Earnings release
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EARNINGS release Log 2Q26 Log Commercial Properties e Participações S.A. ( the " Company " or " Log " ) ( B3 : LOGG3 ) , one of the largest developers and lessors of Class A logistics warehouses in Brazil , announces its results for the second quarter of 2026. All figures are presented and compared to the same period of the previous year , unless otherwise specified , and have been rounded to the nearest thousand . When compared to the financial statements , they may present slight discrepancies due to rounding . LOGG B3 LISTED NM
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Management CommentsShareholder value creation 2 LOG Recife II(i) Capital reallocationLog continues to execute its capital management strategy to create value for shareholders. In this context,the Company recently announced the sale of the LOG Recife II asset for R$ 210 million, a transactioncompleted at a 41% gross margin and in line with NAV. Year-to-date, upon closing of the transaction, theCompany will have completed approximately R$ 1.3 billion in asset sales, corresponding to the recyclingof 388.2 thousand sqm of GLA, with an average gross margin of 33.7%, consistently in line with NAV.During 2026, theCompany generated R$ 1.49 billionin cash and marketable securities from asset salesand from the accelerated monetization of R$ 432million from the outstanding receivables balancerelated to prior asset sales. This strong cashgeneration not only funded the Capex planned for2026, but also enabled thedistribution of R$ 295.8million in dividends to shareholders.As of June 30,the company's LTM Dividend Yield stood at 25%.Log remains committed to capital efficiency in order to enhance value creation for shareholders,recalibrating its strategies for growth in book value per share and cash distributions to shareholders. Byoptimizing both equity value appreciation and dividend distributions, the Company seeks tomaximizetotal shareholder return, regardless of the economic cycle.(ii) Financial EfficiencyLog has continued to advance its strategy of securing construction financing through regionaldevelopment credit facilities. This initiative broadens the Company's funding alternatives, strengthens itscapital structure, and supports new investments, with the prospect of reducing the company’s averagecost of debt through financing rates significantly below prevailing market levels.Over the next five years, Log estimates a funding potential of approximately R$ 1 billion, linked to thedevelopment of 17 projects, totaling 915 thousand sqm of GLA. Of this amount, 8 projects have alreadyreceived preliminary approval, securing project eligibility and the indicative allocation of fundingresources.More than an additional source of funding to support the execution of the Log 2 Million Program, thisfinancing modality represents an important value creation lever. As it is progressively implemented, thisinitiative will structurally reduce the cost of capital of the developments, increasing the company'sflexibility to decide whether to recycle or retain assets, while consistently prioritizing the alternative thatoffers the highest risk-adjusted return.This initiative reinforces one of Log's key competitive advantages: its ability to access long-term financingsources under differentiated conditions, preserving liquidity, reducing its average cost of capital, andexpanding its investment capacity without compromising the Company's financial strength.
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Operational excellence that supports growth 3 Progress: Log 2 Million The Company continues to benefit from the strong fundamentals of the Brazilian logistics market. Thestructural expansion of e-commerce, the increasing sophistication of supply chains, the scarcity of Class Aassets, and rental rate appreciation continue to support consistent demand for high-quality logisticsfacilities, expanding value creation opportunities through capital recycling.The results for the first half of 2026 highlight Log's ability to translate its investment strategy into consistentoperational performance. High execution efficiency, combined with the quality of its portfolio, continues tobe one of the Company's key competitive advantages.In 2Q26, Logdelivered 82 thousand sqm of GLA, bringing total deliveries in the first half of the year to 147thousand sqm of GLA across four developments. All projects were completed with 100% pre-leasing,reflecting the strong demand for the Company's assets and the effectiveness of its market selection strategy.On the leasing front,gross absorption reached 108 thousand sqm in 2Q26 and 294 thousand sqm in thefirst half of the year, 24.5% above the level recorded in the same period of 2025.Average rent reached R$25.03/sqm, up 17.8% over the last 12 months. Same Client Rent (SCR) increased by 1.8% above inflation,highlighting LOG's pricing power.Vacancy remained at 1.02%,one of the lowest levels in the sector,supported by a broad and diversified tenant base andnet default rates below 0.5%.The services platform continued to expand strongly. By the end of the first half of the year, Logmanagedapproximately 3.0 million sqm of GLA, representing year-over-year growth of 24.3%.Net service revenueincreased by 76%, reaching a record R$ 15.8 million, driven by the diversification of service offerings andthe expansion of GLA under management.The consistency of these results reaffirms LOG’s ability to execute its strategy with a high level of operationaland commercial efficiency. The combination of disciplined execution, portfolio quality, and strong demandfor the company’s assets strengthens its competitive position and provides a solid foundation to support thenext growth cycle.Growth with Scale and Discipline: Executing the Log 2 Million PlanLog continues to make consistent progress in the execution of the Log 2 Million Program, expanding itsdevelopment pipeline and reinforcing its ability to capture the growing demand for high-quality logisticsassets.In 2Q26, the Company commenced the construction of 148thousand sqm of GLA, increasing itstotal development pipeline to848 thousand sqm across 17 active construction sites, the largestsimultaneous development volume in LOG's history.The expansion strategy remains focused on geographicdiversification and the careful selection of markets with strongdemand potential. Currently,the developments are spread across13 states, with 294 thousand sqm of GLA in the Northeast, 203thousand sqm in the Southeast, 197 thousand sqm in the South, and154 thousand sqm in the Midwest, all located in strategic areaswithin the country's main metropolitan regions.TheLog 2 Million Program also remains firmly on schedule. By theend of the quarter, the Company had delivered 434 thousand sqm ofGLA, while the remaining pipeline is either under construction, onland already secured, or in the final stages of land acquisition,ensuring a high degree of growth visibility.22%42%26%7%Acquisitions July/263%DeliveredIn constructionLandbankUnder negotiationMaintaining the largest volume of simultaneous developments in its history underscores LOG’s executioncapabilities and the strength of its development platform, which is able to respond swiftly to the structuraldemand for Class A logistics facilities.Log closed the first half of the year with the largest expansion cycle in itshistory, reinforcing confidence in its ability to capture structural demand and continue generating sustainablelong-term value for its shareholders.
