Earnings release
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. 3Q26 Results Live Broadcast 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). Date: Thursday, November 5th, 2026 Time: 2:00 p.m (Brasilia Time) Watch Online: Click here
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Summary Highlights 3 Management Comments 5 Consolidated Results 6 Financial Results 8 Net Income 9 Rental Business Unit 10 Rental Result 10 Formwork and Shoring 11 Formwork and Shoring Results 12 Indebtedness 13 Investments 15 Return on Invested Capital (ROIC) 15 Adjusted Cash Flow 16 ESG 17 Tables 18 P&L 19 Balance Sheet 20 Cash Flow 22 Glossary 24
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3 3Q26 Highlights The main highlights for the period were: Net Revenue of BRL 492.9 million in 3Q26, up 2.1% compared to 3Q25 and 4.4% versus 2Q26. In 9M26, Net Revenue reached BRL 1,426.2 million, a 6.0% increase compared to 9M25. Adjusted EBITDA of BRL 256.1 million in 3Q26, 0.6% higher than in 3Q25. Adjusted EBITDA margin was 52.0%, down 0.8 p.p. compared to 3Q25 and 5.0 p.p. versus 2Q26. In 9M26, Adjusted EBITDA totaled BRL 760.1 million, up 10.4% year over year. Net Income of BRL 130.9 million in 3Q26, up 94.5% compared to 3Q25, with a net margin of 26.6%. In 9M26, Net Income reached BRL 434.3 million, a 95.1% increase compared to 9M25. Cash Net Income of BRL 88.8 million in 3Q26, with a cash net margin of 18.0%. In 9M26, Cash Net Income totaled BRL 268.2 million, with a cash net margin of 18.8%. Leverage remained at 1.1x Net Debt/Adjusted EBITDA, down 0.4x compared to 3Q25. The average cost of debt remained stable at CDI + 1.13% p.a., with an average maturity of 3.3 years. CapEx of BRL 100.5 million in 3Q26, of which 89% was allocated to rental assets, representing a 61.5% decrease compared to 3Q25 and a 13.5% increase versus 2Q26. In 9M26, CapEx totaled BRL 285.8 million, 52.0% lower than in 9M25. Adjusted Operating Cash Flow of BRL 235.5 million in 3Q26, down 39.8% compared to 3Q25, with an EBITDA-to-cash conversion of 76.4%. In 9M26, Adjusted Operating Cash Flow reached BRL 644.6 million, down 7.2% year over year, with a cash conversion rate of 74.9%.
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4 3Q26 BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Gross Revenue 537.7 529.6 1.5% 515.3 4.3% 1,555.3 1,478.5 5.2% Net revenue 492.9 482.7 2.1% 472.2 4.4% 1,426.2 1,345.0 6.0% CVM EBITDA 308.0 225.7 36.5% 284.4 8.3% 860.1 658.9 30.5% CVM EBITDA margin (%) 62.5% 46.8% 15.7 p.p. 60.2% 2.2 p.p. 60.3% 49.0% 11.3 p.p. Adjusted EBITDA¹ 256.1 254.6 0.6% 268.9 -4.8% 760.1 688.3 10.4% Adjusted EBITDA margin¹ (%) 52.0% 52.7% -0.8 p.p. 56.9% -5.0 p.p. 53.3% 51.2% 2.1 p.p. Adjusted ex-sales EBITDA margin¹ (%) 51.5% 52.9% -1.4 p.p. 56.7% -5.1 p.p. 52.9% 51.1% 1.8 p.p. Net Income for the Period 130.9 67.3 94.5% 106.3 23.1% 434.3 222.6 95.1% Net margin (%) 26.6% 13.9% 12.6 p.p. 22.5% 4.0 p.p. 30.5% 16.5% 13.9 p.p. LTM ROIC (%)² 23.4% 19.7% 3.8 p.p. 21.7% 1.8 p.p. 23.4% 19.7% 3.8 p.p. Adjusted operating cash flow³ 235.5 391.2 -39.8% 188.3 25.1% 644.6 694.9 -7.2% Adjusted FCO % CVM EBITDA 76.4% 173.3% -96.9 p.p. 66.2% 10.3 p.p. 74.9% 105.5% -30.5 p.p. Adjusted free cash flow to the firm³ 105.3 (92.4) NA 117.9 -10.7% 348.9 (83.7) NA Leverage (x) 1.1x 1.5x -0.4 p.p. 1.2x -0.1 p.p. 1.1x 1.5x -0.4 p.p. ¹ Excluding non-recurring items. Unaudited information. ² Calculated using the cash tax rate. ³ Adjusted Operating Cash Flow: excludes interest related to debentures, investments in rental assets, and net cash interest in come/expenses and monetary variations. Adjusted FCF: excludes cash flows from investing activities and the acquisition of rental assets. Unaudited information.
