1Q26 Financial Statements

Log-In Logística Intermodal S.A.

Individual and Consolidated

1

March 31, 2026.

Centro Empresarial PB 370

Praia de Botafogo, 370

8º ao 10º andar - Botafogo

22250-040 - Rio de Janeiro - RJ - Brasil Tel: +55 21 3263-7000

ey.com.br

A free translation from Portuguese into English of Independent Auditor's Review Report on quarterly information prepared in Brazilian currency in accordance with Accounting Pronouncement NBC TG 21 and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB)

To the Shareholders, Board of Directors and Officers

Rio de Janeiro - RJ

Introduction

We have reviewed the accompanying individual and consolidated interim financial information contained in the Quarterly Information Form (ITR) of Log-in Logística Intermodal S.A. ("Company") for the quarter ended March 31, 2026, which comprises the statement of financial position as at March 31, 2026, and the related statements of profit or loss, of comprehensive income for the three-month period then ended and of changes in equity and of cash flows for the three-month period then ended, including the explanatory notes.

The executive board is responsible for the preparation of the individual and consolidated interim financial information in accordance with Accounting Pronouncement CPC 21 Interim Financial Reporting, and IAS 34 Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the fair presentation of this information in conformity with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of the Quarterly Information Form (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review engagements (NBC TR 2410 and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the individual and consolidated interim financial information included in the quarterly information referred to above is not prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of Quarterly Information Form (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission (CVM).

Other matters

Statements of value added

The interim financial information referred to above includes the individual and consolidated statements of value added (SVA) for the tree-month period ended March 31, 2026, prepared under the Company management's responsibility and presented as supplementary information under IAS

34. These statements have been subject to review procedures performed together with the review of the quarterly information with the objective to conclude whether they are reconciled to the interim 313 financial information and the accounting records, as applicable, and if their format and content are in accordance with the criteria set forth by Accounting Pronouncement CPC 09 Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, in accordance with the criteria set forth by this standard and consistently with the overall interim financial information.

Rio de Janeiro, May 13, 2026. ERNST & YOUNG

Auditores Independentes S/S Ltda.

CRC SP-015199/F

Fernando Alberto S. Magalhães Accountant CRC 1SP-133169/O-0

In thousands of reais - R$

LIABILITIES

T

In thousands of reais - R$

The accompanying notes are an integral part of these interim financial statements.

In thousands of reais - R$, except for earnings per share

Profit (loss) for the period (37,935) 26,543 (37,949) 26,531

Other comprehensive income:

5

Items that may subsequently be reclassified to the profit or loss

In thousands of reais - R$

7

The accompanying notes are an integral part of these interim financial statements.

In thousands of reais - R$

The accompanying notes are an integral part of these interim financial statements.

7

9

In thousands of reais - R$

In thousands of Brazilian reais - R$, except when otherwise stated.

1. OPERATIONS

   Log-In Logística Intermodal S.A. and its subsidiaries ("Log-In" or "Company") provide maritime cabotage and long-haul services (Mercosur), as well as road haulage and land and port terminals in Brazil.

   The Company offers integrated solutions for container handling for door-to-door and part-load transport, that is, by sea, supplemented by road haulage. As at March 31, 2026, the Company has 9 (nine) own ships in operation, 1,245 (one thousand, two hundred and forty-five vehicles in its own fleet, including trucks, operates 1 (one) port terminal and 1 (one) intermodal terminal.

   Log-In ("Parent Company") is a publicly-held corporation headquartered in the city of Rio de Janeiro and its securities are traded on B3 S.A.

   - Brasil, Bolsa, Balcão under the code LOGN3.

   The Company is controlled by SAS Shipping Agencies Services Sàrl ("SAS"), a company in the MSC Group and majority holder of the ordinary shares issued by Log-In, excluding treasury shares, as per Note 18.

2. HIGHLIGHTS

   The following are some key matters that occurred in the first quarter in 2026:

   • Real Estate Acquisition

   On October 20, 2025, Tecmar Transportes Ltda., a wholly-owned subsidiary of Log-In, entered into a Private Instrument of Commitment to Purchase and Sell Real Estate to acquire a commercial property located in Manaus owned by Gradiente S.A. ("Transaction"). The amount of the Transaction is up to R$ 40,000,000.00 (forty million reais), less charges, taxes, and other applicable costs, paid after all conditions precedent needed to complete the Transaction have been met.

   The Company believes that the Transaction will capture strategic synergies necessary for the expansion of Tecmar's business in the region, allowing it to expand its logistics services offering, including transport, storage, and container pre-stacking, further consolidating itself as a relevant and efficient logistics solution for industry and retail in the Manaus Free Trade Zone.

3. BASIS OF PREPARATION AND PRESENTATION OF THE INTERIM FINANCIAL STATEMENTS

   1. STATEMENT OF COMPLIANCE

      The individual and consolidated financial statements ("financial statements") were prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and in accordance with accounting practices adopted in Brazil ("BR GAAP").

      The Management hereby declares that all relevant information specific to the financial statements, and only this, is being proven and corresponds to that used by Management in its management.

   2. BASIS OF PREPARATION

      The financial statements were prepared based on historical cost, except for certain financial instruments measured at fair value at the end of each reporting period, as described in the accounting practices below. Historical cost is usually based on the fair value of the consideration paid in exchange for goods and services.

      On the date that the financial statements were approved, Management and directors fully expect that the Group has adequate funds to continue operating in the near future. Therefore, they continue to adopt the going concern basis of accounting in preparing the individual and consolidated financial statements.

   3. FUNCTIONAL AND REPORTING CURRENCY

      These financial statements are reported in Reais (R$), the Company's functional currency, with rounding when applicable, except when otherwise stated.

      For subsidiaries abroad that operate in a stable economic environment and have a functional currency different from that of the Parent Company, the income statements are converted into reais at the average monthly exchange rate, assets and liabilities at the final rate and equity items at the historic rate.

      9

      9

      
      
      ACCOMPANYING NOTES

      In thousands of Brazilian reais - R$, except when otherwise stated.

      For the subsidiary Log-In Mercosur, which operates in a hyperinflationary economy (Argentina), the financial statements were prepared by the Management in the functional currency of that country and subsequently converted into the reporting currency of the parent company, based on the precepts provided for in CPC42 - Financial Reporting in Hyperinflationary Economies (IAS 29).

      Exchange variations on investments in subsidiaries, with a functional currency different from that of the Parent Company, are recorded in equity as a cumulative conversion adjustment that is transferred through the profit or loss when the investments are disposed of.

   4. BASIS OF CONSOLIDATION

      The consolidated financial statements include the financial information of the Company and its subsidiaries prepared up to March 31, 2026. Further information on the Company's subsidiaries is given in Note 11.

      Control is obtained when the Company: (i) has power over the investee; (ii) is exposed, or has rights, to variable returns arising from its involvement with the investee; and (iii) has the ability to use that power to affect its returns.

      The consolidation of a subsidiary begins when the Company obtains its control and ends when it loses it. Specifically, the income and expenses of a subsidiary acquired or disposed of during the period are included in the income statement from the date on which the Company obtains control until the date on which the Company ceases to control the subsidiary.

      When necessary, the subsidiaries' financial statements are adjusted to bring their accounting policies into line with the Company's accounting policies. All transactions, balances, income, unrealized income and expenses and cash flows between group companies are eliminated in the consolidated financial statements.

      Non-controlling interests in subsidiaries are identified separately from the Company's interest in these subsidiaries. The book value of non-controlling interests corresponds to the value of these interests in the initial recognition plus the portion of subsequent changes in the equity of the subsidiaries.

   5. SEGMENT REPORTING

      The Company's line of business consists of integrated solutions for handling and transporting containers door-to-door. In order to provide intermodality for its customers, the company offers maritime transport, short-haul road services, land terminals, port terminals and warehousing services. The Company's assets operate in an integrated manner, with interconnected and interdependent results.

      The Port Terminal ("Terminal de Vila Velha - TVV"), in addition to being part of the Company's integrated solutions, started to operate more general cargo, mainly related to new businesses, positioning itself increasingly as a multipurpose terminal. Tecmar and Oliva Pinto were classified as the Company's road freight transportation. The information was prepared and analyzed by the Company's CEO (the main operational decision maker) to allocate resources and evaluate the company's performance for the period ended March 31, 2026. The three operational segments are considered inter-modalities of the services provided:

      • Integrated Solutions;

      • Port Terminal; and

      • Road Cargo Transport.

