Earnings release
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Earnings Release 4Q25 LOG Commercial Properties e Participações S.A. (“Company” or “LOG”) (“B3”), one of the largest developers and lessors of class A logistics warehouses in Brazil, announces its results for the fourth quarter of 2025. All numbers are presented and compared to the same period of the previous year, except when specified, and have been rounded to the nearest thousand. When compared to financial statements, they may present discrepancies due to decimal places
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2 MANAGEMENT COMMENTS Operational excellence and high -demand assets drive Log to the best operational result in its history The logistics warehouse market performed very positively in 2025, driven mainly by strong demand, which led Brazil to record a historic low vacancy rate of just 7.3%. The market also reported a record net absorption of 3.5 million sqm of GLA and a significant increase in the average rental price, with 20% growth over the past 24 months. In this highly dynamic market, L og continues to consolidate its position as one of the leading logistics platforms in the country, with a modern, well-located, and high-standard portfolio. The company recorded gross absorption of 545 thousand sqm for the year, including 256 thousand sqm of pre -leased delivered assets, reaching an average pre-leasing rate of approximately 90%, which demonstrates the attractiveness of the developed assets, the quality of services provided, and the company's close relationship with its client base. In 4Q25, Log delivered 98,4 thousand sqm, with a pre -leasing rate of 88% and a Yield on Cost of 14.0% . Stabilized vacancy remained at a minimum level of 0.81%. Log completed the renewal of 46% of the 205 thousand sqm of GLA from the first phase of rent reviews , with a significant nominal rent increase of 43.4%. For the 14th consecutive quarter, we reported a Same Client Rent of 2.68% above inflation. As a result of operational excellence and execution capability, L og recorded a record EBITDA of R$ 602 million in 2025, reinforcing the recurrence and robustness of its cash generation. With high -quality assets, resilient demand, and a diversified presence in the main logistics hubs of the country, L og remains well positioned to capture rental appreciation and sustain its profitability growth through development activities, consolidating its trajectory of long-term value creation. Asset Management and Service Expansion: More Value and Efficiency in LOG’s Ecosystem The year 2025 marked significant progress for L og in its strategy of diversifying and expanding revenues through its complete platform of integrated services within the logistics warehouse ecosystem. This initiative brings benefits beyond retaining commercial expertise and the client portfolio ; it also reinforces the evolution of the company’s business model, expanding monetization avenues beyond traditional leasing. LOG ADM, the unit responsible for managing logistics assets, ended the period with 2.6 million sqm of GLA under management , a 45% increase compared to the same quarter of the previous year. Of this total, 464 thousand sqm refer to third-party asset management , not developed by L og, demonstrating the market’s recognition of the company’s know -how, operational efficiency, and ability to customize the services it offers. The NPS for the services provided reached 79 in Q425, establishing itself in the zone of customer service excellence. In Q4 2025, net revenue from asset management reached R$ 6.7 million , marking a 69% year -over-year increase with a 63% margin. Year-to-date, net revenue from services totaled R$ 21.8 million, a 47% increase compared to 2024, with a margin of 68%. With the progress of the L og 2 Million program and the maturation of commercial initiatives in the open market, the expectation is that the service platform will consolidate its role as an important asset-light growth driver and a source of long-term value creation for shareholders. Net Service Revenue (R$ Million)
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3 Log announces creation of a new investment vehicle aimed at acquiring company’s assets Log announced the signing of a binding agreement for the structuring of an investment vehicle to be established, valued at approximately R$ 1.05 billion, under a firm commitment regime. The transaction, which is still subject to the satisfaction of customary conditions precedent for transactions of this nature, aims to acquire a portfolio of 12 operational assets of the company and, once completed, will be the largest ever carried out by the company. The completion of the transaction, in addition to bringing greater efficiency to the company’s capital structure, will provide in advance the resources necessary for the execution of the investment plan scheduled for 2026, unlocking the value generation potential associated with new projects under development. In the context of an environment of greater macroeconomic