Tegma’s 2Q26 Results
Tegma Gestão Logística SA
Earnings Release – First quarter 2026
São Bernardo do Campo, May 4, 2026
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Tegma Gestão Logística S.A., one of the largest logistics companies in Brazil, hereby presents its 1Q26 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
Inclusion of Tegma in B3’s Corporate Sustainability Index (ISE B3)
Tegma is pleased to announce that it has been included, for the first time, in the ISE B3 portfolio, which comprises companies recognized for their commitment to the three ESG pillars (Environmental, Social, and Governance). This achievement underscores the company’s commitment to sustainable growth, through investments in concrete initiatives that enhance efficiency while reducing environmental impact, alongside the continuous strengthening of its governance practices and the promotion of a positive work environment.
The portfolio takes effect on May 4, 2026, and its composition is available by clicking here.
Automotive market
Vehicle sales in the domestic market in 1Q26 were 15.5% higher YoY, as shown in Table 1. This performance was driven by promotional conditions offered by automakers and dealerships, increased auto financing, which reached its highest level for the period since 2008, and the continued low unemployment rate alongside improved consumer confidence, according to FGV IBRE.
Delinquency rates increased, particularly among individuals. Chart 1 illustrates the upward trend in monthly sales throughout 1Q26, with a more pronounced acceleration in March 2026.
A relevant point to highlight is that, after being significantly impacted in 4Q25 due to an extreme weather event at its engine plant in Porto Feliz/SP, Toyota had recovered its production capacity. However, despite having reached in March 2026 the same sales volume recorded in September 2025 (pre-event), the automaker has yet to regain its position in the national sales ranking. Similarly, General Motors, which historically held a 13–15% market share, has remained at around 10% for nearly a year. On the other hand, Volkswagen stands out positively, sustaining a resilient market share between 16–18%, despite increasing competition from Chinese entrants that have been rapidly gaining share, such as BYD (+74% in 1Q26 YoY) and GWM (+142% in 1Q26 YoY). Together with other new entrants, they already account for nearly 15% of national vehicle registrations.
Vehicle exports declined by 18.3% in 1Q26 compared to 1Q25, primarily driven by a slowdown in sales to Argentina, which fell by approximately 28% in the period, according to ANFAVEA.
The 7.4% increase in vehicle production in 1Q26 versus 1Q25 was supported by stronger domestic sales.
| Chg % vs | |||
| Table 1 – Automotive market data | 1Q26 | 1Q25 | 1Q25 |
| Passenger cars and light commercial vehicles sales | 692.9 | 9.4% | 633.5 |
| Domestic | 598.8 | 15.5% | 518.5 |
| Export | 94.0 | -18.3% | 115.0 |
| Production of passenger cars and light commercial vehicles | 601.3 | 7.4% | 559.9 |
| Sales of imported passenger cars and light commercial vehicles | 118.2 | 6.2% | 111.3 |
Source: ANFAVEA, Fenabrave (in thousand)
Operational Highlights – Automotive Logistics Division
The number of vehicles transported by Tegma in 1Q26 was 155,000, 6.9% higher YoY, as shown in Table 2. This performance translated into a market share of 22.3% (-0.5 p.p. vs. 1Q25). The increase in vehicles transported during 1Q26 was driven by higher domestic registrations. However, the decline in market share reflects reduced share among key clients, as described in the previous section.