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5 3Q26 Management Comments São Paulo, November 4, 2026 – Mills Locação, Serviços e Logística S.A. (“Mills” or the “Company”) hereby announces its results for the third quarter of 2026 (3Q26). We closed the third quarter of 2026 maintaining our growth trajectory, with higher revenue, sustained strong profitability and a solid financial position. Against a still highly competitive environment in certain markets, we continued to prioritize disciplined capital allocation, operating efficiency and greater revenue visibility. Net Revenue reached BRL 492.9 million in 3Q26, up 2.1% compared to 3Q25 and 4.4% versus the previous quarter. In the first nine months of the year, Net Revenue totaled BRL 1.4 billion, an increase of 6.0% and a record high for the period. Performance was mainly supported by growth in Heavy Equipment and Intralogistics. We also continued to increase the share of longer -term contracts, which accounted for 56% of Rental Revenue in the quarter, contributing to greater revenue recurrence and visibility. Adjusted EBITDA reached BRL 256.1 million in the quarter, with a margin of 52.0%. In 9M26, Adjusted EBITDA totaled BRL 760.1 million, up 10.4% year over year, with margin expanding by 2.1 p.p. The performance reflects the combination of business growth, pr oductivity gains and disciplined expense management, partially offset by pressure on certain operating costs. Cash generation remained consistent. Adjusted Operating Cash Flow totaled BRL 235.5 million in the quarter, while Adjusted Free Cash Flow to the Firm reached BRL 105.3 million. Investments totaled BRL 100.5 million, of which approximately 89% was allocated to rental assets. We maintained a selective approach to capital allocation, prioritizing investments supported by expected demand, greater contractual visibility and adequate returns. We ended September with BRL 707.5 million in cash and financial investments, Net Debt of approximately BRL 1.1 billion and leverage of 1.1x Net Debt/Adjusted EBITDA, down from 1.5x in 3Q25. The average cost of debt remained stable at CDI + 1.13% p.a., with an average maturity of 3.3 years. The combination of liquidity, debt maturity profile and leverage preserves the Company’s financial flexibility to execute its strategy and capture growth opportunities. We enter the final quarter of 2026 maintaining our focus on disciplined growth, higher asset utilization, expansion of recurring revenues and cash generation. We will continue to seek a balanced approach between growth, return on invested capital and financial strength, while preserving an appropriate capital structure to support Mills’ long - term development. Sergio Kariya Mills CEO
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6 3Q26 Consolidated Results BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Net Revenue 492.9 482.7 2.1% 472.2 4.4% 1,426.2 1,345.0 6.0% COGS total, ex-depreciation (145.2) (135.4) 7.3% (120.4) 20.6% (393.6) (368.3) 6.9% Gross Profit, ex-depreciation 347.6 347.4 0.1% 351.7 -1.2% 1,032.6 976.9 5.7% SG&A, ex-depreciation (33.6) (117.5) -71.4% (56.5) -40.6% (146.8) (294.1) -50.1% ECL (6.0) (4.2) 43.7% (10.8) -44.1% (25.7) (23.9) 7.6% EBITDA CVM 308.0 225.7 36.5% 284.4 8.3% 860.1 658.9 30.5% EBITDA CVM Margin (%) 62.5% 46.8% 15.7 p.p. 60.2% 2.3 p.p. 60.3% 49.0% 11.3 p.p. Non-Recurrent (51.9) 28.8 NA (15.6) 233.8% (100.0) 29.4 NA Adj. EBITDA 256.1 254.6 0.6% 268.9 -4.8% 760.1 688.3 10.4% Adj. EBITDA Margin (%) 52.0% 52.7% -0.8 p.p. 56.9% -5.0 p.p. 53.3% 51.2% 2.1 p.p. In 3Q26, the Company maintained its growth trajectory, supported by the execution of its strategy and the continued evolution of its business model. Net Revenue totaled BRL 492.9 million, up 2.1% compared to 3Q25. In the first nine months of the year, revenue reached BRL 1,426.2 million, an increase of 6.0% compared to 9M25 and a record high for the period. Quarterly performance was mainly supported by growth in the Heavy Equipment and Intralogistics business units. The competitive environment, however, remained challenging, particularly due to the entry of new competitors and the greater availability of rental equipment in the Brazilian market. Against this backdrop, the Company continued to intensify its efforts to capture opportunities by leveraging its scale, fleet availability and nationwide footprint, supporting the resumption of revenue growth. In addition, the Company continues to benefit from the investment cycle in infrastructure and construction, while expanding its presence among large customers through its multiproduct strategy, deepening commercial relationships and broadening its offering of solutions. In line with its strategic priority of increasing revenue visibility and recurrence, the Company remained focused on expanding long -term contracts, particularly in the Heavy Equipment and Intralogistics business units. In 3Q26, these contracts accounted for 56% of Rental Revenue, an increase of 1 p.p. compared to 3Q25. CVM EBITDA reached BRL 308.0 million in 3Q26, up 36.5% compared to 3Q25, with an EBITDA margin of 62.5%. Reported performance benefited from the recognition of prior -period tax credits during the quarter.
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7 3Q26 Net Revenue by type (BRL million) Gross Revenue 3Q26 Per activity segment (%) Net Rental and Freight Revenue by Product (%) % of Net Rental Revenue on long term contracts