uncertainty and interest rate dynamics, the company has demonstrated its ability to generate value for shareholders through asset sales, which has enabled better capital allocation between leasing and development activities. Within the scope of the transaction, Log will retain the commercial management of the assets, property and condominium administration, which provides new service revenue streams and the retention of commercial intelligence and the client portfolio. For more details about the transaction, it is recommended to read the Material Fact published on 02/11/2026. Focus on shareholder value creation Over the past three years, Log has consolidated its strategy of generating value for shareholders by carrying out asset recycling transactions totaling R$ 4.6 billion, always transacted at values close to the Net Asset Value (“NAV”). These sales, in addition to financing the growth of the Company’s development activities, with the delivery of 993 thousand sqm of GLA in the same period , also contributed to cash distributions to shareholders and the strengthening of the balance sheet. With the cash surplus, in addition to reducing financial leverage, Log distributed R$ 985 million to its shareholders, consisting of R$ 658 million in dividends and R$ 327 million in share buybacks, the latter being carried out at a significant discount to NAV, generating great value for its shareholders. Efficient capital allocation resulted in an annual growth of 14% in NAV per share, which reached R$ 51.20 in 2025. Furthermore, earnings per share for the year were R$ 4.06, an annual growth of 112%, reflecting the commitment to sustainable growth and shareholder returns. In January 2026, Log was included in the IDIV , the B3 index that comprises companies with the best dividend and interest on equity practices, reflecting Log’s commitment to strong cash distribution to its shareholders. The company has sought greater capital efficiency in its business model, offering shareholders an attractive total return profile by combining strong cash distribution with the expansion of its development and service activities. Dividends per share 2023 2024 2025 0.92 2.42 3.96 +108% 2023 2024 2025 39.50 48.57 51.20 +14% NAV per share Dividends paid per share
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4 FINANCIAL HIGHLIGHTS In 2025, the Company reported a new record net lease revenue, reaching R$ 248.8 million, representing a 13.2% increase compared to the same period of the previous year. The EBITDA reported in 2025 was another record for the company during the year, reaching R$ 602.1 million, representing a 22% increase compared to 2024. Lease EBITDA totaled R$ 213.8 million in 2025, with a margin of 85. 9%, representing a 19.5% increase compared to the previous year. Development EBITDA totaled R$ 388.3 million in 2025, representing a 23.4% increase compared to the previous year. Net income in 2025 was R$ 363.5 million, a 5.6% increase compared to 2024. Earnings per share in 2025 totaled R$ 4.06, up 2.8% compared to 2024. The ratio of adjusted net debt to EBITDA was 1.6x. Following the completion of the transaction announced in 02/11/2026, the company expects a reduction in its leverage level to below the levels observed during the 2024 and 2025 fiscal years. In the fourth quarter of 2025, the SCR was 2.7%, showing growth above inflation for the 14th consecutive quarter. IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % Net Revenue 65.222 55.916 16,6% 248.759 219.742 13,2% Cost of services (2.487) (1.332) 86,7% (7.014) (5.334) 31,5% Gross Profit 62.735 54.584 14,9% 241.745 214.408 12,7% Gross Margin 96,2% 97,6% -1,4 p.p. 97,2% 97,6% -0,4 p.p. Operating Expenses (75.417) (58.438) 29,1% (198.751) (171.447) 15,9% Development of Assets 151.644 140.588 7,9% 544.972 438.000 24,4% Equity interest 7.712 4.255 81,2% 7.522 6.979 7,8% EBITDA 148.112 142.593 3,9% 602.054 493.611 22,0% EBITDA Margin 227,1% 255,0% -27,9 p.p. 242,0% 224,6% 17,4 p.p. Financial Result (44.704) (24.057) 85,8% (169.791) (91.102) 86,4% Taxes (23.292) (16.854) 38,2% (62.208) (52.460) 18,6% Net profit 78.678 100.078 -21,4% 363.487 344.378 5,5% Net Margin 120,6% 179,0% -58,3 p.p. 146,1% 156,7% -10,6 p.p. Earnings Per Share 0,80 1,14 -29,8% 4,06 3,95 2,8% Adj. Net Debt/EBITDA 1,6x 0,8x 0,83x 1,6x 0,8x 0,83x Capex 214.520 220.900 -2,9% 743.973 819.333 -9,2% GLA delivered %Log (sqm) 928.982 951.926 -2,4% 928.982 951.926 -2,4% Average ticket (BRL/month) 22,76 21,76 4,6% 21,88 20,56 6,4% Stabilized vacancy (%) 0,81% 0,65% 24,6% 0,81% 0,65% 24,6%
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5 LOG MACEIÓ Gross Absorption SQM OF GLA Maintaining a high level of absorption 108.4 OPERATIONAL HIGHLIGHTS Stabilized Vacancy: 0.81% Significantly lower than the industry average of 7.3% Pre-leasing: 88% Demonstrating strong demand and market confidence Deliveries: 98.4 SQM OF GLA A Solid Foundation for Sustainable Development and Expansion in the Brazilian Logistics Market
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6 Financial & Operational Performance
