Slides
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Results 3Q26
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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 3Q26 Growth with diversification and long-term resilience: Consistent Net Revenue growth, alongside ROIC and expansion and lower YoY leverage Growth Profitability Profitability Value Generation Adj. EBITDA Margin Gross Debt Net Revenue BRL 492.9 Million Net Income BRL 130.9 Million +94.5% vs 3Q25 +2.1% vs 3Q25 Adjusted EBITDA BRL 256.1 Million +0.6% vs 3Q25 52.0% -0.8 p.p vs 3Q25 ROIC LTM 23.4% +3.8 p.p vs 3Q25 Adj. Op. Cash Flow BRL 235.5 Million 25.1% vs 2Q26 Alavancagem 1.1x Net debt / EBITDA LTM -0.4x vs 3Q25 BRL 1,763.5 MM -19.7% vs 3T25 3
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0 3Q26 Results Another quarter of growth in the share of revenue generated from long-term contracts. We continued to advance our strategy of increasing revenue visibility and recurring revenue through a greater focus on long - term contracts, which accounted for 56% of total Rental Revenue in the quarter (+1 p.p. vs. 3Q25). 4 Long -Term Rental Revenue (%) Fleet Size and Volume 3Q25 3Q26 55% 56% +1 p.p 3Q25 3Q26 16.1 17.0 +5.8% Fleet Size (in thousand) 3Q25 3Q26 48.4 50.5 +4.3% Total Wight (thousand tons) We concluded 3Q26 with 17.0 thousand machines in operation (+5.8% vs. 3Q25), comprising 11.4 thousand Light Equipment, 2.7 thousand Heavy Equipment and 3.0 thousand Intralogistics units. The increase reflects continued organic expansion, with a focus on selective capital allocation and contracts offering higher returns and greater revenue visibility.
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0 3Q26 Results Consistent revenue growth, supported by progress in infrastructure projects and greater diversification across business units. We continued to deliver consistent progress in 3Q26, with Net Revenue reaching BRL 492. 9 million (+2.1% vs. 3Q25), driven by Heavy Equipment and Intralogistics. The performance reflects disciplined execution of our strategy, capturing opportunities arising from infrastructure developments while expanding our long -term contract base. Intralogistics and Heavy Equipment were the quarter’s highlights, together accounting for 35.7% of the Company’s Rental + Freight Revenue, reflecting stronger growth compared to the other business units. 5 Net Revenue (by type ) BRL MM 437.7 438.5 440.6 16.6 16.5 24.9 51.4 58.6 28.5 3Q25 17.2 2Q26 27.4 3Q26 1,232.3 61.5 9M25 1,302.7 64.9 9M26 482.7 472.2 492.9 1,345.3 1,426.2 +2.1% +6.0% Rental + Freight Sale of new and semi new equipment Others Net Rental Revenue - Per Product (%) 47.4% 34.6% 16.4% 1.6% 3Q25 45.9% 35.7% 16.0% 2.4% 3Q26 AWP Long Term (Intra + Heavy) Formwork & Shoring Others
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0 3Q26 Results Continuous improvement in operational efficiency. Adjusted EBITDA reached BRL 256.1 million in 3Q26, representing a 0.6% increase compared to 3Q25. Adjusted EBITDA margin reached 52.0% in the quarter, remaining above historical average levels and reflecting solid revenue growth combined with consistent operating efficiency gains, supported by improved cost and expense absorption. The Company reported Net Income of BRL 130.9 million in 3Q26, representing growth of 94.5% compared to 3Q25 and 23.1% versus the previous quarter, mainly due to non -recurring effects. Net margin reached 26.6% , remaining at an elevated level. 6 Net Income BRL MM Adjusted EBITDA¹ BRL MM ¹ Excluding non-recurring items. Non-GAAP – Information not reviewed by independent auditors. 3Q25 2Q26 3Q26 9M25 9M26 254.6 268.9 256.1 688.3 760.1 +0.6% 10.4% Adjusted EBITDA¹ 52.7% 52.9% 56.9% 56.7% 52.0% 51.5% Adjusted EBITDA¹ Margin % Adjusted EBITDA¹ Margin ex-sales % 51.2% 51.1% 53.3% 52.9% 3Q25 2Q26 3Q26 9M25 9M26 67.3 106.3 130.9 222.6 434.3 +94.5% +95.1% Net Income 13.9% 22.5% 26.6% Net Margin 16.5% 30.5%
