Mills Locacao Servicos E Logistica S.a.BMFBOVESPA: MILS3

Dados Econômico-Financeiros

· Issued by Mills Locacao Servicos E Logistica S.A.

Docusign Envelope ID: 903FEED7-5860-428F-BF4C-1F9D6504437A

3Q25 Results Live Broadcast

Date: Wednesday, November 12th, 2025

Time: 14h (Brasilia Time) Watch Online: Click here Or access via QR code:

The financial and operational information contained in this press release, except as otherwise indicated, is in accordance with the accounting policies adopted in Brazil, which are in compliance with the International Financial Reporting Standards - IFRS)



Summary

Highlights 3

Management Comments 5

Net Revenue 6

Costs and Expenses 7

Adjusted EBITDA 8

Non-Recurring Effects 9

Financial Result 10

Net Income 10

Rental Business Unit 13

Rental Result 14

Formwork and Shoring 16

Formwork and Shoring Result 16

Indebtedness 18

Investments 19

ROIC and ROE 20

Adjusted Cash Flow 21

ESG 22

Tables 23

DRE 25

Balance Sheet 26

Cash Flow 28

MILS3 History 30

Glossary 31

‌Highlights The main highlights for the period were:

Net revenue of BRL 482.7 million in 3Q25 and BRL 1,345.3 million in 9M25, up 15.1% vs. 3Q24 and 17.7% vs. 9M24.



Adjusted EBITDA of BRL 254.6 million in 3Q25 and BRL 688.3 million in 9M25, 27.9% vs. 3Q24 and 25.2% vs. 9M24. The margin reached 52.7% in 3Q25 and 51.2% in 9M25, an increase of

5.3 p.p. and 3.0 p.p. compared to 3Q24 and 9M24, respectively;

Net income of BRL 67.3 million in 3Q25 and BRL 222.6 million in 9M25, with net margins of 13.9% and 16.5%, respectively;



Cash net income of BRL 117.9 million in 3Q25 and BRL 363.4 million in 9M25, with cash net margins of 24.4% and 27.0%, respectively.

CapEx totaled BRL 261.2 million in 3Q25, with 93% allocated to rental assets (organic + inorganic). Year-to-date, CapEx amounted to BRL 595.4 million.

Completion of the acquisition of Next Rental in August, with the addition of 738 assets and active contracts.

Distribution of interest on equity (JCP) related to 3Q25 results, totaling BRL 42,5 million, representing a payout of approximately 63% of the net income for the quarter.

Adjusted operating cash flow reached BRL 224.7 million in 3Q25 (+9.9% vs. 3Q24), with EBITDA-to-cash conversion of 99.6%. In 9M25, operating cash flow totaled BRL 490.0 million (+20.1%), with EBITDA conversion of 74.4%

Leverage remained stable at 1.5x Net Debt/Adjusted EBITDA, with an average debt cost of CDI

+ 1.28% p.a. and an average tenor of 3.6 years. During the quarter, the Company completed its 11th debenture issuance, raising BRL 500 million at a cost of CDI + 0.90% p.a. and a 5-year maturity, with amortization scheduled only for the last two years.



BRL million

3Q25

3Q24

YoY. (%)

2Q25

QoQ. (%)

9M25

9M24

YTD. (%)

Gross Revenue

529.6

460.5

15.0%

494.8

7.0%

1,478.5

1,253.2

18.0%

Net revenue

482.7

419.5

15.1%

450.1

7.2%

1,345.3

1,142.8

17.7%

CVM EBITDA

225.7

191.8

17.7%

227.1

-0.6%

658.9

537.3

22.6%

CVM EBITDA margin (%)

46.8%

45.7%

1.0 p.p.

50.5%

-3.7 p.p.

49.0%

47.0%

2.0 p.p.

Adjusted EBITDA¹

254.6

199.0

27.9%

227.2

12.0%

688.3

549.9

25.2%

Adjusted EBITDA margin¹ (%)

52.7%

47.4%

5.3 p.p.

50.5%

2.3 p.p.

51.2%

48.1%

3.0 p.p.

Adjusted ex-sales EBITDA margin¹ (%)

52.9%

46.7%

6.3 p.p.

50.5%

2.4 p.p.

51.1%

47.9%

3.1 p.p.

Net Income for the Period

67.3

70.8

-4.9%

87.3

-22.9%

222.6

209.5

6.2%

Net margin (%)

13.9%

16.9%

-2.9 p.p.

19.4%

-5.5 p.p.

16.5%

18.3%

-1.8 p.p.

LTM ROIC (%)²

19.7%

22.3%

-2.6 p.p.

20.0%

-0.3 p.p.

19.7%

22.3%

-2.6 p.p.

Adjusted operating cash flow³

224.7

204.6

9.9%

114.3

96.6%

490.0

407.9

20.1%

Adjusted FCO % CVM EBITDA

99.6%

106.7%

-7.1 p.p.

50.3%

49.2 p.p.

74.4%

75.9%

-1.5 p.p.

Adjusted free cash flow to the firm³

(92.3)

(5.2)

1683.3%

(40.1)

130.0%

(83.6)

(272.4)

69.3%

Leverage (x)

1.5x

1.2x

0.3 p.p.

1.4x

0.1 p.p.

1.5x

1.2x

0.3 p.p.

¹ Excluding non-recurring items. Unaudited information.

² Calculated using the cash tax rate.

