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mills mills DENAIR DACY mills 08007051000 Results 2026 mills
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This presentation may contain statements that present expectations of the Management of Mills Locação, Serviços e Logística S/A (“Mills”) about future events or results. Such statements are based on beliefs and assumptions of our Management taken with our best knowledge and information to which Mills currently has access. All statements, when based on future expectations, and not on historical facts, involve various risks and uncertainties, and are not performance guarantees. Mills and employees cannot guarantee that such statements will prove to be correct. Such risks and uncertainties include factors relating to the Brazilian economy, the capital markets, the infrastructure, real estate and oil and gas sectors, competitive pressures, among others, and governmental rules that are subject to change without notice. For additional information on the factors that may give rise to results different from those estimated by Mills. please consult the reports filed with the Comissão de Valores Mobiliários– CVM. Disclaimer 2
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Highlights 2Q26 Growth with diversification and durability: Record Adjusted EBITDA in the period, with ROIC and ROE expansion. Growth Profitability Profitability Value Generation Adj. EBITDA Margin Distributions Net Revenue BRL 472.2 Million Net Income BRL 106.3 Million +21.7% vs 2Q25 +4.9% vs 2Q25 Adjusted EBITDA BRL 268.9 Million +18.3% vs 2Q25 56.9% +6.5 p.p vs 2Q25 LTM ROIC 21.7% +1.6 p.p vs 2Q25 Adj. Op. Cash Flow BRL 188.3 Million +23.3% vs 1Q26 Leverage 1.16x Net Debt / EBITDA -0.2 p.p vs 2Q25 BRL 1,757.2 Million +5.7% vs 2Q25 3 LTM ROE 26.5% +6.1 p.p vs 2Q25
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Consolidated Results 0 Ebitda Ajustado¹ BRL MM EBITDA Ajustado¹ 4T23 3T24 4T24 2023 2024 +10,1% +8,5% 52,0% 49,9% 47,4% 46,7% 48,6% 47,9% Margem EBITDA Ajustado¹ % Margem EBITDA Ajustado¹ ex-resultado vendas % 50.9% 49.1% 48.3% 47.9% Crescemos de maneira consistente e mantivemos altos patamares de rentabilidade. ¹Excluindo itens não recorrentes. Non-GAAP – Informação não revisada pelos auditores independentes . 4
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0 2Q26 Results We closed the second quarter with another demonstration of the resilience of our business model. In 2T26, Rental Revenue was driven by the Heavy Equipment and Formwork & Shoring units, offsetting greater competitive pressure in Aerial Work Platforms. We continue to advance our strategy to increase revenue predictability and recurrence, focusing on long -term contracts (Heavy Equipment and Intralogistics), which reached 55% of total Rental Revenue in the quarter (+5 p.p. vs. 2T25) Long -term Rental Revenue (%) Net rental revenue - per product (%) We closed 2T26 with 16.4 thousand operating units (+7.7% vs. 2T25), comprising 10.9 thousand Light Equipment, 2.7 thousand Heavy Equipment, and 2.9 thousand Intralogistics. This growth reflects organic expansion with a focus on selective capital allocation and contracts yielding higher returns and predictability. Fleet size and Volume 5 2Q25 2Q26 15.2 16.4 +7.7% Fleet Size (in thousand) 2Q25 2Q26 48.3 50.1 +3.8% Total Wight (thousand tons) 54.4% 9.6% 17.8% 16.2% 2.0% 2Q25 47.2% 11.3% 22.9% 16.2% 2.4% 2Q26 AWP Forklifts and Pallet Jack Yellow Line and Adapted Trucks Formwork & Shoring Others 2Q25 2Q26 50% 55% +5 p.p