        The Company's main decision maker does not analyze certain balance sheet accounts segregated by operating segment, with the exception of loans, financing and debentures. Therefore, this segment information is not being presented.

        10

        10

        
        
        ACCOMPANYING NOTES

        In thousands of Brazilian reais - R$, except when otherwise stated.

      • Information on results by segment

        INCOME STATEMENT

        Integrated Solutions	Port Terminal	March 31, 2026 Road Cargo Transport	Elimination	Consolidated	March 31, 2025
        					Integrated Solutions	Port Terminal	Road Cargo Transport	Elimination	Consolidated

        Net Revenue 518,981	106,612	134,396	(79,845)	680,144	527,610	88,093	129,869	(61,809)	683,763
        Cost of services provided (506,217)	(67,637)	(140,036)	79,845	(634,045)	(437,897)	(55,174)	(141,089)	61,809	(572,351)
        GROSS PROFIT 12,764	38,975	(5,640)	-	46,099	89,713	32,919	(11,220)	-	111,412
        Funds from subsidy - AFRMM 16,644	-	-	-	16,644	19,242	-	-	-	19,242
        Administrative and selling (29,478)	(9,438)	(10,373)	-	(49,289)	(25,631)	(10,256)	(8,682)	-	(44,569)
        Other income (expenses), net (4,688)	31	1,842	-	(2,815)	2,597	1,285	1,287	-	5,169

        Ongoing operations

        invested expenses

        PROFIT BEFORE NET FINANCE COSTS	(4,758)	29,568	(14,171)	-	10,639	85,921	23,948	(18,615)	-	91,254

        FINANCIAL RESULT

        18,710	3,482	411	(4,031)	18,572	7,929	3,825	314	(3,696)	8,372
        (40,736)	(11,616)	(18,918)	4,031	(67,239)	(44,118)	(11,926)	(10,095)	3,696	(62,443)
        26,017	295	(7)	-	26,305	18,383	417	-	-	18,800

        Finance Income Finance expenses

        Monetary and exchange rate variances, net

        	3,991	(7,839)	(18,514)	-	(22,362)	(17,806)	(7,684)	(9,781)	-	(35,271)
        PROFIT BEFORE TAXES	(767)	21,729	(32,685)	-	(11,723)	68,115	16,264	(28,396)	-	55,983
        INCOME TAX AND SOCIAL CONTRIBUTIONS
        Current	(5,800)	(10,254)	(95)	-	(16,149)	(7,670)	(6,225)	(909)	-	(14,804)
        Deferred	(14,489)	2,997	1,429	-	(10,063)	(16,184)	2,468	(920)	-	(14,636)

        	(20,289)	(7,257)	1,334	-	(26,212)	(23,854)	(3,757)	(1,829)	-	(29,440)
        PROFIT (LOSS) FOR THE PERIOD	(21,056)	14,472	(31,351)	-	(37,935)	44,261	12,507	(30,225)	-	26,543

        REVENUE FROM FREIGHT AND SERVICES

        	Integrated Solutions	Port Terminal	March 31, 2026 Road Cargo Transport	Elimination	Consolidated	March 31, 2025
        						Integrated Solutions	Port Terminal	Road Cargo Transport	Elimination	Consolidated
        Revenue from freight	537,806	4,853	159,354	(75,188)	626,825	540,786	5,187	156,327	(57,294)	645,006
        Revenue from services	43,268	113,833	-	(4,657)	152,444	41,772	91,677	2,700	(4,515)	131,634
        Gross Revenue	581,074	118,686	159,354	(79,845)	779,269	582,558	96,864	159,027	(61,809)	776,640
        Taxes on revenue	(62,092)	(12,075)	(24,958)	-	(99,125)	(54,948)	(8,771)	(29,158)	-	(92,877)
        Net Revenue	518,982	106,611	134,396	(79,845)	680,144	527,610	88,093	129,869	(61,809)	683,763

        NATURE OF THE OPERATING EXPENSES AND COSTS RECOGNIZED IN THE INCOME STATEMENT

        March 31, 2026 March 31, 2025
        	Integrated Solutions	Port Terminal	Road Cargo Transport	Elimination	Consolidated		Integrated Solutions	Port Terminal	Road Cargo Transport	Elimination	Consolidated

        Payroll, charges and benefits	(78,601)	(21,453)	(34,697)	-	(134,751)	(70,888)	(19,841)	(34,351)	-	(125,080)
        Material	(12,374)	(3,351)	(8,508)	-	(24,233)	(12,673)	(2,283)	(7,477)	-	(22,433)
        Fuel oil and gases	(43,664)	(2,120)	(13,107)	-	(58,891)	(57,124)	(1,707)	(12,833)	-	(71,664)
        Freight, rental and leasing	(67,754)	(6,510)	(1,835)	48,671	(27,428)	(58,319)	(5,500)	(2,102)	34,967	(30,954)
        Contracted services	(289,714)	(30,199)	(77,996)	31,175	(366,734)	(231,972)	(25,794)	(78,908)	26,842	(309,832)
        Depreciation and amortization	(54,173)	(12,424)	(9,930)	-	(76,527)	(54,196)	(7,974)	(9,624)		(71,794)
        Other	10,585	(1,018)	(4,337)	-	5,230	21,645	(2,331)	(4,476)	-	14,838
        	(535,695)	(77,075)	(150,410)	79,846	(683,334)	(463,527)	(65,430)	(149,771)	61,809	(616,919)

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        ACCOMPANYING NOTES

        In thousands of Brazilian reais - R$, except when otherwise stated.

      • Information about geographic area

        NON-CURRENT ASSETS

        March 31, 2026

        	Integrated Logistics Solutions	Port Terminal	Road Cargo Transport	Elimination	Consolidated
        Brazil	2,345,645	564,643	271,810	(1,187,081)	1,995,017
        Austria	587,676	-	-	-	587,676
        Other countries*	798	-	-	-	798
        Total non-current assets	2,934,119	564,643	271,810	(1,187,081)	2,583,491

        *Since they are not individually representative, the financial statements of operations in foreign countries are being disclosed together.

        	March 31, 2025
        	Integrated Logistics Solutions	Port Terminal	Road Cargo Transport	Elimination	Consolidated
        Brazil	2,484,837	512,502	275,318	(993,951)	2,278,706
        Austria	630,505	-	-	-	630,505
        Other countries	197	-	-	-	197
        Total non-current assets	3,115,539	512,502	275,318	(993,951)	2,909,408

        LIABILITIES

        March 31, 2026 Loans, financing, debentures and commercial notes Integrated Logistics Port Terminal Road Cargo Transport Consolidated Solutions
        Brazil	1,281,221	197,241	159,050	1,637,512
        Total	1,281,221	197,241	159,050	1,637,512
        Current Liabilities	187,153	28,809	73,771	289,733
        Non-current liabilities	1,094,068	168,432	85,279	1,347,779
        		March 31, 2025
        Loans, financing, debentures and commercial notes Integrated Logistics Port Terminal Road Cargo Transport Consolidated Solutions
        Brazil	1,391,000	213,130	73,912	1,678,042
        Total	1,391,000	213,130	73,912	1,678,042
        Current Liabilities	248,572	28,209	66,558	343,339
        Non-current liabilities	1,142,428	184,921	7,354	1,334,703

        GROSS AND NET REVENUE

        March 31, 2026 March 31, 2025 Integrated Port Road Cargo Elimination Consolidate Integrated Port Road Cargo Elimination Consolidated Solutions Terminal Transport d Solutions Terminal Transport
        Brazil	427,276	71,360	159,354	(69,110)	588,880	364,903	44,703	159,027	(44,293)	524,340
        Argentina	24,120	-	-	(328)	23,792	23,041	-	-	(296)	22,745
        Switzerland	88,734	21,203	-	-	109,937	132,105	-	-	-	132,105
        Austria	10,407	-	-	(10,407)	-	17,219	-	-	(17,219)	-
        Denmark	7,984	8,440	-	-	16,424	10,285	10,836	-	-	21,121
        Germany	23	-	-	-	23	2,880	52	-	-	2,931
        France	18,861	5,302	-	-	24,163	22,052	6,348	-	-	28,400
        Israel	197	103	-	-	300	857	318	-	-	1,175
        China	140	12,238	-	-	12,378	1,215	7,435	-	-	8,650
        Italy	18	45	-	-	63	-	944	-	-	944
        Other (*)	3,300	9	-	-	3,309	8,001	26,228	-	-	34,229
        Gross Revenue	581,060	118,700	159,354	(79,845)	779,269	582,558	96,864	159,027	(61,809)	776,640
        Taxes on income	(62,092)	(12,075)	(24,958)	-	(99,125)	(54,948)	(8,771)	(29,158)	-	(92,877)
        Net Revenue	518,968	106,625	134,396	(79,845)	680,144	527,610	88,093	129,869	(61,809)	683,763

        (*) Since they are not individually representative, the financial statements of operations in foreign countries are being disclosed together.