³ Adjusted operating cash flow (Adjusted OCF): excludes interest related to debentures, rental investments, and net active and passive monetary variations (cash basis).

Adjusted free cash flow (Adjusted FCF): excludes cash flow from investing activities and the acquisition of rental assets. Unaudited information.

‌Management Comments

São Paulo, November 11th, 2025 - Mills Locação, Serviços e Logística S.A. ("Mills") today presents its results for the third quarter of 2025 (3Q25).

The third quarter results reflect the maturity of the strategic decisions implemented in recent years. The combination of sustainable growth, operational efficiency, and disciplined capital allocation has translated into greater solidity and value creation for our shareholders. With an increasingly diversified portfolio and a growing share of long-term contracts in revenue, Mills continues to advance consistently, even in a challenging macroeconomic environment, consolidating the pillars that support its long-term strategy.

We had another quarter of significant achievements, once again recording a historic quarterly revenue record and solid performance across all business units. Net revenue reached BRL 482.7 million in 3Q25, an increase of 15.1% compared to 3Q24. In the first nine months of the year, revenue totaled BRL 1,345.3 million, up 17.7% year over year. This performance reflects the balanced contribution among business units and the inclusion of Next. Adjusted EBITDA reached BRL 254.6 million, up 27.9%, with a margin of 52.7% (+5.3 p.p. vs. 3Q24). Year-to-date, EBITDA totaled BRL 688.3 million, an increase of 25.2%, with a margin of 51.2% (+3.0 p.p. vs. 9M24). EBITDA-to-Adjusted Operating Cash Flow conversion reached 99.6%, above the Company's historical average.

Net income totaled R$ 67.3 million in the quarter, a decrease of 4.9% compared to 3Q24, and R$ 222.6 million in the first nine months of 2025, representing an increase of 6.2% year over year. The quarterly variation reflects a one-time accounting effect resulting from the reclassification of extemporaneous tax credits, with no cash impact. Net margins of 13.9% in the quarter and 16.5% year to date underscore the Company's resilience and the maintenance of healthy profitability levels, even in a high-interest-rate environment.

We maintained strict capital allocation discipline, with investments of BRL 261.2 million in the quarter and BRL

595.4 million year-to-date, a 28.0% reduction compared to 9M24, reflecting a more selective and strategic approach focused on higher-return contracts. Leverage remained stable at 1.5x Net Debt / LTM EBITDA, ensuring financial flexibility to support our organic and inorganic growth.

As part of our inorganic expansion strategy, we completed the acquisition of Next Rental in 3Q25, adding more than 700 assets and approximately 210 employees to the Heavy Equipment operation, in addition to the contracts already assumed. These and other initiatives contributed to the Company's sustainable growth, which for the seventh consecutive quarter increased the share of long-term contracts, representing 55% of total rental revenue at the end of the quarter.

We ended the quarter reinforcing the foundations for sustainable growth, despite a scenario of increased competition, pricing pressure, and persistently high interest rates. The Company remains focused on advancing efficiency, diversification, and long-term value creation for all stakeholders.

We thank our shareholders, employees, and partners for their continued trust and support.

‌Sergio Kariya Mills CEO

Net Revenue

In the third quarter, the Company maintained a consistent growth trajectory, reflecting the disciplined execution of its strategy and the ongoing evolution of its business model. Net revenue reached BRL 482.7 million in 3Q25 and BRL 1,345.3 million year-to-date, representing increases of 15.1% and 17.7%, respectively, compared to the same periods in 2024.

The most significant growth was recorded in the Heavy Equipment, Intralogistics, and Formwork & Shoring business units, partially offset by the Aerial Working Platforms segment, which faced a more competitive short-term scenario due to greater equipment supply and lower demand in some regions. As a mitigation measure, the Company has leveraged the strong infrastructure and construction investment cycle in Brazil, as well as its strategic relationships with leading construction companies, to scale multi-product projects, strengthening its presence and ability to capture opportunities in these segments. Additionally, during the quarter, revenue recognition from the acquisition of Next also contributed positively to overall revenue growth.

In line with the Company's strategic focus on increasing revenue predictability and sustainability, the acquisition of Next brought in contracts mainly linked to the Construction, Agribusiness, Mining, and Forestry sectors, reinforcing diversification and positioning in more resilient markets. The Company continued to prioritize long-term contracts, especially in the Heavy Equipment and Intralogistics units. In 3Q25, these contracts accounted for 55% of rental revenue, an increase of 10 percentage points compared to the same quarter of the previous year.

Net Revenue by type

(BRL million)

Rental Revenue 3T25 Per activity segment (%)



45%

55%

Net Rental Revenue by product (%) % of Net Rental Revenue by type of contract

Others 1.7%

Forklifts and Forklifts with pallet trucks

10.0%

AWP 46.0%

‌Costs and Expenses

Formwork & 16.8% Shoring

25.5%

Yellow Line and Adapted Trucks

Short term Long term

Operating costs, excluding depreciation, totaled BRL 135.4 million in 3Q25, representing an increase of 9.7% compared to 3Q24. This growth mainly reflects the expansion of rental operations, the higher volume of asset sales in the Rental segment, and the increase in parts consumption in the Heavy Equipment unit, driven by the mobilization of new contracts signed during the period.

In the first nine months of the year, costs reached BRL 368.3 million, up 14.4% versus 9M24, in line with the larger operating scale and intensified field activities. In relative terms, there was an improvement in efficiency, with costs as a percentage of net revenue decreasing by 1.4 p.p. in 3Q25 and 0.8 p.p. in 9M25 compared to the same periods of the previous year.