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Financial HighlightsIn the quarter, the Company reported a net revenue of R$ 66 million, representing a 7.3% increasecompared to the same period of the previous year. Considering the first half of 2026, net revenue totaledR$ 132 million, a 13.05% increase compared to 1H25.EBITDA for the second quarter was R$ 79.8 million, down 43.2% compared to 2Q25, as a result of a one-offeffect due to the asset sale to ILCP11. On the other hand, it reached R$ 264.8 million in the first six monthsof 2026, a 1.4% growth compared to the same period of 2025.Leasing EBITDA totaled R$ 56.6 million in the quarter, with an 85.8%margin,up 6.2% compared to thesame period of the previous year. In 1H26, leasing EBITDA totaled R$ 112.8 million, a 11.7% increasecompared to 1H25.Development EBITDA totaled R$ 23.2 million in 2Q26, down 73.35% compared to the same period in 2025.In the first half of the year, it reached R$ 152.1 million, a 5.1% decrease. This reduction is the result of aone-off effect due to the asset sale to ILCP11.In 2Q26, Log reported a net income of R$ 58.7 million. Earnings per share totaled R$ 0.67. In 1H26, thecompany reported R$ 192.7 million, an increase of 11.1%. Earnings per share totaled R$ 2.20, a 10.7%growth compared to the first half of the prior year. Excluding the one-off effect from the transaction, 2Q26net income would have totaled R$ 178.2 million, while Earnings per Share would have reached R$ 2.06,representing increases of 104.7% and 103.9%, respectively.The adjusted net debt to EBITDA ratio stood at 0.8x, the lowest level since 2024, reflecting the company'sfinancial discipline.In the second quarter of 2026, the SCR was 1.80%, showing growth above inflation for the 16th consecutivequarter. 4 IN THOUSAND BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. % Net Revenue 65.955 61.466 7,3% 132.031 116.793 13,0% Cost of services (2.531) (1.406) 80,0% (4.978) (2.710) 83,7% Gross Profit 63.424 60.060 5,6% 127.053 114.083 11,4%Gross Margin 96,2% 97,7% -1,6 p.p. 96,2% 97,7% -1,4 p.p. Operating Expenses (15.977) (15.638) 2,2% (31.380) (30.573) 2,6%Depreciation and amortization (1.388) (1.745) -20,5% (2.780) (3.486) -20,3% Other income/expenses (157.423) (465) 33754,4% (159.377) (1.768) 8914,5% Development of Assets 187.833 94.326 99,1% 322.672 174.823 84,6%Equity interest 521 299 74,2% 3.076 1.043 194,9% EBITDA 79.766 140.327 -43,2% 264.824 261.094 1,4%EBITDA Margin 120,9% 228,3% -107,4 p.p. 200,6% 223,6% -23,0 p.p.Financial Result (36.546) (42.519) -14,0% (76.465) (68.565) 11,5%Taxes 16.884 (8.999) -287,6% 7.166 (15.614) -145,9% Net profit 58.716 87.064 -32,6% 192.745 173.429 11,1%Net Margin 89,0% 141,6% -52,6 p.p. 146,0% 148,5% -2,5 p.p.Earnings Per Share 0,67 1,00 -32,8% 2,20 1,99 10,7%Adj. Net Debt/EBITDA 0,8x 1,7x -0,89x 0,8x 1,7x -0,89xCapex 167.990 160.289 4,8% 341.400 332.098 2,8%GLA delivered %Log (sqm) 722.888 1.060.609 -31,8% 722.888 1.060.609 -31,8%Average ticket (BRL/month) 25,03 21,25 17,8% 24,44 21,17 15,4%Stabilized vacancy (%) 1,02% 0,93% 9,7% 1,02% 0,93% 9,7%
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Operational Highlights 5 81.5th.sqm ofGLAA Solid Foundation for Sustainable Development and Expansion in the Brazilian Logistics MarketDeliveries:100%Leased, demonstratingstrong demand andmarket confidencePre-leased:1.02%Significantly lowerthan the industryaverage of 5.7% Stabilizedvacancy:108.1Maintaining a high levelof absorption.Gross absorption:th.sqm ofGLA SameClientRent:1.80%Above inflationforthe 16th consecutivequarter
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Financial &OperationalPerformance