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7 STRATEGIC PILLARS: THE FOUNDATION FOR THE SUCCESS OF OUR BUSINESS MODEL Strategic Pillars Modular Warehouses The company's role as both a leading lessor and asset developer strengthens its market position through three fundamental pillars: Geographic Diversification, Modular Warehouses, and Integrated Operations. Integrated Operatios Geographic Diversification Modular Warehouses: The ability to accommodate logistics operations of all sizes at various stages of our clients' business cycles, across different sectors, and with high absorption speed. 145 tenants in 185 active contracts Sector concentration below 34% Stabilized vacancy rate of 0.81% Average ticket of R$ 22.76 per sqm of GLA Price pass-through above inflation for the 14th consecutive quarter with SCR of 2.68% Geographic Diversification: Relevant Competitive Advantage in the Sector, with presence across all strategic markets and consistently demanded by its own client base — providing commercial intelligence to accurately define the location and pricing of new assets. 287 sqm of GLA delivered in 2025 90% pre-leasing of deliveries Gross absorption of 545 thousand sqm of GLA in 2025 Integrated Operatios: LOG boasts a vertically integrated structure, involved in every phase of project development from land identification and acquisition, through warehouse construction, leasing, administration, and management, and even the recycling of selected assets. Lowest national construction cost Standardization of prices across the country Flight to Quality as a growth driver BUSINESS CYCLE Click here to understand about LOG’s Business Cycle
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8 OPERATIONAL PORTFOLIO Delivery of 98.4 sqm of GLA in 4Q25, with 88% pre-leasing IN SQM OF GLA Quarter % Total LOG Cuiabá 1Q25 38.643 LOG SJP 1Q25 40.981 LOG São Bernardo G2 1Q25 22.456 LOG João Pessoa 2Q25 41.006 LOG Goiânia III 3Q25 45.432 LOG Fortaleza III G3 4Q25 66.161 LOG Campos II 4Q25 14.012 LOG PIB Belgo 4Q25 18.236 Total 2025 286.927 IN SQM OF GLA (%Log) 4Q25 3Q25 4Q24 Delivered 928.982 954.476 951.926 In construction 525.237 527.154 199.017 Landbank 559.794 532.471 720.678 Total 2.014.012 2.014.100 1.871.621 PERIOD START ADDITION SALES END OCCUPAN- CY STABILIZED VACANCY TOTAL VACANCY BRAZIL VACANCY¹ 4Q24 1.007 96 150 952 96,7% 0,65% 3,30% 8,2% 1Q25 952 74 - 1.026 97,3% 1,55% 2,73% 8,0% 2Q25 1.026 35 - 1.061 97,4% 0,93% 2,57% 7,7% 3Q25 1.061 37 143 954 98,0% 0,81% 1,97% 7,4% 4Q25 954 85 111 929 97,0% 0,81% 3,05% 7,3% ¹ Source: EREA. YTD Deliveries Portfolio Representation Delivered by Region (% LOG) Portfolio (in thousand GLA %LOG) Portfolio per Class The Company delivered 287 thousand sqm of GLA in 2025 across the states of Ceará, Goiás, Mato Grosso, Minas Gerais, Paraíba, Paraná, Rio de Janeiro and São Paulo. Southeast: 50.8% Northeast: 31.1% C. West: 11.3% North: 6.7% South: 0%
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9 INCOME STATEMENT (IS) Company Segmentation Leasing: Leasing of Class A warehouses across Brazil, focusing on major metropolitan regions and efficient asset management through a comprehensive service platform for the logistics warehouse ecosystem. Development: Asset sales strategy, where the recycling of existing GLA finances new projects. Constant property evaluations ensure continuous growth in results. Managerial Income Statement 4Q25 4Q25x4Q24 CONSOLIDATED LEASE DEVELOPMENT CONSOLIDATED LEASE DEVELOPMENT VARIATION Net revenue 65.222 65.222 - 55.916 55.916 - 16,6% Costs of services (2.487) (2.487) - (1.332) (1.332) - 86,7% Gross profit 62.735 62.735 - 54.584 54.584 - 14,9% Gross Margin 96,2% 96,2% - 97,6% 97,6% - -1,4 p.p. Operating expenses 76.228 (7.970) 84.198 82.150 (9.658) 91.808 -7,2% G&A expenses (11.532) (4.176) (7.356) (10.706) (6.437) (4.269) 7,7% Selling expenses (3.240) (2.659) (582) (2.126) (2.034) (92) 52,4% Other income/expenses (59.206) (262) (58.944) (44.002) (139) (43.863) 34,6% Development of Assets 151.644 - 151.644 140.588 - 140.588 7,9% D&A (1.438) (874) (564) (1.604) (1.048) (556) -10,3% Equity interest 7.712 87 7.625 4.255 (58) 4.313 81,2% EBITDA 148.112 55.725 92.387 142.593 45.916 96.677 3,9% EBITDA margin 227,1% 85,4% - 255,0% 82,1% - -27,9 p.p. Financial result (44.704) (36.140) (8.564) (24.057) (19.023) (5.034) 85,8% Financial Expenses (73.419) (50.693) (22.726) (48.517) (34.297) (14.220) 51,3% Financial income 28.715 14.553 14.162 24.460 15.274 9.186 17,4% EBT 101.971 18.712 83.259 116.932 25.846 91.086 -12,8% Taxes (23.292) (2.786) (20.506) (16.854) (2.094) (14.761) 38,2% Current taxes (7.989) (3.590) (4.399) (11.810) (2.854) (8.957) -32,4% Deferred taxes (15.303) 804 (16.107) (5.044) 760 (5.804) 203,4% Net income 78.678 15.926 62.752 100.078 23.752 76.326 -21,4% Net margin 120,6% 24,4% - 179,0% 42,5% - -58,3 p.p. IN THOUSAND BRL 4Q25 4Q24 ¹ The company updated the allocation criterion for Financial Expenses, reallocating to the development segment the portion related to the debt that finances the receivables from asset sales.
