Slides
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3Q26 Earnings Presentation November 5, 2026 · 3 pm (Brasília)
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DISCLAIMER Forward-looking statements This communication contains forward-looking statements based on the current expectations and beliefs of Tegma's management. Unless otherwise indicated, Tegma is providing this information as of the date of this communication and undertakes no obligation to update any forward-looking statements contained in this presentation as a result of new information, future events or otherwise. No forward-looking statement can be guaranteed, and actual results may differ materially from those we project. 2 / 9
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QUARTER HIGHLIGHTS Payment of dividends combined with expansion CAPEX and IR transparency initiatives Dividends and Interest on Equity Payment of R$ 1.07 per share in dividends and interest on equity was approved, with a record date of November 9 and payment on November 19. This distribution corresponds to a 60% payout of 3Q26 net income and a 3.0% dividend yield. Tax credits in the quarter In 3Q26, Tegma began offsetting an IRPJ/CSLL tax credit of R$ 20 million and recognized in its results an IRPJ/CSLL credit on ICMS presumed credit, amounting to R$ 29 million. New on the IR Website Tegma's IR website now features new sections designed to make analysts' work easier, such as an automotive dashboard, a valuation guide that is more accessible, a results dashboard and an interactive historical series dashboard. New investments announced Tegma recently announced new investments in the paving of a yard to support growing storage demand and in the acquisition of transportation equipment for new and used vehicle logistics operations. 3 / 9
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AUTOMOTIVE MARKET AND OPERATING PERFORMANCE With domestic sales up 17.9% and imports +44.1%, Tegma transported 214k vehicles (+8.5%), with a market share of 23.6%. AUTOMOTIVE MARKET (THOUSAND) TEGMA (THOUSAND) Sales and exports Domestic Exports 3Q25 3Q26 676.5 797.5+17.9%+17.9% 148.7 111.1−25.3%−25.3%825.2 908.6 +10.1%+10.1% Production and imports Production Imports 3Q25 3Q26 690.6 752.4+8.9%+8.9% 125.9 181.4+44.1%+44.1%816.5 933.7 +14.4%+14.4% Vehicles transported Total Market share Domestic Exported 3Q25 3Q26 164.7 191.2+16.1%+16.1% 32.8 23.2−29.3%−29.3%197.5 214.4 +8.5%+8.5% 23.9% 23.6%−0.3 p.p. Average distance km per vehicle 3Q25 3Q26 1,116 1,146 +2.7%+2.7% Domestic sales driven by electrified vehicles and the Sustainable Car program. Exports impacted by weaker markets and Chinese competition. Production rising on the back of the domestic market. Imports growing due to Chinese electrified models. Volume transported in line with the market, reflected in stable market share. 3% increase in distance, driven by the higher share of domestic deliveries. Market: ANFAVEA · light vehicles and LCVs · 3Q26 vs 3Q25 · Tegma: vehicles transported, market share and average distance per vehicle 4 / 9
