Earnings release
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mills DENAIR DACY1213 mills 0800 705 1000 mills Real Pesades VOLVO 2Q26 Results Live Broadcast Date : Thursday , August 06th , 2026 Time : 2:00 p.m ( Brasilia Time ) Watch Online : Click here mills The financial and operational information contained in this press release , except as otherwise indicated , is in accordance with the accounting policies adopted in Brazil , which are in accordance with International Financial Reporting Standards ( IFRS ) . IDIVERSA B3 IGCX B3 IBRA B3 IGC - NM B3 SMLL B3 ITAG B3 IGCT B3 INDX B3 IGPTW B3 ICO2 B3 ISE B3 IAGRO B3
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Summary Highlights 3 Management Comments 5 Net Revenue 6 Costs and Expenses 7 Adjusted EBITDA 8 Non-Recurring Effects 9 Financial Results 10 Net Income 10 Rental Business Unit 13 Rental Result 14 Formwork and Shoring 16 Formwork and Shoring Result 16 Indebtedness 18 Investments 20 ROIC and ROE 21 Adjusted Cash Flow 22 ESG 23 Tables 24 P&L 26 Balance Sheet 27 Cash Flow 29 Capital Markets – MILS3 31 Glossary 32
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3 2Q26 Highlights The main highlights for the period were: Net Revenue of R$ 472.2 million in 2Q26, up 4.9% vs. 2Q25 and 2.4% vs. 1Q26. In 6M26, net revenue reached R$ 933.3 million, an 8.2% growth compared to 6M25. Adjusted EBITDA of R$ 268.9 million in 2Q26, 18.3% above 2Q25. Adjusted EBITDA margin stood at 56.9% in the quarter, expanding by 6.5 p.p. year-over-year and 6.0 p.p. quarter-over- quarter. In 6M26, adjusted EBITDA reached R$ 504.0 million, up 16.2% year -over-year. Net Income of R$ 106.3 million in 2Q26, a 21.7% increase vs. 2Q25, with a net margin of 22.5%. In 6M26, net income reached R$ 303.3 million, up 95.4%. Cash Net Income of R$ 74.9 million in 2Q26, with a cash net margin of 15.9%. The margin contraction resulted from the absence of extraordinary tax credits recognized in 2Q25 and non - recurring adjustments related to Next Rental. In 6M26, cash net income was R$ 179.3 million, a 27% decrease year-over-year. Leverage maintained at 1.16x Net Debt/Adjusted EBITDA, down 0.2x compared to 2Q25. Average cost of debt remained stable at CDI + 1.09% p.a., with an average maturity of 3.5 years. CapEx of R$ 88.6 million in 2Q26, with 91% allocated to rental assets, down 45.6% vs. 2Q25 and 8.4% vs. 1Q26. On a six-month basis, CapEx was 44.6% lower than in 6M25, totaling R$ 185.2 million in 6M26. Adjusted Operating Cash Flow of R$ 188.3 million in 2Q26 (+23.2% vs. 2Q25), representing an EBITDA-to-cash conversion of 66.2%. In 6M26, adjusted operating cash flow reached R$ 409.1 million (+34.7% vs. 6M25) with a 74.1% conversion rate. Awarded the Pró-Ética seal by the Comptroller General of the Union (CGU), recognizing the Company's highest standards of integrity and compliance.
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4 2Q26 BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Gross Revenue 515.3 494.8 4.1% 502.4 2.6% 1,017.7 948.8 7.3% Net revenue 472.2 450.1 4.9% 461.2 2.4% 933.3 862.4 8.2% CVM EBITDA 284.4 227.1 25.2% 267.6 6.3% 552.1 433.2 27.4% CVM EBITDA margin (%) 60.2% 50.5% 9.8 p.p. 58.0% 2.2 p.p. 59.1% 50.2% 8.9 p.p. Adjusted EBITDA¹ 268.9 227.2 18.3% 235.1 14.4% 504.0 433.7 16.2% Adjusted EBITDA margin¹ (%) 56.9% 50.5% 6.5 p.p. 51.0% 6.0 p.p. 54.0% 50.3% 3.7 p.p. Adjusted ex-sales EBITDA margin¹ (%) 56.7% 50.5% 6.1 p.p. 50.3% 6.3 p.p. 53.6% 50.0% 3.5 p.p. Net Income for the Period 106.3 87.3 21.7% 197.0 -46.0% 303.3 155.3 95.4% Net margin (%) 22.5% 19.4% 3.1 p.p. 42.7% -20.2 p.p. 32.5% 18.0% 14.5 p.p. LTM ROIC (%)² 21.7% 20.0% 1.6 p.p. 20.6% 1.1 p.p. 21.7% 20.0% 1.6 p.p. Adjusted operating cash flow³ 188.3 152.8 23.2% 220.8 -14.7% 409.1 303.7 34.7% Adjusted FCO % CVM EBITDA 66.2% 67.3% -1.1 p.p. 82.5% -16.3 p.p. 74.1% 70.1% 4.0 p.p. Adjusted free cash flow to the firm³ 117.9 (40.1) -393.9% 125.6 -6.1% 243.6 8.7 2706.8% Leverage (x) 1.16x 1.36x -0.2 p.p. 1.1x 0.0 p.p. 1.16x 1.36x -0.2 p.p. ¹ Excludes non-recurring items. Unaudited information. ² Calculated at the cash tax rate. ³ Adjusted OCF: excludes interest on debentures, rental investments, and net active and passive cash interest and monetary vari ations. Adjusted FCF: excludes cash flow from investing activities and the acquisition of rental assets. Unaudited information.
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5 2Q26 Management Comments São Paulo, August 5, 2026 – Mills Locação, Serviços e Logística S.A. (Mills) reports its results for the second quarter of 2026 (2Q26). We closed the second quarter of 2026 with another demonstration of the resilience of our business model and the discipline that guides the execution of our strategy. In a macroeconomic environment that still requires selectivity in capital allocation and facing a more intense competitive landscape in certain products, Mills maintained its growth trajectory, expanding revenue, profitability, and cash generation. Net Revenue reached R$ 472.2 million in the quarter; a 4.9% growth compared to 2Q25. Adjusted EBITDA reached R$ 268.9 million, an 18.3% growth with a 56.9% margin, expanding by 6.5 percentage points year -over-year. Besides the evolution in operating performance, Adjusted EBITDA growth was favored by the recognition of out-of- period tax credits and positive adjustments in costs and expenses related to the incorporation of Next Rental, acquired in the previous year. Excluding these effects, Adjusted EBITDA would have been R$ 236.1 million, with a 50.0% margin. Net Income totaled R$ 106.3 million, a 21.7% increase, reflecting the continuous capture of operational efficiency gains and the non-recurring effects. We continue to strengthen our multiproduct platform, expanding the share of long -term contracts, deepening relationships with our clients, and increasing the integration of our operations. These pillars make our revenue more recurrent and predictable, increase the business's resilience, and create the conditions for sustainable growth over time. Our discipline in capital allocation remains a major competitive advantage. Return on Invested Capital (ROIC) for the last twelve months reached 21.7%, remaining above our cost of capital and highlighting our ability to translate growth into consistent eco nomic value generation. We closed the quarter with a leverage of 1.16x Net Debt/Adjusted EBITDA and a solid financial position, preserving the flexibility to continue investing in fleet expansion, operational modernization, and strategic growth opportuniti es. We also continue to advance our operational efficiency by optimizing the asset lifecycle, digitalizing processes, and continuously improving fleet productivity. These initiatives strengthen our competitiveness, increase the profitability of our investments, and expand our capacity to serve clients with greater efficiency, agility, and quality. On the ESG agenda, we advanced in consolidating our sustainability strategy by structuring action plans linked to the new materiality matrix and strengthening the alignment between priority topics and our strategic business drivers. We also had the honor o f receiving the Pró-Ética seal from the Comptroller General of the Union (CGU), an acknowledgment that reinforces our permanent commitment to high standards of ethics, integrity, and governance. We have entered the second half of the year confident in the execution of our strategy, but remain cautious regarding the current macroeconomic scenario, in which we have observed an upward trend in delinquency rates. Mills' consolidation as an integrated rental solutions platform continues to advance, supported by a combination of financial discipline, operational excellence, and customer focus. We remain committed to expanding our market share, capturing growth opportunities responsibly, and continuing to deliver consistent returns on invested capital. We thank our investors, clients, partners, and employees for their trust, as their commitment is fundamental for Mills to continue building a trajectory of sustainable growth and long -term value creation. Sergio Kariya Mills CEO