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10 INCOME STATEMENT (IS) Company Segmentation Leasing: Leasing of Class A warehouses across Brazil, focusing on major metropolitan regions and efficient asset management through a comprehensive service platform for the logistics warehouse ecosystem. Development: Asset sales strategy, where the recycling of existing GLA finances new projects. Constant property evaluations ensure continuous growth in results. Managerial Income Statement 2025 YTD CONSOLIDATED LEASE DEVELOPMENT CONSOLIDATED LEASE DEVELOPMENT VARIATION Net revenue 248.759 248.760 - 219.742 219.741 - 13,2% Costs of services (7.014) (7.014) - (5.334) (5.333) - 31,5% Gross profit 241.745 241.746 - 214.408 214.408 - 12,7% Gross Margin 97,2% 97,2% - 97,6% 97,6% - -0,4 p.p. Operating expenses 346.222 (31.545) 377.768 266.550 (39.242) 305.792 29,9% G&A expenses (44.016) (15.786) (28.230) (40.893) (24.650) (16.243) 7,6% Selling expenses (11.657) (10.063) (1.594) (9.765) (8.976) (789) 19,4% Other income/expenses (136.508) (2.150) (134.358) (115.122) (1.897) (113.225) 18,6% Development of Assets 544.972 - 544.972 438.001 - 438.000 24,4% D&A (6.568) (3.546) (3.022) (5.671) (3.720) (1.951) 15,8% Equity interest 7.522 56 7.466 6.979 33 6.946 7,8% EBITDA 602.054 213.803 388.251 493.611 178.918 314.692 22,0% EBITDA margin 242,0% 85,9% - 224,6% 81,4% - 17,4 p.p. Financial result (169.791) (122.372) (47.419) (89.791) (70.330) (19.462) 89,1% Fin. Expenses ex. equity swap (282.765) (190.002) (92.763) (196.596) (133.120) (63.476) 43,8% Financial income 112.974 67.630 45.344 106.805 62.790 44.014 5,8% EBT 425.699 87.885 337.814 398.144 104.869 293.276 6,9% Taxes (62.208) (13.750) (48.459) (52.460) (12.570) (39.891) 18,6% Current taxes (45.647) (13.851) (31.796) (41.648) (12.356) (29.293) 9,6% Deferred taxes ex. equity swap (16.561) 102 (16.663) (10.812) (214) (10.598) 53,2% Net income ex. equity swap 363.487 74.135 289.351 345.687 92.299 253.388 5,1% Net margin ex. equity swap 146,1% 29,8% - 157,3% 42,0% - -11,2 p.p. Fin. Expenses of equity swap - - - (1.311) - (1.311) -100,0% Deferred tax ex. equity swap - - - - - - - Net income 363.487 74.135 289.351 344.376 92.299 252.077 5,5% Net margin 146,1% 29,8% - 156,7% 42,0% - -10,6 p.p. IN THOUSAND BRL 2025 2024 The company updated the allocation criterion for Financial Expenses, reallocating to the development segment the portion related to the debt that finances the receivables from asset sales.
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11 REVENUE Net Revenue of R$ 65.2 million in the Quarter IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % Gross Revenue from leases ex. linearization 59.444 47.135 26,1% 224.149 192.197 16,6% Revenue linearization 2.214 7.638 -71,0% 15.594 23.274 -33,0% Gross Revenue from leases 61.658 54.773 12,6% 239.743 215.844 11,1% Leases Taxes (3.106) (2.802) 10,8% (12.768) (10.961) 16,5% Other revenues (Log Adm + Funds assets mgt) 7.596 4.521 68,0% 24.900 17.000 46,5% Taxes of other revenues (926) (576) 60,8% (3.115) (2.142) 45,4% Net Revenue 65.222 55.916 16,6% 248.760 219.741 13,2% Net revenue totaled R$ 65.2 million in the quarter, representing an 16.6% increase compared to the same period of the previous year. Same Client Rent above inflation for the 14th consecutive quarter Potential 16.7% upside in ticket price, based on current requested ticket Same Client Rent evolution¹ (Growth in real terms) Average Ticket Evolution In 2Q25, we announced the first phase of the lease review process, aimed at adjusting rental rates for the group of tenants whose contracts were below market levels. In between 2Q25 and 4Q25, Log completed the equivalent of 46% of the total 205 thousand sqm of GLA in the first phase of the lease review process. For this group of clients, contracts have already been revised, resulting in a significant nominal average rent increase of 4 3.4%, with a 25.3% increase in cash rent, effective from the signing date. These adjustments are expected to be gradually reflected over the coming periods. 4Q24 1Q25 2Q25 3Q25 4Q25 21.0921.76 21.25 22.43 22.76 26.57 +16.7% Average ticket (R$) Current requested average ticket ¹ Active clients who have not modified their contract in the last twelve months of each period. 1.2% 4Q24 0.4% 1Q25 0.9% 2Q25 2.0% 3Q25 2.7% 4Q25