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8 3Q26 Excluding these non-recurring effects, Adjusted EBITDA totaled BRL 256.1 million in the quarter, up 0.6% year over year, broadly in line with the increase in Net Revenue during the period. Adjusted EBITDA margin was 52.0%, down 0.8 p.p. compared to 3Q25. I n the first nine months of 2026, Adjusted EBITDA reached BRL 760.1 million, an increase of 10.4%, reflecting the combination of revenue growth and tighter control over the Company’s costs and expenses. The Company continues to advance the structural efficiency initiatives implemented over recent quarters, with a focus on streamlining its organizational structure, increasing operating productivity and maintaining disciplined management of general and admi nistrative expenses. These initiatives have contributed to improving operating efficiency and supporting the Company’s growth with greater operating leverage. Non-recurring costs and expenses had a net positive impact of BRL 51.9 million in 3Q26, compared to a net negative impact of BRL 28.8 million in 3Q25. The quarter’s result reflected, among other factors, the recognition of BRL 54.3 million in prior -period tax credits and the reversal of a previously provisioned contingency related to the Heavy Equipment business unit, amounting to BRL 5.0 million. ¹ Excluding non-recurring items. Non-GAAP measure. Information not reviewed by the independent auditors. Financial Results Consolidated financial result was a net expense of BRL 29.8 million in 3Q26, compared to a net expense of BRL 54.2 million in 3Q25. The year-over-year improvement was primarily driven by higher financial income, supported by a higher average cash balance during the quarter, as well as by the impact of the prior -period tax credits recognized during the period. The Company ended the quarter with an adequate liquidity position and continued to actively manage its capital structure, seeking to balance funding costs, debt tenor and the maturity profile. During the period, cash management and the allocation of financ ial resources also contributed to the improvement in the financial result, while preserving the flexibility needed to support the Company’s investment plan and growth opportunities. Adjusted EBITDA¹ (BRL million)
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9 3Q26 BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Net Financial Result (29.8) (54.2) -45.0% (42.1) -29.3% (92.8) (144.0) -35.6% Financial Revenues 51.6 38.1 35.6% 38.9 32.9% 160.6 103.1 55.7% Financial Expenses (81.4) (92.3) -11.7% (81.0) 0.6% (253.4) (247.2) 2.5% Net Income The Company reported Net Income of BRL 130.9 million in 3Q26, up 94.5% compared to 3Q25 and 23.1% versus 2Q26. Net margin reached 26.6% in the quarter. Reported results benefited from non-recurring effects related to the recognition of prior-period tax credits during the period. Consolidated data in BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Adjusted EBITDA¹ 256.1 254.6 0.6% 268.9 -4.8% 760.1 688.3 10.4% Non-recurring items 51.9 (28.8) NA 15.6 233.8% 100.0 (29.4) NA CVM EBITDA 308.0 225.7 36.5% 284.4 8.3% 860.1 658.9 30.5% Depreciation and Amortization (85.1) (70.8) 20.3% (81.0) 5.2% (244.4) (199.4) 22.6% Financial Result (29.8) (54.2) -45.0% (42.1) -29.3% (92.8) (144.0) -35.6% Earnings before income tax and social contribution 193.1 100.8 91.5% 161.3 19.7% 522.9 315.5 65.7% Income tax and social contribution expenses (62.1) (33.4) 85.8% (55.0) 13.0% (88.6) (92.9) -4.6% Effective Tax Rate 32.2% 33.2% -1.0 p.p. 34.1% -1.9 p.p. 16.9% 29.4% -12.5 p.p. Net Income 130.9 67.3 94.5% 106.3 23.1% 434.3 222.6 95.1% Net Margin 26.6% 13.9% 12.6 p.p. 22.5% 4.0 p.p. 30.5% 16.5% 13.9 p.p.
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10 3Q26 Rental Business Unit (Light, Heavy and Intralogistics) The Rental business unit ended 3Q26 with Net Revenue of BRL 407.7 million, up 3.3% compared to 3Q25, mainly driven by the Heavy Equipment and Intralogistics business units, as well as a return to revenue growth in Light Equipment despite the challenges still affecting the segment. At the end of the quarter, the fleet totaled approximately 17.0 thousand units, an increase of 5.8% year over year. The Company continues to prioritize asset utilization, the expansion of longer -term contracts and selective capital allocation, with the objective of increasing revenue visibility and returns on invested capital. Adjusted EBITDA reached BRL 200.6 million, up 5.3% compared to 3Q25, with a margin of 49.2%, an expansion of 0.9 p.p. year over year. The improvement mainly reflected greater dilution of recurring expenses and lower ECL, partially offset by higher rental c osts, particularly due to increased parts consumption and higher prices for certain inputs. In 9M26, the business unit’s Adjusted EBITDA totaled BRL 599.1 million, up 11.2% compared to the same period of the previous year, with a margin of 50.7%. Rental Result BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Total Net Revenue 407.7 394.6 3.3% 392.5 3.9% 1,181.8 1,116.2 5.8% Rental 370.0 366.0 1.1% 367.7 0.6% 1,090.3 1,033.0 5.5% Sales 23.9 16.4 45.4% 14.7 62.2% 54.9 49.2 11.6% Other 13.8 12.2 13.0% 10.1 36.7% 36.7 34.0 7.7% Total COGS, ex-depreciation (131.9) (120.7) 9.3% (107.3) 22.9% (354.1) (329.1) 7.6% % of Net Revenue 32.3% 30.6% 1.8 p.p. 27.3% 5.0 p.p. 30.0% 29.5% 0.5 p.p. Gross Profit, ex-depreciation 275.9 274.0 0.7% 285.2 -3.3% 827.7 787.2 5.1% Gross Margin 67.7% 69.4% -1.8 p.p. 72.7% -5.0 p.p. 70.0% 70.5% -0.5 p.p. Gross Margin - Rental 67.0% 69.4% -2.4 p.p. 72.4% -5.4 p.p. 69.4% 70.4% -1.0 p.p. Gross Margin - Sales 59.1% 47.5% 11.6 p.p. 61.4% -2.4 p.p. 62.0% 52.3% 9.6 p.p. SG&A, ex-depreciation and ECL (28.0) (101.7) -72.4% (43.0) -34.8% (119.9) (254.1) -52.8% % of Net Revenue 6.9% 25.8% -18.9 p.p. 10.9% -4.1 p.p. 10.1% 22.8% -12.6 p.p. ECL (3.7) (6.8) -46.0% (9.9) -63.0% (20.8) (19.7) 5.6% CVM EBITDA 244.1 165.5 47.5% 232.3 5.1% 686.9 513.7 33.7% EBITDA margin (%) 59.9% 41.9% 17.9 p.p. 59.2% 0.7 p.p. 58.1% 46.0% 12.1 p.p. Adjusted EBITDA¹ 200.6 190.5 5.3% 215.0 -6.7% 599.1 539.0 11.2% Adjusted EBITDA margin (%) 49.2% 48.3% 0.9 p.p. 54.8% -5.6 p.p. 50.7% 48.3% 2.4 p.p. Adjusted ex-sales EBITDA margin (%) 48.6% 48.3% 0.3 p.p. 54.5% -5.9 p.p. 50.1% 48.1% 2.0 p.p. Depreciation (80.9) (66.8) 21.1% (76.6) 5.6% (231.6) (187.5) 23.5% EBIT 163.2 98.7 65.4% 155.7 4.8% 455.4 326.2 39.6% EBIT margin (%) 40.0% 25.0% 15.0 p.p. 39.7% 0.4 p.p. 38.5% 29.2% 9.3 p.p. ¹ Excluding non -recurring items. Non -GAAP measure. Information not reviewed by the independent auditors.