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6 2Q26 Net Revenue In 2Q26, the Company maintained a consistent growth trajectory, supported by the disciplined execution of its strategy and the continuous evolution of its business model. Net Revenue totaled R$ 472.2 million, representing a 4.9% increase compared to 2Q25. In 6M26, revenue reached R$ 933.3 million, up 8.2% compared to 6M25. Performance was primarily driven by the Heavy Equipment and Formwork & Shoring units. This growth was partially offset by Aerial Work Platforms, in an environment that continues to face heightened short -term competitive pressure due to increased regional c ompetition from smaller rental companies. In response, the Company has intensified the capture of opportunities, levering its competitive advantage in fleet size and geographic reach, using tactical pricing adjustments and optimizing rented volume in specific regions and equipment profiles. Additionally, we continue to capture gains associated with the positive investment cycle in infrastructure and civil construction, leveraging our strategic relationships with major clients to expand our multiproduct strategy. In line with the strategic driver of increasing revenue predictability and recurrence, the Company remained focused on expanding long -term contracts, particularly in the Heavy Equipment and Intralogistics units. In 2Q26, these contracts accounted for 55% of Rental Revenue, an increase of 5 p.p. compared to 2Q25. Net Revenue by type (BRL million) Gross Revenue 2Q26 Per activity segment (%) 2
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7 2Q26 Rental + Freight Revenue by product (%) % of Net Rental Revenue by type of contract Costs and Expenses In 2Q26, total costs, operating expenses, and ECL (ex -depreciation) decreased by 15.8% compared to 2Q25 and 3.0% compared to 1Q26. This evolution was significantly below Net Revenue growth, resulting in an efficiency gain of 9.8 percentage points year -over-year. Beyond the productivity gains captured by the Company, performance in the quarter was favored by two one-off effects: a positive cost and expense adjustment related to the incorporation of Next Rental and the recognition of out -of-period tax credits . Excluding these effects, total costs, operating expenses, and ECL would have reached R$ 248.5 million, an 11.4% increase compared to 2Q25. In the first half of 2026, total costs, operating expenses, and ECL reached R$ 381.3 million, down 11.2% compared to the same period of the previous year, generating an efficiency gain of 8.9 percentage points relative to Net Revenue. Operating costs (ex-depreciation) totaled R$ 120.4 million in 2Q26, down 1.0% compared to 2Q25. Performance benefited from cost reduction and efficiency initiatives implemented throughout 2025, in addition to the positive adjustment related to the Next Rental incorporation. Excluding this latter effect, operating costs would have totaled R$ 134.9 million, up 11.0% year-over-year. This increase mainly reflects the expansion of rental operations, higher asset sales volume in the Rental segment, and increased parts consumption associated with fleet and contract base growth. Operating expenses, excluding depreciation and expected credit loss (ECL) provisions, totaled R$ 56.5 million in the quarter, down 37.0% compared to 2Q25. Results also benefited from the positive adjustment related to Next Rental and the recognition of out-of-period tax credits. Excluding these effects, SG&A would have totaled R$ 102.8 million, up 14.6% year-over-year. A significant portion of this growth is associated with non -recurring items, detailed in the note below. Excluding depreciation, ECL, and these non-recurring items, recurring operating expenses would have totaled R$ 90.3 million in 2Q26, up 0.8% compared to 2Q25. p p
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8 2Q26 On a comparable basis, the trend in expenses highlights the efficiency gains captured over the past twelve months. Organizational redesign initiatives, structural rationalization, and more efficient management of operational and tax levers contributed to a leaner, more productive cost structure. In this context, the Rental unit stood out with significant productivity gains, particularly in personnel expenses, reflecting consistent progress in initiatives aimed at boosting operating leverage. BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) COGS total, ex-depreciation (120.4) (121.6) -1.0% (128.0) -5.9% (248.4) (233.0) 6.6% % of Net Revenue 25.5% 27.0% -1.5 p.p. 27.7% -2.2 p.p. 26.6% 27.0% -0.4 p.p. Rental costs (maintenance, personnel, warehouses, etc)¹ (115.0) (111.9) 2.7% (122.0) -5.7% (237.0) (218.1) 8.7% % of Net Revenue 24.4% 24.9% -0.5 p.p. 26.5% -2.1 p.p. 25.4% 25.3% 0.1 p.p. Cost of sales (5.7) (9.5) -39.9% (5.5) 4.0% (11.3) (15.0) -24.8% % of Net Revenue 1.2% 2.1% -0.9 p.p. 1.2% 0.0 p.p. 1.2% 1.7% -0.5 p.p. Other Costs 0.3 (0.1) -342.1% (0.4) -173.9% (0.1) 0.1 -201.7% % of Net Revenue -0.1% 0.0% -0.1 p.p. 0.1% -0.2 p.p. 0.0% 0.0% 0.0 p.p. SG&A, ex-depreciation and ECL (56.5) (89.7) -37.0% (56.7) -0.3% (113.3) (176.7) -35.9% % of Net Revenue 12.0% 19.9% -8.0 p.p. 12.3% -0.3 p.p. 12.1% 20.5% -8.3 p.p. Commercial, Operational and Administrative (65.7) (68.9) -4.6% (67.0) -1.9% (132.7) (134.6) -1.4% % of Net Revenue 13.9% 15.3% -1.4 p.p. 14.5% -0.6 p.p. 14.2% 15.6% -1.4 p.p. General Services (7.6) (7.1) 7.2% (7.9) -3.8% (15.5) (15.2) 2.1% % of Net Revenue 1.6% 1.6% 0.0 p.p. 1.7% -0.1 p.p. 1.7% 1.8% -0.1 p.p. Other expenses 16.8 (13.7) -222.2% 18.2 -7.6% 34.9 (26.9) -229.8% % of Net Revenue -3.6% 3.1% -6.6 p.p. -3.9% 0.4 p.p. -3.7% 3.1% -6.9 p.p. ECL (10.8) (11.7) -8.3% (8.9) 20.8% (19.7) (19.7) -0.1% % of Net Revenue 2.3% 2.6% -0.3 p.p. 1.9% 0.3 p.p. 2.1% 2.3% -0.2 p.p. COGS + SG&A Total (187.7) (223.0) -15.8% (193.6) -3.0% (381.3) (429.3) -11.2% % of Net Revenue 39.8% 49.5% -9.8 p.p. 42.0% -2.2 p.p. 40.9% 49.8% -8.9 p.p. Adjusted EBITDA 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. Positive performance was driven by non-recurring gains related to the Next Rental incorporation and out -of- period tax credits detailed in the costs and expenses note. Excluding these effects, the Company's Adjusted EBITDA would have been R$ 236.1 million, up 4.0% compared to the same period of the previous year. The Company continues to capture gains from structural operational efficiency initiatives implemented in recent quarters, supported by strict management of general and administrative expenses. These factors contributed to productivity gains and the preservation of profitability above historical averages, in line with the strategy of sustainable growth and consistent long-term value creation.