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        ACCOMPANYING NOTES

        In thousands of Brazilian reais - R$, except when otherwise stated.

   6. CASH FLOW STATEMENT ("CFS")

      The Company and its subsidiaries classify interest paid and loans obtained as financing activities, loans granted as investment activities and dividends received as operating activities in the cash flow statements. Therefore, the Company understands that the interest paid represents costs to obtain its financial resources, the dividends received represent an extension of its operating activities, the loans obtained are useful to forecast the requirements on future cash flows, as well as to manage its financial capacity, using external funds for the purpose of financing operating and financing activities and the loans granted represent an increase and/or decrease in the long-term (non-current) assets that the Company uses to produce goods and services.

   7. STATEMENT OF VALUE ADDED ("DVA")

      The purpose of this statement is to disclose the wealth created by the Company and its subsidiaries and its distribution during a certain reporting period. It is submitted by the Company and its subsidiaries, as required under Brazilian Corporate Law, as part of its individual financial statements and as supplementary information to the consolidated financial statements, since this statement is not provided for, nor mandatory, under IFRS.

      The DVA was prepared based on information obtained from the accounting records that serve as the basis for preparing the financial statements and following the provisions contained in CPC 09 - Statement of Value Added.

   8. MATERIAL INFORMATION ON ACCOUNTING POLICIES

      Material information on the accounting policies for a better understanding of the basis of recognition and measurement applied in the preparation of these financial statements is described below in the respective accompanying notes. These accounting practices are consistent with those adopted and disclosed in the financial statements for previous periods shown for comparative purposes.

      1. New and amended IFRS/CPC standards in force in the current year

         As of January 1, 2026, the following new standards and amendments are in force:

         • Amendments to IFRS 7 (CPC 40) - Financial instruments: Disclosures;

         • Amendments to IFRS 9 (CPC 48) - Financial instruments:

         • Amendments to IAS 7 (CPC 03 (R2)) - Statement of Cash Flows.

           The adoption of these new standards and amendments did not have any significant impact on the financial statements as of March 31, 2026 and comparative periods.

      2. New and revised IFRSs/CPCs issued and not yet applicable

      • Issue of IFRS 18, which replaces IAS 1 (equivalent to CPC 26 (R1) - Presentation of Financial Statements;

      • Issue of IFRS 19 - Subsidiaries without Public Accountability: Disclosures;

      • Amendments to CPC 18 (R3) - Investments in Associates, Subsidiaries and Joint Ventures and ICPC 09 - Individual Accounting Statements, Separate Statements, Consolidated Statements and Application of the Equity Method;

      • Amendments to CPC 02 (R2) - Effects of Changes in Foreign Exchange Rates and Translation of Financial Statements;

        Management does not expect that the adoption of the standards listed above will have a material impact on the Company's individual and consolidated financial statements in future periods.

4. MAIN ACCOUNTING JUDGMENTS AND SOURCES OF UNCERTAINTIES IN ESTIMATES

   The preparation of these interim financial statements requires the use of estimates and the exercise of judgment by Management in the application of the Company's accounting policies. These estimates are based on management's experience and knowledge, information available on the reporting date and other factors, including expectations of future events that are believed to be reasonable under normal circumstances. Changes in facts and circumstances may lead to a revision of these estimates. Actual future results may differ from those estimated.

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   ACCOMPANYING NOTES

   In thousands of Brazilian reais - R$, except when otherwise stated.

   The significant estimates and judgments used by the Company in the preparation of these interim financial statements are shown in the accompanying notes and take into account that the comparative interim financial statements do not change:

   Critical accounting estimates and judgments	Accompanying Notes
   Measurement of expected credit losses ("ECL") in accounts receivable.	6
   Payment of deferred income tax and social contributions	10
   Uncertainty over Income Tax Treatments	10
   Determination of the useful life of property, plant and equipment	12
   Assumptions for identifying indications of loss and impairment tests of fixed assets and intangible assets	12 and 13
   Incremental discount rate used to measure leasing transactions	14
   Estimates relating to lawsuits and contingencies	17
   Highly probable income subject to Hedge Accounting	18

5. CASH AND CASH EQUIVALENTS, AND FINANCIAL INVESTMENTS

   • Accounting policy

     Cash and cash equivalents, measured at fair value through the profit or loss, comprise cash amounts, net deposits and immediately redeemable, financial investments in investments with an insignificant risk of change in value, to meet short-term cash commitments.

     Financial investments are initially measured at fair value and subsequently measured according to their respective classifications:

     • Amortized cost: cash flows that constitute the receipt, on specified dates, of principal and interest on the principal amount outstanding and the business model aims to maintain the asset in order to receive its contractual cash flows. Interest income is calculated using the effective interest method;

     • Fair value through other comprehensive income: securities in which the Company has irrevocably elected due to subsequent changes in the fair value of the investment in other comprehensive income; and

     • Fair value through the profit or loss: all other securities.

   • Composition of cash and cash equivalents

   Consolidated	Parent Company
   03.31.2026 12.31.2025	03.31.2026 12.31.2025

   Cash and banks	34,115	31,523	22,261	17,778
   Total investments	186,287	268,586	140,548	209,860
   	220,402	300,109	162,809	227,638

   The consolidated financial investments refer mainly to investments in Certificates of Deposit ("CD"), with an average rate of return of approximately 98.94% of the CDI (100.95% on December 31, 2025).

   The parent company's financial investments refer mainly to investments in Certificates of Deposit ("CD"), with an average rate of return of approximately 98.06% of the CDI (100.74% on December 31, 2025).

   	Consolidated
   	03.31.2026	12.31.2025
   Amortized cost	19,289	7,303
   Fair value through profit or loss	31,695	32,041
   	50,984	39,344
   Current	18,559	7,303
   Non-current	32,425	32,041

   • Composition of financial investments

   Financial investments refer mainly to investments in funds, with an average rate of return of approximately 99.09% of the CDI (100.67% on December 31, 2025).

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   ACCOMPANYING NOTES

   In thousands of Brazilian reais - R$, except when otherwise stated.

6. TRADE ACCOUNTS RECEIVABLE

   • Accounting policy

     Trade accounts receivable represent the amounts receivable for services rendered by the Company and its subsidiaries. It is recognized at fair value and subsequently measured at amortized cost using the effective interest method. The Company and its subsidiaries apply the simplified approach of IFRS 9/CPC 48 to measure expected credit losses, using a provision matrix based on expected losses for the entire balance of accounts receivable.

   • Critical accounting estimates and judgments

     The default loss is an estimate of the loss resulting from the failure of the customers to make actual payments. It is based on the difference between the contractual cash flows due and those that the creditor would expect to receive, taking into account cash flows from guarantees and improvements in total credit. When measuring Expected Credit Losses ("ECL"), the Company and its subsidiaries use information about the future that are reasonable and supportable, which are based on economic assumptions and how these will affect potential risk of loss due to default in its operations.

     The probability of default is an important piece of data for measuring ECL. It is an estimate of default during a specific period, the calculation of which includes historical data, assumptions and expectations of future conditions.

     The Company and its subsidiaries have recognized a loss (ECL) for all accounts receivable in which historical experience has indicated that these receivables are generally not recoverable.

   • Composition

   Consolidated	Parent Company
   03.31.2026 12.31.2025	03.31.2026 12.31.2025

   Trade accounts receivable	490,362	528,467	232,284	275,055
   Expected credit loss	(5,761)	(10,528)	(1,864)	(10,528)
   	484,601	517,939	230,420	264,527
   Current	416,071	449,409	230,420	264,527
   Non-current (a)	68,530	68,530	-	-

   (a) This recognition is related to the court case at the Vila Velha Terminal in which the Federal Government was ordered to pay the storage fees for goods seized by the Federal Revenue Service, with interest and monetary correction, in accordance with a final judgment. The amount to be paid to the Company will be settled in approximately three years, with payment expected by 2027. The sale of the credit through precatorios is not economically viable for the company in the period ending March 31, 2026, since the amount will remain subject to monetary restatement until the actual payment, and the company's cash flow does not include this receipt, making it as an extraordinary amount, with no direct impact on the company's regular operations and liquidity needs.