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11 3Q26 Fleet Size (in thousands) Formwork and Shoring The Formwork and Shoring business unit recorded Net Revenue of BRL 85.2 million in 3Q26, down 3.4% compared to 3Q25 and up 6.9% versus the previous quarter. The year -over-year comparison was affected by a higher base in 3Q25, which included one -off indemni ty receipts. In 9M26, Net Revenue increased 6.8% to BRL 244.4 million. Adjusted EBITDA reached BRL 55.5 million in the quarter, with a margin of 65.1%. The 13.5% year -over-year decline mainly reflected a higher level of recurring expenses and a less favorable ECL effect, partially offset by the expansion in gross margin. Despite quarterly volatility, the business unit continues to deliver strong profitability and favorable prospects supported by the progress of infrastructure projects. Backlog growth enhances portfolio visibility, with exposure to urban mobility, sanitation, energy and large -scale infrastructure projects. In 9M26, Adjusted EBITDA totaled BRL 161.0 million, up 7.8% year over year, with a margin of 65.9% .
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12 3Q26 Formwork and Shoring Results BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Total net revenue 85.2 88.1 -3.4% 79.7 6.9% 244.4 228.7 6.8% Rental 70.6 71.7 -1.6% 71.1 -0.7% 212.5 199.0 6.8% Sales 1.0 0.1 689.0% 1.5 -34.8% 3.7 2.2 65.9% Other 13.6 16.3 -16.6% 7.0 92.4% 28.2 27.5 2.8% Total COGS, ex-depreciation (13.4) (14.7) -9.1% (13.1) 1.7% (39.5) (39.3) 0.5% % of Net Revenue 15.7% 16.7% -1.0 p.p. 16.5% -0.8 p.p. 16.2% 17.2% -1.0 p.p. Gross Profit, ex-depreciation 71.8 73.4 -2.2% 66.5 8.0% 204.9 189.5 8.1% Gross Margin 84.3% 83.3% 1.0 p.p. 83.5% 0.8 p.p. 83.8% 82.8% 1.0 p.p. Gross Margin - Rental 81.2% 79.6% 1.6 p.p. 81.1% 0.0 p.p. 81.6% 80.3% 1.2 p.p. Gross Margin - Sales 76.3% 50.6% 25.7 p.p. 95.9% -19.6 p.p. 89.4% 90.4% -1.0 p.p. SG&A, ex-depreciation and ECL (5.6) (15.8) -64.8% (13.6) -59.1% (26.9) (40.1) -32.8% % of Net Revenue 6.5% 17.9% -11.4 p.p. 17.1% -10.5 p.p. 11.0% 17.5% -6.5 p.p. ECL (2.3) 2.6 NA (0.8) 176.6% (4.8) (4.1) 17.1% CVM EBITDA 63.9 60.2 6.1% 52.1 22.7% 173.1 145.2 19.2% EBITDA margin (%) 75.0% 68.4% 6.7 p.p. 65.4% 9.7 p.p. 70.8% 63.5% 7.3 p.p. Adjusted EBITDA¹ 55.5 64.1 -13.5% 53.8 3.0% 161.0 149.3 7.8% Adjusted EBITDA margin (%) 65.1% 72.7% -7.6 p.p. 67.6% -2.5 p.p. 65.9% 65.3% 0.6 p.p. Adjusted ex-sales EBITDA margin (%) 65.0% 72.8% -7.8 p.p. 67.0% -2.0 p.p. 65.5% 65.0% 0.5 p.p. Depreciation (4.3) (4.0) 8.0% (4.4) -1.8% (12.8) (11.9) 7.8% EBIT 59.6 56.3 6.0% 47.7 24.9% 160.3 133.3 20.2% Adjusted EBIT margin (%) 70.0% 63.9% 6.2 p.p. 59.9% 10.1 p.p. 65.6% 58.3% 7.3 p.p. ¹ Excluding non -recurring items. Non -GAAP measure. Information not reviewed by the independent auditors. Volume (thousand tons)
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13 3Q26 Indebtedness BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) Gross Debt 1,763.5 2,196.3 -19.7% 1,757.2 0.4% Cash and Financial investments 707.5 913.4 -22.5% 642.1 10.2% Net debt 1,056.0 1,282.8 -17.7% 1,115.1 -5.3% Short term Debt 94.3 255.4 -63.1% 85.3 10.5% Adjusted EBITDA LTM (Covenants) 955.5 851.0 12.3% 957.7 -0.2% Net debt / Adjusted EBITDA LTM (x) 1.1x 1.5x -0.4 p.p 1.2x -0.1 p.p ST Net Debt / Adjusted EBITDA LTM (x) - 0.6x - 0.8x 0.1 p.p - 0.6x -0.1 p.p At the end of 3Q26, the Company had gross debt of approximately BRL 1.8 billion, a decrease of BRL 432.8 million compared to 3Q25 and an increase of BRL 6.3 million versus the previous quarter. The year -over-year change reflects, among other factors, capit al structure transactions carried out during the period, including the 11th debenture issuance and the prepayment of the 7th issuance. Average debt maturity remained at 3.3 years, while the average cost of debt remained stable at CDI + 1.13% p.a., equivalent to an after-tax cost of debt of 9.86% p.a., considering a CDI rate of 13.65% p.a. At the end of the quarter, the debt maturity profile remained stable, with approximately 95% of total debt maturing beyond 12 months. As of September 30, 2026, the Company held BRL 707.5 million in cash, cash equivalents and investments, resulting in Net Debt of approximately BRL 1.1 billion. Leverage, measured as Net Debt to Adjusted EBITDA for the last twelve months, ended the quarter at 1.1x, down 0.1x from 2Q26, while maintaining adequate headroom relative to the limits established under the Company’s financial covenants. As a subsequent event, on October 14 and 15, 2026, General Debentureholders ’ Meetings were held for the Company’s 8th, 9th, 10th and 11th debenture issuances. The meetings approved prior consent (waiver) so that, upon completion, the change of control would not constitute an event triggering early maturity of the respective issuances. The effectiveness of these approvals is conditional upon the completion of Mills’ change -of-control transaction. The Company remains disciplined in managing its capital structure, seeking to preserve appropriate levels of liquidity and leverage while maintaining the financial capacity to support organic and inorganic growth opportunities. Liability management remains focused on achieving an appropriate balance among cost, tenor and debt maturity profile.