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9 2Q26 ¹ Excluding non-recurring items. Non-GAAP – Information not reviewed by independent auditors. R$ million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Net Revenue 472.2 450.1 4.9% 461.2 2.4% 933.3 862.4 8.2% COGS total, ex-depreciation (120.4) (121.6) -1.0% (128.0) -5.9% (248.4) (233.0) 6.6% Gross Profit, ex-depreciation 351.7 328.5 7.1% 333.2 5.5% 685.0 629.6 8.8% SG&A, ex-depreciation (56.5) (89.7) -37.0% (56.7) -0.3% (113.3) (176.7) -35.9% ECL (10.8) (11.7) -8.3% (8.9) 20.8% (19.7) (19.7) -0.1% EBITDA CVM 284.4 227.1 25.2% 267.6 6.3% 552.1 433.2 27.4% EBITDA CVM Margin (%) 60.2% 50.5% 9.8 p.p. 58.0% 2.2 p.p. 59.1% 50.2% 8.9 p.p. Non-Recurrent (15.6) 0.1 NA (32.5) -52.1% (48.1) 0.5 NA Adj. EBITDA 268.9 227.2 18.3% 235.1 14.4% 504.0 433.7 16.2% Adj. EBITDA Margin (%) 56.9% 50.5% 6.5 p.p. 51.0% 6.0 p.p. 54.0% 50.3% 3.7 p.p. Non-Recurring Effects Non-recurring costs and expenses had a net positive effect of R$ 15.6 million in 2Q26, compared to a net negative effect of R$ 0.1 million in 2Q25. The primary driver in the quarter was the reversal of the earn -out obligation from the Next Rental acquisition, amounting to R$ 26.5 million. Following negotiations with the former shareholders, the payment of this variable portion was no longer due, resulting in the write -off of the provisioned liability and the recognition of a non -recurring gain in the period. This amount was partially offset by higher costs and expenses related to long-term incentive payments, as well as lower recognition of out-of-period tax credits in the period. Adjusted EBITDA (BRL million)
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10 2Q26 R$ million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) LT Incentive Plan 7.9 - NA 5.8 37.4% 13.7 - NA Improvement Projects 1.1 4.1 -72.6% (0.2) NA 1.0 5.0 -80.9% Out-of-Period Tax Credits 1.6 (13.2) NA (38.3) NA (36.6) (13.2) 177.6% M&A (26.5) 0.1 NA 0.2 NA (26.3) 0.1 NA Others 0.2 3.8 -94.2% 0.1 165.3% 0.3 1.4 -78.7% Asset Sale Loss - 5.3 -100.0% (0.1) -100.0% (0.1) 7.2 NA Non-Recurrent (15.6) 0.1 NA (32.5) -52.1% (48.1) 0.5 NA % Net Revenue -3.3% 0.0% -3.3 p.p. -7.0% 3.8 p.p. -5.1% 0.1% -5.2 p.p. *Positive value = Net expense / Negative value = Net value Financial Results Consolidated net financial expenses totaled R$ 42.1 million in 2Q26, compared to negative R$ 44.1 million in 2Q25. The slight improvement mainly reflects higher financial income in the period, driven by a higher average cash balance throughout the second quarter of 2026. The Company maintained a robust cash position at the end of the period and continues to actively manage its capital structure, focusing on extending average debt maturity, optimizing average debt cost, and preserving financial flexibility to support its growth cycle and investment plan. Additionally, financial efficiency gains were captured through enhanced management of cash, tax obligations, and resource allocation. This discipline contributed to the net financial result, yielding better returns on invest ments and greater capital efficiency. It is worth noting that in the first quarter of 2026, the Company recognized larger out -of-period tax credits, which had a positive, non-recurring impact on net financial expenses. Due to this one-off effect, direct comparisons with the current quarter should account for this non-recurring item. For further details, please refer to the 1Q26 earnings release materials. BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Net Financial Result (42.1) (44.1) -4.5% (20.9) 102.1% (63.0) (89.9) -29.9% Financial Revenues 38.9 37.7 3.1% 70.1 -44.6% 109.0 65.0 67.5% Financial Expenses (81.0) (81.9) -1.0% (91.0) -10.9% (172.0) (154.9) 11.0% Net Income The Company recorded net income of R$ 106.3 million in 2Q26, representing a 21.7% increase compared to 2Q25 and a 46.0% decrease quarter -over-quarter. Net margin reached 22.5%, remaining at an elevated level. Excluding non-recurring effects related to Next Rental and the recognition of out-of-period tax credits, recurring net income in the second quarter of 2026 was R$ 61.8 million, down 15.8% compared to the first quarter of 2026 on the same basis of comparison, and down 29.3% compared to the same period o f the previous year.
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11 2Q26 Quarterly Net Income Variation (BRL Million) Cash net income, which accounts for the effects of tax credits (such as PIS/COFINS on inputs), tax offsets, and deferred taxes, totaled R$ 74.9 million in 2Q26. Cash net margin stood at 15.9% for the quarter, representing a 17.9 p.p decrease compared to 2Q25. Performance was favored by the recognition of out -of-period PIS and COFINS tax credits, but partially offset by non-recurring gains related to Next Rental, which benefited accounting net income but had no cash impact. Net Income (BRL Million) 2
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12 2Q26 Cash Net Income (BRL Million) Consolidated data in R$ million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Adjusted EBITDA¹ 268.9 227.2 18.3% 235.1 14.4% 504.0 433.7 16.2% Non-recurring items 15.6 (0.1) NA 32.5 -52.1% 48.1 (0.5) NA CVM EBITDA 284.4 227.1 25.2% 267.6 6.3% 552.1 433.2 27.4% Depreciation and Amortization (81.0) (66.1) 22.5% (78.3) 3.4% (159.3) (128.6) 23.8% Financial Result (42.1) (44.1) -4.5% (20.9) 102.1% (63.0) (89.9) -29.9% Earnings before income tax and social contribution 161.3 116.9 38.0% 168.5 -4.3% 329.8 214.7 53.6% Income tax and social contribution expenses (55.0) (29.5) 86.1% 28.5 NA (26.5) (59.4) -55.5% Effective Tax Rate 34.1% 25.3% 8.8 p.p. -16.9% 51.0 p.p. 8.0% 27.7% -19.7 p.p. Net Income 106.3 87.3 21.7% 197.0 -46.0% 303.3 155.3 95.4% Net Margin 22.5% 19.4% 3.1 p.p. 42.7% -20.2 p.p. 32.5% 18.0% 14.5 p.p. Net Income per Share 0.45 0.37 21.7% 0.84 -46.0% 1.30 0.66 95.3% Deferred IT/SC 4.8 16.0 -69.8% 12.5 -61.4% 17.3 32.2 -46.1% Credits written off² 21.0 48.6 -56.8% 36.1 -41.9% 57.1 58.0 -1.6% Out of Period Tax Credits effect (non-cash) 2.0 - NA (141.2) - (139.2) - NA Non-Cash Adjustments – Next Rental (59.2) - NA - - (59.2) - NA Cash Net Income 74.9 151.9 -50.7% 104.4 -28.3% 179.3 245.5 -27.0% Cash Net Margin 15.9% 33.7% -17.9 p.p. 22.6% -6.8 p.p. 19.2% 28.5% -9.3 p.p. Cash Net Income per Share 0.32 0.65 -50.7% 0.45 -28.3% 0.77 1.05 -27.0% ¹ Excluding non-recurring items. Unaudited information. ² PIS/COFINS credits on inputs and other tax offsets. ³ Earnings per share considers the total number of shares issued by the Company at the end of the quarter.
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13 2Q26 Rental Business Unit (Light, Heavy and Intralogistics) Throughout the quarter, the Company maintained discipline in executing its commercial strategy and originating new contracts, even in a macroeconomic environment that remains challenging for the sector. In this context, commercial and operational indicator s showed consistent progress, reflecting the advancement of the client base expansion strategy, increased penetration of cross -selling initiatives, and the continuation of cost optimization actions, all contributing to efficiency gains and greater value ca pture across operations. In the Light Equipment segment, the Company resumed its growth trajectory compared to the previous quarter, driven by higher fleet utilization rates and greater asset allocation efficiency. Strategic initiatives aimed at optimizing return on invested capit al progressed throughout the period, highlighted by the advancement of the asset lifecycle extension project (third cycle), which enhances the fleet’s monetization potential over its useful life. Concurrently, cost and expense rationalization initiatives were maintained, alongside investments in operational improvements focused on increasing productivity and reducing fleet downtime. The regionalized co mmercial strategy implemented in the second half of 2025 remained in place, enabling better alignment with local competitive dynamics through adjustments in equipment mix and commercial policies. In the Heavy Equipment unit, the Company recorded another quarter of growth, even amid a lower fleet expansion investment cycle compared to recent years. Performance was supported by contract base expansion, increased fleet utilization, and the growth of rentals in new infrastructure projects. During the quarter, the operational integration of Next Rental was comp leted, allowing commercial efforts to shift toward capturing synergies, expanding the client base, and increasing solution penetration through cross -selling initiatives. During the period, a portion of new contracts for the construction sector experienced mobilization delays due to client project start postponements, temporarily impacting revenue growth velocity. The Company expects this scenario to normalize throughout the second half of the year. Additionally, we continue to expand our footprint in segmen ts with higher demand recurrence, such as mining and forestry, strengthening client portfolio quality, increasing revenue predictability, and reducing exposure to construction market cycles. In Intralogistics, the Company maintained an accelerated growth trajectory year -over-year, combined with the capture of operational efficiencies and cost/expense dilution, resulting in EBITDA margin expansion. The unit currently operates with a significantly expanded contract base, with the majority of investments made over the past year already mobilized and generating revenue. Revenue trends remain aligned with Company planning. In this context, efforts remain focused on shortening mobilization timelines for new contracts, accelerating operational ramp-up, and hastening return capture on deployed capital. Given the unit ’s characteristic longer implementation cycle, the commercial team is already concentrating efforts on negotiating new contracts targeted for mobilization throughout the first quarter of 2027, preserving the ongoing growth trajectory of the operation. The Company continues to prioritize value generation through an integrated solutions offering, enhancing its capacity to address the diverse operational needs of its clients. Cross -selling penetration increased once again across the active customer base, d eepening commercial relationships, raising share of wallet, and increasing switching costs for the Company’s solutions platform. The consolidation of a multiproduct platform remains one of the core strategic pillars, reinforcing Mills ’ positioning as a long -term partner for its clients, expanding organic growth opportunities, and sustaining consistent shareholder value creation .