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Strategic Pillars: The foundation for thesuccess ofourbusiness modelThe 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. 7 Strategic PillarsModular WarehousesThe ability toaccommodate logisticsoperations of all sizes atvarious stages of ourclients' business cycles,across different sectors,and with high absorptionspeed.69 tenants in 101 active contractsHighly diversified acrosssectorsStabilized vacancy rate of 1.02%Average ticket ofR$ 25.03 per sqm of GLAPrice pass-through aboveinflation for the16th consecutive quarterwith SCR of 1.80% GeographicDiversificationRelevant CompetitiveAdvantage in the Sector,with presence across allstrategic markets andconsistently demanded byits own client base —providing commercialintelligence to accuratelydefine the location andpricing of new assets.81.5 thousand sqm of GLA delivered in the quarterNew additions 100% leasedGross absorption of108.1 thousand sqm ofGLA in 2Q26 Integrated OperationsLOG boasts a verticallyintegrated structure,involved in every phase ofproject development fromland identification andacquisition, throughwarehouse construction,leasing, administration,and management, andeven the recycling ofselected assets.Lowest nationalconstruction costNationwide pricestandardizationFlight to Quality as a growth driver Click here to understand aboutLOG’s Business Cycle Modular WarehousesGeographicDiversificationIntegratedOperations
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Operational PortfolioDelivery of 81.5 thousand sqm in 2Q26, with 100% pre-leased.Deliveries 2026Portfolio RepresentationDelivered by Region (% Log) Southeast: 48.6%Northeast: 32.6%C. West: 13.8%North: 0%South: 5.0%The company delivered 147 thousand sqm of GLA in1H26, across the states of Espírito Santo, Mato Grossodo Sul, Rio Grande do Sul and São Paulo.Portfolio per Class 8Portfolio (in Thousand GLA %LOG)IN SQM OF GLA (%Log) 2Q26 1Q26 2Q25Delivered 722.888 983.812 1.060.609 In construction 732.014 659.060 229.820 Landbank 458.969 581.070 758.846 Total 1.913.872 2.223.942 2.049.274 IN SQM OF GLA Quarter % Total LOG Campo Grande - G2 1Q26 27.388 LOG Cariacica - G1 1Q26 38.114 1Q26 Total 65.502 LOG Gravataí II 2Q26 45.265 LOG São José do Rio Preto 2Q26 36.256 2Q26 Total 81.521 2026 YTD Total 147.023 Period Start Deliveries Sales End OccupancyStabilizedVacancyTotalVacancyBrazilVacancy¹2Q251.026 35 - 1.061 97,4% 0,93% 2,57% 7,7%3Q251.061 37 143 954 98,0% 0,81% 1,97% 7,4%4Q25954 85 111 929 97,0% 0,88% 3,05% 7,2%1Q26929 55 - 984 97,8% 1,38% 2,19% 6,5%2Q26984 73 334 723 99,0% 1,02% 1,02% 5,7%
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Income Statement (IS)Company SegmentationLeasing of Class A warehouses across Brazil, focusing on major metropolitan regions andefficient asset management through a comprehensive service platform for the logisticswarehouse ecosystem. 9 Lease:Asset sales strategy, where the recycling of existing GLA finances new projects. Constant property evaluations ensure continuous growth in results.Development:Managerial Income Statement 2Q26¹2Q26x2Q25CONSOLIDATED LEASE DEVELOPMENT CONSOLIDATED LEASE DEVELOPMENTCONSOLIDATED VARIATIONNet revenue 65.955 65.955 - 61.466 61.466 - 7,3%Costs of services (2.531) (2.531) - (1.406) (1.406) - 80,0%Gross profit 63.424 63.424 - 60.060 60.060 - 5,6%Gross Margin 96,2% 96,2% - 97,7% 97,7% - -1,6 p.p.Op. and development expenses 14.433 (7.594) 22.026 78.224 (7.654) 85.877 -81,5%G&A expenses (11.176) (3.763) (7.413) (10.873) (3.881) (6.992) 2,8%Selling expenses (3.414) (2.789) (625) (3.019) (2.631) (388) 13,1%Other income/expenses (157.423) (275) (157.148) (465) (250) (215) 33754,4%Development of Assets 187.833 - 187.833 94.326 - 94.326 99,1%D&A(1.388) (768) (620) (1.745) (892) (853) -20,5%Equity interest 521 (34) 555 299 (34) 333 74,2%EBITDA 79.766 56.564 23.202 140.327 53.264 87.063 -43,2%EBITDA margin 120,9% 85,8% - 228,3% 86,7% - -107,4 p.p.Financial result (36.546) (33.668) (2.878) (42.519) (28.225) (14.294) -14,0%Financial Expenses (106.946) (45.412) (61.534) (70.185) (46.337) (23.848) 52,4%Financial income 70.400 11.744 58.656 27.666 18.112 9.554 154,5%EBT 41.831 22.128 19.703 96.064 24.147 71.917 -56,5%Taxes 16.884 (3.114) 19.998 (8.999) (4.432) (4.567) -287,6%Current taxes (15.441) (3.457) (11.984) (5.107) (3.963) (1.144) 202,3%Deferred taxes 32.325 343 31.982 (3.892) (468) (3.424) -930,5%Net income 58.716 19.014 39.702 87.064 19.715 67.349 -32,6%Net margin 89,0% 28,8% - 141,6% 32,1% - -52,6 p.p. IN THOUSAND BRL2Q26 2Q25 LOG FORT ALEZA III(CONSTRUCTION PROGRESS)