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14 3Q26 Indebtedness (BRL million) * LTM EBITDA excluding the impact of IFRS 16. ¹LTM Adjusted EBITDA for covenant purposes excludes the effects of IFRS 16. Debt Composition and Maturity Schedule (BRL million) Instrument Issue Date Debt Cost 2026 2027 2028 2029 2030 2031 2032 Total 8th Debenture Issuance 10/01/2024 CDI + 2.00% 6.9 - 66.7 66.7 66.7 - - 206.9 9th Debenture Issuance - 1st Series 20/06/2024 CDI + 1.30% 8.7 - 105.0 105.0 - - - 218.7 9th Debenture Issuance - 2nd Series 20/06/2024 CDI + 1.40% 7.9 - - - 63.3 63.3 63.3 197.9 10th Debenture Issuance - 1st Series 25/11/2024 CDI + 1.15% 13.1 - 125.0 125.0 - - - 263.1 10th Debenture Issuance - 2nd Series 25/11/2024 CDI + 1.30% 13.2 - - - 83.3 83.3 83.3 263.2 11th Debenture Issuance 19/08/2025 CDI + 0.90% 8.0 - - 250.0 250.0 - - 508.0 FINAME 01/08/2024 7.00% p.a. 2.4 4.2 4.2 2.1 - - - 13.0 FINAME 06/05/2024 7.12% p.a. 2.6 4.4 4.4 2.2 - - - 13.7 FINAME 26/09/2025 CDI + 0.15% 5.6 12.4 12.4 12.4 12.4 - - 55.4 LEASING Diversos CDI + 1.36% 6.3 9.4 8.9 0.7 - - - 25.3 Working Capital 06/08/2021 CDI + 3.50% 0.0 2.6 1.7 - - - - 4.4 Loan 29/05/2026 CDI - 9.77% 2.3 - - - - - - 2.3 Loan 20/06/2026 CDI - 9.59% - 2.3 - - - - - 2.3 Total CDI + 1.13% 77.1 35.4 328.4 564.1 475.8 146.7 146.7 1,774.2 Issuance Costs (10.7) Gross Debt CDI + 1.13% 1,763.5
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15 3Q26 Investments In 3Q26, capital expenditure totaled BRL 100.5 million, down 61.5% compared to 3Q25 and up 13.5% versus 2Q26. The year -over-year decline primarily reflected the temporary deferral of capital outlays associated with delays in the mobilization of certain new contracts, the delivery schedule for imp orted equipment, and a higher comparison base in 3Q25, which included investments related to the acquisition of Next Rental. The deferrals observed during the quarter were mainly timing -related and, to date, do not change the Company ’s capital allocation plans. Of total investments in 3Q26, approximately 89% were allocated to rental assets, primarily in the Heavy Equipment, Light Equipment and Intralogistics businesses, in line with the selective expansion and renewal of the fleet. The Company maintains a disciplined approach to capital allocation, prioritizing investments with adequate returns and alignment with expected demand, while continuously evaluating organic and inorganic opportunities that can expand its market presence and further strengthen its multi-product platform. BRL millions 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) M&As - 179.3 -100.0% - - - 179.3 -100.0% Rental Equipment 89.7 63.9 40.5% 80.5 11.4% 256.6 379.1 -32.3% Corporate and Use Goods 10.9 18.0 -39.8% 8.1 34.9% 29.1 36.9 -21.2% Total CapEx 100.5 261.2 -61.5% 88.6 13.5% 285.8 595.4 -52.0% Return on Invested Capital (ROIC) BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) NOPAT (LTM) 692.1 528.3 31.0% 633.3 9.3% EBIT (LTM) 778.7 601.2 29.5% 710.8 9.6% Income Tax and Social Contribution (LTM)¹ (86.6) (72.9) 18.8% (77.5) 11.8% Average Invested Capital 2,951.8 2,683.5 10.0% 2,924.6 0.9% Working capital (LTM Average) 360.5 386.3 -6.7% 362.9 -0.6% Property, Plant and Equipment (LTM Average) 2,591.3 2,297.2 12.8% 2,561.8 1.2% ROIC LTM 23.4% 19.7% 3.8 p.p. 21.7% 1.8 p.p. ¹ Calculated using the cash tax rate. Over the last twelve months ended September 2026, the Company’s ROIC reached 23.4%, an increase of 3.8 p.p. compared to the same period of the previous year. The improvement reflected the ongoing revenue ramp -up associated with investments made to expand operations, as well as non-recurring effects related to the recognition of prior-period tax credits. The Company remains focused on generating returns on invested capital above its cost of capital over the cycle, while balancing growth with disciplined capi tal allocation. Asset utilization and lifecycle management remain key drivers of returns across the business. Extending the economic life of equipment, while preserving appropriate levels of availability and operating performance, increases the revenue-generating period of the assets and reduces the need for incremental capital to support the
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16 3Q26 operation. In this context, active management of fleet mix, utilization and age contributes to optimizing invested capital and maximizing returns over the equipment lifecycle. Adjusted Cash Flow in BRL million 3Q26 3Q25 2Q26 Operating cash flow 158.6 175.0 84.0 Interest paid 54.2 18.4 70.4 Acquisition of rental equipment (Gross of PIS COFINS) 89.7 243.1 80.5 Suppliers (rental assets) (9.1) (6.0) (7.1) Interest and monetary exchange net gains and losses (cash) (38.1) (24.7) (24.3) Leasing (IFRS 16) (19.7) (14.6) (15.2) Adjusted Operating Cash Flow 235.5 391.2 188.3 Acquisition of rental equipment (Gross of PIS COFINS) (89.7) (243.1) (80.5) Suppliers (rental assets) 9.1 6.0 7.1 Net cash generated by (used in) investing activities (49.6) (246.4) 3.0 Adjusted Free Cash Flow to Firm ¹ 105.3 (92.4) 117.9 Adj Operating Cash Flow as % of EBITDA CVM 76.4% 173.3% 66.2% ¹ Information not reviewed by the independent auditors. In 3Q26, consolidated Operating Cash Flow totaled BRL 158.6 million, compared to BRL 175.0 million in 3Q25 and BRL 84.0 million in 2Q26. The 9.4% year-over-year decline mainly reflected the reclassification, in the comparative period, of amounts related