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12 Increase in Service Profit by 60.1% IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % Net Revenue - Services (Log ADM, REITs, Energy, etc.) 6.670 3.945 69,1% 21.785 14.858 46,6% Services Cost (2.487) (1.332) 86,7% (7.014) (5.333) 31,5% Services Gross profit 4.183 2.613 60,1% 14.771 9.525 55,1% Services Gross Margin 62,7% 66,2% -3,5 p.p. 67,8% 64,1% 3,7 p.p. In 4Q25, asset management revenue grew significantly and now represents 47% of total SG&A. This is a recurring revenue stream that adds long-term value to the business. By the end of the current growth cycle, with stabilized assets, management revenue is expected to fully cover SG&A expenses , which is a key milestone in improving operational efficiency 182 158 147 102 436 Until 12 months 13 to 24 months 25 to 36 months 37 to 48 months > 48 months Maturity by sqm of GLA (thousand) 12%4%6%14%16%16%34% Others Textile Food/Beverages Logistics/Transportation Retail Pharmaceutical E-commerce 32% 27% 26% 7% 8% E-commerce Logistics & Transportation Food Service Pharmaceutical Other The strong demand enabled the Company to deliver a gross absorption of 108.4 thousand sqm of GLA in the quarter. Tenants by Sector - % of GLA in Operation Tenants concentration Contract Maturity Schedule Gross Absorption by Sector in the Quarter 5.6 8.9% 4Q24 5.6 8.2% 1Q25 6.0 12.5% 2Q25 6.5 10.9% 3Q25 6.2 15.8% 4Q25 Average occupied GLA/contract (in thousand sqm of GLA) Share of largest client/gross revenue %
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13 LOG CUIABÁ OPERATING EXPENSES IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % Gross Profit 62.735 54.584 14,9% 241.745 214.408 12,7% Operating Expenses (16.211) (14.436) 12,3% (62.246) (56.326) 10,5% Selling expenses (2.738) (1.846) 48,3% (9.215) (7.388) 24,7% Vacancy expenses (519) (298) 74,2% (2.513) (2.432) 3,3% G&A expenses (11.516) (10.688) 7,7% (43.950) (40.835) 7,6% D&A (1.438) (1.604) -10,3% (6.568) (5.671) 15,8% Other income/expenses (59.206) (44.002) 34,6% (136.508) (115.122) 18,6% Development of assets 151.644 140.588 7,9% 544.972 438.001 24,4% Equity interest 7.712 4.255 81,2% 7.522 6.979 7,8% EBIT 146.674 140.989 4,0% 595.486 487.940 22,0% Operating expenses totaled R$16.2 million in 4Q25, a 12.3% increase compared to the same period of the previous year. The variation of selling expenses is mainly due to an increase in commercial efforts, both internally and by partners. The asset development line was positively impacted by the accrual of Fair Value from the start of new projects. EBITDA IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % EBIT 146.674 140.989 4,0% 595.486 487.940 22,0% D&A 1.438 1.604 -10,3% 6.568 5.671 15,8% Lease Activity 55.725 45.916 21,4% 213.803 178.918 19,5% Development Activity 92.387 96.677 -4,4% 388.251 314.692 23,4% EBITDA 148.112 142.593 3,9% 602.054 493.610 22,0%
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14 FINANCIAL RESULT IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % Financial income 28.715 24.460 17,4% 112.974 106.805 5,8% Financial expenses (73.419) (48.517) 51,3% (282.765) (197.907) 42,9% Equity Swap - - 0,0% - (1.311) -100,0% Other financial expenses ex. equity swap (73.419) (48.517) 51,3% (282.765) (196.596) 43,8% Financial Result (44.704) (24.057) 85,8% (169.791) (91.102) 86,4% In 4Q25, the Financial Result was R$ ( 44.7) million. The variation is mainly attributed to the increase in the CDI rate during the period, which led to higher interest expenses on borrowings. The average monthly CDI in 4Q25 increased by 34.36% compared to the average monthly CDI in 4Q24. TAX AND SOCIAL CONTRIBUTION IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % Current (7.989) (11.810) -32,4% (45.648) (41.648) 9,6% Deferred (15.303) (5.044) 203,4% (16.560) (10.812) 53,2% Deferred from Operation (11.645) (6.937) 67,9% (2.824) (2.089) 35,2% Deferred from Development (3.658) 1.893 -293,2% (13.737) (8.723) 57,5% Taxes & Social Contribution (23.292) (16.854) 38,2% (62.208) (52.460) 18,6% In 4Q25, taxes totaled R$23.3 million, representing a 38.2% increase compared to 4Q24. The difference is mainly due to the higher recognition of fair value in 4Q25 compared to 4Q24, which results in greater tax deferral associated with increased results from new development projects. On the other hand, there was a significant reduction in th e payment of current taxes as the result of the tax planning actions carried out by the company. NET INCOME IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % Lease Activity 15.926 23.752 -33,0% 74.135 92.299 -19,7% Development Activity 62.752 76.326 -17,8% 289.351 252.077 14,8% Net Income 78.678 100.078 -21,4% 363.487 344.376 5,5% In 4Q25, the Company reported net income of R$ 78.6 million, 21.4% lower than the same quarter of the previous year. Net Income for 2025 was R$ 363.5 million, representing an increase of 5. 5%. This growth was driven by operational numbers and the acceleration of new project launches in 2025, which offset the reduction in financial results. Net Income ended the year within the guidance established for 2025, ranging from R$ 350 to 450 million.