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Income Statement (IS)Company SegmentationLeasing of Class A warehouses across Brazil, focusing on major metropolitan regions andefficient asset management through a comprehensive service platform for the logisticswarehouse ecosystem. 10 Lease:Asset sales strategy, where the recycling of existing GLA finances new projects. Constant property evaluations ensure continuous growth in results.Development:Managerial Income Statement 6M26¹ YTD CONSOLIDATED LEASE DEVELOPMENT CONSOLIDATED LEASEDEVELOPMEN T CONSOLIDATED VARIATION Net revenue 132.031 132.031 - 116.793 116.793 - 13,0% Costs of services (4.978) (4.978) - (2.710) (2.710) - 83,7% Gross profit 127.053 127.053 - 114.083 114.083 - 11,4% Gross Margin 96,2% 96,2% - 97,7% 97,7% - -1,4 p.p. Op. and development expenses 131.914 (15.828) 147.742 142.483 (14.937) 157.420 -7,4% G&A expenses (21.902) (7.349) (14.553) (21.666) (7.739) (13.927) 1,1% Selling expenses (6.699) (5.741) (958) (5.420) (4.903) (517) 23,6% Other income/expenses (159.377) (1.203) (158.174) (1.768) (509) (1.259) 8914,5% Development of Assets 322.672 - 322.672 174.823 - 174.823 84,6% D&A (2.780) (1.536) (1.244) (3.486) (1.786) (1.700) -20,3% Equity interest 3.076 (7) 3.083 1.043 (4) 1.047 194,9% EBITDA 264.824 112.754 152.070 261.094 100.928 160.165 1,4% EBITDA margin 200,6% 85,4% - 223,6% 86,4% - -23,0 p.p. Financial result (76.465) (68.394) (8.071) (68.565) (45.159) (23.406) 11,5% Financial Expenses (182.889) (90.778) (92.111) (127.477) (82.115) (45.362) 43,5% Financial income 106.424 22.384 84.040 58.912 36.956 21.956 80,6% EBT 185.578 42.824 142.755 189.044 53.984 135.060 -1,8% Taxes 7.166 (6.550) 13.716 (15.614) (7.804) (7.810) -145,9% Current taxes (31.097) (7.283) (23.814) (14.940) (6.869) (8.071) 108,1% Deferred taxes 38.263 733 37.530 (674) (934) 260 -5777,0% Net income 192.745 36.274 156.472 173.429 46.180 127.249 11,1% Net margin 146,0% 27,5% - 148,5% 39,5% - -2,5 p.p. 6M 2026 6M 2025 IN THOUSAND BRL
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RevenueNet Revenue of R$ 66 million in the Quarter Same Client Rent aboveinflation for the 16th Consecutive QuarterNet revenue totaled R$ 66 million in the quarter, representing a 7.3% increase compared to the same period of the previous year. 11 Same Client Rent evolution(Growth in real terms)Average Ticket evolutionPotential 10.7% upside in ticket price, based on currentrequested ticketLog continuously reviews its lease renewal base, aiming to align rents with market demand and withthe levels of top-tier logistics assets. Based on current market rental rates, without consideringfurther real gains, new renegotiation phases are expected to begin in 2027 and 2028.2Q25 3Q25 4Q25 1Q26 2Q260.9%2.0%2.7%2.8%1.8%21.252Q2522.433Q2522.764Q2523.841Q26 2Q2625.0327.71+10.7%Requested price IN THOUSAND BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. % Gross Revenue from leases ex. linearization 60.131 55.137 9,1% 119.390 104.573 14,2% Revenue linearization 2.037 4.963 -59,0% 4.074 9.584 -57,5% Gross Revenue from leases 62.168 60.099 3,4% 123.464 114.156 8,2% Leases Taxes (3.729) (3.307) 12,8% (7.276) (6.337) 14,8% Other revenues (Log Adm, REIT, Energy, etc.) 8.648 5.350 61,6% 18.177 10.283 76,8% Taxes of other revenues (1.132) (676) 67,5% (2.334) (1.309) 78,3% Net Revenue 65.955 61.466 7,3% 132.031 116.793 13,0%