to Next Rental that were originally recognized in investing activities and subsequently reclassified to operating cash flow. Adjusted Operating Cash Flow¹, which neutralizes the effects related to the timing of acquisitions and payments for rental assets, reached BRL 235.5 million in 3Q26, down 39.8% from BRL 391.2 million in 3Q25 and up 25.1% compared to 2Q26. The year-over-year decline mainly reflects the lower level of adjustments related to equipment acquisition disbursements, as 3Q25 included a significantly higher volume of investments in rental assets. Adjusted Free Cash Flow to the Firm reached BRL 105.3 million in the quarter, compared to a cash outflow of BRL 92.4 million in 3Q25. The BRL 197.7 million year -over-year improvement mainly reflected the lower level of investments in the period, with rental asset acquisitions of BRL 89.7 million in 3Q26, compared to BRL 243.1 million in 3Q25, as well as lower net cash outflows from investing activities. Compared to 2Q26, Adjusted Free Cash Flow to the Firm decreased 10.7%, mainly due to the higher level of investments during the quarter. The conversion of CVM EBITDA into Adjusted Operating Cash Flow was 76.4% in 3Q26, compared to 173.3% in 3Q25 and 66.2% in 2Q26. On a year -over-year basis, the ratio was affected by the unusually high adjusted cash generation recorded in 3Q25, associated wi th the higher volume of investments neutralized in the calculation of the indicator. In 3Q26, cash conversion was also affected by the recognition of prior -period tax credits, which contributed positively to EBITDA but did not have a corresponding cash imp act during the period.
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17 3Q26 ESG During the third quarter, the Company continued to advance the implementation of projects and initiatives under its Sustainability Strategic Agenda. The period was marked by progress on the action plans developed based on the new materiality matrix, furthe r integrating sustainability into the Company’s corporate strategy. This progress has been supported by the active participation of leaders and teams across different business units, fostering an increasingly comprehensive and integrated view of the Company’s ESG challenges and opportunities. On the environmental front, the Company continued to advance its climate and decarbonization agenda, with meaningful progress during the quarter. Among the key highlights, Mills completed its corporate climate risk and opportunity assessment, further integ rating climate -related matters into strategic planning and enterprise risk management. This work strengthens the Company’s ability to anticipate potential impacts, identify opportunities and enhance its resilience as the economy transitions toward a lower -carbon model. The quarter was also marked by the completion of key disclosures and external assessments, including the submission of the CDP questionnaire, reinforcing the Company’s commitment to transparency, responsible management of its environmental impacts and alignment with leading sustainability frameworks. In recognition of the maturity of its greenhouse gas emissions management practices, Mills received the Gold Seal from the Brazilian GHG Protocol Program for the fourth consecutive year, reaffirming the quality of its emissions inventory and the processes in place to monitor, manage and report its carbon footprint. During the quarter, the Company also expanded testing and pilot programs involving new technologies and alternative fuels aimed at decarbonizing its operations. These initiatives included the assessment of lower -carbon solutions for transportation and operational support activities, helping identify technically viable and economically sustainable alternatives for reducing emissions. The learnings from these projects support the continued development of Mills’ climate transition strategy and progress toward the Company’s decarbonization targets. On the social front, the Company launched new classes under Programa Transformar, an initiative that provides scholarships and professional training opportunities to young people in socially vulnerable communities. The new classes were launched in Brasília (DF), Osasco (SP), Santos (SP), Sumaré (SP) and Uberlândia (MG), expanding the program’s reach and strengthening Mills’ contribution to opportunity creation, professional development and positive social impact in the communities where it operates. In Diversity, Equity and Inclusion (DE&I), the Company was once again included in the B3 IDIVERSA Index, marking its fourth consecutive year as a constituent. This recognition reflects the continued development of Mills’ DE&I practices and reinforces its commitment to fostering an increasingly diverse, equitable and inclusive workplace. The Company also conducted a new phase of diversity training for its Recruitment and Selection team, covering Mills’ progress on its DE&I agenda, the role of each employee in building an inclusive culture and change management concepts applied to the topic. The initiative supports the adoption of more inclusive practices across talent attraction, selection and development processes. The progress achieved during the quarter reflects the continued advancement of Mills’ ESG agenda and reinforces its commitment to sustainable value creation, innovation and the development of an increasingly efficient, resilient and future-ready operation.