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15 INDEBTEDNESS Adjusted leverage of 1.6x IN THOUSAND BRL 4Q25 4Q24 VAR. % Net debt 1.767.853 1.304.932 35,5% Loans and financing 2.238.757 2.066.202 8,4% Cash, cash eq. & marketable securities 470.904 761.270 -38,1% Equity 3.632.716 3.605.375 0,8% Net debt / Equity 48,7% 36,2% 12,5 p.p. Adjusted net debt 987.745 399.513 147,2% Receivables from asset sales 780.108 905.419 -13,8% Adjusted net debt / Equity 27,2% 11,1% 16,1 p.p. Net debt 1.767.853 1.304.932 35,5% LTM EBITDA 602.054 493.610 22,0% (=) Net debt / Equity 2,9x 2,6x 0,3 p.p. Adjusted net debt 987.745 399.513 147,2% LTM EBITDA 602.054 493.610 22,0% Adjusted net debt / LTM EBITDA 1,6x 0,8x 0,8 p.p. In 4Q25, adjusted net debt corresponded to 1.6x LTM EBITDA. With the additional cash inflow expected after the completion of the sale announced in 02/11/2026, the company expects a substantial reduction in leverage, reaching levels lower than those reported in 2024 and 2025. 4Q24 1Q25 2Q25 3Q25 4Q25 0.8x 1.2x 1.7x 1.3x 1.6x Net Debt/EBITDA LTM R$400 R$664 R$926 R$791 R$988 4Q24 1Q25 2Q25 3Q25 4Q25 Net debt (thousand) Adjusted Net Debt / LTM EBITDA Adjusted Net Debt
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16 Log continues to actively execute its debt reprofiling program, focusing on the equalization of amortization schedules, liability extension, and spread reduction. In October, Log completed the early settlement of R$ 300 million from the 21st debenture issuance, reducing both the volume and average cost of debt. The consolidated effective cost was CDI+1.15%, continuing to show a significant reduction compared to the previous year, which was CDI+1.71%. INVESTMENTS Asset Sales and CAPEX Construction Costs Evolution Capex totaled R$ 215 million. The pace of investment reflects the advancement of the Company’s expansion plan, which will be financed, primarily, through asset recycling. As shown on the right, LOG’s construction costs have consistently remained well below the INCC benchmark . 1.71% 1.36% 4Q24 1.55% 1.18% 1Q25 1.35% 0.98% 2Q25 1.18% 0.82% 3Q25 1.15% 0.72% 4Q25 Effective cost Contractual cost 4Q24 1Q25 2Q25 3Q25 4Q25 15.8412.85 12.50 14.50 14.13 15.83 15.46 16.26 16.22 15.72 Effective Cost Contractual Cost 47.3% 9.1% 4Q24 43.6% 14.4% 1Q25 51.1% 20.0% 2Q25 51.9% 16.3% 3Q25 45.5% 20.1% 4Q25 Gross LTV Net LTV adj. by receivable of sales 2026 2027 2028 2029 2030 2031 After 2031 478 388 470 310 220 189 183 484 -171 -160 425 364 -221 -197 -215 4Q24 1Q25 2Q25 3Q25 4Q25 Capex (R$ MM) Asset Sales (R$ MM) 100 93 103 105 111 111 106 111 115 120 130 148 162 168 179 188 2015 86 2016 76 2017 77 2018 81 2019 82 2020 2021 2022 2023 2024 2025 YTD 77 p.p. Scaled to 100 (LOG) Scaled to 100 (INCC - National cost of construction index) Debt Spread Cost of Debt Loan To Value - LTV Debt Amortization Schedule
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17 ACCOUNTS RECEIVABLE Accumulated net delinquency remains at low levels, at just 0.52% Accounts Receivable IN THOUSAND BRL 4Q25 4Q24 VAR. % Lease of warehouses 66.951 68.646 -2,5% Asset sales 780.108 905.419 -13,8% Property management 7.163 2.269 215,7% Others 6.115 13.501 -54,7% Accounts Receivable 860.337 989.835 -13,1% In 4Q25, Log received a total of R$ 253.7 million in cash related to asset sales, of which R$ 28.8 million referred to sales from previous periods (Inter Logístico FII) and R$ 224.2 million referred to sales carried out in 4Q25 (BTG Pactual Logística FII). Net Default Rate ASSET VALUE Investment Properties (IP) IP by Category IN THOUSAND BRL 4Q25 4Q24 VAR. % Landbank 172.114 129.042 33,4% Projects under development 1.951.932 1.137.045 71,7% Projects delivered 2.794.259 3.105.927 -10,0% Cost 1.747.118 1.948.405 -10,3% Fair value 1.047.141 1.157.522 -9,5% Investment Properties 4.918.305 4.372.014 12,5% 4Q24 1Q25 2Q25 3Q25 4Q25 0.57% 0.40% 0.35% 0.45% 0.52%