Operating expenses, excluding depreciation and expected credit loss provisions (ECL), totaled BRL 117.5 million in the quarter, an increase of 19.2% year over year. The increase was mainly concentrated on administrative expenses, impacted by annual contract adjustments and collective bargaining agreements, and in other expenses, affected by non-recurring items. Even so, administrative expenses declined as a percentage of net revenue, representing a reduction of 0.6 p.p. in the quarter and 1.2 p.p. year-to-date. In 9M25, total expenses reached BRL

294.1 million, up 11.2% versus 9M24, also showing a 1.3 p.p. relative reduction to revenue.

The reduction of expenses relative to net revenue highlights the results of the Company's ongoing efforts to improve operational efficiency throughout 2025. Organizational redesign, structural optimization, and more efficient management of operational and tax levers contributed to a leaner and more productive structure. Notably, the Rental unit achieved significant productivity gains, especially in personnel-related costs, reflecting the progress of initiatives aimed at cost and expense control and efficiency.

Considering total operating costs and expenses (excluding depreciation), the increase was 12.9% in 3Q25 and 13.4% in 9M25, both below the growth rate of net revenue, representing an improvement of 1.0 p.p. and 2.0 p.p., respectively, compared to the same periods in 2024. This performance reflects scale gains and captured synergies, reinforcing the trend of operating expense dilution and operational leverage.

BRL million

3Q25

3Q24

YoY. (%)

2Q25

QoQ. (%)

9M25

9M24

YTD. (%)

COGS total, ex-depreciation

(135.4)

(123.4)

9.7%

(121.6)

11.3%

(368.3)

(322.0)

14.4%

% of Net Revenue

28.0%

29.4%

-1.4 p.p.

27.0%

1.0 p.p.

27.4%

28.2%

-0.8 p.p.

Rental costs (maintenance, personnel, warehouses, etc)¹

(126.7)

(115.1)

10.1%

(111.9)

13.2%

(344.8)

(294.7)

17.0%

% of Net Revenue

26.2%

27.4%

-1.2 p.p.

24.9%

1.4 p.p.

25.6%

25.8%

-0.2 p.p.

Cost os sales

(8.7)

(8.4)

3.4%

(9.5)

-9.0%

(23.7)

(27.2)

-13.1%

% of Net Revenue

1.8%

2.0%

-0.2 p.p.

2.1%

-0.3 p.p.

1.8%

2.4%

-0.6 p.p.

Costs of indemnity

(0.0)

0.1

-102.3%

(0.1)

-97.7%

0.1

(0.1)

-199.9%

% of Net Revenue

0.0%

0.0%

0.0 p.p.

0.0%

0.0 p.p.

0.0%

0.0%

0.0 p.p.

SG&A, ex-depreciation and ECL

(117.5)

(98.6)

19.2%

(89.7)

31.0%

(294.1)

(264.6)

11.2%

% of Net Revenue

24.3%

23.5%

0.8 p.p.

19.9%

4.4 p.p.

21.9%

23.2%

-1.3 p.p.

Commercial, Operational and Administrative

(71.5)

(64.5)

10.8%

(68.9)

3.8%

(206.1)

(188.9)

9.1%

% of Net Revenue

14.8%

15.4%

-0.6 p.p.

15.3%

-0.5 p.p.

15.3%

16.5%

-1.2 p.p.

General Services

(7.8)

(8.5)

-7.9%

(7.1)

10.8%

(23.0)

(25.1)

-8.4%

% of Net Revenue

1.6%

2.0%

-0.4 p.p.

1.6%

0.1 p.p.

1.7%

2.2%

-0.5 p.p.

Other expenses

(38.1)

(25.5)

49.2%

(13.7)

177.6%

(65.1)

(50.6)

28.6%

% of Net Revenue

7.9%

6.1%

1.8 p.p.

3.1%

4.8 p.p.

4.8%

4.4%

0.4 p.p.

ECL

(4.2)

(5.7)

-27.3%

(11.7)

-64.3%

(23.9)

(18.8)

26.9%

% of Net Revenue

0.9%

1.4%

-0.5 p.p.

2.6%

-1.7 p.p.

1.8%

1.6%

0.1 p.p.

COGS + SG&A Total

(257.0)

(227.7)

12.9%

(223.0)

15.2%

(686.3)

(605.4)

13.4%

% of Net Revenue

53.2%

54.3%

-1.0 p.p.

49.5%

3.7 p.p.

51.0%

53.0%

-2.0 p.p.

‌Adjusted EBITDA

Adjusted EBITDA reached BRL 254.6 million in 3Q25 and BRL 688.3 million in the first nine months of the year, representing increases of 27.9% and 25.2%, respectively, compared to the same periods in 2024. The Adjusted EBITDA margin was 52.7% in the quarter and 51.2% in 9M25, both above the historical average, mainly reflecting the effect of the consolidation of Next Rental as of August and one-off impacts related to the long-term incentive plan. Excluding these effects, the Adjusted EBITDA margin would have been close to 50%.

The positive performance throughout the year was driven by a combination of revenue growth in the Heavy Equipment, Intralogistics, and Formwork & Shoring units, along with disciplined cost and expense management. The Company continues to capture the results of structural operational efficiency initiatives implemented over recent quarters, supported by rigorous control of general and administrative expenses. These factors contributed to productivity gains and the maintenance of healthy profitability, consistent with the Company's strategy of sustainable growth and long-term value creation.