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0 2Q26 Results Consistent revenue growth driven by progress in infrastructure projects. We maintained consistent progress in 2T26, with Net Revenue reaching R$ 472.2 million (+4.9% vs. 2T25), driven by Heavy Equipment and Formwork & Shoring. The performance reflects the disciplined execution of our strategy, capturing advances in infrastructure and expanding long -term contracts, which reached 55% of Rental Revenue (+5 p.p. vs. 2T25). Costs and Expenses BRL MM Net Revenue (by type ) Total costs, operating expenses, and ECL (ex -depreciation), excluding non -recurring items, decreased by 15.8% compared to 2Q25 and 3.0% compared to 1Q26. This dynamic reflects the continuous capture of scale gains and operational synergies, reinforcing the expense dilution trend and highlighting the business's operating leverage. COGS excluding depreciation and SG&A excluding depreciation and PCE.. 6 438.8 16.317.1 2Q26 794.6 34.8 33.0 413.0 862.4 33.5 18.6 37.5 6M26 18.5 2Q25 423.6 450.1 461.2 472.2 862.5 933.3 17.220.4 1Q26 6M25 4.9% 8.2% Rental + Freight Sale of new and semi new equipment Others 1Q26 120.8 56.2 10.8 2Q26 233.0 176.7 19.7 6M25 248.7 121.6 19.7 6M26 89.7 11.7 2Q25 223.0 193.6 187.7 429.3 381.3 128.0 56.7 8.9 112.9-15.8% -11.2% COGS¹ SG&A¹ ECL BRL MM
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0 2Q26 Results Continuous improvement in operational efficiency. Adjusted EBITDA reached R$ 268.9 million in 2Q26, representing an 18.3% growth compared to the second quarter of 2025. The Adjusted EBITDA margin reached 56.9% in the quarter, levels above historical averages, reflecting significant revenue growth combined with consistent operational efficiency gains and improved cost and expense dilution. Net Income BRL MM ¹ Excluding non-recurring items. Non-GAAP – Information not reviewed by independent auditors. Adjusted EBITDA¹ BRL MM The Company recorded a net income of R$ 106.3 million in 2Q26, an increase of 21.7% compared to 2Q25 and a decline of 46.0% quarter -over -quarter. The net margin reached 22.5% , keeping margins at a high level. 7 50.5% 50.5% 51.0% 50.3% 56.9% 56.7% 50.3% 50.0% 54.0% 53.6% 2Q25 1Q26 2Q26 6M25 6M26 227.2 235.1 268.9 433.7 504.0 +18.3% Adjusted EBITDA¹ Adjusted EBITDA¹ Margin % Adjusted EBITDA¹ Margin ex-sales % 2Q25 1Q26 2Q26 6M25 6M26 87.3 197.0 106.3 155.3 303.3+21.7% +95.4% Net Income 19.4% 42.7% 22.5% 18.0% 32.5% Net Margin
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Adjusted operating cash flow was R$ 188.3 million in 2Q26, a 23.2% growth compared to 2Q25, primarily reflecting timing effects related to investments, with differences in purchasing, delivery, and payment schedules for equipment between periods — as well as lower capital expenditures in 2Q26. Investiments ¹ Adjusted operating cash flow excludes interest paid, rental investments, interest income, and net monetary variations (both active and passive).. Consistent operating cash generation and sustained high conversion levels. Adjusted Operating Cash Flow BRL MM BRL MM Hightlights 2Q26 8 Investments totaled R$ 88.6 million in 2Q26, down 45.6% vs. 2Q25 and down 8.4% vs. 1Q26. Of the total invested, approximately 91% was allocated to acquiring fleet assets for rental, in line with our fleet expansion and renewal strategy. 2Q25 1Q26 2Q26 6M25 6M26 152.8 220.8 188.3 303.7 409.1 +23.2% +34.7% Adjusted operating cash flow 67.3% 82.5% 66.2% 70.1% 74.1% Adjusted OCF, as % of EBITDA 1Q26 0.0 80.5 8.1 2Q26 0.0 315.3 18.9 6M25 0.00.0 18.3 6M26 152.0 10.9 2Q25 0.0 86.5 10.2 162.9 96.7 88.6 334.2 185.2 167.0 -45.6% -44.6% M&As Rental equipment Corporate and use goods