   Consolidated	Parent Company
   "Aging list" of short-term trade accounts receivables 03.31.2026 12.31.2025	03.31.2026 12.31.2025

   Amounts due	242,077	274,425	156,265	181,479
   Past due: From 0 to 30 days	33,906	58,216	7,295	30,002
   From 31 to 90 days	39,882	46,661	20,859	28,940
   From 91 to 180 days	44,510	28,634	27,249	14,652
   181 to 360 days	30,153	26,781	10,804	10,187
   Over 360 days	31,304	25,220	9,812	9,795
   	421,832	459,937	232,284	275,055

   Consolidated	Parent Company
   Changes in expected credit losses 03.31.2026 12.31.2025	03.31.2026 12.31.2025

   Opening balances	(10,528)	(1,584)	(10,528)	(1,584)
   Additions and Reversals	(180)	(167)	(180)	(167)
   Write-offs in accounts receivable	4,947	(8,777)	8,844	(8,777)
   Closing balances	(5,761)	(10,528)	(1,864)	(10,528)

   15

   15

   
   
   ACCOMPANYING NOTES

   In thousands of Brazilian reais - R$, except when otherwise stated.

7. RELATED-PARTY TRANSACTIONS

   • Composition

   Consolidated 03.31.2026 12.31.2025					Parent Company
   					03.31.2026		12.31.2025
   	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities
   Terminal de Vila Velha S.A. - TVV (a)	-	-	-	-	51,124	35,718	44,902	30,851
   Log-In Mercosur S.R.L. (b)	-	-	-	-	100	1,480	2,351	1,752
   Log-In International GmbH (c)	-	-	-	-	1	32,301	1	31,030
   Log-In Uruguay (d)	-	-	-	-	445	1,250	462	1,318
   	-	-	-	-	56,451	16,147	45,667	12,618

   The Company's main transactions with related parties consist of the provision of services, carried out under normal market conditions. The prices charged are determined on the basis of market criteria, as shown in detail in Note 11, which provides information on the subsidiaries involved.

   Log-In Navegação Ltda (e)
   Log-In Marítima Cabotagem Ltda (f)	-	-	-	-	5,820	88,926	1,743	73,398
   Tecmar Transportes (g)	-	-	-	-	142,694	8,810	140,796	3,625
   Oliva Pinto (h)	-	-	-	-	473	2,657	1,035	3,022
   MSC Mediterranean Shipping Company S.A (i)	35,120	9,951	46,146	7,994	29,510	9,897	35,418	8,067
   MSC Mediterranean Logística Ltda (i)	1,271	12,166	1,587	997	558	12,064	944	913
   MSC Multi-Rio Operações Portuárias S.A (i)	691	2	778	5	21	2	21	5
   Portonave (Grupo MSC) (i)	-	4,359	-	3,832	-	4,359	-	3,832
   MSC Mediterranean Shipping do Brasil LTDA (i)	-	1,269	3,284	456	-	1,042	5,209	339
   Uniter Administração de Bens Ltda (i)	-	-	-	28	-		-	-
   MSC Global Supplies Srl (i)	-	-	-	-	-		-	-
   Brasil Terminal Portuário S.A. (i)	-	2	-	2	-	2	-	2
   Medlog Paraguay Sociedad Anonima (i)	-	40	-	46	-	40	-	46
   Medlog Argentina S.A(i)	-	91	-	91	-	91	-	91
   Tecon - Rio Grande S/A(j)	5	1,002	5	907	5	1,002	5	907
   Tecon - Salvador S/A(j)	142	2,705	594	2,653	142	2,705	594	2,653
   Wilson Sons Serviços Marítimos Ltda.(j)	-	1,945	-	2,159	-	1,369	-	1,688
   Wilson Sons Terminais e Logistica Ltda.(j)	18	-	11	2	18		11	2
   Allink Transportes Internacionais LTDA.(j)	17	-	28	-	17		28	-
   Wilson Sons Shipping Services Ltda. (j)	-	4	-	-	-	-	-	-
   	37,264	33,536	52,433	19,172	287,379	219,862	279,187	176,159
   Current	37,264	33,536	52,433	19,172	178,453	219,862	173,937	176,159
   Non-current	-	-	-	-	108,926	-	105,250	-

   Asset balances with related parties mainly refer to the following transactions:

   1. Dividends receivable in the amount of R$18,736, sharing of administrative expenses in the amount of R$27,926 and reimbursement of expenses in the amount of R$4,462.

   2. Container freight and cleaning services for R$100.

   3. These refer to amounts receivable for administrative expenses.

   4. Reimbursement of administrative expenses.

   5. Sharing of administrative expenses in the amount of R$12,094, reimbursement of bunker purchase in the amount of R$23,201 and reimbursement of operating expenses in the amount of R$21,156.

   6. Sharing of administrative expenses in the amount of R$1.652 reimbursement of expenses in the amount of R$4.168.

   7. Loans receivable from Tecmar Transportes in the amount of R$108,926, and forward services in the amount of R$33,466, these transactions bearing interest/monetary and/or exchange rate updating and maturity.

   8. Reimbursement of administrative expenses.

   9. Amounts receivable from the MSC Group arising from the provision of services.

   10. Amounts receivable from the Wilson Sons Group arising from the provision of services.

   Liability balances with related parties basically refer to the following transactions:

   1. Amounts payable totaling R$35,718 relate to port services and container loading and unloading.

   2. Port operations services for R$1.480.

   3. Amounts payable relating to the charter of a vessel with the subsidiary in the amount of R$32,301.

   4. Dividends payable of R$1.250 corresponding to US$240 with Log-In Uruguay.

   5. Amounts payable relating to the charter of a vessel with the subsidiary in the amount of R$16,147.

      16

      16

      
      
      ACCOMPANYING NOTES

      In thousands of Brazilian reais - R$, except when otherwise stated.

   6. Amounts payable relating to the charter of a vessel with the subsidiary in the amount of R$88,926.

   7. Amounts payable relating to road transportation services with the subsidiary, amounting to R$8,810.

   8. Amounts payable relating to road transportation services with the subsidiary, amounting to R$2,657.

   9. Amounts payable to MSC group companies for contracted services supporting port and road transport.

   10. Amounts payable to Wilson Sons group companies for contracted services to support port.

   The Company's transactions with related parties recorded in the income statement for the periods ended March 31, 2026 and 2025 total the following amounts:

   Consolidated 03.31.2026 03.31.2025				Parent Company
   				03.31.2026		03.31.2025
   Income	Expense	Income	Expense	Income	Expense	Income	Expense

   Terminal de Vila Velha S.A. - TVV	-	-	-	-	60	(4,657)	-	(4,515)
   Log-In Mercosur S.R.L	-	-	-	-	157	(328)	309	(800)
   Log-In International GmbH	-	-	-	-	-	(3,575)	-	(8,536)
   Log-In Navegação Ltda	-	-	-	-	24	(24,340)	-	(8,555)
   Log-In Marítima Cabotagem Ltda	-	-	-	-	-	(13,923)	-	(9,048)
   MSC Mediterranean Logística Ltda	48	(5,069)	-	(3,554)	48	(5,647)	-	(2,573)
   MSC Mediterranean Shipping Company S.A.	107,795	-	155,265	(1,688)	79,111	-	113,344	(1,327)
   MSC Mediterranean Shipping do Brasil LTDA	-	(5,094)	3	(6,762)	-	(5,158)	3	(6,649)
   MSC Multi-Rio Operações Portuárias S.A	1,029	-	224	-	-	-	-	(507)
   Tecmar Transportes	-	-	-	-	10,421	(12,008)	6,868	(11,552)
   Brasil Terminal Portuário S.A.	-	-	-	(289)	-	-	-	(289)
   Portonave (Grupo MSC)	-	(12,577)	-	(8,405)	-	(12,577)	-	(8,405)
   Medlog Paraguay Sociedad Anonima	-	(15)	-	-	-	(15)	-	-
   Medlog Argentina S.A	-	(10)	-	(438)	-	(10)	-	(438)
   Uniter Administração de Bens Ltda	-	(23)	-	(66)	-	(23)	-	(66)
   MSC Global Supplies Srl	-	-	-	(703)	-	-	-	(351)
   Mediterranean Shipping Company España S.L.U.	-	-	-	-	-	-	-	-
   Oliva Pinto	-	-	-	-	219	(7,029)	-	(6,804)
   Wilson Sons Serviços Marítimos Ltda.	-	(5,637)	-	-	-	(4,138)	-	-
   Wilson Sons Terminais e Logistica Ltda.	-	(85)	-	-	-	(85)	-	-
   Tecon - Rio Grande S/A	-	(4,748)	-	-	-	(4,748)	-	-
   Tecon - Salvador S/A	-	(8,449)	-	-	-	(8,632)	-	-
   Allink Transportes Internacionais LTDA.	55	-	-	-	55	-	-	-
   Wilson Sons Shipping Services Ltda.	36	(3)	-	-	-	-	-	-
   	108,963	(41,710)	155,492	(21,905)	21,905	90,095	120,524	(70,415)

