43.0% | 79.6 | 171.4 | 28.4% | 133.5 |
| Operating margin% | 15.4% | 0.6 p.p. | 14.7% | 13.6% | – | 13.6% |
| (-) Depreciation and amortization | (17.5) | 15.9% | (15.1) | (34.2) | 13.5% | (30.1) |
| EBITDA | 131.3 | 38.7% | 94.7 | 205.5 | 25.6% | 163.6 |
| (+) Non-recurring¹ | 7.2 | – | – | 7.2 | – | – |
| Adjusted EBITDA¹ | 138.5 | 46.3% | 94.7 | 212.8 | 30.0% | 163.6 |
| Adjusted EBITDA Margin¹ % | 18.7% | 1.2 p.p. | 17.5% | 16.9% | 0.2 p.p. | 16.7% |
The 79% decrease in the result from debt and financial investments in 2Q26, as shown in Table 6, stems from the reduction in the company’s cash position following the payment of extraordinary dividends in December 2025, as well as an increase in gross debt after R$ 55 million of new financing over the last 12 months. Interest on leasing fell by 12% year-over-year in 2Q26, driven by a decrease in interest charges related to contract terms under the IFRS-16 accounting standard.
| Table 6 – Financial result | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Revenue from financial investments | 6.1 | -44.5% | 11.0 | 12.8 | -36.5% | 20.2 |
| Interest expenses | (4.7) | 15.5% | (4.0) | (9.3) | 23.2% | (7.6) |
| Results from debt and financial investments | 1.4 | -79.2% | 7.0 | 3.5 | -72.1% | 12.7 |
| Interest on leasing | (2.6) | -12.1% | (2.9) | (4.9) | -19.2% | (6.1) |
| Other financial revenues (expenses) | (0.2) | -75.1% | (0.8) | (1.1) | 10.5% | (1.0) |
| Financial result | (1.3) | – | 3.3 | (2.5) | – | 5.6 |
Equity income, as shown in Table 9, was positive by R$5.7 million in 2Q26. This result is mainly explained by the profits of the GDL Joint Venture, as shown in Table 7, which presents 100% of its results.
The 13% reduction in net revenue is mainly due to the change in the profile of logistics operations for imported vehicles through the State of Espírito Santo, especially as a result of (i) the use of customs clearance of vehicles on water and their subsequent removal to non-bonded yards (greater space availability and lower tariffs), (ii) the arrival of a higher volume of vehicles on ro-ro vessels instead of being stored in racks, which results in lower revenue from value-added services, (iii) the use of DUIMP, the electronic document issued by the Brazilian Federal Revenue Service that reduces the need for storage in secondary zones, as in the case of GDL, and, finally, (iv) unfavorable exchange-rate variation affecting bonded storage revenues.
Regarding margins, in addition to the lower cost dilution resulting from the decline in revenue, the contraction was due to higher operating costs, such as the annual increase in yard rental expenses, maintained under lease agreements to meet demand during periods of “inventory peaks”. These areas will be demobilized as vehicle inventory decreases.
| Table 7 – GDL (100%) | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Net Revenue | 68 | -13.1% | 79 | 122 | -16.5% | 146 |
| Operating income | 18 | -39.0% | 29 | 23 | -54.7% | 51 |
| Operating margin% | 26% | -11 p.p. | 37% | 19% | -16 p.p. | 35% |
| Net income | 12 | -38% | 19 | 15 | -54% | 32 |
| Net margin % | 17% | -7 p.p. | 24% | 12% | -10 p.p. | 22% |
As shown in Table 8, the effective income tax rate for 2Q26 was 30%. The main factor that reduced the effective rate compared to the nominal rate of 34% were the equity pickup of the period and the exclusion of ICMS tax credit from the tax calculation basis. When considering the variation in relation to the effective rate in 2Q25, the increase of 2.9 p.p. was due to the reduction in equity pickup in the period and the non-distribution of Interest on equity in April/26, due to the extraordinary dividend in December 2025.