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14 2Q26 Rental Result BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Gross Revenue 431.0 414.4 4.0% 420.3 2.6% 851.3 796.4 6.9% Total Net Revenue 392.5 375.8 4.4% 381.6 2.9% 774.1 721.9 7.2% Rental 367.7 346.1 6.3% 352.8 4.2% 720.5 667.3 8.0% Sales 14.7 18.5 -20.6% 16.1 -8.4% 30.8 32.8 -5.9% Other 10.0 11.2 -10.4% 12.7 -21.1% 22.8 21.8 4.4% Total COGS, ex-depreciation (107.3) (108.6) -1.2% (115.0) -6.7% (222.3) (208.4) 6.7% Rental (101.6) (99.1) 2.5% (109.5) -7.2% (211.1) (193.6) 9.1% Sales (5.7) (9.4) -39.8% (5.4) 4.6% (11.1) (14.8) -25.0% Other - - NA (0.0) -100.0% (0.0) - NA % of Net Revenue 27.3% 28.9% -1.6 p.p. 30.1% -2.8 p.p. 28.7% 28.9% -0.2 p.p. Gross Profit, ex-depreciation 285.2 267.2 6.7% 266.7 7.0% 551.9 513.5 7.5% Gross Margin 72.7% 71.1% 1.6 p.p. 69.9% 2.8 p.p. 71.3% 71.1% 0.2 p.p. Gross Margin - Rental 72.4% 71.4% 1.0 p.p. 69.0% 3.4 p.p. 70.7% 71.0% -0.3 p.p. Gross Margin - Sales 61.5% 49.2% 12.3 p.p. 66.2% -4.8 p.p. 64.0% 54.8% 9.2 p.p. SG&A, ex-depreciation and ECL (43.0) (78.1) -45.0% (48.9) -12.2% (91.9) (152.4) -39.7% Expenses (60.3) (77.9) -22.6% (76.0) -20.7% (136.3) (152.1) -10.4% Non-recurring items 17.3 (0.2) NA 27.1 -36.1% 44.4 (0.3) NA % of Net Revenue 10.9% 20.8% -9.8 p.p. 12.8% -1.9 p.p. 11.9% 21.1% -9.2 p.p. ECL (9.9) (6.7) 48.8% (7.2) 36.9% (17.1) (12.9) 32.7% CVM EBITDA 232.3 182.5 27.3% 210.5 10.4% 442.8 348.2 27.2% EBITDA margin (%) 59.2% 48.6% 10.6 p.p. 55.2% 4.0 p.p. 57.2% 48.2% 9.0 p.p. Adjusted EBITDA¹ 215.0 182.7 17.7% 183.4 17.2% 398.4 348.5 14.3% Adjusted EBITDA margin (%) 54.8% 48.6% 6.2 p.p. 48.1% 6.7 p.p. 51.5% 48.3% 3.2 p.p. Adjusted ex-sales EBITDA margin (%) 54.5% 48.6% 5.9 p.p. 47.3% 7.3 p.p. 51.0% 48.0% 3.0 p.p. Depreciation (76.6) (62.2) 23.1% (74.1) 3.4% (150.7) (120.7) 24.9% EBIT 155.7 120.3 29.5% 136.4 14.2% 292.1 227.5 28.4% EBIT margin (%) 39.7% 32.0% 7.7 p.p. 35.7% 3.9 p.p. 37.7% 31.5% 6.2 p.p. ¹ Excluding non -recurring items. Non -GAAP – Information unaudited by the independent auditors. Gross Revenue reached R$ 431.0 million in 2Q26, representing a 4.0% increase compared to the same period in 2025. This performance reflects the consistent execution of the Company ’s growth strategy, driven by higher rental revenue in the Heavy Equipment and Intralogistics units, the Group's main strategic growth drivers. At the end of 2Q26, the Company had 16.4 thousand operational units, up 7.7% versus 2Q25. The fleet was composed of 10.9 thousand Light equipment units, 2.7 thousand Heavy equipment units, and 2.9 thousand Intralogistics units, reflecting organic expansion and optimized asset allocation. The evolution of the operational base highlights the disciplined execution of our growth strategy, combining selective capital allocation with a focus on higher-return contracts and revenue predictability.
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15 2Q26 Fleet Size (in thousands) Net Revenue Breakdown (BRL million) Cost of Goods Sold (COGS) for the Rental unit, excluding depreciation, decreased by 1.2% compared to 2Q25, despite rental revenue growth. This performance reflects operational efficiency gains achieved in the Light and Heavy Equipment units, which more than offset the increase in Intralogistics COGS stemming from the accelerated growth of operations implemented over the last twelve months. As a result, COGS decreased by 1. 6 p.p. as a percentage of Net Revenue year -over-year and 2. 8 p.p. quarter -over-quarter, highlighting the ongoing capture of operational efficiencies. Excluding non-recurring effects related to the write-off of costs from the Next Rental operation, recurring COGS totaled R$ 121.7 million, a 12.2% increase compared to 2Q25. Selling, general, and administrative (SG&A) expenses, also excluding depreciation, totaled R$ 43.0 million in 2Q26, representing a 45.0% decrease compared to 2Q25 and 12.2% compared to 1Q26. This performance was positively impacted by the recognition of the write-off of the earn-out liability from the Next Rental acquisition—classified as a non-recurring item—as well as adjustments related to prior-year expenses of the acquired company. Excluding these effects, recurring SG&A reached R$ 78.5 million, up 0.5% year-over-year, reflecting continued discipline in expense management and the capture of operational syn ergies. In relative terms, SG&A represented 10.9% of Net Revenue, down from 20.8% in 2Q25. Excluding non -recurring effects, the indicator maintained its dilution trajectory, supported by revenue growth and control over administrative and commercial expense s.
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16 2Q26 Expected credit loss (ECL) provisions ended the quarter at 2.5% of Net Revenue, deteriorating by 0.6 p.p. compared to 1Q26. Compared to 2Q25, there was a 0.7 p.p. increase, resulting from one -off provisioning for specific construction sector clients in the Heavy Equipment unit over the last 12 months. Despite this effect, the indicator remains near the Company's historical average, even as we observe a broader deterioration in the Brazilian economy due to a prolonged high interest rate environment, which impacts client portfolio quality. The Company continues to adopt rigorous portfolio management aiming to enhance credit and collection policy effectiveness, with ongoing client monitoring, stricter collection procedures, and swift asset repossession when necessary. Adjusted EBITDA for the Rental unit totaled R$ 215.0 million in 2Q26, up 17.7% compared to 2Q25. The Adjusted EBITDA margin reached 54.8%, an expansion of 6.2 p.p. year -over-year and 6.7 p.p. compared to 1Q26. Further excluding non-recurring effects related to the write -off of costs and expenses from the Next Rental acquisition and out-of-period tax credits, the Adjusted EBITDA margin would have been 46.4% . Formwork and Shoring We finalized the first half of the year with another period of solid results in the Formwork & Shoring unit, supported by the ongoing progress of infrastructure projects across different regions of the country, despite observing delays in the start of cert ain works. The Company continues to observe a favorable environment for the segment throughout the year, as reflected in the growing backlog of projects, which strengthens order book visibility and enhances revenue growth potential for the coming quarters. Throughout the year, the Company expanded its participation in urban mobility, sanitation, energy, and large -scale engineering projects, consolidating its position as one of Brazil's leading providers of infrastructure solutions. Concurrently, selective in vestments were made to expand and renew tonnage capacity, broadening market coverage and strengthening the ability to capture new commercial opportunities. Strategy remains focused on larger, higher -margin projects, combined with the expansion of cross -selling initiatives alongside other business units—reinforcing the Company ’s integrated solutions ecosystem and maximizing value generation across the customer base. Formwork and Shoring Result BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Gross Revenue 84.2 80.3 4.9% 82.2 2.5% 166.4 152.5 9.2% Total net revenue 79.7 74.3 7.1% 79.6 0.1% 159.2 140.6 13.2% Rental 71.1 67.0 6.2% 70.8 0.4% 141.9 127.3 11.4% Sales 1.5 0.1 NA 1.1 33.0% 2.7 2.1 28.2% Other 7.0 7.3 -3.4% 7.6 -7.6% 14.7 11.2 30.7% Total COGS, ex-depreciation (13.1) (13.1) 0.7% (13.0) 1.1% (26.1) (24.6) 6.3% Rental (13.4) (12.8) 4.7% (12.5) 7.5% (25.9) (24.5) 5.4% Sales (0.1) (0.1) -45.6% (0.1) -30.1% (0.2) (0.2) 1.9% Other 0.3 (0.1) NA (0.4) NA (0.1) 0.1 NA % of Net Revenue 16.5% 17.6% -1.1 p.p. 16.3% 0.2 p.p. 16.4% 17.5% -1.1 p.p.