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FINANCIAL PERFORMANCE Net revenue of R$ 761 million (+19.9%), EBITDA margin of 17.1% (−1.4 p.p.) and net income of R$ 117 million (+46.5%), a 15.4% margin. Net revenue R$ mn Consolidated Automotive Integrated 3Q25 3Q26 599.9 711.9+18.7%+18.7%34.4 48.7 +41.7%+41.7% 634.2 760.6+19.9%+19.9% EBITDA R$ mn Consolidated Automotive Integrated 3Q25 3Q26 112.0 122.4+9.3%+9.3% 4.8 7.4 +53.8%+53.8% 116.8 129.8+11.1%+11.1% 18.4% 17.1%−1.4 p.p. 18.7% 17.2%−1.5 p.p. 14.0% 15.2%+1.2 p.p. Equity income R$ mn GDL and Rabbot 3Q25 3Q26 7.4 5.6 −24.0%−24.0% Net income R$ mn Tax credit 3Q25 3Q26 79.9 117.0+46.5%+46.5% 12.6% 15.4%+2.8 p.p. 87.8 29.2 credit+9.9%+9.9% 11.5%−1.0 p.p.adj. Automotive grew on higher volume, distance, price adjustments and logistics and transfer services. Fastline grew on higher volumes of vehicles and motorcycles transported. Integrated grew on a new contract and higher volume. Automotive margin impacted by higher operating costs and lower export profitability. Integrated Logistics margin improved due to fixed cost dilution. Revenue impacted by regulatory changes and the stronger real. Margins impacted by higher expenses amid falling revenue. Net income positively impacted by tax credit. Excluding the tax credit, the lower margin reflects lower equity income and operating margin. R$ million · EBITDA · margins over each division's net revenue · equity income: GDL (50%) and Rabbot (16%) 5 / 9
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FINANCIAL PERFORMANCE Net revenue of R$ 761 million (+19.9%), EBITDA margin of 17.1% (−1.4 p.p.) and net income of R$ 117 million (+46.5%), a 15.4% margin. Net revenue R$ mn Consolidated Automotive Integrated 3Q25 3Q26 599.9 711.9+18.7%+18.7%34.4 48.7 +41.7%+41.7% 634.2 760.6+19.9%+19.9% EBITDA R$ mn Consolidated Automotive Integrated 3Q25 3Q26 112.0 122.4+9.3%+9.3% 4.8 7.4 +53.8%+53.8% 116.8 129.8+11.1%+11.1% 18.4% 17.1%−1.4 p.p. 18.7% 17.2%−1.5 p.p. 14.0% 15.2%+1.2 p.p. Equity income R$ mn GDL and Rabbot 3Q25 3Q26 7.4 5.6 −24.0%−24.0% Net income R$ mn Tax credit 3Q25 3Q26 79.9 117.0+46.5%+46.5% 12.6% 15.4%+2.8 p.p. 87.8 29.2 credit+9.9%+9.9% 11.5%−1.0 p.p.adj. Automotive grew on higher volume, distance, price adjustments and logistics and transfer services. Fastline grew on higher volumes of vehicles and motorcycles transported. Integrated grew on a new contract and higher volume. Automotive margin impacted by higher operating costs and lower export profitability. Integrated Logistics margin improved due to fixed cost dilution. Revenue impacted by regulatory changes and the stronger real. Margins impacted by higher expenses amid falling revenue. Net income positively impacted by tax credit. Excluding the tax credit, the lower margin reflects lower equity income and operating margin. R$ million · EBITDA · margins over each division's net revenue · equity income: GDL (50%) and Rabbot (16%) 5.1 / 9 GDL Results · 3Q26 3Q26 × 3Q25 · 100% of GDL · R$ million Joint venture · 50% Tegma Bonded warehousing · ES Net revenueR$ mn 81.0 3Q25 65.0 3Q26 −19.8% Net income R$ mn and margin 15.5 3Q25 11.2 3Q26 19.2% 17.2%−1.9 p.p. −27.9% Dividends LTM · R$ mn 33.6 3Q25 LTM 37.2 3Q26 LTM +10.9% Revenue impacted by faster customs clearance of products and currency appreciation. Revenue of R$ 65.0 mn, −19.8% y/y. Net margin impacted by lower revenue and higher expenses. Tegma's share (50%): R$ 5.6 mn. Resilient dividends despite lower revenue. Dividends of R$ 37.2 mn in the 12 months to 3Q26 (+10.9%); Tegma receives 50%.