   Consolidated 03.31.2026 03.31.2025				Parent Company
   				03.31.2026		03.31.2025
   Income	Expense	Income	Expense	Income	Expense	Income	Expense

   Freight and services	108,963	(41,710)	155,492	(21,905)	7,204	(65,860)	117,161	(70,415)
   Finance Income	-	-	- -	-	3,677	-	3,363	-
   	108,963	(41,710)	155,492	(21,905)	10,881	(65,860)	120,524	(70,415)

   In the period ended March 31, 2026, the balance of the receivable loan with the subsidiary Tecmar Transportes changed as follows:

   	Balances at 12.31.2025	Loans granted	Financial charges	Loan collections	Balances at 03.31.2026
   Loans with subsidiaries	105.250	-	3.676	-	108,926

   The remuneration of key Management personnel, including short and long-term benefits, is shown in the table below:

   Consolidated and Parent Company
   	03.31.2026	03.31.2025
   Remuneration and bonuses	3,931	4,083
   	3,931	4,083

   17

   17

   
   
   ACCOMPANYING NOTES

   In thousands of Brazilian reais - R$, except when otherwise stated.

   The company signed a container and real estate lease agreement with the MSC Group. The amounts are shown in Note 14, under "Composition of Liabilities with Leasing", in the "Container equipment" and "Office real estate" groups, totaling R$84.284 and R$21.688 respectively, with the following amount referring to related parties:

   Consolidated	Parent Company
   03.31.2026 12.31.2025	03.31.2026 12.31.2025

   MSC Mediterranean Shipping Company S.A	40,726	57,415	40,726	57,415
   Uniter Administração de Bens Ltda.	549	553	549	553
   	41,275	57,968	41,275	57,968

8. RECOVERABLE TAXES

   • Composition

   Consolidated	Parent Company
   03.31.2026 12.31.2025	03.31.2026 12.31.2025

   Income tax and social contributions	26,297	28,947	4,386	7,067
   PIS AND COFINS (a)	235,597	240,518	216,026	214,368
   Other	9,326	4,082	1,436	1,367
   	271,220	273,547	221,848	222,802
   Current	271,220	273,547	221,848	222,802

   (a) Of the total amount of R$ 235,597, R$ 159,297 was recognized in 2025. This amount relates to a tax credit arising from a lawsuit related to the Manaus Free Trade Zone, which has become final and binding and has been registered with the Federal Revenue. The Company will use this to offset tax liabilities of a similar nature due to arise in 2026.

9. FREIGHT SURCHARGE FOR THE RENEWAL OF THE MERCHANT MARINE - "AFRMM"

   • Accounting policy

     A Freight Surcharge for the Renewal of the Merchant Marine (AFRMM) was established by Decree-Law No. 2,404/1987 and is regulated by Law No. 10,893/2004. With the changes brought by Laws 12,599/2012 and 12,788/2013, the management of the activities relating to the payment receipt, inspection, funding, refund and reimbursement of AFRMM became the responsibility of the Federal Revenue of Brazil (RFB).

     The AFRMM was established to meet the responsibilities of Federal Government to support the development of the merchant navy and the Brazilian naval industry and is a basic source of the Merchant Marine Fund (FMM).

     The Company earns 8% of the value of its customers' cabotage freight, the amounts of which can only be used in construction, docking, repairs, maintenance of vessels and amortization of financing granted for the acquisition of vessels.

     Government grants are not recognized until there is reasonable assurance that the Company will meet the related conditions and that the grants will be received. If the requirements for recognition of the subsidized revenue in the income statement are not satisfied, the consideration for the benefit in the asset is recorded in a specific Company liabilities account.

     The benefit of AFRMM is recognized in current assets and liabilities when the funds receivable from the Merchant Marine Fund - FMM are released to the linked account; this also applies to receivables from FMM related to amortizations of financing provided from the Company's own funds. AFRMM amounts recorded under liabilities are recognized in the income statement when the financing is amortized when the obligations are complied with, according to specific legislation.

     Investment grants are not subject to taxation and must be recorded as profit reserves up to the limit of profit for the period, as per Note 18. The amount allocated to profit reserves will be taxed under the actual taxable income method if this investment grant is used for any other purpose other than that provided for in the current legislation.

     18

     18

     
     
     ACCOMPANYING NOTES

     In thousands of Brazilian reais - R$, except when otherwise stated.

   • Composition

   	Consolidated and Parent Company
   	03.31.2026 12.31.2025
   Balance sheet - Assets:

   AFRMM to be invested (estimated release in 12 months)	49,222	62,941
   AFRMM to apply(a)	53,480	30,939
   	102,702	93,880
   Current	49,222	62,941
   Non-current	53,480	30,939

   (a) The AFRMM to be applied is recognized in non-current assets due to the predictability of receipt of funds, from the grant management body, being greater than the operational cycle practiced by the Company.

   Below are the changes in the AFRMM funds recorded by the Company in the interim financial statements as of March 31, 2026:

   	Consolidated and Parent Company
   	03.31.2026	12.31.2025
   Opening balance	93,880	143,527
   Additions/Income	16,644	88,337
   Transfer to current account	(7,946)	(138,488)
   Other	124	504
   Closing balance	102,702	93,880

10. INCOME TAX AND SOCIAL CONTRIBUTIONS

    • Accounting policy

      Income tax and social contribution expenses for the period are recognized in the income statement unless they are related to items directly recognized in equity, including current and deferred taxes. Income tax and social contributions are disclosed net, by taxpayer entity, when there is a legally enforceable right to offset recognized amounts and when there is an intention to net them off, or realize the asset and settle the liability simultaneously.

      Current tax is based on the actual taxable income for the period, in accordance with the relevant legislation and rates in effect at the end of the period being reported.

      Deferred taxes are generally recognized on temporary differences between the tax bases of assets and liabilities and their carrying amounts and measured at the rates estimated for the period when the asset is realized or the liability settled, based on the rates (and tax legislation) that have been enacted or substantively enacted at the end of the period being reported. Offsetting tax losses and negative social contribution base is limited to 30% of the taxable income (taxable income) for the year.

      Deferred tax assets are recognized for all deductible temporary differences, including unused tax losses and credits, insofar as it is probable that there will be taxable income against which the deductible temporary difference can be used and tax losses and credits are recognized and can be used, unless the deferred tax asset arises from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction does not affect either the profit or the taxable profit (tax loss).

      The existence of future taxable income based on the accounting records of deferred tax assets on March 31, 2026, is based on a technical study, approved by the Company's Board of Directors at the end of the year that ended on December 31, 2025. This technical analysis and approval process is carried out annually by the Company.

    • Critical accounting estimates and judgments

      Significant judgments, estimates and assumptions are required to determine the amount of deferred tax assets that are recognized based on future taxable income and time. Deferred tax assets arising from tax losses and temporary differences are recognized considering projected assumptions and cash flows, as prepared by Management. Deferred tax assets may be affected by factors including but not limited to: (i) internal assumptions about projected taxable income, based on planning for handling containers and cargo, operating costs and planning for cost of capital; (ii) macroeconomic scenarios; and (iii) commercial and tax aspects, when changed.

      In addition, the Company applies critical accounting judgment in identifying uncertainties about tax positions on profit, which may impact the consolidated financial statements. Log-In and its subsidiaries are subject to review of income tax and other tax returns and, therefore, disputes may arise with the tax authorities due to the differences in interpretation of applicable laws and tax regulations.

      19

      19

      
      
      ACCOMPANYING NOTES

      In thousands of Brazilian reais - R$, except when otherwise stated.

