Earnings release
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17 TEGMA GESTÃO LOGÍSTICA S A | DIVULGAÇAÕ DE RESULTADOS | 2T23 | EM R$ MILHÃO Restrito Terminal de armazenagem de granéis sólidos – Cubatão -SP Tegma Gestão Logística SA Earnings Release 2026 second quarter and full year São Bernardo do Campo, August 3, 2026 Results Conference Call Tuesday, August 4, 2026 3:00 pm (Brasília) 2:00 pm (US-EST) [Portuguese with simultaneous translation to English] English and Portuguese webcast (Zoom) IR Contacts Upcoming events Ramón Perez — CFO-DRI Ian Nunes — Gerente de RI ri@tegma.com.br WhatsApp: (11) 4397-9423 • 02/set - NDR Curitiba • 09/set – NDR Belo Horizonte • 22/set – J Safra Conference Loading Ramp • Automotive Logistics operation • São Bernardo do Campo/SP
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Page 2 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Tegma Gestão Logística S.A., one of the largest logistics companies in Brazil, hereby presents its 2Q26 results: Operational and financial highlights 2Q26 2Q25 Chg % 1S26 1S15 Chg % Net revenue (R$ million) 740.1 540.5 36.9% 1,261.4 980.9 28.6% Gross profit (R$ million) 152.6 111.4 37.0% 236.5 195.7 20.9% Gross margin % 20.6% 20.6% - 18.7% 19.9% -1.2 p.p. EBITDA (R$ million) 131.3 94.7 38.7% 205.5 163.6 25.6% Adj. EBITDA (R$ million) 138.5 94.7 46.3% 212.8 163.6 30.0% Ajd. EBITDA margin % 18.7% 17.5% 1.2 p.p. 16.9% 16.7% 0.2 p.p. Net income (R$ million) 83.1 67.1 23.8% 121.9 110.9 10.0% Net margin % 11.2% 12.4% -1.2 p.p. 9.7% 11.3% -1.6 p.p. Earnings per share (R$) 1.3 1.0 23.8% 1.8 1.7 10.0% Free cash flow (R$ million) (1.2) 41.5 - 70.1 134.0 -47.7% CAPEX (R$ million) 14.7 11.4 28.4% 27.0 21.4 26.4% # Vehicles transported (in thousand) 207.2 170.5 21.5% 361.9 315.3 14.8% Market Share % 23.8% 22.5% 1.2 p.p. 23.1% 22.7% 0.5 p.p. Average Km per vehicle transported 1,166 1,082 7.8% 1,154 1,056 9.3% Net revenue for the 2Q26 was R$740 million, up 37% YoY, reflecting growth in the Automo- tive Division driven by an increase in the num- ber of vehicles transported and the average distance of transport. The volume of vehicles transported in 2Q26 was 207,000, a 21.5% increase compared to 2Q25. Market share stood at 23.8%, up 1.2 percentage points year-over-year, driven by the positive per- formance of key clients. The average distance in 1Q26 was 1,166 km, 7.8% greater than in 2Q25. The adjusted EBITDA for 2Q26 was R$138.5 mil- lion, with a margin of 18.7%, 1.2 p.p. higher than the 2Q25 EBITDA margin, driven by revenue growth and the control of administrative ex- penses. Free cash flow in 2Q26 was negative at R$ 1 million, primarily impacted by high working capital consumption resulting from the rapid pace of revenue growth during the period. Days sales outstanding remained at the same level as the previous year. Net income for 2Q26 was R$ 83 million, 24% higher than in 2Q25, representing a 1.2 p.p. re- duction in the net margin, which reached 11,2%. This result is attributed to indemnity, to a de- crease in equity pickup during the period, de- spite the increase in operational profit. Net cash in June 2026 was R$ 56 million, com- pared to R$ 59 million in March 2026, influenced by working capital consumption resulting from the sharp increase in the Company's revenue. The return on invested capital in 2Q26 was 31.8%, an increase of 1.9 percentage points compared to 1Q26, driven primarily by the in- crease in the number of vehicles transported, the average distance, and the rise in operating profit during the period. The gross margin for 2Q26 was 20.6%, stable year-over-year, negatively impacted by changes in the method of calculating taxes credit and to operational issues related to the strong growth in vehicle logistics.