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18 3Q26 Tables Consolidated data in BRL million Table 1 - Reconciliation of EBITDA with Adjusted Operating Cash Flow Consolidated in BRL million 3Q26 3Q25 2Q26 CVM EBITDA 308.0 225.7 284.4 Non-cash items 26.4 38.7 (17.6) Provision for tax, civil and labor risks (2.4) 2.6 2.4 Accrued expenses on stock options 3.6 6.9 6.8 Post Employment Benefits 0.2 0.3 0.2 Residual value of property, plant and equipment and intangible assets sold and written off 7.1 5.3 0.8 Provision (reversal) for impairment loss on trade receivables 6.0 4.2 10.8 Provision (reversal) for slow-moving inventories 1.8 (0.4) 2.8 Provision for Profit Sharing 7.7 7.5 5.1 Result of an advantageous investment purchase 0.1 - 0.0 Other provisions 2.4 12.2 (46.5) CVM EBITDA ex-noncash provisions 334.5 264.4 266.8 Cash (175.9) (89.4) (182.8) Interest and monetary and exchange gains and losses (cash) 38.1 24.7 24.3 Trade receivables (57.0) (35.1) (19.0) Acquisition of rental equipment (76.1) (86.4) (68.9) Inventories (12.8) 8.3 (7.4) Taxes recoverable (54.6) 29.5 45.1 Other assets (12.6) (9.8) (11.3) Suppliers (ex-rental assets) 68.3 4.5 (35.6) Suppliers (forfait operations) 1.9 - 1.7 Payroll and related taxes 7.8 7.7 (19.8) Profit sharing 0.0 - - Taxes payable (10.0) (1.3) (3.2) Other liabilities (1.0) 3.5 (0.1) Paid income and social contribution taxes (13.1) (14.8) (16.8) Lawsuits settled (0.7) (1.9) (1.5) Interest paid (54.2) (18.4) (70.4) Cash flows from operating activities according to the financial statements 158.6 175.0 84.0 Interest and monetary and exchange gains and losses (cash) (38.1) (24.7) (24.3) Acquisitions of rental equipment (Gross of PIS COFINS) 89.7 243.1 80.5 Suppliers (rental assets) (9.1) (6.0) (7.1) Interest paid 54.2 18.4 70.4 Leasing IFRS16 (19.7) (14.6) (15.2) Adjusted Operating Cash Flow 235.5 391.2 188.3
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19 3Q26 P&L Consolidated data in BRL million BRL million 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Gross Revenue 537.7 529.6 1.5% 515.3 4.3% 1,555.3 1,478.5 5.2% Net revenue from sales and services 492.9 482.7 2.1% 472.2 4.4% 1,426.2 1,345.1 6.0% Cost of products sold and services rendered (201.3) (180.8) 11.3% (175.7) 14.6% (558.7) (490.6) 13.9% Gross Profit 291.6 301.9 -3.4% 296.5 -1.6% 867.5 854.5 1.5% Operational (Expenses)/Revenues (68.8) (146.9) -53.2% (93.0) -26.1% (251.8) (394.9) -36.2% Profit before Financial Result 222.9 155.0 43.8% 203.5 9.5% 615.7 459.6 34.0% Financial expenses (81.4) (92.2) -11.7% (81.0) 0.5% (253.4) (247.1) 2.5% Financial revenues 51.6 38.1 35.6% 38.9 32.9% 160.6 103.1 55.8% Financial result (29.8) (54.2) -45.0% (42.1) -29.3% (92.8) (144.0) -35.6% Profit before taxes 193.0 100.8 91.5% 161.4 19.6% 522.8 315.5 65.7% Income tax and social contribution (62.1) (33.4) 85.7% (55.0) 13.0% (88.6) (92.9) -4.6% Net income 130.9 67.3 94.5% 106.3 23.1% 434.3 222.6 95.1%
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20 3Q26 Balance Sheet Consolidated data in BRL million BRL million 3Q26 3Q25 2Q26 Assets Current Assets Cash and cash equivalents 541.3 650.5 470.3 Financial investments 166.2 262.9 171.9 Third-party receivables 490.2 478.9 475.2 Inventories 119.6 111.1 108.6 Taxes recoverable 37.0 121.8 45.9 Other assets 105.8 75.1 93.1 Assets held for sale 5.5 5.5 5.5 Total Current Assets 1,465.5 1,705.8 1,370.3 Non-Current Assets Deferred income tax and social contribution 78.0 123.2 90.9 Taxes recoverable 211.5 65.7 145.6 Judicial deposits 4.2 3.8 4.4 Other assets 0.1 0.1 - Property, plant and equipment 2,300.7 2,240.0 2,274.2 Intangible assets 334.2 340.7 333.6 Total Non-Current Assets 2,928.7 2,773.5 2,848.7 Total Assets 4,394.2 4,479.3 4,219.0
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21 3Q26 Balance Sheet Consolidated data in BRL million BRL million 3Q26 3Q25 2Q26 Liabilities Current Liabilities Accounts payable to third parties 143.9 130.8 134.5 Accounts payable to related parties 0.8 1.6 5.7 Accounts payable – acquisitions of subsidiaries 43.8 69.3 42.3 Accounts payable - forfeit 7.3 - 5.4 Social and labor obligations 93.9 83.0 78.5 Loans, borrowings and debt securities 94.3 255.4 85.3 Lease liabilities 54.7 42.4 45.1 Derivative financial instruments 4.0 3.2 3.7 Tax recovery program (REFIS) 1.3 1.2 1.3 Income tax and social contribution payable 21.8 2.5 7.0 Taxes payable 29.1 18.8 32.2 Dividends and interest on equity 0.0 - 14.6 Other liabilities 4.1 5.2 5.0 Total Current Liabilities 498.9 613.4 460.5 Non-Current Liabilities Accounts payable to third parties 0.4 21.7 2.4 Accounts payable – acquisitions of subsidiaries 47.9 96.0 54.4 Loans, borrowings and debt securities 1,669.2 1,940.8 1,671.9 Lease liabilities 61.7 60.5 60.2 Tax recovery program (REFIS) 0.5 2.5 0.7 Deferred income tax and social contribution 65.6 29.9 50.9 Provision for risks 20.7 24.3 23.8 Provision for post-employment benefits 5.0 8.5 4.8 Other liabilities - 0.1 0.0 Total Non-Current Liabilities 1,871.1 2,184.2 1,869.2 Total Liabilities 2,370.0 2,797.5 2,329.7 Equity Share capital 1,092.5 1,091.6 1,092.1 Treasury shares (61.9) (72.5) (61.9) Capital reserves (95.7) (103.3) (99.3) Profit reserves 663.0 617.2 663.0 Other comprehensive results 0.1 - - Equity valuation adjustment (11.1) (14.1) (11.1) Retained earnings (Accumulated profits and losses) 434.0 159.8 303.2 Subtotal 2,020.8 1,678.7 1,886.0 Non-controlling interests 3.4 3.1 3.3 Total Equity 2,024.2 1,681.8 1,889.3 Total Liabilities and Equity 4,394.2 4,479.3 4,219.0