Adjusted EBITDA

(BRL million)

47.4%

46.7%

50.5%

50.5%

52.7%

47.9%

48.1%

51.1%

+25.2%

688.3

549.9

199.0

+2V.9%

227.2

254.6

52.9%

51.2%

3Q24 2Q25 3Q25 9M24 9M25

Adjusted EBITDA¹
Adjusted EBITDA¹ Margin %
Adjusted EBITDA¹ Margin ex-sales %

¹ Excluding non-recurring items. Non-GAAP - Information not reviewed by independent auditors.

BRL million

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

9M25

9M24

Var. (%)

Net Revenue

482.7

419.5

15.1%

450.1

7.2%

1.345.3

1.142.8

17.7%

COGS total, ex-depreciation

(135.4)

(123.4)

9.7%

(121.6)

11.3%

(368.3)

(322.0)

14.4%

Gross Profit, ex-depreciation

347.4

296.1

17.3%

328.5

5.7%

976.9

820.8

19.0%

SG&A, ex-depreciation

(117.5)

(98.6)

19.2%

(89.7)

31.0%

(294.1)

(264.6)

11.2%

ECL

(4.2)

(5.7)

-27.3%

(11.7)

-64.3%

(23.9)

(18.8)

26.9%

EBITDA CVM

225.7

191.8

17.7%

227.1

-0.6%

658.9

537.3

22.6%

EBITDA CVM Margin (%)

46.8%

45.7%

1.0 p.p.

50.5%

-3.7 p.p.

49.0%

47.0%

2.0 p.p.

Non-Recurrent

28.8

7.2

299.3%

0.1

32715.7%

29.4

12.5

134.4%

Adj. EBITDA

254.6

199.0

27.9%

227.2

12.0%

688.3

549.9

25.2%

Adj. EBITDA Margin (%)

52.7%

47.4%

5.3 p.p.

50.5%

2.3 p.p.

51.2%

48.1%

3.0 p.p.

‌Non-Recurring Effects

Non-recurring costs and expenses totaled R$28.8 million in 3Q25 and R$29.4 million in the first nine months of 2025. The variation mainly reflects the recognition of expenses related to the long-term incentive plan for executives and the recording of out-of-period tax credits during the quarter.

Part of the amounts related to out-of-period tax credits, initially recognized as non-recurring results in the second quarter, were reclassified in 3Q25 as prior-period adjustments, directly to Retained Earnings within Shareholders' Equity.

This reclassification results from a technical accounting interpretation aligned with the principles of ICPC 22. The restatement does not affect the Company's right to the tax credits or its projected cash flow, being limited to adjusting the timing of accounting recognition between the income statement and shareholders' equity.

BRL million

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

9M25 9M24

Var. (%)

LT Incentive Plan

8.4

-

NA

-

NA

8.4 -

NA

Improvement Projects

3.4

2.4

42.9%

4.1

-16.9%

8.4 5.3

59.2%

Out-of-Period Tax Credits

14.5

0.2

NA

(14.5)

NA

- 0.2

-100.0%

M&A

0.4

1.8

-77.0%

0.1

546.2%

0.5 3.0

-83.9%

Others

2.0

2.8

-28.4%

5.2

-61.4%

3.0 4.0

-24.9%

Asset Disposal Loss

0.0

-

NA

5.3

-99.9%

7.2 -

NA

Non-Recurrent

28.8

7.2

298.7%

0.1

NA

27.5 12.5

120.1%

% Receita Líquida

6.0%

1.7%

4.2 p.p.

0.0%

5.9 p.p.

2.0% 1.1%

1.0 p.p.

‌Financial Result

The Company's consolidated financial result recorded a net financial expense of BRL 54.2 million in 3Q25 and BRL

144.0 million in the first nine months of the year, compared to BRL 37.8 million and BRL 79.4 million, respectively, in the same periods of 2024.

This variation mainly reflects three factors: (i) the increase in gross debt compared to 3Q24, which reached BRL 2.2 billion at the end of the quarter, as a result of debenture issuances carried out throughout 2024 and 2025 to support the Company's growth strategy and capital structure optimization; (ii) the higher average CDI rate between the comparable periods, which directly impacted financial expenses indexed to this benchmark rate; and (iii) costs related to the 11th debenture issuance during 3Q25, which were partially offset by higher financial income, due to more efficient cash management during the period.

Despite this scenario, the Company maintained a solid cash position and continues to carry out active and optimized management of its capital structure, focusing on extending the average debt maturity, reducing the average cost of debt, and preserving financial flexibility to sustain its expansion cycle and planned investments.

Additionally, the Company has achieved recurring improvements in financial efficiency through enhanced management of cash, tax obligations, and capital allocation. This discipline contributed positively to the net financial result, reflecting better performance of financial investments and the capture of optimization opportunities in capital use.

BRL million

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

9M25

9M24

Var. (%)

Net Financial Result

(54.2)

(37.8)

43.3%

(44.1)

22.7%

(144.0)

(79.4)

81.4%

Financial Revenues

45.9

33.5

37.0%

37.7

21.7%

110.7

94.5

17.2%

Financial Expenses (100.1) (71.3) 40.3% (81.9) 22.3% (254.8) (173.9) 46.5%

‌Net Income

The Company reported net income of BRL 67.3 million in 3Q25 and BRL 222.6 million in the first nine months of 2025, representing a 4.9% decrease and a 14.7% increase, respectively, compared to the same periods in 2024. Net margins reached 13.9% in the quarter and 16.5% in 9M25, demonstrating the Company's ability to sustain solid profitability levels even amid higher financial pressure.