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Page 3 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Index Highlights .................................................................................................................................................................................................................................. 3 Automotive market ............................................................................................................................................................................................................... 4 Results – Automotive Logistics Division ....................................................................................................................................................................... 5 Results – Integrated Logistics Division ......................................................................................................................................................................... 7 Results – Consolidated ........................................................................................................................................................................................................ 8 Cash flow ................................................................................................................................................................................................................................. 10 Debt and cash ....................................................................................................................................................................................................................... 11 Return on Invested Capital and Economic Value Added .................................................................................................................................... 12 Shareholding position (ref: June/2026) ...................................................................................................................................................................... 13 EBITDA Reconciliation ........................................................................................................................................................................................................ 13 Click here for the financial history and notes to the financial statements in EXCEL Disclaimer - Forward-looking statements This communication contains forward-looking statements based on the current expectations and beliefs of Tegma's management. Tegma is providing information as of the date of this communication and assumes no obligation to update any forward-looking statements contained herein because of latest information, future events or otherwise. No forward-looking statements can be guaranteed, and actual results may differ materially from those we are projecting here. Highlights Interim dividends and interest on equity for the first semester of 2026 In the minutes of the Board of Directors' meeting held on August 3, Tegma announced the distribution of R$ 75 million in interim dividends (R$ 56 million in dividends and R$ 19 million in interest on equity), or R$ 1.14 per share. The payment corresponds to 61% of the 1S26 net income. The interim dividends will be set- tled on August 18, 2026, benefiting shareholders that appear in the Company's shareholding position of Au- gust 6, 2026 ("Cut-off Date"). The Company's shares will be traded "ex-dividends and IOE" from August 7, 2026 on. Dividend yield corresponds to 3.8% (considering the date of the resolution as the base price). New Container Management Contract – Integrated Logistics In 2Q26, the Integrated Logistics Division launched a new business segment focused on container transport logistics and yard management. The first customer is BYD, and the flow between the Port of Salvador/CLI A’s and the automaker’s plant in Camaçari, Bahia, is carried out by Tegma with third-party carriers, as is the re- turn of the empty container. This new business vertical has a strategic rationale of serving customers compre- hensively across their various logistics flows. New Investments in Yards In 2026, Tegma has already announced additional investments of R$30 million in new yards for Automotive Logistics. This investment includes the acquisition and improvement of an additional plot of land in Camaçari, Bahia, adjacent to the land acquired last year next to BYD’s plant, as well as the adaptation of other leased plots to become operational yards also adjacent to the same area. This demand for new areas stems from the automaker’s accelerated production ramp-up. In addition, we also announced an investment in a yard in the city of Horizonte, next to the PACE plant (Polo Automotivo do Ceará, a multi-brand factory), to manage the yards for vehicles produced there. Operation to Receive Two Ships Carrying 12,000 Imported Vehicles
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Page 4 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION In June 2026, Tegma carried out two “war-room” operations to receive, at the Port of Itajaí, Santa Catarina, two ships that together brought nearly 12,000 vehicles (5,000 and 7,000). These operations are relevant due to their scale, challenges, and the concentrated effort of the teams to move such a large number of vehicles in a shorter period. The operations lasted between 70 and 80 hours and involved 150 to 200 employees, in- cluding people from other operations, as well as between 90 and 140 third-party and company-owned car carriers. Beyond the numbers, these operations are a source of pride for Tegma, as they demonstrate how much our operations can adapt to handle situations that fall far outside the division’s routine and, above all, how much customers can trust our teams. Automotive market Domestic vehicle sales in the 2Q26 were 24.4% higher YoY, as shown in Table 1. According to ANFAVEA, this performance was driven by growth in sales of electrified vehicles and those qualifying for the government's "Sus- tainable Car" program; FENABRAVE attributed it to rising consumer income, competitive dynamics, and lower vehi- cle prices resulting from various promotions. The govern- ment's "Move Brasil" program, which offers subsidized credit to ride-hailing drivers and taxi drivers, took effect on June 19. Graph 1 illustrates the growth trend in monthly sales throughout the second quarter of 2026 (2Q26), particu- larly in May and June. An analysis of the top 20 automakers reveals that BYD, Geely, and GWM were the biggest market share gainers during the period, while Fiat, Toyota, and Hyundai saw the largest losses. Electrified vehicles now account for 20% of sales in Brazil. Exports fell by 23.5% in 2Q26 compared to 2Q25. According to ANFAVEA, this result was primarily due to a drop in sales to Argentina and Uruguay and increased competition from Chinese automakers in Latin Amer- ica. The 12.7% increase in vehicle production in 2Q26 compared to 2Q25 was driven by the rise in domestic sales. The 40% increase of sales of imported vehicles is due to the entrance of new Chinese automakers and the increase of electrification in Brazilian market. Table 1 - Automotive market data 2Q26 1Q25 Chg % 1S26 1S15 Chg % Vehicles and light commercial vehicles sales 872.2 757.1 15.2% 1,565.1 1,390.6 12.5% Domestic 762.6 613.9 24.2% 1,361.5 1,132.4 20.2% Exportations 109.6 143.2 -23.5% 203.6 258.2 -21.2% Production of vehicles and light commercial 698.6 619.6 12.7% 1,299.9 1,179.5 10.2% Sales of imported vehicles and light commercial 159.9 114.0 40.3% 278.1 225.3 23.4% Source: ANFAVEA, Fenabrave (in thousand) Source: ANFAVEA 160 174 184 197 215 202 230 215 231 248 227 267 163 177 259 237 265 261 2025 2026 Chart 1 – Number of vehicles sold in the domestic market (in thousands)