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Revenue 12 Tenants ConcentrationContract Maturity Schedule In 2Q26, service revenue totaled R$ 7.5 million, representing a significant increase of 60.8%compared to the second quarter of 2025, and already accounting for 60% of the Company's SG&A.Gross service profit rose 52.5% compared to 2Q25.This is a recurring revenue stream that generates long-term value for the business and is increasinglybecoming an important driver of operational and capital efficiency. Tenants by Sector (% of GLA in Operation)Gross Absorption by Sector in the QuarterIncrease in Gross Service Profit by 53%The strong demand enabled theCompany to deliver a grossabsorption of 108.1 thousand sqm ofGLA in the quarter.91%4%5%E-commerceFood and BeverageOthers 6.012.5%2Q256.510.9%3Q256.215.8%4Q256.416.1%1Q266.817.7%2Q26Average occupied GLA/contract (in thousand sqm)Share of largest client/gross revenue %6178130139414Until 12 months13 to 24 months25 to 36 months37 to 48 months> 48 monthsMaturity by sqm of GLA (thousand)20%5%5%6%15%48%OthersLogistics/TransportationRetailWholesalePharmaceuticalE-commerceIN THOUSAND BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. % Net Revenue - Services (Log ADM, REIT, Energy, etc.) 7.516 4.674 60,8% 15.843 8.974 76,5% Services Cost (2.531) (1.406) 80,0% (4.978) (2.710) 83,7% Services Gross profit 4.985 3.268 52,5% 10.865 6.264 73,5% Services Gross Margin 66,3% 69,9% -3,6 p.p. 68,6% 69,8% -1,2 p.p.
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Operating Expenses Operating expenses totaled R$ 16 million in 2Q26, a 2.2% increase compared to the same period ofthe previous year. Revenue from development of assets totaled R$ 187.8 million, 99.1% higher thanin the same quarter of the previous year, driven by the increase in the volume of new projectsinitiated.Operating expenses were impacted by a one-off effect related to the significant asset sale transactionwith ILCP11, resulting in the recognition of structuring costs, PIS/COFINS taxes, ITBI (propertytransfer tax), and other transaction-related expenses.Excluding the one-off effect on other expenses, EBIT for the quarter totaled R$ 223.8 million, up61.5% compared to the same period of 2025. For the six-month period, EBIT would have totaled R$407.5 million, representing a 58.2% increase compared to EBIT in 1H25. 13EBITDAExcluding the one-off effect from the portfolio sale to ILCP, EBITDA for the quarter was R$ 225.2 million,up 60.5% compared to 2Q25 EBITDA. For the six-month period, EBITDA excluding one-off effects wouldhave reached R$ 410.3 million, up 57.1% compared to 1H25. IN THOUSAND BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. % Gross Profit 63.424 60.060 5,6% 127.053 114.083 11,4% Operating Expenses (15.977) (15.638) 2,2% (31.380) (30.573) 2,6%Selling expenses (2.837) (2.300) 23,3% (5.488) (3.928) 39,7% Vacancy expenses (577) (753) -23,4% (1.211) (1.526) -20,6% G&A expenses (11.175) (10.840) 3,1% (21.901) (21.633) 1,2% D&A (1.388) (1.745) -20,5% (2.780) (3.486) -20,3% Other income/expenses (157.423) (465) 33754,4% (159.377) (1.768) 8914,5% Development of assets 187.833 94.326 99,1% 322.672 174.823 84,6% Equity interest 521 299 74,2% 3.076 1.043 194,9% EBIT 78.378 138.582 -43,4% 262.044 257.608 1,7%IN THOUSAND BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. % EBIT 78.378 138.582 -43,4% 262.044 257.608 1,7%D&A 1.388 1.745 -20,5% 2.780 3.486 -20,3%Lease Activity 56.564 53.264 6,2% 112.754 100.928 11,7% Development Activity 23.202 87.063 -73,3% 152.070 160.165 -5,1% EBITDA 79.766 140.327 -43,2% 264.824 261.094 1,4%