The average distance of domestic trips in 1Q26 was 1,241 km, a 7.9% increase YoY, as shown in Table 2. The average distance of exports was 19% lower in 1Q26 YoY. As a result, the consolidated average distance in 1Q26 increased by 11.0% YoY, primarily driven by a higher share of domestic shipments and an expansion in the average distance for this segment.
| Chg % vs | |||
| Table 2 – Operational figures | 1Q26 | 1Q25 | 1Q25 |
| Vehicles transported (thousand) | 154.7 | 6.9% | 144.8 |
| Domestic | 137.1 | 14.3% | 120.0 |
| Exports | 17.6 | -28.9% | 24.8 |
| Market share %* | 22.3% | -0.5 p.p. | 22.8% |
| Average km per vehicle (km) | 1,138.5 | 11.0% | 1,025.5 |
| Domestic | 1,241.0 | 7.9% | 1,150.4 |
| Exports | 341.0 | -19.0% | 421.0 |
* 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
The gross revenue of the Automotive Logistics Division in 1Q26 was R$599.2 million, 22.4% higher YoY, as shown in Table 3. This performance is explained by the 6.9% increase in the number of vehicles transported in 1Q26, by the adjustments in transportation and logistics service rates and driven by an 11% increase in the average distance. The performance of Fastline, responsible for the logistics of registered vehicles and motorcycles, reported a 59% revenue increase in the quarter.
Taxes and deductions increased by 25.4% in 1Q26, outpacing top-line growth, due to changes in the tax collection methodology related to ICMS tax credits for transportation activities, in effect since 3Q25. This change impacted the line item and resulted in an additional tax payment of R$3.9 million in 1Q26 (equivalent to 0.7 p.p. of the gross/EBITDA margin).
The division’s gross margin in 1Q26 was 16.2%, 3.4 p.p. lower year-on-year, as per Table 3. As mentioned above, there was a tax-related impact that weighed on this indicator by 0.7 p.p. Additionally, cost of services increased by 26.8%, outpacing revenue growth. One of the main factors behind this mismatch between revenue and costs was the sharp decline in Yard Management services compared to the same period last year. In 1Q25, there was additional demand from clients due to excess inventory, which did not recur in this quarter. Additionally, this same operation had to absorb idle capacity from leased areas during the period, which are expected to be used to accommodate imported vehicles in the second and third quarters of 2026. These factors contributed to a reduction of R$7 million (-1.5 p.p. in margin).
Another impact was the increase in diesel prices driven by the international geopolitical environment. This sharp and sudden rise led to reimbursement claims from transport providers. Such reimbursements were neutral to results for clients that had formalized price adjustments by March 31. For those that had not yet formalized the adjustments at that time, these reimbursements weighed on 1Q26 results by R$2.5 million (-0.5 p.p. in margin). Finally, there were peaks in vehicle movements in the Northern region, which required additional fluvial transportation costs (-0.6 p.p. impact on margin).
The division’s EBITDA in 1Q26 was R$65.6 million, with a margin of 13.7%, 1.7 p.p. lower than the 1Q25 EBITDA margin. This result is primarily attributable to the decline in gross margin, as explained above, while expenses reduced, as will be discussed in the consolidated results section below.
| Table 3 | Chg % vs | ||
| Automotive logistics division | 1Q26 | 1Q25 | 1Q25 |
| Gross revenue | 599.2 | 22.4% | 489.5 |
| Taxes and deductions | (119.1) | 25.4% | (95.0) |
| Net revenue | 480.1 | 21.7% | 394.5 |
| Cost of services | (402.4) | 26.8% | (317.5) |
| Gross profit | 77.7 | 0.8% | 77.1 |
| Gross margin% | 16.2% | -3.4 p.p. | 19.5% |
| Expenses | (24.6) | -9.8% | (27.3) |
| Operating income | 53.1 | 6.6% | 49.8 |
| (-) Depreciation and amortization | (12.5) | 16.2% | (10.7) |
| EBITDA | 65.6 | 8.3% | 60.5 |
| EBITDA Margin % | 13.7% | -1.7 p.p. | 15.3% |
Results – Integrated Logistics Division
Gross revenue for the Integrated Logistics Division in 1Q26 was R$50.8 million, 8.6% lower year-over-year, driven by the loss of an inbound transportation contract in the Bulk Logistics operation over the course of 2025, as disclosed in 2Q25. This loss has been mitigated by new clients and higher volumes from recurring clients.