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Page 5 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Operational Highlights – Automotive Logistics Division The number of vehicles transported by Tegma in 2Q26 was 207,000, a 21.5% increase year-over-year, as shown in Table 2. This volume resulted in a market share of 23.8% (+1.2 p.p. vs. 2Q25). The growth in the number of vehicles transported in 2Q26 was driven by an increase in domestic vehicle registrations. Tegma's market share gain reflects the performance of key cli- ents. The average distance of domestic trips in 2Q26 was 1,285 km, a 3.5% increase year-over-year, accord- ing to Table 2. The average export distance was 8% lower in 2Q26 compared to the previous year, due to a reduction in trips to Mercosur. As a result, the con- solidated average distance in 2Q26 increased by 7.8% year-over-year, driven primarily by the increased share of domestic trips and the growth in the average distance of this type of trip. Table 2 - Operational figures 2Q26 2Q25 Chg % 1S26 1S15 Chg % Vehicles transported (thousand) 207.2 170.5 21.5% 361.9 315.3 14.8% Domestic 182.5 141.2 29.3% 319.6 261.1 22.4% Exportations 24.7 29.4 -15.8% 42.3 54.1 -21.8% Market share %* 23.8% 22.5% 1.2 p.p. 23.1% 22.7% 0.5 p.p. Average km per vehicle (km) 1,166.3 1,082.4 7.8% 1,154.4 1,056.3 9.3% Domestic 1,285.0 1,242.0 3.5% 1,266.1 1,199.9 5.5% Exportations 289.5 314.8 -8.0% 310.9 363.4 -14.4% * Considering the denominator the light and light commercial vehicle sales in the previous page (in thousand, except average km per vehicle) Results – Automotive Logistics Division Gross revenue for the Automotive Logistics Division in 2Q26 was R$866 million, up 39% year-over-year, as shown in Table 3. This performance is explained by a 21.5% increase in the volume of vehicles transported in 2Q26, a 7.8% increase in average transport distance, and annual rate adjustments for transport and logistics ser- vices. Fastline's revenue grew 7% in Q2 2026, reflecting demand for the transport of used vehicles and motorcy- cles. The YoY changes in gross revenue deductions were af- fected by a modification in the tax remittance method regarding ICMS credits related to transport activities, a change in effect since 3Q25. This adjustment impacted this line item, resulting in an additional tax payment of R$4.9 million in 2Q26 (representing a 0.5 p.p. impact on margin variance). Chart 2 – Quantity of vehicles transported by Tegma (in thousand) and Tegma’s market share 167 171 207 24,8% 22,5% 23,8% 0% 10% 20% 30% 0 50 100 150 200 250 Vehicles transported Market share Tegma Chart 3 – Automotive Division’s gross revenue 529 621 866
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Page 6 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION The division's gross margin in 2Q26 was 21.3%, up 0.3 p.p. YoY, as shown in Table 3. As previously men- tioned, 2Q26 results were affected by a tax-related impact that reduced this metric by 0.8 p.p. YoY. Addition- ally, it is worth noting that the previous quarter saw a mismatch in passing on diesel price increases between suppliers and customers; this negatively impacted 1Q26 results by R$ 2.5 million but was subsequently reim- bursed, generating a credit of the same amount in the current quarter (+0.4 p.p. margin impact). Two other factors that weighed on the Division’s gross margin were: i) river transport operations in the country's north- ern region grew by 75% during the period, but barge costs rose even more sharply , though the operation still achieved 50% growth in nominal earnings (-0.4 p.p. margin impact); and ii) the transfer of employees from branches in the state of São Paulo to those in Camaçari/BA and Cariacica/ES to handle the high vehicle vol- umes at the latter locations, which generated additional travel and overtime costs totaling R$ 2.5 million ( -0.4 p.p. margin impact). The division's expenses were affected by indemnity involving the former subsidiary Direct Express, amount- ing to R$7.2 million, which impacted the Automotive Division's "Other Expenses and Income." For further de- tails, please refer to the EBITDA Reconciliation section. Excluding this factor, expenses rose 2.4% year-over- year in the second quarter of 2026, less than inflation in the period driven by a reduction in legal fees related to M&A projects and anti-competitive proceedings. The division's adjusted EBITDA1 in 2Q26 was R$130.5 million, with a margin of 18.9%, 1.5 p.p. higher than the margin recorded in 2Q25. This result is explained by the growth in the company's revenue, combined with stable expenses during this period, despite the negative impact of the previously mentioned tax payments. The 23.2% increase in depreciation and amortization stems from higher depreciation of investments in yards and operational semi-trailers, as well as the renewal of significant lease agreements, which—under the IFRS-16 methodology—impacts short-term accounting figures. Table 3 Automotive logistics division 2Q26 2Q25 Chg % 1S26 1S15 Chg % Gross revenue 866.5 621.4 39.4% 1,465.7 1,111.0 31.9% Taxes and deductions (173.6) (125.5) 38.3% (292.7) (220.5) 32.7% Net revenue 692.9 495.9 39.7% 1,173.0 890.4 31.7% Cost of services (545.5) (392.0) 39.2% (948.0) (709.4) 33.6% Gross profit 147.3 103.9 41.7% 225.0 181.0 24.3% Gross margin% 21.3% 21.0% 0.3 p.p. 19.2% 20.3% -1.1 p.p. Expenses (36.3) (28.4) 27.7% (60.9) (55.7) 9.3% Operating income 111.1 75.6 47.0% 164.2 125.3 31.0% Operating margin% 16.0% 15.2% 0.8 p.p. 14.0% 14.1% -0.1 p.p. (-) Depreciation and amortization (13.3) (10.8) 23.2% (25.8) (21.5) 19.7% EBITDA¹ 124.4 86.3 44.0% 189.9 146.9 29.3% (+) Non-recurring¹ 7.2 - - 7.2 - - Adjusted EBITDA¹ 131.6 86.3 52.4% 197.1 146.9 34.2% Adjusted EBITDA Margin¹ % 19.0% 17.4% 1.6 p.p. 16.8% 16.5% 0.3 p.p. 1 Adjusted by indemnity related to the former subsidiary Direct Express, amounting to R$ 7.2 million, which impacted the Automotive Division's Other Expenses and Income. For further details, see the EBITDA Reconciliation section. Chart 4 – Automotive Division EBITDA (in R$ mi) 75 86 131 17,5% 17,4% 13,7% 18,9% -5,0% 5,0% 15,0% 25,0% 0 20 40 60 80 100 120 140 160 180 200 Adj. EBITDA Adj EBITDA mg