The variation in net income primarily reflects the growth in Adjusted EBITDA, which offset higher financial expenses and depreciation resulting from business expansion and increased investment volumes. The performance achieved

underscores the operational efficiency gains and cost management discipline, resulting in consistent value creation and a profitable, sustainable growth model.

Quarterly Net Income Variation

(BRL Million)



Cash net income, which considers the effects of tax credits (such as PIS/COFINS on inputs), tax compensations, and deferred taxes, totaled BRL 117.9 million in 3Q25 and BRL 363.4 million in 9M25. The cash net margin reached 24.4% in the quarter and 27.0% in the year-to-date, representing increases of 4.0% and 17.8% compared to 3Q24 and 9M24, respectively. This performance was driven by higher utilization of deferred tax credits and a greater volume of tax offsets compared to the same period of the previous year.

Net Income

(BRL Million)



Cash Net Income

(BRL Million)

Consolidated data in BRL million

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

9M25

9M24

Var. (%)

Adjusted EBITDA¹

254.6

199.0

27.9%

227.2

12.0%

688.3

549.9

25.2%

Non-recurring items

(28.8)

(7.2)

299.3%

(0.1)

NA

(29.4)

(12.5)

134.4%

CVM EBITDA

225.7

191.8

17.7%

227.1

-0.6%

658.9

537.3

22.6%

Depreciation and Amortization

(70.8)

(57.9)

-22.2%

(66.1)

-7.1%

(199.4)

(171.0)

-16.6%

Financial Result

(54.2)

(37.8)

-43.3%

(44.1)

-22.7%

(144.0)

(79.4)

-81.4%

Earnings before income tax and social contribution

100.8

96.1

4.9%

116.9

-13.8%

315.5

286.9

10.0%

Income tax and social

contribution expenses

(33.4)

(25.3)

32.2%

(29.5)

13.2%

(92.9)

(77.5)

19.9%

Net Income

67.3

70.8

-4.9%

87.3

-22.9%

222.6

209.5

6.2%

Net Margin

13.9%

16.9%

-2.9 p.p.

19.4%

-5.5 p.p.

16.5%

18.3%

-1.8 p.p.

Net Income per Share

0.29

0.30

-2.9%

0.37

-22.9%

0.95

0.88

8.5%

Deferred IT/SC

18.6

18.9

-1.9%

16.0

16.1%

50.7

45.2

12.2%

Credits written off²

32.0

23.7

35.1%

48.6

-34.0%

90.1

53.6

67.9%

Cash Net Income

117.9

113.5

4.0%

151.9

-22.4%

363.4

308.4

17.8%

Cash Net Margin 24.4% 27.0% -2.6 p.p. 33.7% -9.3 p.p. 27.0% 27.0% 0.0 p.p.

Cash Net Income per Share 0.50 0.47

6.2%

0.65

-22.4%

1.55 1.29

20.3%

¹ Excluding non-recurring items. Unaudited information.

² PIS/COFINS credit on inputs and offsetting of other taxes.

‌Rental Business Unit (Light, Heavy and Intralogistics)

Even in an economic environment showing signs of moderation, with a slowdown in real activity and the postponement of investments, the Rental unit maintained a positive performance in 3Q25. In the Light Equipment segment, the Company remains attentive to market dynamics and outlooks, preserving its pricing discipline despite challenges related to asset allocation and fleet utilization management. Strategic alternatives have been pursued to mitigate potential impacts from market softening, with a focus on longer-term contracts, which reinforce revenue predictability and customer loyalty.

In the Heavy Equipment unit, the Company once again recorded expansion in contracts and greater penetration in more resilient sectors of the economy, resulting in significant rental revenue growth during the period. The segment's EBITDA margin improved, reflecting commercial discipline in pricing and capital allocation. Following the acquisition of Next Rental, completed on August 14, 2025, its revenues began to be recognized this quarter, expanding Mills' presence in strategic regions and strengthening its customer base. In a still fragmented market with ample consolidation opportunities, the Company continues to combine organic investments linked to longterm, high-return contracts with selective acquisitions of high-quality assets, reinforcing both portfolio diversification and competitive positioning.

In Intralogistics, Mills continued to advance in the integration and standardization of processes. The September 2025 run rate¹ showed significant growth compared to September 2024, reflecting an increase in the number of active contracts and the ramp-up of ongoing operations. Throughout the first nine months of the year, the Company intensified initiatives to expand its share of wallet with key clients, strengthening customer loyalty and increasing market penetration. Focus was also maintained on actions to accelerate the mobilization of new operations, ensure strict SLA compliance, and sustain high customer satisfaction and long-term relationships.

Finally, the Company continued to expand cross-sell and cross-service initiatives among its different business units, strengthening customer relationships and capturing scale efficiencies in maintenance, logistics, and administrative support. Mills remains committed to consolidating an integrated, multi-product platform capable of providing tailored operational solutions to each client, reinforcing its role as a strategic partner of choice and a consistent generator of sustainable value.

¹Run Rate: revenue from the last month of the quarter multiplied by 12 months.