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18 NAV IN THOUSAND BRL 4Q25 Investment Properties 4.918.305 Investees 73.917 Assets held for sale - Market Value of Assets 4.992.222 Net debt (1.767.854) Swaps + land to be paid (339.561) Accounts receivable (sale of assets) 780.108 Cash from Subsidiaries %Log 267 NAV 3.665.182 Qty of ex-Treasury shares (thousand) 87.412 NAV / Share 41,93 Share Price 28,25 Discount for NAV* 33% The Company's NAV per share has a 33% discount* compared to the trading value of LOGG3, indicating strong potential for stock price appreciation in the coming periods. * Excluding Parque Industrial Betim CASH FLOW Managerial Cash Flow Bridge SHAREHOLDING STRUCTURE In October 2024, L og announced a new Share Buyback Program for treasury holding, cancellation and/or disposal, as well as for use in its Stock Option Plans. The program has a maximum duration of 18 months and allows for the repurchase of up to 4,800,000 shares. Under the current program, 1,233,100 shares have been repurchased, approximately 25.7% of the total authorized. QUARTERLY DIVIDEND DISTRIBUTION This quarter, L og approved and distributed a total of R$ 305.0 million in dividends, divided into two payments: the first, of R$ 26.4 million, on November 28, and the second, of R$ 278.6 million, on December 29. The total dividend distribution in 2025 reached R$ 346.1 mill ion, equivalent to 97.6% of the annual Net Income. 3Q25 4 Cash gen. 254 Sales installments (373) Funding and amortization (215) Capex (305) Dividends Paid 24 Other 4Q25 1.082 471
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19 LOG SUMARÉ LOG RIO CAMPO GRANDE EXHIBIT: FINANCIAL STATEMENTS Income Statement In thousand BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % Net revenue 65.222 55.916 16,6% 248.759 219.742 13,2% Costs of services provided (2.487) (1.332) 86,7% (7.014) (5.334) 31,5% Gross profit 62.735 54.584 14,9% 241.745 214.408 12,7% Operating expenses 76.227 82.150 -7,2% 353.740 273.532 29,3% Selling expenses (3.257) (2.144) 51,9% (9.215) (7.388) 24,7% General and administrative expenses (12.954) (12.292) 5,4% (50.518) (46.506) 8,6% Other operating expenses (59.206) (44.002) 34,6% (139.021) (117.554) 18,3% Development of assets 151.644 140.588 7,9% 544.972 438.001 24,4% Equity interest 7.712 4.255 81,2% 7.522 6.979 7,8% EBIT 146.674 140.989 4,0% 595.485 487.940 22,0% Financial Result (44.704) (24.057) 85,8% (169.791) (91.102) 86,4% Financial expenses (73.419) (48.517) 51,3% (282.765) (197.907) 42,9% Financial income 28.715 24.460 17,4% 112.974 106.805 5,8% EBT 101.970 116.932 -12,8% 425.694 396.838 7,3% Income tax and social contribution (23.292) (16.854) 38,2% (62.208) (52.460) 18,6% Current (7.989) (11.810) -32,4% (45.648) (41.648) 9,6% Deferred (15.303) (5.044) 203,4% (16.560) (10.812) 53,2% Net profit 78.678 100.078 -21,4% 363.486 344.378 5,5% Net profit of controlling shareholders 70.079 99.377 -29,5% 354.605 343.389 3,3% Net profit of non controlling shareholders 8.600 703 1123,3% 8.881 989 798,0%
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20 Balance Sheet ASSETS 4Q25 4Q24 VAR. % LIABILITIES 4Q25 4Q24 VAR. % Current assets Current liabilities Cash and cash equivalents 19.468 226.237 -91,4% Suppliers 54.123 70.243 -22,9% Marketable securities 208.182 297.358 -30,0% Loans and debentures 478.364 243.042 96,8% Inventory - 197.363 -100,0% Derivative instruments - - 0,0% Accounts receivable 581.756 449.769 29,3% Salaries, charges and benefits 19.616 17.325 13,2% Tax to recover 32.750 37.410 -12,5% Taxes and contributions payable 37.970 50.119 -24,2% Derivative instruments - - 0,0% Land payables 102.639 84.035 22,1% Other current assets 6.630 10.522 -37,0% Swap 67.856 65.471 3,6% Total current assets 848.786 1.218.659 -30,4% Advances from customers 2.049 251.463 -99,2% Dividends payable - - 0,0% Non-current assets held for sale - - 0,0% Others 58.002 55.967 3,6% Total current liabilities 820.619 837.665 -2,0% Noncurrent assets Noncurrent liabilities Marketable securities 243.254 237.675 2,3% Lease liability 134.900 186.228 -27,6% Derivative instruments 73.367 53.358 37,5% Loans and debentures 1.760.393 1.823.160 -3,4% Receivables 265.597 527.864 -49,7% Derivative instruments 6.727 18.480 -63,6% Credits with related companies - - 0,0% Land payables 41.944 3.380 1140,9% Prepaid expenses 12.326 11.295 9,1% Land Swap 127.122 129.429 -1,8% Recoverable taxes 37.826 35.250 7,3% Deferred taxes 158.006 155.969 1,3% Deferred Income tax and social contribution 95.510 114.024 -16,2% Provision - - 0,0% Others 18.594 18.379 1,2% Others 7.258 14.515 -50,0% Investment in joint ventures 158.321 158.571 -0,2% Total noncurrent liabilities 2.236.350 2.331.161 -4,1% Investment property 4.918.305 4.372.014 12,5% Equity VAR. % Property and equipment 3.944 15.354 -74,3% Shareholders of the company 3.606.441 3.586.009 0,6% Intangible assets 13.855 11.758 17,8% Noncontrolling interests 26.275 19.366 35,7% TOTAL NONCURRENT ASSETS 5.840.899 5.555.542 5,1% TOTAL EQUITY 3.632.716 3.605.375 0,8% TOTAL ASSETS 6.689.685 6.774.201 -1,2% TOTAL LIABILITIES & EQUITY 6.689.685 6.774.201 -1,2%