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Page 7 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Results – Integrated Logistics Division Gross revenue for the Integrated Logistics Division in 2Q26 was R$ 58 million, up 7% year-over-year, despite the loss of an inbound transport contract in the Bulk Lo- gistics operation in June 2025. This loss was mitigated by the start of a new container transport contract for a ve- hicle manufacturer in the state of Bahia (+R$ 6 million) and by growth in the packaging management division. The 5.5 p.p. year-over-year decline in the division's gross margin in 2Q26 is explained by a change regard- ing ICMS credits related to transport operations, which increased tax payments by approximately R$ 0.6 million (1,3 p.p. of the gross margin) and by the rise in diesel prices, which were fully passed on to carriers and partially passed on to customers. The 4 p.p. year-over-year reduction in the Integrated Logistics Division's EBITDA margin in 2Q26 stems from the gross margin performance in the period, mitigated by the reduction of the division’s expenses in the period. Table 4 Integrated logistics division 2Q26 2Q25 Chg % 1S26 1S15 Chg % Gross revenue 58.3 54.2 7.4% 109.1 109.8 -0.7% Industrial logistics 58.3 54.2 7.4% 109.1 109.8 -0.7% Gross revenue deductions (11.0) (9.6) 14.7% (20.6) (19.4) 6.5% Net revenue 47.2 44.6 5.8% 88.4 90.5 -2.3% Cost of services (42.0) (37.2) 12.8% (76.9) (75.8) 1.5% Gross profit 5.2 7.4 -29.3% 11.5 14.7 -21.8% Gross margin % 11.1% 16.6% -5.5 p.p. 13.0% 16.2% -3.2 p.p. Expenses (2.5) (3.3) -25.9% (4.3) (6.5) -34.6% Operating income 2.8 4.1 -32.0% 7.2 8.2 -11.6% (-) Depreciation and amortization (4.2) (4.3) -2.4% (8.4) (8.6) -2.1% EBITDA 6.9 8.4 -16.9% 15.6 16.7 -6.7% EBITDA Margin % 14.7% 18.7% -4.0 p.p. 17.7% 18.5% -0.8 p.p. Chart 5 – Gross Revenue Integr. Logistics (in R$ mi) 56 54 58 0 10 20 30 40 50 60 70 Chart 6 – Integrated Logistics EBITDA (in R$ mi) 11 8 7 23% 19% 21% 15% 0 5 10 15 EBITDA Mg EBITDA
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Page 8 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Results – Consolidated The company's consolidated revenue growth in 1Q26 YoY was driven by the increase in the number of vehicles transported and the increase in average distance, as well as price adjustments in the Automotive Logistics Division. The Integrated Logistics Division contributed positively to revenues with the beginning of a new activity of container logistics. The consolidated gross margin in 2Q26 was 16.1%, a decrease of 3.1 p.p. year-on-year. This decline was primar- ily driven by the sharp reduction in Yard Management ser- vices, the mismatch in the pass-through of diesel price in- creases to suppliers and clients, and changes in the collection of ICMS tax credits related to transportation activities. The 22.1% increase in expenses in 2Q26 was primarily driven by an indemnity related to the former subsid- iary Direct Express, amounting to R$ 7.2 million. Excluding this indemnity, expenses fell by 0.6% due to reduc- tion in legal fees related to M&A projects and anti-com- petitive proceedings. EBITDA in 1Q26 was R$74.2 million, a 14.2% margin, 1.4 p.p. lower than in the previous year. This decline was pri- marily driven by the reduction in EBITDA margin in the Automotive Logistics Division, which was impacted by the sharp drop in revenue from yard management operations, the lag in passing through diesel price increases to suppli- ers and clients and tax-related factors.2 Table 5 Consolidated 2Q26 2Q25 Chg % 1S26 1S15 Chg % Gross revenue 924.7 675.7 36.9% 1,574.8 1,220.8 29.0% Gross revenue deductions (184.6) (135.1) 36.6% (313.4) (239.9) 30.6% Net revenue 740.1 540.5 36.9% 1,261.4 980.9 28.6% Cost of services (587.5) (429.2) 36.9% (1,024.9) (785.2) 30.5% Gross profit 152.6 111.4 37.0% 236.5 195.7 20.9% Gross margin % 20.6% 20.6% - 18.7% 19.9% -1.2 p.p. Expenses (38.7) (31.7) 22.1% (65.1) (62.2) 4.7% Operating income 113.9 79.6 43.0% 171.4 133.5 28.4% Operating margin% 15.4% 14.7% 0.6 p.p. 13.6% 13.6% - (-) Depreciation and amortization (17.5) (15.1) 15.9% (34.2) (30.1) 13.5% EBITDA 131.3 94.7 38.7% 205.5 163.6 25.6% (+) Non-recurring¹ 7.2 - - 7.2 - - Adjusted EBITDA¹ 138.5 94.7 46.3% 212.8 163.6 30.0% Adjusted EBITDA Margin¹ % 18.7% 17.5% 1.2 p.p. 16.9% 16.7% 0.2 p.p. ¹ Adjusted by indemnity related to the former subsidiary Direct Express, amounting to R$ 7.2 million, which impacted the Automotive Division's Other Expenses and Income. For further details, see the EBITDA Reconciliation section. Chart 7 – Consolidated gross revenue (in R$ mi) 585 676 925 0 100 200 300 400 500 600 700 800 900 1.000 Chart 8 – Consolidated Adjusted EBITDA (R$ mi) 85 95 139 18,0% 17,5% 14,2% 18,7% 0 20 40 60 80 100 120 140 160 180 Adj EBITDA Adj EBITDA mg
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Page 9 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION The 79% decrease in the result from debt and financial investments in 2Q26, as shown in Table 6, stems from the reduction in the company's cash position following the payment of extraordinary dividends in De- cember 2025, as well as an increase in gross debt after R$ 55 million of new financing over the last 12 months. Interest on leasing fell by 12% year-over-year in 2Q26, driven by a decrease in interest charges re- lated to contract terms under the IFRS-16 accounting standard. Table 6 - Financial result 2Q26 2Q25 Chg % 1S26 1S15 Chg % Revenue from financial investments 6.1 11.0 -44.5% 12.8 20.2 -36.5% Interest expenses (4.7) (4.0) 15.5% (9.3) (7.6) 23.2% Results from debt and financial investments 1.4 7.0 -79.2% 3.5 12.7 -72.1% Interest on leasing (2.6) (2.9) -12.1% (4.9) (6.1) -19.2% Other financial revenues (expenses) (0.2) (0.8) -75.1% (1.1) (1.0) 10.5% Financial result (1.3) 3.3 - (2.5) 5.6 - Equity income3, as shown in Table 9, was positive by R$5.7 million in 2Q26. This result is mainly explained by the profits of the GDL Joint Venture, as shown in Table 7, which presents 100% of its results. The 13% reduction in net revenue is mainly due to the change in the pro- file of logistics operations for im- ported vehicles through the State of Espírito Santo, especially as a result of (i) the use of customs clearance of vehicles on water and their subse- quent removal to non-bonded yards (greater space availability and lower tariffs), (ii) the arrival of a higher volume of vehicles on ro -ro vessels in- stead of being stored in racks, which results in lower revenue from value-added services, (iii) the use of DUIMP, the electronic document issued by the Brazilian Federal Revenue Service that reduces the need for storage in secondary zones, as in the case of GDL, and, finally, (iv) unfavorable exchange -rate variation affect- ing bonded storage revenues. Regarding margins, in addition to the lower cost dilution resulting from the decline in revenue, the contrac- tion was due to higher operating costs, such as the annual increase in yard rental expenses, maintained un- der lease agreements to meet demand during periods of “inventory peaks”. These areas will be demobilized as vehicle inventory decreases. As shown in Table 8, the effective income tax rate for 2Q26 was 30%. The main factor that reduced the effective rate compared to the nominal rate of 34% were the equity pickup of the period and the exclusion of ICMS tax credit from the tax calculation basis4. When considering the variation in relation to the effective rate in 2Q25, the increase of 2.9 p.p. was due to the reduction in equity pickup in the period and the non-distribu- tion of Interest on equity in April/26, due to the extraordinary dividend in December 2025. 3 50% of the company GDL (customs and general storage in Espírito Santo) and 16% of Rabbot (fleet management startup) 4 The Company obtained the right, through a final and unappealable court decision, to exclude ICMS (State VAT) presumed credit amounts from the calculation base for Income Tax and the Social Contribution on Net Income. Table 7 GDL (100%) 2Q26 2Q25 Chg % 1S26 1S15 Chg % Net Revenue 68 79 -13.1% 122 146 -16.5% Operating income 18 29 -39.0% 23 51 -54.7% Operating margin% 26% 37% -11 p.p. 19% 35% -16 p.p. Net income 12 19 -38% 15 32 -54% Net margin % 17% 24% -7 p.p. 12% 22% -10 p.p.