The division’s gross margin in 1Q26 was 15.1%, 0.7 p.p. lower year-on-year, impacted by lower fixed-cost dilution due to the revenue decline mentioned above and due to the change regarding ICMS tax credits related to transportation activities, which increased the tax collection by approximately R$0.7 million (0.9 p.p. of gross margin). Despite this, there was volume growth in the packaging logistics operation, which contributed positively to the indicator’s variation in the period.
The Integrated Logistics Division’s EBITDA margin was 21.1% in 1Q26, 2.8 p.p. higher year-over-year. This performance mainly reflects lower apportioned expenses to the division, as explained in the consolidated results section, as well as non-recurring income (equipment sales and the reversal of profit-sharing provisions).
| Table 4 | Chg % vs | ||
| Integrated logistics division | 1Q26 | 1Q25 | 1Q25 |
| Gross revenue | 50.8 | -8.6% | 55.6 |
| Industrial logistics | 50.8 | -8.6% | 55.6 |
| Gross revenue deductions | (9.6) | -1.6% | (9.8) |
| Net revenue | 41.2 | -10.1% | 45.8 |
| Cost of services | (34.9) | -9.4% | (38.6) |
| Gross profit | 6.2 | -14.1% | 7.3 |
| Gross margin % | 15.1% | -0.7 p.p. | 15.8% |
| Expenses | (1.8) | -43.6% | (3.2) |
| Operating income | 4.4 | 9.0% | 4.1 |
| (-) Depreciation and amortization | (4.2) | -1.8% | (4.3) |
| EBITDA | 8.7 | 3.4% | 8.4 |
| EBITDA Margin % | 21.1% | 2.8 p.p. | 18.3% |
Results – Consolidated
The company’s consolidated revenue growth in 1Q26 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. Also noteworthy is the strong revenue growth of Fastline, up 59%.
The consolidated gross margin in 1Q26 was 16.1%, a decrease of 3.1 p.p. year-on-year. This decline was primarily driven by 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.
Expenses in 1Q26 were R$26.4 million, 13.4% lower year-on-year. This reduction is mainly attributable to lower expenses with legal fees and M&A advisory services (R$2.2 million), as well as the receipt of R$2.5 million related to the right to manage employee payroll by one of its partner financial institution, a non-recurring effect that positively impacted this indicator. Excluding these items, expenses remained broadly stable in the period (+2%).
EBITDA in 1Q26 was R$74.2 million, a 14.2% margin, 1.4 p.p. lower than in the previous year. This decline was primarily driven by the reduction in EBITDA margin in the Automotive Logistics Division, which was impacted by the sharp drop in revenue from Yard Management operations, the lag in passing through diesel price increases to suppliers and clients and tax-related factors.
| Table 5 | Chg % vs | ||
| Consolidated | 1Q26 | 1Q25 | 1Q25 |
| Gross revenue | 650.0 | 19.2% | 545.1 |
| Gross revenue deductions | (128.8) | 22.9% | (104.8) |
| Net revenue | 521.3 | 18.4% | 440.4 |
| Cost of services | (437.4) | 22.8% | (356.0) |
| Gross profit | 83.9 | -0.5% | 84.3 |
| Gross margin % | 16.1% | -3.1 p.p. | 19.2% |
| Expenses | (26.4) | -13.4% | (30.5) |
| Operating income | 57.5 | 6.8% | 53.9 |
| (-) Depreciation and amortization | (16.7) | 11.1% | (15.0) |
| EBITDA | 74.2 | 7.7% | 68.9 |
| EBITDA Margin % | 14.2% | -1.4 p.p. | 15.6% |
The 83.6% decrease in income from debt and financial investments in 1Q26, as shown in Table 6, is due to the reduction in the company’s cash position following the payment of extraordinary dividends in December 2025, as well as the increase in gross debt after R$40 million rising in new financing. Interest on leasing declined by 61.9% in 1Q26 year-over-year, driven by lower interest over the life of contracts, in accordance with IFRS-16.