‌Rental Result

BRL million

3Q25

3Q24

YoY. (%)

2Q25

QoQ. (%)

9M25

9M24

Var. (%)

Gross Revenue

435.2

396.9

9.6%

414.5

5.0%

1.231.1

1.058.9

16.3%

Total Net Revenue

394.6

360.8

9.4%

375.8

5.0%

1.116.5

963.6

15.9%

Rental

366.0

330.1

10.9%

346.1

5.8%

1.033.3

888.0

16.4%

Sales

16.4

21.8

-24.5%

18.5

-11.5%

49.2

55.9

-12.0%

Other

12.2

8.9

36.9%

11.2

9.1%

34.0

19.7

72.9%

Total COGS, ex-depreciation

(120.7)

(110.7)

9.0%

(108.6)

11.1%

(329.1)

(286.3)

14.9%

Rental

(112.0)

(102.3)

9.5%

(99.1)

13.0%

(305.6)

(259.2)

17.9%

Sales

(8.6)

(8.3)

3.5%

(9.4)

-8.5%

(23.4)

(27.0)

-13.3%

Other

-

-

-

NA

-

(0.1)

-100.0%

% of Net Revenue

30.6%

30.7%

-0.1 p.p.

28.9%

1.7 p.p.

29.5%

29.7%

-0.2 p.p.

Gross Profit, ex-depreciation

274.0

250.1

9.6%

267.2

2.5%

787.5

677.3

16.3%

Gross Margin

69.4%

69.3%

0.1 p.p.

71.1%

-1.7 p.p.

70.5%

70.3%

0.2 p.p.

Gross Margin - Rental

69.4%

69.0%

0.4 p.p.

71.4%

-2.0 p.p.

70.4%

70.8%

-0.4 p.p.

Gross Margin - Sales

47.5%

61.7%

-14.2 p.p.

49.2%

-1.7 p.p.

52.3%

51.6%

0.8 p.p.

SG&A, ex-depreciation and ECL

(101.7)

(84.4)

20.5%

(78.1)

30.2%

(254.0)

(225.0)

12.9%

Expenses

(76.7)

(79.0)

-2.9%

(77.9)

-1.5%

(228.7)

(215.6)

6.1%

Non-recurring items

(25.0)

(5.4)

361.2%

(0.2)

11751.4%

(25.3)

(9.5)

167.1%

% of Net Revenue

25.8%

23.4%

2.4 p.p.

20.8%

5.0 p.p.

22.7%

23.4%

-0.6 p.p.

ECL

(6.8)

(3.1)

119.0%

(6.7)

2.0%

(19.7)

(13.3)

47.9%

CVM EBITDA

165.5

162.6

1.8%

182.5

-9.3%

513.8

439.0

17.1%

EBITDA margin (%)

41.9%

45.1%

-3.1 p.p.

48.6%

-6.6 p.p.

46.0%

45.6%

0.5 p.p.

Adjusted EBITDA¹

190.5

168.0

13.4%

182.7

4.2%

539.1

448.4

20.2%

Adjusted EBITDA margin (%)

48.3%

46.6%

1.7 p.p.

48.6%

-0.4 p.p.

48.3%

46.5%

1.7 p.p.

Adjusted ex-sales EBITDA margin (%)

48.3%

45.6%

2.7 p.p.

48.6%

-0.3 p.p.

48.1%

46.2%

1.9 p.p.

Depreciation

(66.8)

(53.6)

24.6%

(62.2)

7.3%

(187.5)

(157.0)

19.4%

EBIT 98.7 109.0

-9.4%

120.3

-17.9%

326.3 282.0

15.7%

EBIT margin (%) 25.0% 30.2%

-5.2 p.p.

32.0%

-7.0 p.p.

29.2% 29.3%

0.0 p.p.

¹ Excluding non-recurring items. Non-GAAP - Information unaudited by the independent auditors.

Gross revenue reached BRL 435.2 million in 3Q25 and BRL 1,231.1 million in the first nine months of the year, representing increases of 9.6% and 16.3%, respectively, compared to the same periods in 2024. This performance reflects the consistent execution of the Company's growth strategy, with emphasis on the increase in rental revenue from the Heavy Equipment and Intralogistics units, the main growth drivers for the period.

At the end of 3Q25, the Company had 16.1 thousand equipment in operation, an increase of 12.0% compared to the same period in 2024. The fleet was composed of 11.0 thousand Light Equipment units, 2.6 thousand Heavy Equipment units, and 2.5 thousand Intralogistics units, highlighting organic expansion and optimized asset allocation.

The growth in the operational base reflects a balanced approach between capital discipline, selective investment allocation, and focus on higher-return, longer-term contracts. It is worth noting that during the period, 738 assets

from Next Rental were incorporated, of which 38% correspond to Heavy Rental machinery, 34% to trucks and support vehicles, 21% to forklifts, and 7% to aerial platforms and other equipment.

Fleet Size

(in thousands)

14.3

+13.1%

14.8 15.1 15.2 16.1

10.6

1.6

2.0

3Q24

11.1

1.7

2.0

4Q24

11.0

1.8

2.3

1Q25

11.0

1.9

2.3

2Q25

11.0

2.6

2.5

3Q25

AWPs, Compressors and Generators
Earthworking Machines and Adapted Trucks Forklifts and Pallet Trucks

Net Revenue Breakdown

(BRL million)



The cost of goods sold (COGS) for the Rental unit, excluding depreciation, increased 9.0% in 3Q25 and 14.9% in 9M25 compared to the same periods in 2024, reflecting the higher rental revenue volume during the period. In relation to net revenue, COGS improved by 0.1 p.p. in the quarter and 0.2 p.p. year-to-date, as a result of operational efficiency gains.