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Page 10 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Table 8 - Income tax rate 2Q26 2Q25 Chg % 1S26 1S15 Chg % Income before tax 118.2 91.8 28.7% 176.0 154.4 14.0% Real income tax rate -34.0% -34.0% - -34.0% -34.0% - Income tax at the nominal rates (40.2) (31.2) 28.7% (59.9) (52.5) 14.0% Interest on equity - 3.4 - - 3.4 - Equity pickup 1.9 3.0 -36.4% 2.4 5.2 -53.3% Presumed ICMS tax credit 2.9 - - 2.9 - - Others 0.3 0.1 179.2% 0.4 0.4 -5.8% Income income tax (35.1) (24.7) 42.0% (54.1) (43.5) 24.4% Effective income tax rate -29.7% -26.9% -2.8 p.p. -30.8% -28.2% -2.6 p.p. Net income for 2Q26, as shown in Table 9, was R$83 million, up 24% YoY, with a net margin of 11.2%, down 1.2 p.p. compared to 2Q25. The decline in net margin was driven by the indemnity related to the for- mer subsidiary Direct Express (R$ 7.2 million, R$ 4,8 million net of income tax), a reduction in equity pickup results, a reversal of net financial result from positive to negative due to higher leverage, and an increase in the corporate income tax. Table 9 - Consolidated 2Q26 2Q25 Chg % 1S26 1S15 Chg % Operating income 113.9 79.6 43.0% 171.4 133.5 28.4% Financial result (1.3) 3.3 - (2.5) 5.6 - Equity pickup 5.7 8.9 -36.3% 7.1 15.2 -53.3% Income before tax 118.2 91.8 28.7% 176.0 154.4 14.0% Income tax (35.1) (24.7) 42.0% (54.1) (43.5) 24.4% Net income 83.1 67.1 23.8% 121.9 110.9 10.0% Net margin 11.2% 12.4% -1.2 p.p. 9.7% 11.3% -1.6 p.p. Cash flow Net cash from operating activities in 2Q26 was posi- tive at R$ 22 million (as shown in Table 11), lower than in 2Q25, primarily due to accelerated revenue growth com- pared to 2Q25 (+37%) and the expected consumption of working capital. The cash-to-cash cycle in 2Q26 increased by one day to 39 days (vs. 2Q25), as shown in Chart 9. Net cash from investing activities in 2Q26 was nega- tive at R$ 14 million, primarily due to "cash" CAPEX of the same amount. Regarding CAPEX, as shown in Table 10 on the right, the amount invested in 2Q26 was R$ 14.7 million. The most significant investments were: i) improvements to yards located in Serra (ES) and Camaçari (BA), totaling R$ 2.1 mil- lion; ii) acquisition of a new plot of land in Camaçari, amounting to R$ 4.1 million; and iii) acquisition of tractor units for used-vehicle logis- tics operations, amounting to R$ 1.7 million. Table 10 - Consolidated CAPEX 2Q26 2Q25 1S26 1S15 Maintenance & General improvements 6.5 6.3 13.0 10.4 Acquisition of logistics equipment 1.9 2.5 2.2 2.5 IT 2.2 2.6 6.3 8.4 Acquisition of land 4.1 - 5.6 - Total 14.7 11.4 27.0 21.4 28 42 71 -1 40 38 43 39 -15 -5 5 15 25 35 45 55 -70 -50 -30 -10 10 30 50 70 90 110 130 150 Free cash flow Cash to cash cycle Chart 9 - Consolidated free cash flow (R$ mi) and cash-to-cash cycle (days) Cash-to-cash cycle: receivable days - payable days (Supply and freight/daily COGS)
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Page 11 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Net cash from financing activities in 2Q26 was a positive R$ 4.3 million, driven by the raising of new fi- nancing (net of repayments) amounting to R$ 13.7 million, and by interest on leases under IFRS 16, which totaled R$ 9.4 million. Table 11 - Consolidated cash flow 2Q26 2Q25 1S26 1S15 A - Cash at beginning of period 184.2 339.2 113.9 241.3 1- Net cash generated by operating activities 22.3 59.6 122.8 169.8 2 - Net cash generated by investing activities (14.0) (3.9) (34.5) (14.4) 3 - Net cash from financing activities 4.3 (47.7) (5.2) (49.6) (=) Cash at end of period (A + 1 + 2 + 3) 196.9 347.2 196.9 347.2 2 - Capital expenditures "cash" (14.1) (10.3) (34.8) (20.8) 3 - Payment of leasing (9.4) (7.7) (17.9) (15.1) Free cash flow (1 + 4 + 5) (1.2) 41.5 70.1 134.0 Debt and cash Net cash in June 2026 stood at R$ 56 million (R$ 141 million in debt and R$ 196 million in cash), a decrease compared to the March 2026 position (R$ 59 million), pri- marily due to the negative free cash flow recorded in 2Q26. In 2Q26, Tegma secured R$ 15 million in financing for transport equipment through BNDES’s “Renova Frota” (Fleet Renewal) line, with a 5-year term and a cost of CDI minus 2.2%. The net debt/LTM EBITDA ratio could not be applied, as the Company reported a net cash position. The cover- age ratio calculation (LTM EBITDA divided by LTM fi- nancial result) for 2Q26 is not applicable because the