| Chg % vs | |||
| Table 6 – Financial result | 1Q26 | 1Q25 | 1Q25 |
| Revenue from financial investments | 6.7 | -66.7% | 20.2 |
| Interest expenses | (4.7) | -38.6% | (7.6) |
| Results from debt and financial investments | 2.1 | -83.6% | 12.7 |
| Interest on leasing | (2.3) | -61.9% | (6.1) |
| Other financial revenues (expenses) | (0.9) | -9.1% | (1.0) |
| Financial result | (1.1) | – | 5.6 |
Equity income, as shown in Table 9, was positive by R$1.4 million in 1Q26. This result is mainly explained by the profits of the GDL Joint Venture, as in Table 7, which shows 100% of its result. The 21% decline in net revenue in 1Q26 was primarily driven by: i) a reduction in the volume of parts and components stored at distribution centers; ii) reduction in the number of vehicles stored and handled; iii) reduction in revenue from bonded warehousing activities due to currency appreciation.
The year-on-year decline in operating and net margins was due to the cost of renting yards leased since 2025 to accommodate the high volume of vehicle imports expected until the end of June 2026 (the date of the next increase in import tax on electrified vehicles in Brazil).
| Table 7 | Chg % vs | ||
| GDL (100%) | 1Q26 | 1Q25 | 1Q25 |
| Net Revenue | 53 | -20.5% | 67 |
| Operating income | 5 | -76.3% | 21 |
| Operating margin% | 10% | -22 p.p. | 32% |
| Net income | 3 | -77% | 13 |
| Net margin % | 6% | -14 p.p. | 20% |
As shown in Table 8, the effective income tax rate for 1Q26 was 32.9%. The main factor that reduced the effective rate compared to the nominal income tax rate of 34% was the equity pickup for the period. When compared to the effective income tax rate in 1Q25, the 2.9 p.p. increase was driven by a reduction in equity pickup in the period.
| Chg % vs | |||
| Table 8 – Income tax rate | 1Q26 | 1Q25 | 1Q25 |
| Income before tax | 57.8 | -7.5% | 62.5 |
| Nominal income tax rate | -34.0% | – | -34.0% |
| Income tax and social contribution at the nominal rates | (19.7) | -7.5% | (21.3) |
| Equity pickup | 0.5 | -77.3% | 2.1 |
| Others | 0.1 | -59.3% | 0.3 |
| Income tax and social contribution at the effective tax rates | (19.0) | 1.4% | (18.8) |
| Effective income tax Rate | -32.9% | -2.9 p.p. | -30.0% |
Net income for 1Q26, as shown in Table 9, was R$38.8 million, 11.3% lower year-on-year, with a net margin of 7.4%, 2.5 p.p. lower than in 1Q25. This decline in net margin was driven, as previously explained, by lower operational margin, lower equity pickup and the reversal of financial results into a negative position, as well as an increase in the effective IR/CSLL tax rate.
| Chg % vs | |||
| Table 9 – Consolidated | 1Q26 | 1Q25 | 1Q25 |
| Operating income | 57.5 | 6.8% | 53.9 |
| Equity pickup | 1.4 | -77.3% | 6.3 |
| Financial result | (1.1) | – | 2.4 |
| Income before tax | 57.8 | -7.5% | 62.5 |
| Income tax | (19.0) | 1.4% | (18.8) |
| Net income | 38.8 | -11.3% | 43.7 |
| Net margin | 7.4% | -2.5 p.p. | 9.9% |
Cash flow
Net cash from operating activities in 1Q26 was positive at R$100.4 million, as shown in Table 11, lower than in 1Q25, due to reduced working capital release and lower net income in the period.
Net cash from investment activities in 1Q26 was negative by R$20.6 million, mainly due to “cash” CAPEX of R$20.7 million.