    • Reconciliation of Income Tax (IRPJ) and Social Contributions on Profit (CSLL)

      Consolidated 03.31.2026 03.31.2025			Parent Company
      			03.31.2026	03.31.2025
      Profit (loss) before tax	(11,723)	55,983	(25,938)	35,431
      Credit (expenses) IRPJ and CSLL at the effective rate (34%)	3,986	(19,034)	8,819	(12,047)
      Adjustments: Tax subsidy revenue (AFRMM applied)	5,659	6,542	5,659	6,542
      Credits on unrecognized tax losses and temporary differences	(36,200)	(23,697)	(27,525)	(14,471)
      Profit from equity method	-	-	(837)	1,868
      Other	343	6,749	1,873	9,208
      Income tax and social contributions in the profit or loss	(26,212)	(29,440)	(12,011)	(8,900)
      Current	(16,149)	(14,804)	(1,452)	-
      Deferred	(10,063)	(14,636)	(10,559)	(8,900)

    • Composition of deferred taxes

    Consolidated Parent Company
    Deferred taxes	03.31.2026 12.31.2025		03.31.2026 12.31.2025

    Balance sheet - assets (net):

    Tax losses and negative bases	194,968	194,968	167,093	167,093
    Temporary differences (a)	144,908	145,997	128,817	132,237

    339,876 340,965 295,910 299,330

    Balance sheet - liabilities (net):

    Temporary differences (b)	100,449	92,610	-	-
    	100,449	92,610	-	-

    1. Temporary differences related mainly to operating and administrative provisions, leasing, provisions for risks and exchange rate variations taxed under the cash basis method.

    2. Temporary liability differences related to, basically the accelerated depreciation of vessels in the shipping companies and the gains and losses of assets acquired, and liabilities assumed in the Tecmar business combination.

    These deferred tax assets are expected to be realized, adjusted for timing differences up to March 31, 2026, according to a study approved by the Company's Board of Directors, is shown in the table below:

    	Consolidated	Parent Company
    Year	03.31.2026	03.31.2026
    2026	13,126	-
    2027	7,151	-
    2028	13,389	-
    2029	5,731	4,041
    2030	13,483	13,483
    2031-2033	102,880	102,880
    2034-2035	117,091	108,481
    	272,851	228,885

    The main assumptions of the Technical Study (Business Plan) prepared by Management and approved by the governance bodies consider an operation with a fleet of nine owned vessels, brought in under tonnage rights, combined with medium-term capacity growth strategies.

    The bases and taxes shown below represent the tax credits not recorded on March 31, 2026, since the amounts are not expected to be realized according to the approved technical study.

    		Consolidated			Parent Company
    Description	Base	Unrecognized deferred tax asset		Base	Unrecognized deferred tax asset
    IRPJ	1,875,744	467,080		1,398,230		349,558
    CSLL	1,786,620	160,796		1,494,729		134,526
    Total		627,876				484,084

    The changes to CPC 32 (IAS 12) were made to comply with the OECD Pillar Two rules, which impose a global minimum tax rate on large companies. The rule requires economic groups with revenue above €750 million to assess their effective tax rate in each country where they operate. If this rate is less than 15%, it will be necessary to pay a supplementary tax.

    In Brazil, the rule was implemented by Law No. 15,079/2024, effective from 2025. After evaluation, it was concluded that there were no significant impacts on the Company, which is why there are no effects to be reflected in the financial statements.

    20

    20

    
    
    ACCOMPANYING NOTES

    In thousands of Brazilian reais - R$, except when otherwise stated.

11. INVESTMENTS IN SUBSIDIARIES

    • Accounting policy

      In the individual financial statements, investments in subsidiaries are valued using the equity method (EM) from the date they become their subsidiary. For the purpose of measuring equity income in affiliates, Log-In and its subsidiaries use the same base date.

    • Composition

      Entities	Core business	Number of shares (in units)	% equity interest
      Log-In International GmbH (a)	Logistics	1	100.00
      Log-In Mercosur S.R.L. (b)	Port Assistance	567,819	94.00¹
      Log-In Intermodal Del Uruguay S.A. (c)	Port Assistance	100,000	100.00
      Log-In Navegação Ltda. (d)	Feeder	101,394,963	99.99²
      Log-In Marítima Cabotagem Ltda. (e)	Coastal shipping	166,511,443	99.99²
      Terminal de Vila Velha S.A. (f)	Port and storage	9,766,878	99.90
      Tecmar Transportes Ltda. (g)	Road transport	167,423,024	100.00
      Oliva Pinto Logística Ltda. (h)	Road transport	23,743,911	100,00³

      1. 6% is held by Log-In Intermodal Del Uruguay S.A.

      2. 0.001% held by TVV.

      3. 100% acquired by the subsidiary Tecmar Transportes Ltda.

         1. Log-In International GmbH ("GmbH")

            Company based in Austria, operating in Austria and internationally, for the purpose of managing, acquiring, selling or renting real estate and hiring personnel worldwide in the field of logistics and specifically in relation to Log-In group companies.

         2. Log-In Mercosur S.R.L. ("Log-In Mercosur")

            Company based in Argentina, providing management and logistics services, with specialized advice in the transportation and distribution of materials and equipment, by air, land, sea and waterways in Argentina and internationally, in addition to warehousing and customs clearance.

         3. Log-In Intermodal Del Uruguay S.A. ("Log-In Uruguay")

            Company based in Uruguay, operating domestically and internationally, whose purpose is to invest in other companies, as well as to administer and manage all types of securities investment activities, and purchase, sell, rent, administer, build and conduct operations involving real estate, except for rural properties.

         4. Log-In Navegação Ltda. ("Log-NAV")

            Company headquartered in Brazil, operating its own and third-party vessels for maritime trade in general cargo transportation, coastal shipping, long-haul and waterway navigation, procurement and fitting of vessels, commercial representation, customs clearance, cargo import, export and warehousing, multimodal transportation, port operations and complementary, related or advisory activities.

         5. Log-In Marítima Cabotagem Ltda. ("Log-MAR")

            Company headquartered in Brazil, operating its own and third-party vessels, for maritime trade in general cargo transportation, coastal shipping, long-haul and waterway navigation, procurement and fitting of vessels, commercial representation, customs clearance, cargo import, export and warehousing, multimodal transport operations, port operations and complementary, related or advisory activities.

         6. Terminal de Vila Velha S.A. ("TVV")

            Company headquartered in Brazil, handling port operations and commercial operations for berths 203 and 204 along the Capuaba quay in the Public Port of Vitória, Espírito Santo and supplementary port facilities and equipment for handling containers and general cargo, and multimodal transport operations.

            In addition, on February 24, 2025, the subsidiary TVV signed a contract to operate a port facility located in the back area of the Public Port of Vitória/ES, for a period of 6 (six) years, with the port authority Vports Autoridade Portuária S.A. This strategic investment aims to meet the growing demand from the import and export cargo market, including containers, granite, steel

            21

            21

            
            
            ACCOMPANYING NOTES

            In thousands of Brazilian reais - R$, except when otherwise stated.

            products and fertilizers. In addition, the new facility will enable significant improvements in service levels and operational efficiency.

         7. Tecmar Transportes Ltda. ("Tecmar")

            A company based in Brazil that operates in the national and municipal road transport of cargo and parcels, general warehousing, storage, loading, unloading, storage and safekeeping of goods of any kind. It also organizes distribution logistics on its own behalf, on behalf of third parties, consignees or shippers, as well as acting as a logistics operator, managing and controlling stock.

         8. Oliva Pinto Logística Ltda. ("OP Logística")

            Company headquartered in Brazil, which operates mainly in the road transport of inter-municipal and inter-state cargo, except for dangerous products and removals.

    • Main balances of subsidy companies

    03.31.2026 12.31.2025
    	Assets	Liabilities	Equity	Profit (loss) for the period		Assets	Liabilities	Equity	Profit (loss) for the year

    667,291	3,890	663,401	(2,941)	670,728	8,640	662,088	46,927
    16,839	7,547	9,292	1,469	15,123	14,616	507	10,386
    2,284	656	1,628	535	2,396	695	1,701	1,452
    199,802	167,703	32,099	5,511	153,184	133,074	20,110	(29,189)
    291,695	85,911	205,784	9,945	298,251	125,928	172,323	70,964
    761,014	531,506	229,508	14,471	638,952	448,645	190,307	105,783
    431,460	476,866	(45,406)	(31,351)	379,739	362,933	16,806	(88,899)
    83,782	40,566	43,216	4,573	73,144	46,365	26,779	4,500

    Log-In Internacional GmbH Log-In Mercosur S.R.L.

    Log-In Intermodal Del Uruguay S.A.

    Log-In Navegação Ltda.

    Log-In Marítima Cabotagem Ltda.