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17 2Q26 Gross Profit, ex-depreciation 66.5 61.3 8.5% 66.6 -0.1% 133.1 116.0 14.7% Gross Margin 83.5% 82.4% 1.1 p.p. 83.7% -0.2 p.p. 83.6% 82.5% 1.1 p.p. Gross Margin - Rental 81.1% 80.9% 0.3 p.p. 82.4% -1.2 p.p. 81.8% 80.7% 1.0 p.p. Gross Margin - Sales 95.9% -27.5% 123.4 p.p. 92.1% 3.7 p.p. 94.3% 92.8% 1.5 p.p. SG&A, ex-depreciation and ECL (13.6) (11.6) 16.9% (7.8) 74.2% (21.4) (24.3) -12.0% Expenses (11.8) (11.7) 0.7% (13.2) -10.5% (25.0) (24.1) 4.0% Non-recurring items (1.8) 0.1 NA 5.4 NA 3.7 (0.2) NA % of Net Revenue 17.1% 15.6% 1.4 p.p. 9.8% 7.3 p.p. 13.4% 17.3% -3.8 p.p. ECL (0.8) (5.1) -83.3% (1.7) -49.1% (2.5) (6.8) -62.8% CVM EBITDA 52.1 44.6 16.8% 57.1 -8.8% 109.2 85.0 28.5% EBITDA margin (%) 65.4% 60.7% 4.7 p.p. 71.8% -6.4 p.p. 68.6% 60.5% 8.1 p.p. Adjusted EBITDA¹ 53.8 44.5 21.0% 51.7 4.1% 105.6 85.2 23.9% Adjusted EBITDA margin (%) 67.6% 59.8% 7.8 p.p. 65.0% 2.6 p.p. 66.3% 60.6% 5.7 p.p. Adjusted ex-sales EBITDA margin (%) 67.0% 59.9% 7.1 p.p. 64.6% 2.5 p.p. 65.8% 60.1% 5.7 p.p. Depreciation (4.4) (3.8) 13.7% (4.2) 4.2% (8.6) (7.9) 7.7% EBIT 47.7 40.8 17.0% 52.9 -9.9% 100.7 77.1 30.6% Adjusted EBIT margin (%) 59.9% 54.8% 5.1 p.p. 66.5% -6.6 p.p. 63.2% 54.8% 8.4 p.p. ¹ Excluding non -recurring items. Non -GAAP – Information unaudited by the independent auditors. Gross revenue for the Formwork & Shoring unit totaled R$ 84.2 million in 2Q26, representing a 4.9% increase compared to 2Q25 and a 2.5% growth quarter-over-quarter. Net revenue rose 7.1% year-over-year and 0.1% versus 1Q26, driven primarily by higher renta l revenue, in addition to one -off customer indemnities received from commercial agreements. Net Revenue Breakdown (BRL million) Volume (thousand tons)
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18 2Q26 Gross margin for the Formwork & Shoring unit reached 83.5% in 2Q26, an increase of 1.1 p.p. year -over-year and a 0.2 p.p. decrease quarter -over-quarter. The observed improvement was primarily due to lower rental cost recognition relative to the increase in net revenue, resulting from reduced maintenance requirements for the Company's equipment fleet. General and administrative expenses, excluding depreciation, totaled R$ 13.6 million in the quarter, up 16.9% vs. 2Q25 and up 74.2% compared to 1Q26. The unit's recurring SG&A reached R$ 11.8 million in the period, up 0.7% compared to 2Q25 and down 10.5% q uarter-over-quarter. As a percentage of net revenue, recurring operating expenses decreased by 1.0 p.p. year-over-year, driven by the dilution of fixed expenses through revenue growth. Expected credit loss (ECL) provisions totaled R$ 0.8 million (1.1% of net revenue) in 2Q26, representing an 83.3% reduction year -over-year and a 49.1% drop compared to 1Q26. This decrease was driven by the reversal of previously booked provisions following the recovery of overdue amounts from clients. The Company maintains continuous monitoring of the construction sector's cyclicality, working in partnership with construction firms and permanently reviewing its risk and exposure matrix for the segment to mi tigate potential future impacts. Adjusted EBITDA reached R$ 53.8 million in 2Q26, up 21.0% compared to the same period in 2025. The Adjusted EBITDA margin reached 67.6% for the quarter, an expansion of 7.8 p.p. This performance underscores the unit's resilience and strong cash generation capability, supported by a solid project pipeline, the mobilization of strategic contracts during the period, and indemnity receipts from demobilized projects . Indebtedness At the end of 2Q26, the Company's gross debt stood at R$ 1.8 billion, an increase of R$ 94 million compared to 2Q25, primarily reflecting transactions completed in 2025, including the 11th debenture issuance and the early redemption of the 7th issuance in 4Q25. Quarter-over-quarter, gross debt decreased by R$ 13.5 million. During the period, average debt maturity was maintained at 3.5 years, and the average cost of debt remained stable at CDI + 1.09% p.a., resulting in an after-tax cost of debt of 10.16% p.a. As of June 30, 2026, the Company held R$ 642.1 million in cash, cash equivalents, and financial investments, resulting in net debt of R$ 1.1 billion. Leverage, measured by Net Debt/Adjusted EBITDA (LTM), remained stable at 1.16x compared to 1Q26, maintaining a wide margin relative to financial covenants. The Company maintains financial discipline in managing its capital structure, prioritizing efficient resource allocation to support organic and inorganic growth. Strategy remains guided by opportunistic funding and active leverage management, ensuring financial flexibility and long-term sustainability. 2
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19 2Q26 Indebtedness (BRL million) * LTM EBITDA excluding IFRS 16 effects R$ million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) Gross Debt 1,757.2 1,662.7 5.7% 1,770.7 -0.8% Cash and Financial Investments 642.1 519.2 23.7% 723.9 -11.3% Net debt 1,115.1 1,143.5 -2.5% 1,046.8 6.5% Short term Debt 85.3 206.8 -58.7% 83.5 2.2% Adjusted EBITDA LTM 957.7 838.7 14.2% 917.4 4.4% Net debt / Adjusted EBITDA LTM (x) 1.2x 1.4x -0.2 p.p 1.1x 0.0 p.p ST Net Debt / Adjusted EBITDA LTM (x) - 0.6x - 0.4x -0.2 p.p - 0.7x 0.1 p.p
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20 2Q26 Debt Composition and Maturity Schedule (BRL million) Investments In 2Q26, investments totaled R$ 88.6 million, representing a decrease of 45.6% compared to 2Q25 and 8.4% compared to 1Q26. The year -over-year decline mainly reflected the temporary postponement of capital disbursements due to delayed mobilization of certain new contracts, as well as the delivery schedules for imported equipment. This dynamic is aligned with the management and expectations of the Company's investment plan. Of the total invested in the quarter, approximately 91% was allocated to the acquisiti on of rental assets, focused on the Heavy Equipment, Light Equipment, and Intralogistics units, in line with the fleet expansion and renewal strategy. The Company maintains a selective and disciplined approach to capital allocation, continuously evaluating organic and inorganic opportunities that accelerate growth and expand footprint in higher -potential markets. This strategy reinforces the consolidatio n of an integrated multiproduct platform, focused on sustainable value generation for clients and shareholders. BRL millions 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) M&As - - - - - - - - Rental Equipment 80.5 152.0 -47.0% 86.5 -6.9% 167.0 315.3 -47.0% Corporate and Use Goods 8.1 10.9 -26.0% 10.2 -21.0% 18.3 18.9 -3.3% Total CapEx 88.6 162.9 -45.6% 96.7 -8.4% 185.2 334.2 -44.6% Instrument Issue Date Debt Cost 2026 2027 2028 2029 2030 2031 2032 Total 8th Debenture Issuance 10/01/2024 CDI + 2.00% 14.8 - 66.7 66.7 66.7 - - 214.8 9th Debenture Issuance - 1st Series 20/06/2024 CDI + 1.30% 0.7 - 105.0 105.0 - - - 210.7 9th Debenture Issuance - 2nd Series 20/06/2024 CDI + 1.40% 0.7 - - - 63.3 63.3 63.3 190.7 10th Debenture Issuance - 1st Series 25/11/2024 CDI + 1.15% 3.6 - 125.0 125.0 - - - 253.6 10th Debenture Issuance - 2nd Series 25/11/2024 CDI + 1.30% 3.7 - - - 83.3 83.3 83.3 253.7 11th Debenture Issuance 19/08/2025 CDI + 0.90% 26.3 - - 250.0 250.0 - - 526.3 FINAME 01/08/2024 7.00% a.a. 2.2 4.2 4.2 2.1 - - - 12.7 FINAME 06/05/2024 7.12% a.a. 2.3 4.4 4.4 2.2 - - - 13.4 FINAME 26/09/2025 CDI + 0.15% 4.5 12.4 12.4 12.4 12.4 - - 54.2 LEASING (49 active contracts) Various CDI + 1.36% 9.9 9.4 8.9 0.7 - - - 28.9 Working Capital 31/05/2021 CDI + 0.07% 0.2 0.4 - - - - - 0.6 Working Capital 06/08/2021 CDI + 3.50% 0.0 2.6 1.7 - - - - 4.3 Loan 29/05/2026 CDI -9.77% 2.3 - - - - - - 2.3 Loan 20/06/2026 CDI -9.59% - 2.3 - - - - - 2.3 Total CDI + 1.09% 71.1 35.7 328.4 564.1 475.8 146.7 146.7 1,768.5 Issuance Costs (11.3) Gross Debt CDI + 1.09% 71.1 35.7 328.4 564.1 475.8 146.7 146.7 1,757.2
