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3Q 202 5 12 of November of 202 5 | 11:00 BRT | 09 :00 NYC | 2 :00 PM London
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2 Disclaimer This presentation contains certain forward - looking statements and information relating to Armac Locação, Logística e Serviços SA – B 3 : ARML 3 (“ARMAC” or “Company”) that reflect the current views and/or expectations of the Company and its management with respect to its performance, its business and future events . Forward - looking statements include, without limitation, any statement that contains forecasts, indications or estimates and projections about future results, performance or objectives, as well as words such as “we believe”, “we anticipate”, “we expect”, “we estimate”, “we project”, among other words with similar meaning . Such forward - looking statements are subject to risks, uncertainties and future events . We caution investors that several important factors may cause actual results to differ materially from such plans, objectives, expectations, projections and intentions expressed in this presentation . Under no circumstances will the Company, nor its subsidiaries, advisors, directors, agents or employees be liable to third parties (including investors) for any investment decision taken based on the information and statements in this presentation, or for any resulting, corresponding or specific damages thereof . The market and competitive position information, including market projections cited throughout this presentation, was obtained through internal research, market research, publicly available information, and business publications . While we have no reason to believe that any of this information or reports are inaccurate in any material respect, we have not independently verified competitive position, market position, growth rate, or any other data provided by third parties or other industry publications . The Company is not responsible for the accuracy of such information .
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3 Highlights 3Q25 R$ 534.9 M Gross Revenue Q3 2025 +11,0% vs. 2Q25 R$ 435.6 million Gross Rental Revenue in Q3 2025 +6.4% vs. 2Q25 R$ 196.5 million Operational CF (Managerial)² in 3Q25 R$ 86.2 million Asset Sales +82.7% vs. 3Q24 9.6% Gross Margin in Q3 2025 R$ 200.1 M Rental EBITDA¹ in Q3 2025 +18.8% vs. 2Q25 50.5% R e ntal EBITDA¹ Margin in 3Q25 +4.9 pp vs. 2Q25 ¹ Adjusted Rental EBITDA from Leasing: Excludes non - recurring results related to terminations, demobilizations, and reductions i n structures occurring during the period. ² EBITDA – Cost of write - off of fixed assets – Maintenance and renewal CAPEX + Change in working capital + Other non - cash effect s.
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5 Rental Fleet and Investments Rental Fleet (# equipment) 1.046 6.225 9.483 10.206 11.247 11.734 11.888 (1.500) 500 2.5 00 4.5 00 6.5 00 8.5 00 10. 500 12. 500 2020 2021 2022 2023 2024 2Q25 3Q25 CAPEX (R$ million) 227 1.137 1.258 576 706 171 180 - 200 400 600 800 1.0 00 1.2 00 1.4 00 2020 2021 2022 2023 2024 2Q25 3Q25 +1.3%