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21 Cash Flow Statement cvs IN THOUSAND BRL 4Q25 4Q24 VAR. % 2025 2024 VAR. % CASH FLOW FROM OPERATING ACTIVITIES Profit for the period 78.679 100.079 -21,4% 363.486 344.378 5,5% Reconciliation of profit to cash generated by op. activities (42.024) (56.349) -25,4% (220.558) (203.967) 8,1% Decrease (increase) in operating assets 27.577 8.444 226,6% 262.440 3.041 8530,1% Increase (decrease) in operating liabilities (61.823) (25.379) 143,6% (378.419) (41.542) 810,9% Income tax and social contribution paid 1.332 (13.134) -110,1% (41.982) (33.500) 25,3% Net cash generated/used in operating activities 3.741 13.661 -72,6% (15.033) 68.410 -122,0% CASH FLOW FROM INVESTMENT ACTIVITIES Increase in / acquisition of investments (62) (17) 264,7% (110) (624) -82,4% Decrease in marketable securities 439.180 122.572 258,3% 951.771 1.104.126 -13,8% Increase in marketable securities (386.721) (214.810) 80,0% (815.799) (1.232.879) -33,8% Dividends received from subsidiaries 4.632 1.000 363,2% 7.882 3.250 142,5% Proceeds from sale of subsidiaries/land 253.777 269.124 -5,7% 941.497 1.262.675 -25,4% Acquisition of investment properties (212.658) (219.244) -3,0% (736.288) (811.769) -9,3% Others (1.800) (1.639) 9,8% (7.575) (6.940) 9,1% Net cash generated/used in investing activities 96.348 (43.014) -324,0% 341.378 317.839 7,4% CASH FLOW FROM FINANCING ACTIVITIES Proceeds from loans, financing and debentures, net - 292.416 -100,0% 590.544 564.203 4,7% Amortization of loans, financing and debentures (302.360) (197.019) 53,5% (467.401) (385.617) 21,2% Interest paid (68.548) (11.958) 473,2% (295.409) (192.049) 53,8% Lease payments (1.086) (1.442) -24,7% (1.773) (2.259) -21,5% Payment of dividends (304.992) (150.000) 103,3% (346.144) (220.000) 57,3% (43) - 0,0% (Payment) receivable from derivative (2.268) - 0,0% (18.192) (19.989) -9,0% Disposal (acquisition) of treasury shares - (86.807) -100,0% (587) (314.945) -99,8% Proceeds from the exercise of stock options 5.891 6.305 -6,6% 5.891 6.305 -6,6% Distributions/Investments from noncontrolling shareholders - 4 -100,0% - 7.824 -100,0% Net cash generated/used in financing activities (673.406) (148.501) 353,5% (533.114) (556.527) -4,2% Increase/Decrease in cash and cash equivalents (573.317) (177.854) 222,4% (206.769) (170.278) 21,4% CASH AND CASH EQUIVALENTS At the beginning of the period 592.785 404.091 46,7% 226.237 396.515 -42,9% At the end of the period 19.468 226.237 -91,4% 19.468 226.237 -91,4% Increase/Decrease in cash and cash equivalents (573.317) (177.854) 222,4% (206.769) (170.278) 21,4% CASH AND CASH EQUIVALENTS At the beginning of the period 592.785 404.091 46,7% 226.237 396.515 -42,9% At the end of the period 19.468 226.237 -91,4% 19.468 226.237 -91,4%
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22 DIVERSITY AND EQUITY Log reaffirms its commitment to diversity and inclusion, which are essential pillars of its beliefs and corporate culture. The company is dedicated to its commitment to becoming increasingly inclusive, diverse, and equitable, enhancing its culture, engagem ent, and strengthening its values and culture of respect, support, and collaboration. At the end of the period, the company had 777 direct employees working on construction sites and in offices. The number of women in leadership positions at Log increased by 35% between 2024 and 2025, rising from 31 to 42, bringing female representation to 37%. In compliance with recent changes in corporate legislation, according to Law No. 15,177/25, we present detailed information regarding female representation by position, as well as the respective proportion of remuneration. Qty % Remuneration ratio Qty % Remuneration ratio Leadership 42 37% 0,45 31 33% 0,46 Non-Leadership 149 23% 1,58 133 17% 1,93 Women employed by hierarchical level At 12/31/2025 At 12/31/2024
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23 INVESTOR RELATIONS RAFAEL SALIBA CFO & Investor Relations Officer HENRIQUE SCHUFFNER Investor Relations Director IVAN CAMARA Investor Relations Specialist Earnings Release Av. Professor Mário Werneck, 621 10º andar, Estoril, Belo Horizonte - MG ZIP Code 30455-610 ri.logcp.com.br Av. Pres. Juscelino Kubitschek, 1400 9º andar Itaim, São Paulo - SP ZIP Code 04543-000