    Terminal de Vila Velha S.A. Tecmar Transportes Ltda. Oliva Pinto Logística Ltda.(a)

    1. Company accounted for under the equity method in the subsidiary Tecmar and the indirect subsidiary Log-In.

       • Changes in investments in parent companies

    Log-In Log-In Log-In Log-Mar TVV Log-Nav Tecmar Total GmbH Mercosul Uruguay
    Balances at 12.31.2024	662,085	475	1,700	172,324	190,257	20,110	70,672	1,117,623
    Equity Method	4,251	6,987	880	73,515	74,947	2,933	(110,278)	53,235
    Inflationary effect	-	-	-	-	-	-	-	-
    Proposed dividends and interest on own capital	-	-	-	(40,000)	(18,737)	-	-	(58,737)
    Increase in share capital	-	-	-	-	- -		23,374	23,374
    Accounting hedging reserve	-	-	-	-	- 3,931		-	3,931
    Goodwill on fixed assets	-	-	-	-	- -		(21,218)	(21,218)
    Non-competition added value	-	-	-	-	- -		(232)	(232)
    Amortization of goodwill on Property, plant and equipment	-	-	-	-	-	-	(2,223)	(2,223)
    Contingency losses	-	-	-	-	-	-	164,622	164,622
    Deferred taxes on capital gains / losses	-	-	-	-	-	-	(47,923)	(47,923)
    Derivatives	-	-	-	-	7,197	-	-	7,197
    Translation adjustments	-	(84)	(987)	-	-	-	-	(1,071)
    Balances at 12.31.2025	666,336	7,378	1,593	205,839	253,664	26,974	76,794	1,238,578
    Equity Method	(2,941)	1,381	535	9,945	14,457	5,511	(31,351)	(2,463)
    Proposed Dividends	-	-	-	(10,000)	(40,000)	-	-	(50,000)
    Accounting hedging reserve	-	-	-	-	-	(402)	-	(402)
    Advance for Future Capital (AFAC)	-	-	-	-	-	-	56,043	56,043
    Derivatives	-	-	-	-	1,306	-	-	1,306
    Goodwill on fixed assets	-	-	-	-	-	-	(5,304)	(5,304)
    Non-competition added value	-	-	-	-	-	-	(58)	(58)
    Capital gain on an indemnifiable asset	-	-	-	-	-	-	2,767	2,767
    Contingency losses	-	-	-	-	-	-	20,866	20,866
    Deferred taxes on capital gains / losses	-	-	-	-	-	-	(6,211)	(6,211)
    Translation adjustments	-	(25)	(505)	-	-	-	-	(530)
    Balances at 03.31.2026	663,395	8,734	1,623	205,784	229,427	32,083	113,546	1,254,592
    Investments	663,395	8,734	1,623	205,784	229,427	32,083	158,954	1,300,000
    Investment loss (liability)	-	-	-	-	-	-	(45,408)	(45,408)

    22

    22

    
    
    ACCOMPANYING NOTES

    In thousands of Brazilian reais - R$, except when otherwise stated.

12. PROPERTY, PLANT AND EQUIPMENT

    • Accounting policy

      Property, plant and equipment are stated at acquisition costs or construction costs, which also include directly attributable costs incurred so that the asset is operational, less accumulated depreciation and impairment losses.

      Expenses with major maintenance (docking) planned to restore or maintain the original performance standards of the vessels are recognized in property, plant and equipment. These expenses are depreciated over the forecast period until the next major maintenance. Maintenance expenses that do not meet these requirements are recognized as costs in the income statement for the period.

      Spare parts with a useful life of more than one year and which can only be used in connection with items of property, plant and equipment are recognized and depreciated along with the main asset. These items are depreciated over the useful life of the corresponding fixed asset.

      Property, plant and equipment are depreciated using the straight-line method, based on the estimated useful life, from the date on which the assets are available for use in their intended use and are capitalized. The exception is land which is not depreciated.

      An item of property, plant and equipment is written off after disposal or when there are no future economic benefits resulting from the continued use of the asset. The gain or loss on the sale or write-off of an asset is determined by the difference between the amounts received on the sale and the carrying amount of the asset and is recognized in the profit or loss.

    • Critical accounting estimates and judgments

      The estimated useful life, residual values and depreciation method are reviewed at the end of the reporting period and the effect of any changes in estimates is accounted for prospectively. Management reviewed accounting estimates related to the economic useful life of its own vessels.

      Non-financial assets are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the carrying amount of the asset exceeds its recoverable value, which is the higher of the fair value of an asset less costs to sell and its value in use.

      As of March 31, 2026 and December 31, 2025, the Company's management had not identified any indicators of impairment.

    • Composition

      Consolidated Parent Company Average annual rates 03.31.2026 12.31.2025 03.31.2026 12.31.2025
      Assets in operation:
      Vessels	4%	1,206,353	1,206,353	164,571	164,571
      Buildings and Facilities	6%	203,525	203,525	18,949	18,949
      Machinery and Equipment	7%	272,328	271,947	28,213	28,213
      Improvement on chartered vessels	20%	300,005	300,005	155,265	155,265
      Furniture and fixtures	10%	19,486	19,168	9,995	9,995
      Data processing equipment	20%	55,920	55,920	25,903	25,903
      Improvements in properties leased from third parties	10%	39,172	38,950	7,592	7,592
      Vehicles	20%	436,415	425,364	96	96
      Other assets	20%	4,441	4,696	2,988	2,988
      		2,537,645	2,525,928	413,572	413,572
      Fixed assets under construction		84,333	63,751	19,126	8,878
      Fixed assets cost		2,621,978	2,589,679	432,698	422,450
      Accumulated depreciation		(1,234,826)	(1,193,998)	(292,740)	(286,285)
      Net Property, plant and equipment		1,387,152	1,395,681	139,958	136,165

      23

      23

      
      
      ACCOMPANYING NOTES

      In thousands of Brazilian reais - R$, except when otherwise stated.

    • Changes

      Consolidated Parent

      Company

      Vessels

      Buildings and facilities

      Machinery and Equipment

      Improvement on chartered vessels

      Other assets

      Fixed assets under construction

      Total Total

      Cost
      Balances at 1,206,353	198,508	227,337	300,005	534,665	59,599	2,526,467	397,816
      Additions -	-	-	-	-	68,057	68,057	24,634
      Transfers -	5,017	49,455	-	9,433	(63,905)	-	-
      Reversal -	-	(4,845)	-	-	-	(4,845)	-
      Balances at 1,206,353	203,525	271,947	300,005	544,098	63,751	2,589,679	422,450
      Additions -	-	-	-	-	32,645	32,645	10,248
      Transfers -	-	381	-	11,682	(12,063)	-	-
      Reversal -	-	-	-	(346)	-	(346)	-
      Balances at 1,206,353	203,525	272,328	300,005	555,434	84,333	2,621,978	432,698
      Accumulated depreciation
      Balances at (389,162)	(59,482)	(96,056)	(157,354)	(334,051)	-	(1,036,105)	(262,338)
      Additions (35,142)	(11,917)	(12,603)	(53,210)	(49,569)	-	(162,440)	(23,947)
      Reversal -	-	4,548	-	-	-	4,548	-
      Balances at (424,304)	(71,399)	(104,111)	(210,564)	(383,620)	-	(1,193,998)	(286,285)
      Additions (11,651)	(3,064)	(4,234)	(9,445)	(12,675)	-	(41,069)	(6,455)
      Reversal -	-	-	-	240	-	240	-

      12/31/2024

      12/31/2025

      03/31/2026

      12/31/2024

      12/31/2025

      Balances at 03/31/2026	(435,955)	(74,463)	(108,345)	(220,009)	(396,055)	-	(1,234,826)	(292,740)
      Total	770,398	129,062	163,983	79,996	159,379	84,333	1,387,152	139,958

      The main fixed assets under construction as of March 31, 2026 are:

      • R$42,135 resulting from the pre-docking of vessels.

      • R$7,965 resulting from the refurbishment of the docking dolphin at subsidiary TVV;

      • R$5,948 resulting from the partial refurbishment of the yard at subsidiary TVV;

      • R$5,641 resulting from the acquisition of a fire protection system.