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Financial ResultIn 2Q26, the Financial Result was R$ (36.5) million, down 14% compared to the same period of the previous year. The change in the Financial Result was primarily driven by the lower cost of debt. 14 T ax andSocial ContributionIn 2Q26, recognized taxes totaled a credit of R$ 16.9 million, compared to a debt of R$ 9 million in2Q25. This result was positively impacted by the sale of the asset portfolio to ILCP11, partially carriedout through SPE units, generating a R$ 30 million cash effect as a result of utilizing the HoldingCompany's current tax loss carryforwards. This practice will be actively pursued by the Company'smanagement going forward in order to enhance tax efficiency.Net IncomeIn 2Q26, the Company reported net income of R$ 58.7 million, 32.6% lower than in the same quarterof the previous year. In the semester, it totaled R$ 192.7 million, up 11.1% compared to the firstsemester of 2025.Excluding the net one-off effect related to the portfolio sale to ILCP11, 2Q26 net income would havetotaled R$ 178.2 million, representing a 104.7% increase compared to 2Q25. Under the sameconditions, net income for the first half of 2026 would have reached R$ 312.2 million, up 80.0%compared to 1H25. IN THOUSAND BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. % Current (15.441) (5.107) 202,3% (31.097) (14.940) 108,1% Deferred 32.325 (3.892) -930,5% 38.263 (674) -5777,0%Deferred from Operation (420) (472) -11,0% 10.445 5.746 81,8% Deferred from Development 32.744 (3.420) -1057,4% 27.817 (6.420) -533,3% Taxes & Social Contribution 16.884 (8.999) -287,6% 7.166 (15.614) -145,9% IN THOUSAND BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. % Financial income 70.400 27.666 154,5% 106.424 58.912 80,6%Financial expenses (106.946) (70.185) 52,4% (182.889) (127.477) 43,5% Financial Result (36.546) (42.519) -14,0% (76.465) (68.565) 11,5% IN THOUSAND BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. %Lease Activity 19.014 19.715 -3,6% 36.274 46.180 -21,5% Development Activity 39.702 67.349 -41,0% 156.472 127.249 23,0% Net Income 58.716 87.064 -32,6% 192.745 173.429 11,1%
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Indebtedness In 2Q26, adjusted net debt stood at 0.8x LTM EBITDA, the lowest level since 2024. Adjusted net debtended the period at R$ 501 million. Considering the additional inflows expected with the completionof the asset LOG Recife II, the leverage for the quarter would be only 0.48x. 15Adjusted Net Debt / LTM EBITDA Adjusted Net Debt2Q25 3Q25 4Q25 1Q26 2Q26 2Q26*1.72x1.33x1.64x1.83x0.83x0.48xAdj. Net Debt with asset sale receivables/LTM EBITDAR$926R$791R$988R$501R$2912Q25 3Q25 4Q25 1Q26 2Q26 2Q26*R$1,219Net debt (million)*Pro-forma IN THOUSAND BRL 2Q26 2Q25 VAR. %Net debt 848.825 1.673.723 -49,3%Loans and financing 2.130.316 2.370.934 -10,1% Cash, cash eq. & marketable securities 1.281.491 697.211 83,8%Equity 3.545.864 3.759.744 -5,7%Net debt / Equity 23,9% 44,5% -20,6 p.p.Adjusted net debt 500.958 926.426 -45,9% Receivables from asset sales 347.867 747.297 -53,4%Adjusted net debt / Equity 14,1% 24,6% -10,5 p.p.Net debt 848.825 1.673.723 -49,3%LTM EBITDA 605.782 539.597 12,3%(=) Net debt / EBITDA 1,4x 3,1x -1,7xAdjusted net debt 500.958 926.426 -45,9%LTM EBITDA 605.782 539.597 12,3%Adjusted net debt / LTM EBITDA 0,8x 1,7x -0,9x
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Indebtedness 16 Debt SpreadCost of DebtLoan to Value (LTV)Debt Amortization ScheduleLog actively continues its debt reprofiling program, focusing on smoothing amortization maturities,extending liability duration, and reducing spreads. The consolidated effective cost was CDI + 1.15%,continuing to show a significant reduction compared to the previous year's CDI + 1.35%.InvestmentsAsset Sales and CAPEXConstruction Costs EvolutionCapex totaled R$ 168 million in the quarter. The evolution of investments follows the progress of theLOG 2 Million expansion plan, which will be financed, mostly, by asset recycling. As shown in thechart on the right, Log's construction cost remained significantly below the INCC. 1.35%0.98%2Q251.18%0.82%3Q251.15%0.72%4Q251.14%0.72%1Q261.15%0.70%2Q26Effective cost Contractual cost15,83%16,26%16,22%16,12%15,61%15,46%15,84%15,72%15,62%15,11%2Q25 3Q25 4Q25 1Q26 2Q26Effective Cost Contractual Cost51.1%20.0%2Q2551.9%16.3%3Q2545.5%20.1%4Q2541.8%22.9%1Q2646.4% 10.9%2Q26Gross LTVNet LTV adj. by receivable of sales2026 2027 2028 2029 2030 2031 After 2031353395483310222189179 10076778182103105111111119106111115120130148162168179188197 862016 2018 2020 932022 2024 202679 p.p.Scaled to 100 (LOG)Scaled to 100 (INCC - National Cost of Construction Index)-160425364-173-197-215-1682Q25 3Q25 4Q25 1Q261,0202Q26Capex (R$ MM) Asset Sales (R$ MM)