Selling, general and administrative expenses (SG&A), also excluding depreciation, totaled BRL 101.7 million in 3Q25 and BRL 254.0 million in 9M25, compared to BRL 84.4 million and BRL 225.0 million in 2024. Despite the absolute increase, SG&A as a percentage of net revenue decreased from 23.4% to 22.7% year-to-date. This improvement primarily reflects the right-sizing of the operational structure and stronger revenue growth, which contributed to the dilution of fixed costs.

The expected credit loss (ECL) provision ended 3Q25 at 1.7% of net revenue, slightly higher than the previous quarter (-BRL 0.1 million). Even with this variation, the ratio remains below the historical average, demonstrating the quality of the receivables portfolio and the Company's efficient credit management. The Company continues to implement continuous client base monitoring, with stricter collection processes and faster asset recovery, mitigating potential default risks.

The Adjusted EBITDA for the Rental unit totaled BRL 190.5 million in 3Q25 and BRL 539.1 million in 9M25, representing increases of 13.4% and 20.2%, respectively, compared to the same periods in 2024. Adjusted EBITDA

margins reached 48.3% both in the quarter and year-to-date, an increase of 1.7 p.p. versus 3Q24 and 9M24, reflecting strong operating performance, SG&A dilution, the recognition of Next's results, and non-recurring effects related to the Company's long-term incentive plan.



‌Formwork and Shoring

In 3Q25, the Formwork & Shoring unit once again delivered consistent results, driven by the continued progress of infrastructure projects across different regions of Brazil. The period was marked by an increase in both average ticket and rented volume, reflecting stronger demand and the Company's ability to respond quickly to market dynamics, capturing greater value in negotiations. During the quarter, investments of approximately BRL 20 million were made to unlock part of the available equipment fleet and meet the growing demand from ongoing projects.

The Company continues to expand its presence in urban mobility and large-scale construction projects, consolidating Mills as a reference in infrastructure solutions and a strategic partner in the country's development. The focus remains on large projects while exploring cross-sell synergies with other business units, further strengthening the Company's integrated ecosystem of solutions.

‌Formwork and Shoring Result

BRL million

3Q25

3Q24

Var. (%)

2T25

Var. (%)

9M25

9M24

Var. (%)

Gross Revenue

94.3

63.3

48.9%

80.3

17.4%

246.2

193.5

27.2%

Total net revenue

88.1

58.7

50.0%

74.3

18.5%

228.7

179.0

27.8%

Rental

71.7

53.6

33.7%

67.0

7.1%

199.0

158.7

25.4%

Sales

0.1

0.2

-36.8%

0.1

39.0%

2.2

0.5

342.6%

Other

16.3

4.9

232.8%

7.3

122.7%

27.5

19.9

38.5%

Total COGS, ex-depreciation

(14.7)

(12.7)

15.9%

(13.1)

12.6%

(39.3)

(35.7)

10.0%

Rental

(14.6)

(12.8)

14.7%

(12.8)

14.3%

(39.2)

(35.5)

10.4%

Sales

(0.1)

(0.1)

1.9%

(0.1)

-46.1%

(0.2)

(0.2)

24.8%

Other

(0.0)

0.1

-102.3%

(0.1)

-97.7%

0.1

(0.1)

-296.1%

% of Net Revenue

16.7%

21.6%

-4.9 p.p.

17.6%

-0.9 p.p.

17.2%

19.9%

-2.8 p.p.

Gross Profit, ex-depreciation

73.4

46.1

59.4%

61.3

19.8%

189.5

143.3

32.2%

Gross Margin

83.3%

78.4%

4.9 p.p.

82.4%

0.9 p.p.

82.8%

80.1%

2.8 p.p.

Gross Margin - Rental

79.6%

76.2%

3.4 p.p.

80.9%

-1.3 p.p.

80.3%

77.6%

2.7 p.p.

Gross Margin - Sales

50.6%

69.3%

-18.7 p.p.

-27.5%

78.1 p.p.

90.4%

64.3%

26.1 p.p.

SG&A, ex-depreciation and ECL

(15.8)

(14.2)

11.3%

(11.6)

36.0%

(40.2)

(39.6)

1.4%

Expenses

(11.9)

(12.4)

-3.7%

(11.7)

1.6%

(36.1)

(36.6)

-1.2%

Non-recurring items

(3.9)

(1.8)

113.9%

0.1

3246.6%

(4.1)

(3.1)

33.2%

% of Net Revenue

17.9%

24.2%

-6.2 p.p.

15.6%

2.3 p.p.

17.6%

22.1%

-4.6 p.p.

ECL

2.6

(2.6)

-198.6%

(5.1)

-151.5%

(4.1)

(5.5)

-24.3%

CVM EBITDA

60.2

29.2

106.2%

44.6

35.0%

145.1

98.4

47.5%

EBITDA margin (%)

68.4%

49.7%

18.6 p.p.

60.0%

8.4 p.p.

63.4%

55.0%

8.5 p.p.

Adjusted EBITDA¹

64.1

31.0

106.7%

44.5

44.1%

149.2

101.5

47.1%

Adjusted EBITDA margin (%)

72.7%

52.8%

19.9 p.p.