Regarding CAPEX, as shown in Table 10 on the right, the amount invested in 1Q26 was R$12.3 million. The most relevant investments were: (i) maintenance and improvements at yards located in Camaçari/BA, Gravataí/RS, Horizonte/CE, São Bernardo do Campo/SP, and Serra/ES, totaling R$4.3 million; (ii) acquisition of land in Camaçari, with R$1.5 million already capitalized; (iii) fleet refurbishment and upgrades, totaling R$1.0 million; and (iv) software licenses, including ERP systems, amounting to R$2.8 million.
| Table 10 – Consolidated CAPEX | 1Q26 | 1Q25 |
| Maintenance & General improvements | 6.5 | 4.2 |
| Acquisition of logistics equipment | 0.3 | – |
| Acquisition of land | 1.5 | – |
| IT | 4.1 | 5.8 |
| Total | 12.3 | 9.9 |
Net cash from financing activities in 1Q26 was negative by R$9.5 million, due to the amortization of loans and financing, totaling R$1.0 million, and to lease interest expenses under IFRS-16, which amounted to R$8.5 million.
| Table 11 – Consolidated cash flow | 1Q26 | 1Q25 |
| A – Cash at beginning of period | 113.9 | 241.3 |
| 1 – Net cash generated by operating activities | 100.4 | 110.3 |
| 2 – Net cash generated by investing activities | (20.6) | (10.5) |
| 3 – Net cash from financing activities | (9.5) | (1.9) |
| (=) Cash at end of period (A + 1 + 2 + 3) | 184.2 | 339.2 |
| 4 – CAPEX “cash” | (20.7) | (10.4) |
| 5 – Payment of leasing | (8.5) | (7.4) |
| Free cash flow (1 + 4 + 5) | 71.2 | 92.4 |
Debt and cash
Net cash in March 2026 was R$59 million, a reversal compared to the December 2025 position, which showed net debt of R$12.1 million. The increase in net cash in the period is primarily driven by free cash flow generation in 1Q26.
The net debt/LTM EBITDA ratio could not be applied, since the Company presented net cash. The calculation of the coverage ratio (which is equivalent to LTM EBITDA over LTM financial result) for 1Q26 is not applicable because the company’s financial result in the last 12 months was positive. The Company’s covenants are <2.5x and >1.5x, respectively.
The average total cost of the Company’s gross debt in March 2026 was CDI +1.34%, stable vs. December 2025. In March 2026, Fitch reaffirmed Tegma’s Rating at A (Bra), with a stable outlook.
| Table 12 – Financial debt (consolidated) | Mar-25 | Dec-25 | Mar-26 |
| Current debt | 27.9 | 29.8 | 30.4 |
| Non-current debt | 82.4 | 96.2 | 94.8 |
| Gross debt | 110.3 | 126.0 | 125.2 |
| (-) Cash | 0.6 | 1.7 | 0.4 |
| (-) Banking investments | 338.6 | 112.1 | 183.7 |
| Net debt (cash) | (228.9) | 12.1 | (59.0) |
| EBITDA TTM | 405.6 | 361.8 | 367.1 |
| Net debt / Adjusted EBITDA LTM | N/A | 0.02 | N/A |
| Financial result TTM | 9.1 | 11.5 | 8.0 |
| 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
The ROIC for 1Q26 was 30.4%, as shown in chart 12, 1.3 p.p. lower than the 4Q25 ROIC, driven by the decline in operating performance, while invested capital increased (due to yard acquisitions and fleet renewal).
EVA for 1Q26, as shown in chart 13, considering a WACC between 12% and 17% (historical range adopted by sell-side analysts), was R$88-R$121 million, vs. R$92-123 million for 4Q25, basically due to the same reasons explained above that caused the drop in 1Q26 ROIC to 30.4%.
All of Tegma’s current and prospective operations undergo an assessment using EVA as a criterion for value generation and viability.