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17 Accounts ReceivableAccumulated Net Delinquency remains at low levels, at just 0.49% In 2Q26, Log received a total of R$ 141 million in cash related to a receivables accelerationtransaction involving asset sales completed in prior periods. This was the fourth asset salereceivables acceleration transaction executed since December 2025, totaling R$ 467 million in cashgeneration and further optimizing the company's capital structure.Accounts Receivable:Cumulative Net DelinquencyAsset V alueInvestment Properties (IP)IP by CategoryIN THOUSAND BRL 2Q26 2Q25 VAR. %Landbank 163.832 313.226 -47,7%Projects under development 2.254.967 1.241.776 81,6%Projects delivered 2.168.570 3.090.003 -29,8%Cost 1.382.370 1.992.661 -30,6%Fair value 786.200 1.097.342 -28,4%Investment Properties 4.587.369 4.645.005 -1,2%2Q25 3Q25 4Q25 1Q26 2Q260.35%0.45%0.52%0.32%0.49%IN THOUSAND BRL 2Q26 2Q25 VAR. %Lease of warehouses 56.153 68.051 -17,5%Asset sales 347.867 747.297 -53,4%Property management 9.844 3.043 223,5%Others 6.626 7.961 -16,8%Accounts Receivable 420.490 826.352 -49,1%
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NA V 18 Cash Flow1Q26(39)Operating Cash gen.141Sales Installments1.020Asset Sale(167)Funding and Amortization(168)Capex (22)Other2Q265171.281Cash & Equivalents + Securities (R$ million) Quarterly dividend distributionIn this quarter, LOG approved the distribution of R$ 13.94 million in dividends, equivalent to 25% ofthe adjusted net income for the period, totaling R$ 0.159 per share. Payment will be made onOctober 1, 2026. IN THOUSAND BRL 2Q26Investment Properties 4.587.369 Investees 73.919 Assets held for sale 26.113 Market Value of Assets 4.687.401 Net debt (848.825) Swaps + land to be paid (363.381) Dividends payable (250.000) Accounts receivable (sale of assets) 347.867 Cash from Subsidiaries %Log 367 NAV 3.573.429 Qty of ex-Treasury shares (thousand) 87.429 NAV / Share 40,87 Share Price 25,80 Discount for NAV 37%
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Income Statement 19 In thousand BRL 2Q26 2Q25 VAR. % 6M 2026 6M 2025 VAR. % Net revenue 65.955 61.466 7,3% 132.031 116.793 13,0% Costs of services provided (2.531) (1.406) 80,0% (4.978) (2.710) 83,7% Gross profit 63.424 60.060 5,6% 127.053 114.083 11,4% Operating expenses 14.433 78.223 -81,5% 131.915 142.482 -7,4% Selling expenses (3.425) (3.053) 12,2% (6.721) (5.454) 23,2% General and administrative expenses (12.552) (12.585) -0,3% (21.901) (25.119) -12,8% Other operating expenses (157.423) (465) 33754,4% (159.377) (1.768) 8914,5% Development of assets 187.833 94.326 99,1% 322.672 174.823 84,6% Equity interest 521 299 74,2% 3.076 1.043 194,9% EBIT 78.378 138.582 -43,4% 262.044 257.608 1,7% Financial Result (36.546) (42.519) -14,0% (76.465) (68.565) 11,5% Financial expenses (106.946) (70.185) 52,4% (182.889) (127.477) 43,5% Financial income 70.400 27.666 154,5% 106.424 58.912 80,6% EBT 41.832 96.063 -56,5% 185.579 189.043 -1,8% Income tax and social contribution 16.884 (8.999) -287,6% 7.166 (15.614) -145,9% Current (15.441) (5.107) 202,3% (31.097) (14.940) 108,1% Deferred 32.325 (3.892) -930,5% 38.263 (674) -5777,0% Net profit 58.716 87.064 -32,6% 192.745 173.429 11,1% Net profit of controlling shareholders 58.694 86.958 -32,5% 192.729 173.271 11,2% Net profit of non controlling shareholders 22 106 -79,2% 16 158 -89,9% LOG BELÉM