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21 2Q26 ROIC and ROE BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) NOPAT (LTM) 633.3 509.8 24.2% 591.3 7.1% EBIT (LTM) 710.8 580.2 22.5% 668.3 6.3% Income Tax and Social Contribution (LTM)¹ (77.5) (70.4) 10.0% (77.0) 0.7% Average Invested Capital 2,924.7 2,544.0 15.0% 2,875.6 1.7% Working capital (LTM Average) 362.9 366.8 -1.1% 380.2 -4.6% Property, Plant and Equipment (LTM Average) 2,561.8 2,177.2 17.7% 2,495.3 2.7% ROIC LTM 21.7% 20.0% 1.6 p.p. 20.6% 1.1 p.p. ¹ Calculated using the cash tax rate. In the last twelve months ended June 2026, the Company's ROIC reached 21.7%, an increase of 1.6 p.p. compared to the same period of the previous year, reflecting the ongoing investment cycle and the revenue ramp -up associated with operational expansion. This performance remains aligned with the strategy of sustainable growth and the commitment to generating consistent returns above the weighted average cost of capital over time. As recent investments mature and contribute more fully to results, ROIC is expected to gradually converge towa rd historically observed levels. Asset lifecycle management and utilization are key drivers of business profitability. Extending the economic life of equipment directly contributes to maximizing return on capital employed. In this context, the evolution of the fleet's mix and average age allows for the continuous optimization of the invested capital profile. The Company maintains discipline in capital allocation, balancing growth, profitability, and operational and tax efficiency, focusing on maximizing economic value creation and delivering sustainable returns to shareholders. As a result of this strategy, Re turn on Equity (ROE) reached 26.5% for the last twelve months ended June 2026, an increase of 6.1 p.p. compared to the same period of the previous year and -0.1 p.p. compared to the immediately preceding quarter. BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) Net Income (LTM) 449.3 301.8 48.9% 430.3 4.4% Total Equity (LTM Average) 1,696.3 1,483.6 14.3% 1,620.1 4.7% Return on Equity (LTM) 26.5% 20.3% 6.1 p.p. 26.6% -0.1 p.p.
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22 2Q26 Adjusted Cash Flow in BRL million 2Q26 2Q25 1Q26 Operating cash flow 84.0 (60.1) 171.3 Interest paid 70.4 97.4 57.6 Acquisition of rental equipment (Gross of PIS COFINS) 80.5 152.0 86.5 Suppliers (rental assets) (7.1) 11.9 (28.6) Interest and monetary exchange net gains and losses (cash) (24.3) (35.0) (51.3) Leasing (IFRS 16) (15.2) (13.5) (14.6) Adjusted Operating Cash Flow 188.3 152.8 220.8 Acquisition of rental equipment (Gross of PIS COFINS) (80.5) (152.0) (86.5) Suppliers (rental assets) 7.1 (11.9) 28.6 Net cash generated by (used in) investing activities 3.0 (28.9) (37.3) Adjusted Free Cash Flow to Firm ¹ 117.9 (40.1) 125.6 Adj Operating Cash Flow as % of EBITDA CVM 66.2% 67.3% 82.5% In 2Q26, adjusted consolidated operating cash flow ¹ totaled R$ 188.3 million, representing a 23.2% increase compared to 2Q25. This variation mainly reflects investment timing effects, driven by differences in equipment purchasing, receiving, and payment schedules between periods, as well as lower Capex in 2Q26. Adjusted free cash flow to the firm reached R$ 117.9 million in the quarter, boosted by stronger operational cash generation and lower total investments during the period. EBITDA-to-cash conversion (CVM) stood at 66.2% for the quarter, remaining aligned with the Company's historical levels. In the year -over-year comparison, conversion was impacted by a lower contribution of out -of-period tax credits to operating cash flow in 2Q26. Additionally, the positive adjustment related to Next Rental, while benefiting earnings for the quarter, is non -cash in nature and therefore did not contribute to operational cash generation. Excluding these effects, cash generation continues to ref lect disciplined working capital management and the recurring ability to convert operating results into cash. ¹ For adjusted operating cash flow, interest paid, rental investments, and net active and passive cash interest and monetary variations are excluded. For free cash flow to firm, cash flows from investing activities and acquisitions of rental assets are als o excluded. 2 Adjusted operating cash flow (BRL Million)
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23 2Q26 ESG In the second quarter, the Company made progress in consolidating its Strategic Sustainability Agenda by structuring action plans linked to the new materiality matrix. This effort strengthens the alignment among priority topics, business strategy, and the initiatives that will guide the evolution of the ESG agenda in the coming years, contributing to sustainable value creation and enhanced risk management. The development of these plans involved multidisciplinary working groups, bringing together professionals from various departments and business units. This approach enabled the integration of strategic vision, technical expertise, and operational experience, ensuring greater alignment of initiatives with the Company's challenges and opportunities. During the period, Mills was awarded the Pr ó-Ética Seal by the Comptroller General of the Union (CGU), a recognition granted to companies that demonstrate high standards of integrity, ethics, and transparency through compliance programs aligned with corporate governance best practices. This certificat ion reinforces the maturity of the Company's governance model and highlights its commitment to ethical, responsible, and sustainable operations, strengthening the trust of clients, investors, employees, and other stakeholders. On the environmental front, the Company advanced its decarbonization strategy with the completion of the co - creation phase of its Climate Transition Platform. This tool will enable the tracking of climate agenda initiatives, measurement of their impact on greenhouse gas emissions, and monitoring of progress against established targets. Testing of solutions aimed at reducing logistical operational emissions was also expanded. In a pilot project utilizing b vy , ₂ b v evaluated routes compared to di esel. Additionally, the biofuel utilization program for technical and commercial service fleet vehicles reached an average of 93% of refuelings during the quarter, contributing to direct emission reductions and reinforcing the search for operationally viable energy transition alternatives. In the social dimension, the Company continued to advance its programs focused on professional training and the productive inclusion of vulnerable youth. During the quarter, new cohorts of the technical training program were launched in Cuiabá (MT) and Rio de Janeiro (RJ), bringing the total number of scholarships awarded since 2022 to over one thousand. Concurrently, mapping began for new locations to expand the program, which remains open to partnerships with clients, suppliers, and other institutions interested in broadening the initiative's reach. The Diversity, Equity, and Inclusion (DE&I) agenda also achieved relevant milestones during the period. Key highlights include the launch of corporate diversity training on the internal learning platform, making completion mandatory for all employees and reinforcing the Company's commitment to fostering an increasingly inclusive and respectful organizational culture aligned with best people management practices. In June, in celebration of World Refugee Day, the Company hosted a lecture on cultural diversity and migration journeys, bringing together migrant and refugee employees to share their experiences. The initiative contributed to raising awareness, encouraging dialogue, and fosteri ng a workplace environment built on respect for diverse perspectives and experiences.
