First Quarter 2026 Results

The number of vehicles transported grew 6.9%, but below the domestic market (+15.5%), reducing market share to 22.3% (-0.5 p.p.). Toyota, a key client, has not yet regained its position in the sales ranking after the weather event that hit its engine plant in Porto Feliz/SP (4Q25). Exported vehicles transported fell 28.9% due to the slowdown in Argentina.

Average distance grew 11%, driven by a higher share of domestic trips (from 1,150 to 1,241 km, +7.9%) and a more favorable destination mix. The decline in export distance (-19%) reflects a lower share of long-haul freight, such as trips to Argentina.

The 22.4% growth reflects the 6.9% increase in vehicles, the 11% expansion in average distance and 59% growth at Fastline. Deductions grew 25.4% (above revenue growth) due to the change in ICMS collection on transportation — in effect since 3Q25 with a permanent effect —, generating R$3.9 mi in additional tax payments (0.7 p.p. impact on margin).

Gross margin declined 3.4 p.p. due to four factors: (1) the ICMS tax impact (-0.7 p.p.); (2) a decline in Yard Management services — clients had excess inventory in 1Q25, which did not recur (-1.5 p.p.); (3) idle capacity from yards leased for imported vehicles expected in 2Q and 3Q26; and (4) a temporary diesel mismatch — an abrupt increase in March/26 due to the Middle East conflict that was not passed through to some clients until March 31.

EBITDA grew 8.3% due to the volume effect, but the margin declined 1.7 p.p. due to the same factors that pressured gross margin. Improved division expenses (-9.8%) partially offset the impacts. The margin pressure factors are mainly the delayed diesel pass-through and idle yards awaiting imports.

The 8.6% decline stems from the partial loss of a significant chemicals transportation contract, announced in 2Q25. The loss has been partially offset by new contracts and expanded services to existing clients. Volume gains in the packaging logistics operation contributed positively.

Gross margin declined by only 0.7 p.p., impacted by lower fixed-cost dilution following the revenue decline and by the ICMS impact (+R$0.7 mi). Volume gains in packaging logistics partially offset these effects.

Despite the revenue decline, the Integrated Division expanded its EBITDA margin by +2.8 p.p., reflecting a 43.6% reduction in expenses and non-recurring income. Operational efficiency and cost control sustained the division's profitability.

Consolidated gross revenue grew 19.2%, driven mainly by the automotive division. Deductions grew 22.9% (above revenue growth) due to the change in ICMS collection on transportation, in effect since 3Q25 with a permanent effect, totaling R$4.6 mi in additional taxes in the quarter.

Consolidated gross margin declined 3.1 p.p. due to three main factors: (1) lower yard services — the extra inventory demand seen in 1Q25 did not recur; (2) diesel — a temporary mismatch in passing through the March/26 price increase; (3) ICMS — the permanent effect of the accounting change. Expenses fell 13.4%, easing the impact on EBITDA margin.

EBITDA grew 7.7% due to volume growth. EBITDA margin declined 1.4 p.p. due to lower yard services, the diesel mismatch and the ICMS effect, eased by a 13.4% reduction in expenses. Non-recurring expense items: a R$2.2 mi reduction in legal fees and M&A advisory, and R$2.5 mi received related to the right to manage payroll by a partner bank.

Equity pickup mainly represents the result of a joint venture in which Tegma holds a stake. GDL had a significant decline: revenue of R$53 mi (-20.5%) with a 6% net margin (vs 20% in 1Q25). Reasons: (1) lower volume of parts/components stored; (2) fewer vehicles handled; (3) currency appreciation reducing bonded-warehousing revenue; and (4) idle capacity from yards leased in 2025 to accommodate the peak in vehicle imports expected through Jun/26 (the date of the next increase in the import tax on electric vehicles).

The financial result turned negative due to the decline in income from financial investments (-66.7%, from R$20.2 mi to R$6.7 mi). This decline reflects the sharp reduction in cash following the distribution of extraordinary dividends in December 2025 and R$40 mi in new financing raised in 2025. Interest on leasing (IFRS-16) fell 61.9%, due to the shorter remaining term of the contracts.

Net income declined 11.3% (-2.5 p.p. in margin) due to three combined effects: (1) lower operating margin (yards, diesel, ICMS); (2) the financial result reversal after the extraordinary dividend distribution in Dec/25; and (3) lower equity pickup from GDL. The effective IR/CSLL tax rate was 32.9% (vs 30% in 1Q25) due to lower equity pickup.

The positive FCF of R$71.2 mi reflects strong operational performance and the working capital release typically seen in the first months of the year. The decline vs 1Q25 is due to a smaller working capital release, higher CAPEX (R$12.3 mi vs R$9.9 mi) and lower net income. CAPEX was applied to: yard improvements (R$4.3 mi), land in Camaçari/BA (R$1.5 mi), fleet refurbishment (R$1.0 mi) and software/ERP licenses (R$2.8 mi).

The net cash of R$59 mi results from: total cash of R$184.2 mi minus gross debt of R$125.2 mi. The reversal vs Dec/25 stems from 1Q26 free cash flow. Debt has 60% of maturities through 2027 at an average cost of CDI +1.34%, and cash exceeds all amortizations for the coming years.

ROIC of 30.4% remains well above the estimated cost of capital (12%-17%), evidencing strong value generation. The 1.3 p.p. decline vs 4Q25 stems from lower operating profit in both divisions. EVA of R$88-121 mi (vs R$92-123 mi in 4Q25) remains high. All of Tegma's operations and projects undergo an EVA assessment as a viability criterion.

ROE of 25.3% represents the return generated for shareholders on equity. The decline in the quarter stems from the same factors that pressured net income. The level remains high, showing Tegma's consistency in generating returns across cycles. No dividends were announced in 2026 — the extraordinary distribution occurred in December 2025.