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6 Utilization Rate and Productivity Productivity² (%) 59,4% 60,2% 56,5% 61,0% 55,9% 58,8% 0,0 5 0,0 6 0,0 7 0,0 8 0,0 9 0,1 0,1 1 0,1 2 0,1 3 0,1 4 0,1 5 0,1 6 0,1 7 0,1 8 0,1 9 0,2 0,2 1 0,2 2 0,2 3 0,2 4 0,2 5 0,2 6 0,2 7 0,2 8 0,2 9 0,3 0,3 1 0,3 2 0,3 3 0,3 4 0,3 5 0,3 6 0,3 7 0,3 8 0,3 9 0,4 0,4 1 0,4 2 0,4 3 0,4 4 0,4 5 0,4 6 0,4 7 0,4 8 0,4 9 0,5 0,5 1 0,5 2 0,5 3 0,5 4 0,5 5 0,5 6 0,5 7 0,5 8 0,5 9 0,6 0,6 1 0,6 2 0,6 3 0,6 4 0,6 5 0,6 6 0,6 7 0,6 8 35, 0% 40, 0% 45, 0% 50, 0% 55, 0% 60, 0% 65, 0% 2021 2022 2023 2024 2Q25 3Q25 Utilization Rate¹ (%) & Rental Rate (%) ¹ Assets held for sale are excluded from the calculation. ² Annualized gross rental revenue divided by the gross rental asset value, based on the average for the period. + 1.0 pp + 2.9 pp + 4.5 pp 77% 73% 71% 73% 74% 6,8% 6,6% 6,3% 6,4% 6,6% 1,5% 2,5% 3,5% 4,5% 5,5% 6,5% 7,5% 0% 20% 40% 60% 80% 100 % 120 % 3Q24 4Q24 1Q25 2Q25 3Q25
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7 Revenues Gross Revenue (R$ million) 427 990 1.383 1.742 471 409 435,6 5 61 111 138 47 75 86 71 30 7 13 432 1.051 1.494 1.951 548 491 535 2021 2022 2023 2024 3Q24 2Q25 3Q25 Rental Revenue Mix (%) Rental and Services Assets Sales Consortium 65% 62% 65% 76% 75% 73% 35% 38% 35% 24% 25% 27% 2021 2022 2023 2024 2Q25 3Q25 Continuous Operations Simple Rental +30.6% +8.8%
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8 Adjusted EBITDA Adjusted EBITDA ( R$ million) includes Consortium and asset sales. 196 435 641 727 167 198,3 - 100 200 300 400 500 600 700 800 900 1.0 00 2021 2022 2023 2024 2Q25 3Q25 Adjusted Rental EBITDA (R$ million ) and Margins (%) 196 434 606 689 169 200 50,8% 48,8% 48,5% 44,2% 45,6% 50,5% -90,0% -70,0% -50,0% -30,0% -10,0% 10, 0% 30, 0% 50, 0% 70, 0% 90, 0% (100) 100 300 500 700 900 1.1 00 2021 2022 2023 2024 2Q25 3Q25 +13.7% +13.4% + 18. 8 % +18.6%
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10 Profitability ROIC Adjusted (%) 17,3% 17,4% 18,8% 18,2% 14,0% 18,6% 8,1% 10,3% 8,1% 8,5% 10,7% 10,7% 3,0 % 5,0 % 7,0 % 9,0 % 11, 0% 13, 0% 15, 0% 17, 0% 19, 0% 21, 0% 2021 2022 2023 2024 2Q25 3Q25 10.7 pp 9.7 pp 7.1 pp 9.2 pp 3.3 pp 7.9 pp Cost of debt after taxes ROIC
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9 Managerial Cash Flow ¹ Working capital includes changes in inventory, accounts receivable, suppliers, partner suppliers, and other working - capital vari ations. ² Other non - cash effects include allowance for doubtful accounts, lease - related charges, and monetary restatement of accounts paya ble.. R$ million 1Q25 2Q25 3Q25 EBITDA 148,8 141,2 198,3 Cost of disposal of demobilized assets 57,5 71,4 78,3 Sustaining and Renewal CAPEX (129,7) (165,3) (145,5) Working Capital¹ 150,1 (112,6) 39,6 Other non-cash effects² 30,3 13,7 25,7 Managerial Operational Cash Flow 257,0 (51,5) 196,5 Operations with derivatives - - 2,8 Income from financial investments 17,6 16,8 16,5 Interest paid (115,4) (70,3) (133,1) Managerial Equity Cash Flow 159,2 (105,0) 82,7 Growth CAPEX (48,7) (6,1) (34,3) Buyback - - (1,0) Dividends and IoC (9,0) (26,0) (1,1) M&A (8,8) - (9,5) Delta Net Debt 92,7 (137,2) 36,9
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11 Debt 1,59x 2,46x 2,06x 2,36x 2,54x 2,49x 0,0 0x 0,5 0x 1,0 0x 1,5 0x 2,0 0x 2,5 0x 3,0 0x 2021 2022 2023 2024 2Q25 3Q25 Net Debt (R$ million) 2.386 (630) 1.756 Gross Debt Cash Net Debt Net Debt / EBITDA¹ UDM Financial Debt Amortization Schedule (R$ millions) 630 5 5 3 349 382 382 510 128 128 Caixa 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Amortizations Covered by Cash Position 451 166 - 0.05x ¹ EBITDA Covenant
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