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22 3Q26 Cash Flow Consolidated data in BRL million in BRL million 3Q26 3Q25 2Q26 Cash flows from operating activities Profit for the period 130.9 67.3 106.3 Noncash adjustments: 207.2 208.3 171.9 Depreciation and amortization 85.1 70.8 81.0 Deferred income and social contribution taxes 27.6 19.9 42.0 Provision (reversal) for tax, civil and labor risks (2.4) 2.6 2.4 Accrued expenses on stock options 3.6 6.9 6.8 Post-employment benefit 0.2 0.3 0.2 Residual value of property, plant and equipment and intangible assets sold and written off 7.1 5.3 0.8 Interest and monetary exchange gains and losses, net 64.4 76.9 63.7 Leasing interest 3.5 2.0 2.8 Provision (reversal) for impairment loss on trade receivables - ECL 6.0 4.2 10.8 Provision (reversal) for impairment and fair value - - - Provision (reversal) for slow-moving inventories 1.8 (0.4) 2.8 Provision for Profit Sharing 7.7 7.5 5.1 Result of an advantageous investment purchase 0.1 - 0.0 Other provisions (reversals) 2.4 12.2 (46.5) Variations on assets and liabilities: (111.5) (65.6) (105.5) Trade receivables (57.0) (35.1) (19.0) Acquisition of rental equipment (76.1) (86.4) (68.9) Inventories (12.8) 8.3 (7.4) Taxes recoverable (54.6) 29.5 45.1 Other assets (12.6) (9.8) (11.3) Suppliers (ex-rental assets) 68.3 4.5 (35.6) Suppliers (forfeit operations) 1.9 - 1.7 Payroll and related taxes 7.8 7.7 (19.8) Taxes payable 24.5 12.2 9.8 Other liabilities (1.0) 3.5 (0.1) Other Operational Variations: (68.0) (35.1) (88.7) Lawsuits settled (0.7) (1.9) (1.5) Interest paid (54.2) (18.4) (70.4) Paid income and social contribution taxes (13.1) (14.8) (16.8) Net cash from operating activities 158.6 175.0 84.0
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23 3Q26 Cash Flow Consolidated data in BRL million in BRL million 3Q26 3Q25 2Q26 Cash flow from investing activities Acquisition of subsidiary (44.4) (179.3) - Financial assets 5.7 (49.1) 11.1 Acquisition of property, plant and equipment and intangible assets (10.9) (18.0) (8.1) Incorporation of assets arising from the acquisition of a subsidiary - - - Net cash generated by (used in) investing activities (49.6) (246.4) 3.0 Cash flow from financing activities. Capital Increase 0.9 - - Proceeds from loans and debentures, net of issuance costs 0.1 500.0 8.8 Restricted bank deposits - - - Repurchase of treasury shares - - - Interest in equity paid (14.6) (48.9) (135.4) Amortization of borrowing and debentures (4.6) (20.1) (16.0) Paid leases (19.7) (14.6) (15.2) Net cash generated by (used in) financing activities (37.9) 416.4 (157.8) Net increase/(decrease) in cash and cash equivalents 71.1 345.1 (70.7) Cash and cash equivalents at the beginning of the period 470.2 305.5 540.9 Cash and cash equivalents at the end of the period 541.3 650.5 470.2 Net increase/(decrease) in cash and cash equivalents 71.1 345.1 (70.7) Operating cash flow 158.6 175.0 84.0 Interest paid 54.2 18.4 70.4 Acquisition of rental equipment (Gross of PIS COFINS) 89.7 243.1 80.5 Suppliers (rental assets) (9.1) (6.0) (7.1) Interest and monetary exchange net gains and losses (cash) (38.1) (24.7) (24.3) Leasing (IFRS 16) (19.7) (14.6) (15.2) Adjusted Operating Cash Flow 235.5 391.2 188.3 Adjusted Operating Cash Flow ¹ 235.5 391.2 188.3 Acquisition of rental equipment (Gross of PIS COFINS) (89.7) (243.1) (80.5) Suppliers (rental assets) 9.1 6.0 7.1 Net cash generated by (used in) investing activities (49.6) (246.4) 3.0 Adjusted Free Cash Flow to Firm ¹ 105.3 (92.4) 117.9
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24 3Q26 Glossary a) CapEx (Capital Expenditures) - Investments made in the acquisition of tangible and intangible assets classified as non-current assets. b) Adjusted Operating Cash Flow - Net cash generated from operating activities, adjusted for interest paid, acquisitions of rental assets, suppliers related to such assets, interest and net monetary variations with a cash impact, and lease payments, in accordance with the methodology pres ented by the Company. c) Adjusted Free Cash Flow to the Firm (Adjusted FCFF) - A metric calculated based on Adjusted Operating Cash Flow, taking into account disbursements related to rental assets and their respective suppliers, as well as net cash generated or used in investing activities, in accordance with the methodology present ed by the Company. d) Net Debt - Gross debt less cash, cash equivalents and financial investments. e) EBITDA - A non-GAAP financial measure prepared by the Company and reconciled to its financial statements, calculated based on operating income before financial results, income tax and social contribution, depreciation and amortization. EBITDA is not a measure reco gnized under Brazilian GAAP or IFRS and may not be comparable to similarly titled measures used by other companies. f) Adjusted EBITDA - EBITDA excluding the effects of items considered non -recurring by the Company, as presented in the reconciliation included in the earnings release. Adjusted EBITDA is a non -GAAP and unaudited financial measure. g) Leverage - The ratio of Net Debt to Adjusted EBITDA for the last twelve months. For financial covenant purposes, the calculation methodology may include specific adjustments established under the respective debt instruments. h) Covenants - Financial and non -financial obligations and limits established under the Company’s financing agreements and debt instruments. i) Waiver - Consent or exemption granted by creditors with respect to compliance with a specific contractual obligation or the occurrence of an event provided for under the relevant debt instruments. j) Prior -Period Tax Credits - Tax credits related to prior periods, recognized following the identification and validation by the Company of its entitlement to such credits. Their accounting recognition may occur without a corresponding cash impact in the same period. 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).