company’s financial result was positive over the last 12 months. The Company’s covenants are <2.5x and >1.5x, respectively. The total average cost of the Company’s gross debt in June 2026 was CDI +0.94% (0.4 p.p. lower than in March 2026) due to the aforementioned financing, which carried a negative spread. In March 2026, Fitch reaffirmed Tegma’s rating at A (Bra) with a stable outlook. Chart 11 – Consolidated debt and cash (in R$ mi) -177 -158 -135 -229 -236 -160 12 -59 -56 106 106 106 110 111 86 126 125 141 283 264 241 339 347 246 114 184 197 -1000,0 -800,0 -600,0 -400,0 -200,0 0,0 -250 -150 -50 50 150 250 350 450 Net debt (Cash) Gross debt Cash 197 26,2 26,2 49,9 47,4 Chart 10 – Cash and principal debt schedule amor- tization (R$ mi)
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Page 12 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Table 12 - Financial debt (consolidated) Jun-25 Mar-26 Jun-26 Current debt 30.0 30.4 34.9 Non-current debt 81.2 94.8 106.1 Gross debt 111.2 125.2 141.0 (-) Cash 0.8 0.4 1.1 (-) Banking investments 346.3 183.7 195.8 Net debt (cash) (235.9) (59.0) (55.9) EBITDA TTM 415.2 367.1 410.9 Net debt / Adjusted EBITDA LTM N/A N/A N/A Financial result TTM 8.3 8.0 3.4 Adjusted EBITDA LTM / Financial result LTM N/A N/A N/A Return on Invested Capital and Economic Value Added Disclaimer: ROIC and EVA shall not be considered substitutes for other accounting measures under IFRS and may not be comparable to similar measures used by other companies As shown in Chart 12, ROIC in 2Q26 was 31.8%, 1.9 percentage points higher than in 1Q26, driven by growth in operating results that tracked the rise in vehi- cle sales and margin improvements, while capital em- ployed saw a smaller increase due to the acquisition of yards and fleet renewal. EVA for 2Q26, as shown in chart 13, considering a WACC between 12% and 17% (historical range adopted by sell-side analysts), was R$ 109-144 million, an im- provement vs 1Q26 R$88-R$121 million, basically due to the same reasons explained above that caused the re- bound in 2Q26 ROIC to 31.8%. All of Tegma's current and prospective operations un- dergo an assessment using EVA as a criterion for value generation and viability. 30,1% 34,7% 39,5% 39,6% 39,2% 37,3% 31,3% 29,9% 31,8% 0 0 0 0 0 1 Chart 12 – Consolidated return on invested capital (ROIC) ROIC: NOPAT / Net debt + shareholder’s equity – goodwill Reconciliation of the indicator in the “historical financials” excel file – “in- dicators sheet EVA=NOPAT LTM (adjusted for non-recurring EBITDA events) – [(LTM aver- age capital employed)x(sell side analysts' weighted average cost of capital (WACC)]. Reconciliation of the indicator available in the Historical Series.xlsx file (indicators) Chart 13 – EVA (Economic value added) (consoli- dated) (R$ mi) (50) - 50 100 150 200 1Q21 4Q21 3Q22 2Q23 1Q24 4Q24 3Q25 2Q26 WACC 12% WACC 17%
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Page 13 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Shareholding position (ref: June/2026) Category # shares TGMA3 ON % Total Mopia Participações e Empreendimentos Ltda. 15,904,828 24.1% Cabana Empreendimentos e Participações Ltda. 4,817,704 7.3% Coimex Empreendimentos e Participações Ltda. 13,207,034 20.0% Other controlling shareholders (individuals and non-controlling shareholders) 7,085 0.01% Management 6,401 0.01% Treasury 65,143 0.1% Controllers, management and treasury 34,008,195 51.5% Free Float 31,994,720 48.5% Total Shares 66,002,915 100.0% EBITDA Reconciliation Table 13 – EBITDA Reconciliation 2Q26 2Q25 Chg % 1S26 1S15 Chg % Net Income 83.1 67.1 23.8% 121.9 110.9 10.0% (-) Income Tax (1.3) 3.3 - (2.5) 5.6 - (-) Financial Result (35.1) (24.7) 42.0% (54.1) (43.5) 24.4% (-) Depreciation and amortization (17.5) (15.1) 15.9% (34.2) (30.1) 13.5% (-) Equity pickup 5.7 8.9 -36.3% 7.1 15.2 -53.3% EBITDA 131.3 94.7 38.7% 205.5 163.6 25.6% (-) Indemnity related to former subsidiary Direct (i) (7.2) - - (7.2) - - Adjusted EBITDA 138.5 94.7 46.3% 212.8 163.6 30.0% (i) In May 2026, the Company recognized an expense of R$ 7,212 regarding an indemnity obligation arising from the sale of its former subsidiary, Direct Express, to 8M Participações. Under the terms of the agreement, the Company is required to indemnify 8M Partici- pações for any legal claims related to events prior to the acquisition date that exceed R$ 40 million. See Explanatory Note 23.