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CASH FLOW AND INDEBTEDNESS Free cash flow of R$ 94.6 million in 3Q26, with a cash cycle of 37 days, and net cash of R$ 78 million in September. CASH GENERATION CAPITAL STRUCTURE Cash cycle days 3Q24 3Q25 3Q26 37 37 37 43 39 CAPEX R$ mn 9M/3Q25 9M/3Q26 39.6 18.2 37.5 10.5 Free cash flow R$ mn 9M/3Q25 9M/3Q26 149.2 15.2 164.7 94.6 Debt and cash R$ mn Cash Debt Net cash jun/26 set/26 196.9 (141.3) 232.0 (154.0) 55.6 78.0 GROSS DEBT R$ 154.0 mn Average cost CDI + 0.79% Duration 2.7 years Rating Fitch A (bra) stable outlook Cash cycle at its lowest level in the last two years. Quarterly CAPEX included improvements to expand Automotive Logistics yards. R$ 7 million invested in three yards. Free cash flow boosted by working capital release. Growing operating income contributed positively. Use of tax credits of R$ 5.2 million. In 3Q26, new loans were raised and maturing debt was rolled over. Cost of debt decreased due to the lower cost of new debt. R$ million, except cash cycle (days) · CAPEX and FCF: back bar = year-to-date (9M), front bar = quarter (3Q) · cash includes financial investments · rating: Fitch, Mar/26 · Cash cycle: days receivable – days payable 6 / 9
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RETURNS AND SHAREHOLDER REMUNERATION ROIC of 31.4%, ROE of 30.5%, positive EVA in all simulated WACC scenarios and R$ 146 million in shareholder distributions for 9M26. RETURNS AND VALUE ADDED SHAREHOLDER REMUNERATION ROIC and ROE ROIC ROE 3Q24 3Q25 3Q26 34.7% 37.3% 31.4% 27.1% 28.6% 30.5% EVA R$ mn WACC 12% WACC 17% 3Q24 3Q25 3Q26 124 155 147 97 125 110 Dividends and IoE R$ mn Dividends IoE 9M25 9M26 131.9 21.1 153.0 108.8 36.9 145.7 Payout 80% 61% Div. per share 2.32 2.21 Div. Yield 6.2% 6.1% TGMA3 Return base 100 TGMA3 IBOV SMLL 80 100 120 140 Jan Apr Jul Oct 105 99 82 4.3x EV/EBITDA 6.7x P/E ROIC stable QoQ due to higher capital employed. ROE positively impacted by tax credit. EVA rising on the operating performance of both divisions. Lower payout due to expected higher CAPEX needs and higher WC needs. Strong revenue growth required R$ 30 million of WC in 9M26. Highly volatile market due to the election scenario. Multiples reflect macroeconomic uncertainty. ROIC, ROE and EVA: calculation details in the historical series file, indicators tab. EV/EBITDA = (Mkt Cap + Net Debt of the last quarter) / EBITDA estimated by sell-side analysts. P/E = Mkt Cap / Net Income estimated by sell-side analysts. TGMA3 Return: base 100 on 01/02/2026, through 10/30/2026 · Source: B3 7 / 9
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CAPITAL ALLOCATION Where every real of EBITDA went. FROM EBITDA TO CASH · 3Q26 LTM, R$ MILLION +378 Adjusted EBITDA ex-IFRS 16¹ −90 Cash CAPEX −58 Working capital −101 Income tax 129 FCF to firm +68 Debt and financial +19 Dividends received 216 FCF to equity −239 Dividends paid +10 Other −14 Change in cash (232M vs 247M) 34% Cash CAPEX −R$ 90 mn Higher investments in yards (acquisition and improvements) and in road equipment. Working capital −R$ 58 mn Higher working capital consumption due to revenue growth. Dividends paid −R$ 239 mn Includes the extraordinary dividend paid at the end of 2025. CONVERSION EBITDA → FCF TO FIRM 63% R$ 128 mn 2022 52% R$ 116 mn 2023 43% R$ 151 mn 2024 40% R$ 126 mn 2025 34% R$ 129 mn LTM 3Q26 Source: income statement and cash flow statement; ¹ 3Q26 LTM adjusted EBITDA less 3Q26 LTM interest and lease payments (cash flow statement) 8 / 9
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Q&A EARNINGS CONFERENCE CALL · 3Q26 Questions and Answers Session Nivaldo Tuba – CEO Ramón Perez – CFO and IRO Ian Nunes – IR Manager ri.tegma.com.br Follow Tegma on social media: /tegmagestaologistica To contact Investor Relations, scan the QR Code