| Table 8 – Income tax rate | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Income before tax | 118.2 | 28.7% | 91.8 | 176.0 | 14.0% | 154.4 |
| Nominal income tax rate | -34.0% | – | -34.0% | -34.0% | – | -34.0% |
| Income tax and social contribution at the nominal rates | (40.2) | 28.7% | (31.2) | (59.9) | 14.0% | (52.5) |
| Interest on equity | – | – | 3.4 | – | – | 3.4 |
| Equity pickup | 1.9 | -36.4% | 3.0 | 2.4 | -53.3% | 5.2 |
| Presumed ICMS tax credit | 2.9 | – | – | 2.9 | – | – |
| Others | 0.3 | 179.2% | 0.1 | 0.4 | -5.8% | 0.4 |
| Income tax and social contribution at the effective rates | (35.1) | 42.0% | (24.7) | (54.1) | 24.4% | (43.5) |
| Effective income tax rate | -29.7% | -2.8 p.p. | -26.9% | -30.8% | -2.6 p.p. | -28.2% |
Net income for 2Q26, as shown in Table 9, was R$83 million, up 24% YoY, with a net margin of 11.2%, down 1.2 p.p. compared to 2Q25. The decline in net margin was driven by the indemnity related to the former subsidiary Direct Express (R$ 7.2 million, R$ 4.8 million net of income tax), a reduction in equity pickup results, a reversal of net financial result from positive to negative due to higher leverage, and an increase in the corporate income tax.
| Table 9 – Consolidated | 2Q26 | Chg % | 2Q25 | 1S26 | Chg % | 1S25 |
| Operating income | 113.9 | 43.0% | 79.6 | 171.4 | 28.4% | 133.5 |
| Financial result | (1.3) | – | 3.3 | (2.5) | – | 5.6 |
| Equity pickup | 5.7 | -36.3% | 8.9 | 7.1 | -53.3% | 15.2 |
| Income before tax | 118.2 | 28.7% | 91.8 | 176.0 | 14.0% | 154.4 |
| Income tax | (35.1) | 42.0% | (24.7) | (54.1) | 24.4% | (43.5) |
| Net income | 83.1 | 23.8% | 67.1 | 121.9 | 10.0% | 110.9 |
| Net margin | 11.2% | -1.2 p.p. | 12.4% | 9.7% | -1.6 p.p. | 11.3% |
Cash flow
Net cash from operating activities in 2Q26 was positive at R$ 22 million (as shown in Table 11), lower than in 2Q25, primarily due to accelerated revenue growth compared to 2Q25 (+37%) and the expected consumption of working capital. The cash-to-cash cycle in 2Q26 increased by one day to 39 days (vs. 2Q25), as shown in Chart 9.
Net cash from investing activities in 2Q26 was negative at R$ 14 million, primarily due to “cash” CAPEX of the same amount.
Regarding CAPEX, as shown in Table 10 on the right, the amount invested in 2Q26 was R$ 14.7 million. The most significant investments were: i) improvements to yards located in Serra (ES) and Camaçari (BA), totaling R$ 2.1 million; ii) acquisition of a new plot of land in Camaçari, amounting to R$ 4.1 million; and iii) acquisition of tractor units for used-vehicle logistics operations, amounting to R$ 1.7 million.
| Table 10 – Consolidated CAPEX | 2Q26 | 2Q25 | 1S26 | 1S25 |
| Maintenance & General improvements | 6.5 | 6.3 | 13.0 | 10.4 |
| Acquisition of logistics equipment | 1.9 | 2.5 | 2.2 | 2.5 |
| IT | 2.2 | 2.6 | 6.3 | 8.4 |
| Acquisition of land | 4.1 | – | 5.6 | – |
| Total | 14.7 | 11.4 | 27.0 | 21.4 |
Net cash from financing activities in 2Q26 was a positive R$ 4.3 million, driven by the raising of new financing (net of repayments) amounting to R$ 13.7 million, and by interest on leases under IFRS 16, which totaled R$ 9.4 million.