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Page 14 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Tegma Gestão Logística SA and subsidiaries Income statement (in R$ million) Income statement 2Q26 2Q25 Chg % 1S26 1S15 Chg % Gross revenue 924.7 675.7 36.9% 1,574.8 1,220.8 29.0% Taxes and deductions (184.6) (135.1) 36.6% (313.4) (239.9) 30.6% Net revenue 740.1 540.5 36.9% 1,261.4 980.9 28.6% (-) Cost of services (587.5) (429.2) 36.9% (1,024.9) (785.2) 30.5% Personnel (57.6) (48.9) 17.7% (106.5) (91.8) 16.0% Freight (513.0) (357.8) 43.4% (878.5) (646.9) 35.8% Other costs (65.4) (57.4) 13.9% (122.7) (109.4) 12.1% Taxes credit (PIS and COFINS) 48.4 35.0 38.5% 82.8 62.9 31.6% Gross profit 152.6 111.4 37.0% 236.5 195.7 20.9% General and administrative expenses (30.5) (32.2) -5.3% (60.2) (62.5) -3.6% Other expenses and revenues (8.3) 0.5 - (4.9) 0.3 - Operating income 113.9 79.6 43.0% 171.4 133.5 28.4% Financial result (1.3) 3.3 - (2.5) 5.6 - Equity 5.7 8.9 -36.3% 7.1 15.2 -53.3% Income before tax 118.2 91.8 28.7% 176.0 154.4 14.0% Income tax (35.1) (24.7) 42.0% (54.1) (43.5) 24.4% Net income 83.1 67.1 23.8% 121.9 110.9 10.0% Net margin % 11.2% 12.4% -1.2 p.p. 9.7% 11.3% -1.6 p.p.
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Page 15 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Tegma Gestão Logística SA and subsidiaries Balance sheet (in R$ million) Jun-25 Mar-26 Jun-26 Current assets 751.5 649.7 783.2 Cash at bank and on hand 0.8 0.4 1.1 Short-term investments 346.3 183.7 195.8 Accounts receivable 366.2 413.2 527.0 Related parties 1.0 0.8 0.7 Inventories 0.9 2.2 4.4 Income tax and social contribution 2.8 3.6 3.6 Taxes to recover 7.8 7.2 7.6 Other receivables 15.7 25.6 34.1 Prepaid expenses 9.9 12.9 8.8 Long term Assets 53.8 55.6 56.2 Taxes to recover 6.0 6.2 6.3 Income tax and social contribution 19.2 20.6 20.9 Other accounts receivable 1.7 1.7 1.1 Deffered fiscal asset 1.9 0.9 1.2 Related parties 1.1 1.1 1.1 Judicial deposits 23.9 25.1 25.7 Investments 71.2 65.1 70.8 Property and equipment 247.3 323.1 329.6 Intangible assets 194.7 213.5 213.0 Right of use assets 78.6 59.3 75.7 Non-current assets 645.6 716.7 745.2 Total assets 1,397.1 1,366.4 1,528.3 Jun-25 Mar-26 Jun-26 Current liabilities 248.3 292.3 352.9 Loans and financing 30.0 30.4 34.9 Lease liabilities 39.3 35.9 41.7 Suppliers 52.2 68.2 77.7 Tax installment plan - 0.1 0.1 Taxes payable 25.3 35.5 42.3 Salaries and social charges 37.6 37.5 45.5 Other accounts payable 39.1 65.3 72.4 Related parties 1.0 1.0 0.8 Income tax and social contribution 23.8 18.3 37.6 Non-current liabilities 155.4 163.1 181.3 Loans and financing 81.2 94.8 106.1 Related parties 0.5 7.4 7.4 Lease liabilities 46.6 31.3 41.6 Fair value hedge - - 0.3 Deferred fiscal liabilities 3.0 7.4 3.0 Tax installment plan - 0.2 0.2 Provision for contingencies and other liabilities 22.3 20.1 20.8 Actuarial liabilities 1.9 1.9 1.9 Shareholders equity 993.4 911.0 994.1 Capital stock 438.8 460.0 460.0 Profit reserve 450.7 419.3 419.3 Retained earnings 110.9 38.8 121.9 Capital Transaction (5.3) (5.3) (5.3) Treasury shares (0.3) (0.3) (0.3) Assets valuation adjustment (1.4) (1.5) (1.5) Total liabilities and shareholders' equity 1,397.1 1,366.4 1,528.3
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Page 16 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Tegma Gestão Logística SA and subsidiaries Cash flow statement (in R$ million) 2Q26 2Q25 1S26 1S15 Net income for the period 83.1 67.1 121.9 110.9 Depreciation and amortization 8.8 7.6 17.6 15.2 Right of use assets amortization 8.7 7.5 16.6 14.9 Interest and exchange variation on unpaid loans and debentures 4.7 4.0 9.3 7.6 (Reversal of) provision for contingencies 8.2 0.2 7.4 0.6 Interest on leasing 2.6 2.9 4.9 6.1 Equity (5.7) (8.9) (7.1) (15.2) Loss (gains) on disposal of assets (0.1) (1.0) (0.2) (0.2) Allowance for (reversal of) doubtful accounts 0.7 (0.6) 1.6 0.1 Deferred income and social contribution taxes (4.7) (1.5) (5.4) 2.6 Expenses (revenues) not affecting cash flows 23.1 10.2 44.7 31.6 Accounts receivable (114.4) (37.1) (85.4) 71.7 Taxes recoverable (2.2) 23.4 3.5 34.4 Judicial deposits (1.1) 0.3 (1.5) 0.5 Other assets (6.0) 4.0 (3.5) (0.7) Suppliers and freight payable 9.4 3.2 24.4 (10.7) Salaries and related charges 8.0 8.1 2.8 4.1 Increase (decrease) in related parties (0.1) (0.1) 0.2 (0.1) Other liabilities 48.7 (1.2) 63.8 (13.7) Changes in assets and liabilities (57.7) 0.6 4.5 85.5 Interest on loans, financing and swap (2.3) (2.0) (6.7) (6.8) Interest on leasing (3.0) (3.4) (5.7) (6.7) Lawsuits paid (2.5) (0.2) (2.4) (0.3) Income and social contribution taxes paid (18.3) (12.7) (33.5) (44.3) (A) Net cash generated by (used in) operating activities 22.3 59.6 122.8 169.8 Dividends received - 5.5 - 5.5 Acquisition of intangible assets (2.1) (2.6) (6.8) (7.9) Acquisition of property and equipment and intangible assets (12.0) (7.7) (28.1) (12.8) Proceeds from sale of assets 0.2 0.9 0.3 0.8 (B) Net cash generated by (used in) investing activities (14.0) (3.9) (34.5) (14.4) Dividends paid - (38.9) - (38.9) New loans 14.9 - 14.9 6.5 Payment of loans and financings (1.2) (1.1) (2.2) (2.1) Payment of leasing (9.4) (7.7) (17.9) (15.1) (C) Net cash generated by (used in) financial activities 4.3 (47.7) (5.2) (49.6) Changes in cash (A + B + C) 12.7 8.0 83.1 105.8 Cash at beginning of period 184.2 339.2 113.9 241.3 Cash at end of year 196.9 347.2 196.9 347.2
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Page 17 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Tegma Gestão Logística SA and subsidiaries Statements of changes in equity (in R$ million) Capital Legal reserve Tax incentive reserve Investment reserve Retained profit Addicional dividend pro- posed Treasury stock Asset valuation adjus- tment Retained earnings (accu- mulated losses) Non-controlling interest Capital Transaction Total equity Balance on January 1, 2025 438.8 68.5 - - 382.2 38.9 (0.3) (1.4) - - (5.3) 921.4 Net income for the period - - - - - - - - 110.9 - - 110.9 Dividends and interest on equity - - - - - (38.9) - - - - - - Balance on June 30, 2025 438.8 68.5 - - 382.2 - (0.3) (1.4) 110.9 - (5.3) 993.4 Balance on April 1, 2025 438.8 68.5 - - 382.2 38.9 (0.3) (1.4) 43.7 - (5.3) 965.1 Net income for the period - - - - - - - - 67.1 - - 67.1 Dividends and interest on equity - - - - - (38.9) - - - - - - Balance on June 30, 2025 438.8 68.5 - - 382.2 - (0.3) (1.4) 110.9 - (5.3) 993.4 Balance on January 1, 2026 460.0 80.7 - 77.8 260.8 - (0.3) (1.5) - - (5.3) 872.2 Net income for the period - - - - - - - - 121.9 - - 121.9 Balance on June 30, 2026 460.0 80.7 - 77.8 260.8 - (0.3) (1.5) 121.9 - (5.3) 994.1 Balance on April 1, 2026 460.0 80.7 - 77.8 260.8 - (0.3) (1.5) 38.8 - (5.3) 911.0 Net income for the period - - - - - - - - 83.1 - - 83.1 Balance on June 30, 2026 460.0 80.7 - 77.8 260.8 - (0.3) (1.5) 121.9 - (5.3) 994.1
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Page 18 out of 18 TEGMA GESTÃO LOGÍSTICA S A | EARNNINGS RELEASE | 2Q26 | IN BRL MILLION Tegma Gestão Logística SA and subsidiaries Statements of Value Added (in R$ million) 2Q26 2Q25 Chg % 1S26 1S15 Chg % Gross sale of services 883.4 637.1 38.7% 1,504.6 1,154.7 30.3% Other income (0.2) (0.7) -73.2% 4.2 1.0 334.8% (Reversal of) allowance for doubtful accounts (0.7) 0.6 - (1.6) (0.1) 1,997.4% Income 882.6 637.1 38.5% 1,507.1 1,155.6 30.4% Cost of services provided (513.1) (357.8) 43.4% (878.6) (647.1) 35.8% Materials, energy, third-party services and other operating expenses (58.4) (46.5) 25.7% (103.4) (90.2) 14.7% Input products acquired from third parties (571.5) (404.3) 41.3% (982.0) (737.3) 33.2% Net value added produced by the Company 311.1 232.8 33.6% 525.1 418.3 25.5% Depreciation and amortization (8.8) (7.6) 15.2% (17.6) (15.2) 16.0% Right of use assets amortization (8.7) (7.5) 16.6% (16.6) (14.9) 10.9% Gross value added 293.6 217.7 34.9% 490.9 388.2 26.5% Equity pickup 5.7 8.9 -36.3% 7.1 15.2 -53.3% Financial income 6.9 12.1 -42.7% 14.9 23.0 -35.4% Total value added to be distributed 306.3 238.8 28.3% 512.9 426.5 20.3% - - - - - - Personnel and related charges 67.5 58.9 14.6% 125.8 111.0 13.3% Direct compensation 50.3 45.0 11.9% 93.2 84.5 10.3% Benefits 14.3 11.3 26.2% 27.1 21.4 26.4% FGTS 2.9 2.6 10.9% 5.5 5.1 7.0% Taxes, charges and contributions 140.6 95.9 46.6% 235.0 172.6 36.1% Federal 72.7 52.4 38.7% 119.9 94.1 27.4% State 65.6 41.3 58.7% 110.8 74.2 49.4% Local 2.4 2.2 7.7% 4.4 4.4 -0.3% Financing agents 98.2 84.0 16.9% 152.1 142.8 6.5% Interest and exchange variations 8.3 8.8 -6.5% 17.3 17.4 -0.5% Rent 6.8 8.0 -15.2% 12.9 14.5 -11.5% Dividends - - - - - - Retained profits (losses) 83.1 67.1 23.8% 121.9 110.9 10.0% Non-controlling interest - - - - - - Value added distributed 306.3 238.8 28.3% 512.9 426.5 20.3%