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Balance Sheet 20 ASSETS 2Q26 4Q25 VAR. % LIABILITIES 2Q26 4Q25 VAR. %Current assets Current liabilitiesCash and cash equivalents 429.571 19.468 2106,5% Accounts payable 71.494 54.123 32,1%Marketable securities 722.461 208.182 247,0% Loans and debentures 550.269 478.364 15,0%Accounts receivable 349.537 581.756 -39,9% Salaries, charges and benefits 21.769 19.616 11,0%Recoverable Taxes 30.568 32.750 -6,7% Taxes payable 62.560 37.970 64,8%Anticipated expenses 2.881 2.517 14,5% Land payables 100.372 102.639 -2,2%Other current assets 4.294 4.113 4,4% Land Swap 113.888 67.856 67,8%Total current assets 1.539.312 848.786 81,4%Dividends payable 250.000 - 0,0%Advances from customers 1.721 2.049 -16,0%Non-current assets held for sale 26.113 - 0,0%Others 63.587 58.002 9,6%Total current liabilities 1.235.660 820.619 50,6%Noncurrent assets Noncurrent liabilitiesMarketable securities 129.459 243.254 -46,8% Loans and debentures 1.580.047 1.760.393 -10,2%Derivative instruments 98.499 73.367 34,3% Derivative instruments 11.222 6.727 66,8%Receivables 61.425 265.597 -76,9% Land Swap 92.906 127.122 -26,9%Prepaid expenses 15.039 12.326 22,0% Deferred taxes 118.099 158.006 -25,3%Recoverable taxes 25.787 37.826 -31,8% Land payables 56.215 41.944 34,0%Deferred Income tax and social contribution121.248 95.510 26,9% Lease liability 142.466 134.900 5,6%Others 18.471 18.594 -0,7% Others 24.490 7.258 237,4%Investment in joint ventures 159.552 158.321 0,8%Total noncurrent liabilities 2.025.445 2.236.350 -9,4%Investment property 4.587.369 4.918.305 -6,7%Property and equipment 9.832 3.944 149,3%Equity VAR. %Intangible assets 14.863 13.855 7,3% Shareholders of the company 3.519.573 3.606.441 -2,4%TOTAL NONCURRENT ASSETS 5.241.544 5.840.899 -10,3%Noncontrolling interests 26.291 26.275 0,1%TOTAL EQUITY 3.545.864 3.632.716 -2,4%TOTAL ASSETS 6.806.969 6.689.685 1,8% TOTAL LIABILITIES & EQUITY 6.806.969 6.689.685 1,8%
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Cash Flow Statement 21 IN THOUSAND BRL 2Q26 2Q25 VAR. %CASH FLOW FROM OPERATING ACTIVITIESProfit for the period 58.716 87.064 -32,6%Reconciliation of profit to cash generated by op. activities (6.993) (38.467) -81,8%Decrease (increase) in operating assets (18.739) (27.991) -33,1%Increase (decrease) in operating liabilities (58.699) (18.297) 220,8%Amounts paid for labor, tax and civil risks (216) (59) 266,1%Income tax and social contribution paid (13.200) (6.731) 96,1%Net cash generated/used in operating activities (39.131) (4.481) 773,3%CASH FLOW FROM INVESTMENT ACTIVITIESIncrease in marketable securities (683.235) (87.685) 679,2%Decrease in marketable securities 308.948 156.332 97,6%Increase in / acquisition of investments (202) (20) 910,0%Dividends received from subsidiaries 1.050 900 16,7%Acquisition of investment properties (165.614) (158.253) 4,7%Proceeds from sale of subsidiaries/land 1.161.002 41.964 2666,7%Others (2.174) (2.016) 7,8%Net cash generated/used in investing activities 619.775 (48.778) -1370,6%CASH FLOW FROM FINANCING ACTIVITIESProceeds from loans, financing and debentures, net 98.000 292.229 -66,5%Amortization of loans, financing and debentures (183.692) (1) 18369100,0%Interest paid (81.668) (29.440) 177,4%Lease payments (61) (224) -72,8%Payment of dividends (31.833) (20.499) 55,3%Disposal (acquisition) of treasury shares 135 (343) -139,4%(Payment) receivable from derivative (2.395) 165 -1551,5%Net cash generated/used in financing activities (201.514) 241.887 -183,3%Increase/Decrease in cash and cash equivalents 379.130 188.628 101,0%CASH AND CASH EQUIVALENTSAt the beginning of the period 50.441 92.066 -45,2%At the end of the period 429.571 280.694 53,0%
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Investor RelationsRafael SalibaCFO & IROHenrique SchuffnerInvestor RelationsDirectorIvan CâmaraInvestor RelationsSpecialistBelo Horiz onte -MGA v . Pr of essor Mário W erneck, 621 10th floor , Es toril, ZIP 30455-610ri.logcp.com.br São P aulo -SPA venida das Nações Unidas, 12551 16th floor , Cidade MonçõesZIP 04578-903