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Adjusted Operating Cash Flow totaled BRL 235.5 million in 3Q26, down 39.8% compared to 3Q25, mainly reflecting the lower level of adjustments related to equipment acquisition outflows in 3Q26, while 3Q25 was impacted by the acquisition of Next Rental. Consistent operating cash generation, with cash conversion remaining at elevated levels. 3Q26 Results 7 Investments totaled BRL 100.5 million in 3Q26, down 61.5% compared to 3Q25 and up 13.5% versus 2Q26. Of the total amount invested, approximately 89% was allocated to the acquisition of rental assets, in line with the Company’s fleet expansion and renewal strategy. InvestimentsAdjusted Operating Cash Flow BRL MM BRL MM ¹ Adjusted operating cash flow excludes interest paid, rental investments, interest income, and net monetary variations (both active and passive).. 3Q25 2Q26 3Q26 9M25 9M26 391.2 188.3 235.5 694.9 644.6 -39.8% -7.2% Adjusted operating cash flow 173.3% 66.2% 76.4% 105.5% 74.9% Adjusted operating cash flow % EBITDA CVM 3Q25 0.0 2Q26 0.0 3Q26 36.9 9M25 0.0 9M26 29.1261.2 88.6 100.5 595.4 285.8 179.3 63.8 18.0 80.5 8.1 89.7 10.9 179.3 379.1 256.6 -61.5% -52.0% M&As Rental equipment Corporate and use goods
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Indebtedness Capital structure optimization strategy driving efficiency. 8 The Company maintained a disciplined approach to capital management in 3Q26, with the average cost of debt and average maturity remaining broadly stable compared to the previous quarter. BRL MM Indebtedness BRL MM Debt repayment schedule Gross Debt 2Q26 0 Debt Issuance -4 Amortization -54 Interest Paid 64 Interest Accrued Gross Debt 3Q26 -707 Cash / Restricted Bank Deposits Net Debt 3Q26 1,757 1,763 1,056 707 297 547 463 147 147 Cash 09 2026 033 2027 32 2028 17 2029 12 2030 0 2031 0 2032 9 33 328 564 476 147 147 Debentures Others Leverage and Debt Profile • Net Debt/Adjusted EBITDA LTM = 1.1x • ST Net Debt/Adjusted LTM EBITDA = -0.6x 5.3% 94.7% Short Term Long Term Average Cost CDI + 1.13% p.a Average Term 3.3 years
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Rental Adjusted EBITDA, excluding non-recurring effects, reached BRL 200.6 million in 3Q26, with a margin of 49.2%, supported by improved operating efficiency, stronger operating leverage as revenue grew, and continued expense dilution. Net Revenue grew 3.3% in 3Q26, primarily driven by the growth in the Heavy Equipment and Intralogistics business units, with higher rental volumes in Light Equipment also contributing to the performance. 9 Net Revenue (by type ) Adjusted EBITDA¹ Rental (Light, Heavy and Intralogistics) BRL MMBRL MM 15.9 3Q25 13.1 2Q26 20.6 3Q26 1,033.3 43.3 9M25 1,090.3 47.2 9M26 394.6 392.5 407.7 1,116.5 1,181.8 366.0 12.8 367.5 11.9 370.0 17.1 39.9 44.3 +3.3% +5.8% Rental + Freight Sale of new and semi new equipment Others 48.3% 48.1% 9M25 48.3% 48.3% 50.1% 3Q25 9M26 54.8% 54.5% 2Q26 49.2% 48.6% 3Q26 190.5 215.0 200.6 539.0 599.1 50.7% +5.3% +11.2% Adjusted EBITDA¹ Adjusted EBITDA¹ Margin % Adjusted EBITDA¹ Margin ex-sales % ¹ Excludes non-recurring items. Unaudited information.
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Net Revenue decreased 3.4% YoY and increased 6.9% versus 2Q26. The year-over-year decline mainly reflected a higher comparison base due to one-off indemnity receipts in 3Q25, while Rental + Freight revenue remained broadly stable. In 9M26, Net Revenue increased 6.8%, driven by higher rental revenue between the periods. Adjusted EBITDA reached BRL 55.5 million in 3Q26 (-13.5% vs. 3Q25), with a margin of 65.1% (-7.6 p.p.). The decline primarily reflected a higher level of expenses in 3Q26, partially offset by lower costs, as well as the unfavorable impact of ECL compared to 3Q25. 10 64.1 53.8 55.5 149.3 161.0 72.7% 72.8% 9M25 65.9% 3T25 65.5% 67.6% 9M26 67.0% 2T26 65.1% 65.0% 3T26 65.3% 65.0% -13.5% +7.8% EBITDA Ajustado¹ Margem EBITDA ajustado % Margem EBITDA Ajustado Ex-vendas Formwork and Shoring Net Revenue (by type ) Adjusted EBITDA¹ BRL MM BRL MM 70.6 1.013.6 3Q26 199.0 2.227.5 71.7 212.5 3.7 0.1 28.2 9M26 16.3 3Q25 71.1 1.57.0 2Q26 88.1 79.7 85.2 228.7 244.4 9M25 -3.4% +6.8% Rental + Freight Sales Others ¹Excluding non-recurring items. Non-GAAP - Information not reviewed by independent auditors.
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