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Average Cost CDI + 1.09% a.a Average Term 3.5 years Leverage and Debt Profile • Net Debt/Adjusted EBITDA LTM = 1.2x • ST Net Debt/Adjusted LTM EBITDA = -0.6x BRL MM BRL MM Debt repayment schedule Indebtedness Capital structure optimization strategy driving efficiency. Indebtedness 9 The Company maintained financial discipline in capital management in 2Q26, keeping average debt cost and average maturity profile in line with the previous quarter. Gross Debt 1Q26 9 Debt Issuance -15 Amortization -70 Interest Paid 63 Interest Accrued Gross Debt 2Q26 -642 Cash / Restricted Bank Deposits Net Debt 2Q26 1,771 1,757 1,115 Debentures Others 642 297 547 463 147 147 Cash 09 2026 033 2027 32 2028 17 2029 12 2030 0 2031 0 2032 9 33 328 564 476 147 147 4.9% 95.1% Short Term Long Term
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Results Business Units ¹Exclui itens não recorrentes e resultados de vendas. Informações não auditadas 10
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Rental Adjusted EBITDA, excluding non-recurring effects, reached R$ 215.0 million in 2Q26, with a 54.8% margin, driven by gains in operational efficiency, higher operating leverage from revenue growth, and continuous expense dilution. Net revenue growth of 4.4% in 2Q26, driven mainly by solid expansion in the Heavy Equipment and Intralogistics units. Net Revenue (by type ) Adjusted EBITDA¹ ¹ Excludes non-recurring items and sale results. Unaudited information. BRL MM Rental (Light, Heavy and Intralogistics) 11 346.1 352.8 367.7 667.3 720.511.2 12.7 10.0 21.8 22.8 18.5 2Q25 16.1 1Q26 14.7 2Q26 32.8 6M25 30.8 6M26 375.8 381.6 392.5 721.9 774.1 +4.4% +7.2% Rental + Freight Sale of new and semi new equipment Others 48.3% 48.0% 6M25 48.6% 48.6% 51.0% 2Q25 6M26 48.1% 47.3% 1Q26 54.8% 54.5% 2Q26 182.7 183.4 215.0 348.5 398.4 51.5% +17.7% +14.3% Adjusted EBITDA¹ Adjusted EBITDA¹ Margin % Adjusted EBITDA¹ Margin ex-sales %
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Crescimento de 16,4% da receita líquida no 1T25, impulsionado pelo crescimento da unidade de negócio de Pesados. Net Revenue (by type ) Adjusted EBITDA¹ ¹Excluding non-recurring items. Non-GAAP - Information not reviewed by independent auditors. BRL MM BRL MM Formwork and Shoring Net revenue grew 7.1% year-over-year and 0.1% quarter-over-quarter, driven mainly by higher rental revenue, in addition to one-off customer indemnities resulting from signed commercial agreements. Adjusted EBITDA reached R$ 53.8 million in 2Q26 (+21.0% vs. 2Q25), with a 67.6% margin (+7.8 p.p.). The result reflects the unit's resilience and strong cash generation, driven by a solid project pipeline, the mobilization of strategic contracts, and indemnity payments from demobilized projects 12 71.1 1.57.0 2Q26 127.3 2.111.2 67.0 141.9 2.7 0.1 14.7 6M26 7.3 2Q25 70.8 1.17.6 1Q26 74.3 79.6 79.7 140.6 159.2 6M25 +7.1% +13.2% Rental + Freight Sales Others 300 0 60.6% 60.1% 6M25 59.8% 59.9% 65.8% 2T25 6M26 65.0% 64.6% 1T26 67.6% 67.0% 2T26 44.5 51.7 53.8 85.2 105.6 66.3% +21.0% +23.9% EBITDA Ajustado¹ Margem EBITDA ajustado % Margem EBITDA Ajustado Ex-vendas
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3T22 Investor Relations http://ri.mills.com.br ri@mills.com.br Millsbr @millsoficial 14