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24 2Q26 Tables Consolidated data in BRL million Table 1 - Rental net revenue per Business Unit BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Total Rent Net Revenue 438.8 413.0 6.2% 423.6 3.6% 862.4 794.6 8.5% Rental 367.7 346.1 6.3% 352.8 4.2% 720.5 667.3 8.0% Formwork and Shoring 71.1 67.0 6.2% 70.8 0.4% 141.9 127.3 11.4% Information unaudited by the independent auditors. Table 2 - Reconciliation of Adjusted EBITDA BRL million 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Net income 106.3 87.3 21.7% 197.0 -46.0% 303.3 155.3 95.4% Income tax and social contribution expenses 55.0 29.5 86.1% (28.5) NA 26.5 59.4 -55.5% Earnings before Income tax and social contribution 161.3 116.9 38.0% 168.5 -4.3% 329.8 214.7 53.6% Financial Results 42.1 44.1 -4.5% 20.9 102.1% 63.0 89.9 -29.9% Depreciation and Amortization 81.0 66.1 22.5% 78.3 3.4% 159.3 128.6 23.8% CVM EBITDA 284.4 227.1 25.2% 267.6 6.3% 552.1 433.2 27.4% Non-recurring items (15.6) 0.1 NA (32.5) -52.1% (48.1) 0.5 NA Adjusted EBITDA¹ 268.9 227.2 18.3% 235.1 14.4% 504.0 433.7 16.2% ¹ Excluding non-recurring items. Unaudited information .
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25 2Q26 Tables Consolidated data in BRL million Table 3 - Reconciliation of EBITDA with Adjusted Operating Cash Flow Consolidated in BRL million 2Q26 2Q25 1Q26 CVM EBITDA 284.4 227.1 267.6 Non-cash items (17.6) 39.4 50.7 Provision for tax, civil and labor risks 2.4 7.6 1.9 Accrued expenses on stock options 6.8 4.7 6.5 Post Employment Benefits 0.2 0.2 0.2 Residual value of property, plant and equipment and intangible assets sold and written off 0.8 10.6 4.3 Provision (reversal) for impairment loss on trade receivables 10.8 11.7 8.9 Provision (reversal) for slow-moving inventories 2.8 0.2 1.4 Provision for Profit Sharing 5.1 3.7 7.4 Result of an advantageous investment purchase 0.0 - (0.1) Other provisions (46.5) 0.7 20.1 CVM EBITDA ex-noncash provisions 266.8 266.5 318.3 Cash (182.8) (326.6) (147.0) Interest and monetary and exchange gains and losses (cash) 24.3 35.0 51.3 Trade receivables (19.0) (36.8) 28.8 Acquisition of rental equipment (68.9) (151.9) (53.9) Inventories (7.4) (2.4) 2.1 Taxes recoverable 45.1 (17.0) (85.5) Other assets (11.3) 3.4 (1.6) Suppliers (ex-rental assets) (35.6) (24.8) (66.1) Suppliers (forfeit operations) 1.7 - 2.6 Payroll and related taxes (19.8) (20.5) (0.1) Profit sharing - - (0.0) Taxes payable (3.2) 3.7 53.7 Other liabilities (0.1) 0.3 (0.0) Paid income and social contribution taxes (16.8) (15.5) (20.2) Lawsuits settled (1.5) (2.9) (0.6) Interest paid (70.4) (97.4) (57.6) Cash flows from operating activities according to the financial statements 84.0 (60.1) 171.3 Interest and monetary and exchange gains and losses (cash) (24.3) (35.0) (51.3) Acquisitions of rental equipment (Gross of PIS COFINS) 80.5 152.0 86.5 Suppliers (rental assets) (7.1) 11.9 (28.6) Interest paid 70.4 97.4 57.6 Leasing IFRS16 (15.2) (13.5) (14.6) Adjusted Operating Cash Flow 188.3 152.8 220.8
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26 2Q26 P&L Consolidated data in BRL million BRL millions 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 6M26 6M25 Var. (%) Gross Revenue 515.3 494.8 4.1% 502.4 2.6% 1,017.7 948.8 7.3% Net revenue from sales and services 472.2 450.1 4.9% 461.2 2.4% 933.3 862.4 8.2% Cost of products sold and services rendered (175.7) (162.1) 8.4% (181.8) -3.3% (357.5) (309.8) 15.4% Gross Profit 296.5 288.0 2.9% 279.4 6.1% 575.9 552.6 4.2% Operational (Expenses)/Revenues (93.0) (127.0) -26.7% (90.1) 3.2% (183.1) (248.0) -26.2% Profit before Financial Result 203.5 161.0 26.4% 189.3 7.5% 392.8 304.6 29.0% Financial expenses (81.0) (81.9) -1.0% (91.0) -10.9% (172.0) (154.9) 11.0% Financial revenues 38.9 37.7 3.1% 70.1 -44.6% 109.0 65.0 67.5% Financial result (42.1) (44.1) -4.5% (20.9) 102.1% (63.0) (89.9) -29.9% Profit before taxes 161.3 116.9 38.0% 168.5 -4.3% 329.8 214.7 53.6% Income tax and social contribution (55.0) (29.5) 86.1% 28.5 NA (26.5) (59.4) -55.5% Net income 106.3 87.3 21.7% 197.0 -46.0% 303.3 155.3 95.4%
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27 2Q26 Balance Sheet Consolidated data in BRL million BRL million 2Q26 2Q25 1Q26 Assets Current Assets Cash and cash equivalents 470.3 305.4 541.0 Financial investments 171.9 213.8 183.0 Restricted bank deposits - - - Third-party receivables 475.2 441.2 463.7 Inventories 108.6 118.9 103.9 Derivative financial instruments - - - Taxes recoverable 45.9 77.5 44.7 Other assets 93.1 62.6 81.9 Assets held for sale 5.5 5.5 5.5 Total Current Assets 1,370.3 1,224.9 1,423.6 Non-Current Assets Deferred income tax and social contribution 90.9 137.2 118.8 Taxes recoverable 145.6 64.8 189.5 Judicial deposits 4.4 4.8 4.2 Other assets - 0.1 0.1 Property, plant and equipment 2,274.2 2,044.5 2,262.5 Intangible assets 333.6 308.0 333.7 Total Non-Current Assets 2,848.6 2,559.4 2,908.7 Total Assets 4,219.0 3,784.2 4,332.5
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28 2Q26 Balance Sheet Consolidated data in BRL million BRL million 2Q26 2Q25 1Q26 Liabilities Current Liabilities Accounts payable to third parties 134.5 126.5 149.6 Accounts payable to related parties 5.7 1.4 0.4 Accounts payable – acquisitions of subsidiaries 42.3 36.2 69.5 Accounts payable - forfait 5.4 - 3.8 Social and labor obligations 78.5 67.7 93.2 Loans, borrowings and debt securities 85.3 206.8 83.5 Lease liabilities 45.1 40.4 41.9 Derivative financial instruments 3.7 0.4 4.5 Tax recovery program (REFIS) 1.3 1.3 1.3 Income tax and social contribution payable 7.0 7.9 12.2 Taxes payable 32.2 15.6 28.1 Dividends and interest on equity 14.6 48.9 150.0 Other liabilities 5.0 1.6 5.1 Total Current Liabilities 460.5 554.7 643.1 Non-Current Liabilities Accounts payable to third parties 2.4 29.0 7.2 Accounts payable – acquisitions of subsidiaries 54.4 94.5 85.9 Loans, borrowings and debt securities 1,671.9 1,455.9 1,687.2 Lease liabilities 60.2 58.2 62.5 Tax recovery program (REFIS) 0.7 2.8 1.1 Deferred income tax and social contribution 50.9 23.9 36.8 Provision for risks 23.8 23.5 22.9 Provision for post-employment benefits 4.8 8.2 4.5 Other liabilities - 0.1 0.0 Total Non-Current Liabilities 1,869.2 1,696.1 1,908.2 Total Liabilities 2,329.7 2,250.7 2,551.4 Equity Share capital 1,092.1 1,091.6 1,091.6 Treasury shares (61.9) (72.5) (65.4) Capital reserves (99.3) (110.2) (97.2) Profit reserves 663.0 543.3 663.0 Other comprehensive results 0.0 - 0.1 Asset revaluation adjustment (11.1) (14.1) (11.1) Retained earnings (Accumulated profits and losses) 303.2 92.5 197.0 Subtotal 1,886.0 1,530.5 1,777.9 Non-controlling interests 3.3 3.0 3.2 Total Equity 1,889.3 1,533.6 1,781.1 Total Liabilities and Equity 4,219.0 3,784.2 4,332.5