    Allowance for estimated losses on the realization of assets under construction:

    Hulls EI 506, EI 507 and EI 508

    On July 12, 2017, the Company rescinded the contract for the construction of three (3) vessels at the EISA shipyard; consequently, a provision for estimated losses was recorded with the realization of those assets, net of the receivable indemnification amount, in the total amount of R$57,428, as below:

    Consolidated and Parent Company
    Description	Hulls EI-506, EI-507 and EI-508	Indemnity for breach of contract, receivable	Materials and equipment at the shipyard (a)	Reversal of estimated loss (b)	Provision for estimated losses

    Advances made to 420,461	(59,632)	(22,236)	(281,165)	57,428
    Capitalized 164,335	-	-	(164,335)	-
    584,796	(59,632)	(22,236)	(445,500)	57,428

    "EISA"

    charges

    1. On November 30, 2007, Log-In entered into a Contract for the Construction of Vessels to Order ("Construction Contract") with EISA, through which EISA undertook to "build, launch, equip, assemble, test and deliver to the CONTRACTING PARTY [Log-In], 05 (five) 2,700 (two thousand seven hundred) TEU container ships, made of steel (...)", where the hulls would be identified by the numbers EI-504, EI -505, EI-506, EI-507 and EI-508.

       In 2016, the shipyard filed for bankruptcy protection and halted its operations without delivering 3 ships, referring to hulls 506, 507 and 508, in addition to their respective parts. Log-In terminated the construction contract and, in 2017, after carrying out an impairment test on the assets, entered the residual balance in fixed assets referring to the amounts that, at the time, the Company believed it would be able to recover from the shipyard. The aforementioned contract provided that in the event of default by the shipyard, Log-In would have the right to assume ownership of the parts acquired by the shipyard with the funds advanced by the Company under the construction contract or reverse the corresponding amount in indemnity.

       An EISA Creditors' Meeting should have taken place in the first half of 2021, in which the shipyard's controller would present a credible recovery plan that would address the issue of parts, but this did not happen. So far, EISA has not presented a court-supervised reorganization plan with feasible conditions to pay creditors, including Log-In. As a result, the negotiations that had been held with EISA to

       24

       24

       
       
       ACCOMPANYING NOTES

       In thousands of Brazilian reais - R$, except when otherwise stated.

       remove parts from the shipyard proved to be unfeasible.

       In this context, and after analysis by the Company's Management, was resolved at a board meeting held on September 27, 2021, to waive the parts and convert the corresponding amounts into indemnity. At the same time, the EISA RJ process will be monitored in order to collect Log-In's credits, which have already been recognized in the lawsuit and the above amounts are 100% provisioned in the financial statements.

       In 2023, the Creditors' Meeting was called for the second time, at which it was decided to approve the reorganization plan for Classes I (labor), III (unsecured) and IV (unsecured EPP/ME). For Class II (in-rem guarantees), there was a voting deadlock between the parties represented by EISA's creditors and Log-In, resulting in the Reorganization Plan not being approved. EISA then submitted a request for "cram down" for the approval of the Reorganization Plan, which was approved on August 8, 2023.

    2. At the close of the financial year on December 31, 2025, Log-In classified as a definitive loss the deduction from the credits of the effective portion that exceeds the commitment assumed by EISA under the recovery agreement.

13. Intangible assets

    • Accounting policy

      Intangible assets with defined useful lives acquired separately are recorded at cost, less amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis according to the estimated useful lives of the assets. The estimated useful life and the amortization method are reviewed at the end of each year and the effect of any changes on the estimates is accounted for prospectively.

      Intangible assets under development (systems) are the application of the results of research or other knowledge in a plan or project aimed at the production of systems or substantial improvement, before the start of their use, characterized as referred to in CPC 04 (R1). Upon completion of the project and its availability to obtain the benefits generated by the Company, the full amount is recognized as an intangible asset (systems) and amortized from that date.

      An intangible asset is written off on disposal or when there are no future economic benefits resulting from the use or disposal. Gains or losses resulting from the write-off of an intangible asset, measured as the difference between the net proceeds from the sale and the book value of the asset, are recognized in the income statement when the asset is written off.

      Upon the acquisition of an investment in a subsidiary, associate or joint venture, any excess found in the investment cost on the interest held by the Company in the net fair value of the investee's identifiable assets and liabilities is recognized as goodwill, which is included in the carrying amount in the consolidated financial statements as an intangible asset. If there is objective evidence that the investment in a subsidiary, associate or joint venture is impaired, the requirements of IAS 36 (CPC 01 (R1)) are applied to determine the need to recognize any impairment loss related to the investment in the Company. Annually, the total carrying amount of the investment (including goodwill classified as an intangible asset in the consolidated financial statements) is tested for impairment in accordance with IAS 36 as a single asset, comparing its recoverable amount with its carrying amount. Recognized impairment losses are not allocated to any asset, including goodwill that forms part of the carrying amount calculated on the acquisition. Any reversal of this impairment loss is recognized in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.

    • Composition

      Consolidated Parent

      Company

      Goodwill on Client Non- Intangible assets Systems Investments portfolio competition under Total Total development
      Cost
      Balances at 12/31/2024	159,715	60,082	22,480	5,401	8,521	256,199	145,640
      Additions	-	-	-	-	14,935	14,935	8,252
      Transfers	13,789	-	-	-	(13,789)	-	-
      Balances at 12/31/2025	173,504	60,082	22,480	5,401	9,667	271,135	153,892
      Additions	-	-	-	-	2,984	2,984	1,956
      Transfers	5,083	-	-	-	(5,083)	-	-
      Balances at 03/31/2026	178,587	60,082	22,480	5,401	7,569	274,119	155,848
      Accumulated amortization
      Balances at 12/31/2024	(131,834)	-	(7,194)	(2,052)	-	(141,080)	(118,816)
      Additions	(9,336)	-	(3,597)	(929)	-	(13,862)	(6,979)
      Balances at 12/31/2025	(141,170)	-	(10,791)	(2,981)	-	(154,942)	(125,795)
      Additions	(2,335)	-	(899)	(232)	-	(3,466)	(1,675)
      Balances at 03/31/2026	(143,505)	-	(11,690)	(3,213)	-	(158,408)	(127,470)
      Total	35,082	60,082	10,790	2,188	7,569	115,711	28,378
      Average amortization rate	20%		20%	20%			20%

      The main intangible assets under development on March 31, 2026 are:

      • R$3,633 resulting from improvements in billing and administrative systems;

        25

        25

        
        
        ACCOMPANYING NOTES

        In thousands of Brazilian reais - R$, except when otherwise stated.

      • R$792 resulting from the upgrade of Architecture and Safety in the load management system.

14. LEASES

    • Accounting policy

      When a contract starts, the Company assesses whether an instrument is, or contains a lease. A contract is or contains a lease when the Company obtains the right to control the use of an identified asset, for a period, in exchange for a consideration.

      The Company recognizes the asset relating to the right-of-use and a liability corresponding to the lease on the date of the start of the contract, except for short-term leases (defined as leases with a lease term of a maximum of 12 months) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). Right-of-use assets are initially measured at cost, which includes the initial amount of the lease liability adjusted by any lease payment made on or before the commencement date. The asset is subsequently depreciated on a straight-line basis during the contractual period or until the end of the asset's useful life.

      A lease liability is initially measured at the present value of the lease payments, discounted using the implied interest rate of the lease or, if that rate cannot be immediately determined, based on the Company's incremental funding rate. These are classified as current or non-current according to the due dates of the considerations.

      Lease payments included in the measurement of the lease liability comprise: (i) fixed payments, including fixed payments in substance; (ii) variable lease payments that depend on an index or rate; and (iii) the exercise price of a purchase or renewal option, when it is probable that the contractual option will be exercised and it under the control of the Company.

      The lease liability is measured at amortized cost using the effective interest method and re-measured when there is a change in future lease payments resulting from a change in an index or rate. When the lease liability is recalculated, a corresponding adjustment is made to the carrying amount of the lease agreement asset or is recognized directly in the income statement for the period if the carrying amount of the asset has already been reduced to zero.

    • Critical accounting estimates and judgments

      Incremental rates are estimated based on the risk-free nominal interest rate, plus the Company's credit risk premium, adjusted to further reflect the specific conditions and characteristics of the lease, such as the risk within the country's economic environment, the impact of guarantees, currency, term and start date of each contract.

    • Composition and changes in right-of-use assets

      Consolidated Parent

      Company

      Cost

      Container equipment

      Office real Vehicles estate

      Port terminals

      Real estate at port terminals

      Port equipment

      Equip. Vessel Total Total IT/Systems

      Balances at 12.31.2024 291,911 76,172 18,834 96,550 21,921 30,611 9,738 33,910 579,647 352,271

      Additions 77,387 16,306 523 103,753 - 12,603 1,625 - 212,197 85,203

      Balances at 12.31.2025 369,298 92,478 19,357 200,303 21,921 43,214 11,363 33,910 791,844 437,474