| Table 11 – Consolidated cash flow | 2Q26 | 2Q25 | 1S26 | 1S25 |
| A – Cash at beginning of period | 184.2 | 339.2 | 113.9 | 241.3 |
| 1 – Net cash generated by operating activities | 22.3 | 59.6 | 122.8 | 169.8 |
| 2 – Net cash generated by investing activities | (14.0) | (3.9) | (34.5) | (14.4) |
| 3 – Net cash from financing activities | 4.3 | (47.7) | (5.2) | (49.6) |
| (=) Cash at end of period (A + 1 + 2 + 3) | 196.9 | 347.2 | 196.9 | 347.2 |
| 4 – Capital expenditures “cash” | (14.1) | (10.3) | (34.8) | (20.8) |
| 5 – Payment of leasing | (9.4) | (7.7) | (17.9) | (15.1) |
| Free cash flow (1 + 4 + 5) | (1.2) | 41.5 | 70.1 | 134.0 |
Debt and cash
Net cash in June 2026 stood at R$ 56 million (R$ 141 million in debt and R$ 196 million in cash), a decrease compared to the March 2026 position (R$ 59 million), primarily due to the negative free cash flow recorded in 2Q26. In 2Q26, Tegma secured R$ 15 million in financing for transport equipment through BNDES’s “Renova Frota” (Fleet Renewal) line, with a 5-year term and a cost of CDI minus 2.2%.
The net debt/LTM EBITDA ratio could not be applied, as the Company reported a net cash position. The coverage ratio calculation (LTM EBITDA divided by LTM financial result) for 2Q26 is not applicable because the company’s financial result was positive over the last 12 months. The Company’s covenants are <2.5x and >1.5x, respectively.
The total average cost of the Company’s gross debt in June 2026 was CDI +0.94% (0.4 p.p. lower than in March 2026) due to the aforementioned financing, which carried a negative spread. In March 2026, Fitch reaffirmed Tegma’s rating at A (Bra) with a stable outlook.
| Table 12 – Financial debt (consolidated) | Jun-25 | Mar-26 | Jun-26 |
| Current debt | 30.0 | 30.4 | 34.9 |
| Non-current debt | 81.2 | 94.8 | 106.1 |
| Gross debt | 111.2 | 125.2 | 141.0 |
| (-) Cash | 0.8 | 0.4 | 1.1 |
| (-) Banking investments | 346.3 | 183.7 | 195.8 |
| Net debt (cash) | (235.9) | (59.0) | (55.9) |
| EBITDA TTM | 415.2 | 367.1 | 410.9 |
| Net debt / Adjusted EBITDA LTM | N/A | N/A | N/A |
| Financial result TTM | 8.3 | 8.0 | 3.4 |
| Adjusted EBITDA LTM / Financial result LTM | N/A | N/A | N/A |
Return on Invested Capital and Economic Value Added
Disclaimer: ROIC and EVA shall not be considered substitutes for other accounting measures under IFRS and may not be comparable to similar measures used by other companies
As shown in Chart 12, ROIC in 2Q26 was 31.8%, 1.9 percentage points higher than in 1Q26, driven by growth in operating results that tracked the rise in vehicle sales and margin improvements, while capital employed saw a smaller increase due to the acquisition of yards and fleet renewal.
EVA for 2Q26, as shown in chart 13, considering a WACC between 12% and 17% (historical range adopted by sell-side analysts), was R$ 109-144 million, an improvement vs 1Q26 R$88-R$121 million, basically due to the same reasons explained above that caused the rebound in 2Q26 ROIC to 31.8%.
All of Tegma’s current and prospective operations undergo an assessment using EVA as a criterion for value generation and viability.