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29 2Q26 Cash Flow Consolidated data in BRL million in BRL million 2Q26 2Q25 1Q26 Cash flows from operating activities Profit for the period 106.3 87.3 197.0 Non cash adjustments: 171.9 205.1 199.4 Depreciation and amortization 81.0 66.1 78.3 Deferred income and social contribution taxes 42.0 20.4 (1.8) Provision (reversal) for tax, civil and labor risks 2.4 7.6 1.9 Accrued expenses on stock options 6.8 4.7 6.5 Post-employment benefit 0.2 0.2 0.2 Residual value of property, plant and equipment and intangible assets sold and written off 0.8 10.6 4.3 Interest and monetary exchange gains and losses, net 63.7 76.2 68.6 Leasing interest 2.8 2.9 3.6 Provision (reversal) for impairment loss on trade receivables - ECL 10.8 11.7 8.9 Provision (reversal) for impairment and fair value - - - Provision (reversal) for slow-moving inventories 2.8 0.2 1.4 Provision for Profit Sharing 5.1 3.7 7.4 Result of an advantageous investment purchase 0.0 - (0.1) Other provisions (reversals) (46.5) 0.7 20.1 Variations on assets and liabilities: (105.5) (236.7) (146.7) Trade receivables (19.0) (36.8) 28.8 Acquisition of rental equipment (68.9) (151.9) (53.9) Inventories (7.4) (2.4) 2.1 Taxes recoverable 45.1 (17.0) (85.5) Other assets (11.3) 3.4 (1.6) Suppliers (ex-rental assets) (35.6) (24.8) (66.1) Suppliers (forfeit operations) 1.7 - 2.6 Payroll and related taxes (19.8) (20.5) (0.1) Taxes payable 9.8 12.8 27.0 Other liabilities (0.1) 0.3 (0.0) Other Operational Variations: (88.7) (115.8) (78.3) Lawsuits settled (1.5) (2.9) (0.6) Interest paid (70.4) (97.4) (57.6) Paid income and social contribution taxes (16.8) (15.5) (20.2) Net cash from operating activities 84.0 (60.1) 171.3
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30 2Q26 Cash flow Consolidated data in BRL million in BRL million 2Q26 2Q25 1Q26 Cash flow from investing activities Acquisition of subsidiary - - - Financial assets 11.1 (18.0) (27.1) Acquisition of property, plant and equipment and intangible assets (8.1) (10.9) (10.2) Incorporation of assets arising from the acquisition of a subsidiary - - - Net cash generated by (used in) investing activities 3.0 (28.9) (37.3) Cash flow from financing activities Proceeds from loans and debentures, net of transaction costs 8.8 0.0 0.1 Restricted bank deposits - 0.0 - Repurchase of treasury shares - (0.0) - Dividends and interest on equity paid (135.4) (13.7) - Amortization of borrowing and debentures (16.0) (98.6) (12.9) Paid leases (15.2) (13.5) (14.6) Net cash generated by (used in) financing activities (157.8) (125.7) (27.4) Net increase/(decrease) in cash and cash equivalents (70.7) (214.7) 106.5 Cash and cash equivalents at the beginning of the period 541.0 520.1 434.4 Cash and cash equivalents at the end of the period 470.3 305.4 541.0 Net increase/(decrease) in cash and cash equivalents (70.7) (214.7) 106.5 Operating cash flow 84.0 (60.1) 171.3 Interest paid 70.4 97.4 57.6 Acquisition of rental equipment (Gross of PIS COFINS) 80.5 152.0 86.5 Suppliers (rental assets) (7.1) 11.9 (28.6) Interest and monetary exchange net gains and losses (cash) (24.3) (35.0) (51.3) Leasing (IFRS 16) (15.2) (13.5) (14.6) Adjusted Operating Cash Flow 188.3 152.8 220.8 Adjusted Operating Cash Flow ¹ 188.3 152.8 220.8 Acquisition of rental equipment (Gross of PIS COFINS) (80.5) (152.0) (86.5) Suppliers (rental assets) 7.1 (11.9) 28.6 Net cash generated by (used in) investing activities 3.0 (28.9) (37.3) Adjusted Free Cash Flow to Firm ¹ 117.9 (40.1) 125.6 ¹ Unaudited information.
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31 2Q26 Capital Markets - MILS3 ’ v several indices, including IBrA, ITAG, IGC, IGC-NM, IGCT, SMLL, ICO2, IDVR, IGPTW, INDX, ISE and IAGRO. The closing share price on June 30 was BRL 15.60, a 41.2% increase compared to the closing price for the same period of 2025. The IBOVESPA and Small Cap indices varied by 23.9% and -1.3%, respectively, over the same period. At the end of 2Q26, Mills' market capitalization (market cap) was BRL 3,654.1 million. MILS3 Performance 2Q26 2Q25 Var. (%) 1Q26 Var. (%) Share final price (BRL) 15.60 11.05 41.2% 13.83 12.8% Maximum² 15.60 11.05 41.2% 15.64 -0.3% Minimum² 12.46 9.01 38.3% 13.29 -6.2% Average² 14.18 10.21 38.9% 14.58 -2.8% Market value of the period (BRL million) 3,654.1 2,587.7 41.2% 3,238.7 12.8% Daily average negotiated volume (BRL million) 16.27 8.19 98.7% 12.42 31.0% # of shares (million) 234.2 234.2 0.0% 234.2 0.0% ¹ Source: Enfoque and Refinitiv ² Closing Price
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32 2Q26 Glossary (a) CapEx (Capital Expenditure) – Acquisition of tangible and intangible assets for non-current assets. (b) Invested Capital – For the Company, invested capital is defined as the sum of shareholders’ equity plus third- party capital (including all interest -bearing debt, both banking and non -banking), both measured as average balances during the period. The asset base for the year is calculated as the average of the asset base over the last twelve months. (c) Adjusted Operating Cash Flow – Based on the Company ’s Consolidated Financial Statements, this corresponds to net cash generated from operating activities, excluding interest and net monetary gains and losses, acquisitions of rental property and equipment, and interest paid . (d) Net Debt – Gross debt minus cash and cash equivalents. (e) EBITDA - EBITDA is a non -accounting measure prepared by the Company and reconciled with our financial statements in accordance with the provisions of the Annual CVM/SEP Circular Letter, when applicable. We calculate our EBITDA as operating profit before financial r esults, depreciation of property and rental equipment, and amortization of intangibles. EBITDA is not a measure recognized under Brazilian GAAP, IFRS, or US GAAP, does not have a standardized meaning, and may not be comparable to similarly titled measures reported by other companies. We disclose EBITDA because we use it to measure our perform ance. EBITDA should not be considered in isolation or as a substitute for net income or operating income as indicators of operational performance or cash flow, nor as a measure of liquidity or debt repayment capacity. Disclaimer This press release may include statements that present the Company management ’s expectations regarding future events or results. All statements based on future expectations rather than historical facts involve various risks and uncertainties. Mills cannot guarantee that such statements will materialize. Such risks and uncertainties include factors related to the Brazilian economy, the capital markets, and the infrastructure, real estate, and oil & gas sec tors, among others, as well as government regulations, which are subject to change without prior notice. For additional information on factors that may cause actual results to differ from those estimated by the Company, please refer to the reports filed with the Brazilian Securities and Exchange Commission (CVM).