59.8%

12.9 p.p.

65.2%

56.7%

8.6 p.p.

Adjusted ex-sales EBITDA margin (%)

72.8%

52.8%

20.0 p.p.

59.9%

12.8 p.p.

65.0%

56.7%

8.3 p.p.

Depreciation

(4.0)

(4.3)

-7.6%

(3.8)

3.3%

(11.9)

(14.0)

-14.7%

Adjusted EBIT

56.3

24.9

125.9%

40.8

38.0%

133.2

84.4

57.8%

Adjusted EBIT margin (%)

63.9%

42.4%

21.4 p.p.

54.8%

9.0 p.p.

58.2%

47.2%

11.1 p.p.

¹ Excluding non-recurring items. Non-GAAP - Information unaudited by the independent auditors.

The gross revenue of the Formwork and Shoring unit totaled BRL 94.3 million in 3Q25 and BRL 246.2 million in 9M25, representing increases of 48.9% and 27.2% compared to 3Q24 and 9M24, respectively. Net revenue grew 50.0% in the quarter and 27.8% year-to-date, mainly driven by higher rental revenue, as well as by one-off indemnity payments from clients resulting from commercial agreements. During the quarter, the Company entered into settlement agreements with clients that had outstanding receivables, which contributed positively to "Other Revenues" and to the Expected Credit Loss (ECL) line.

Volume

(thousand tons)



Net Revenue Breakdown

(BRL million)



The gross margin of the Formwork and Shoring unit reached 83.3% in 3Q25 and 82.8% in 9M25, reflecting the strengthening of pricing, rental volume, and other revenue levers, as previously mentioned. Operating costs, excluding depreciation, totaled BRL 14.7 million in the quarter and BRL 39.3 million year-to-date, increases of 15.9% and 10.0% versus 3Q24 and 9M24, respectively. As a percentage of net revenue, operating costs decreased 4.9 p.p. in the quarter and 2.8 p.p. year-to-date, evidencing cost dilution alongside revenue growth.

Selling, general and administrative expenses (SG&A), also excluding depreciation, amounted to BRL 15.8 million in 3Q25 and BRL 40.2 million in 9M25, mainly related to administrative and personnel expenses. In relative terms, SG&A decreased from 24.2% to 17.9% of net revenue in the quarter and from 22.1% to 17.6% in the nine-month period, resulting in gains of 6.2 p.p. and 4.6 p.p., respectively, a result of fixed-cost dilution supported by revenue growth.

The expected credit loss (ECL) provision totaled BRL 2.6 million (3.0% of revenue) in 3Q25 and BRL -4.1 million

(-1.8% of revenue) in 9M25, compared to -4.5% and -3.1% in the same periods of 2024. The results reflect the recovery of previously provisioned amounts, positively impacting the ECL line. The Company continues to monitor the cyclicality of the construction sector closely, maintaining partnerships with contractors and continuously reviewing its risk matrix and exposure to the segment to mitigate potential future impacts.

Adjusted EBITDA reached BRL 64.1 million in 3Q25 and BRL 149.2 million in 9M25, representing growth of 106.7% and 47.1% year-over-year. The EBITDA margin reached 72.7% in the quarter and 65.2% year-to-date, an increase of 19.9 p.p. and 8.6 p.p., respectively. This performance highlights the unit's resilience and strong cash-generation capacity, supported by a solid project pipeline, mobilization of strategic contracts during the period, and compensation received from demobilized projects.

‌Indebtedness

On July 28, the Board of Directors approved the 11th issuance of simple, non-convertible, unsecured debentures, in a single series, totaling BRL 500 million, with a five-year maturity and a cost of CDI + 0.90% p.a. The proceeds will be used to strengthen cash position, prepay existing liabilities, and continue executing the Company's growth strategy.

At the end of 3Q25, gross debt amounted to BRL 2.2 billion, up BRL 400 million from 2Q25, mainly due to the 11th debenture issuance, partially offset by debt amortizations and the payment related to the Next Rental acquisition. The average debt tenor was extended to 3.63 years, and the average cost decreased to CDI + 1.28% p.a., resulting in a post-tax cost of debt of 10.80% p.a.

As of September 30, 2025, the Company held BRL 913.4 million in cash and equivalents, resulting in net debt of BRL 1.2 billion. The net debt / Adjusted EBITDA (LTM) ratio remained stable at 1.5x, well below the financial covenant thresholds. The Company maintains a disciplined financial management approach, combining capital structure optimization with the execution of both organic and inorganic growth initiatives. This strategy remains focused on strategic funding, conscious leverage, and long-term financial sustainability.

Indebtedness

(BRL million)



* LTM EBITDA excluding IFRS 16 effects

Debt repayment schedule

(BRL milhões)



BRL million

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

Gross Debt

2,196.3

1,548.7

41.8%

1,662.7

32.1%

Cash and Financial investments

913.4

675.3

35.3%

519.2

75.9%

Net debt

1,282.8

873.4

46.9%

1,143.5

12.2%

Short term Debt

255.4

273.8

-6.7%

316.9

-19.4%

Adjusted EBITDA LTM

851.0

702.4

21.2%

797.9

6.6%

Net debt / Adjusted EBITDA 16 LTM (x)

1.5x

1.2x

0.3 p.p

1.4x

0.1 p.p

ST Net Debt / Adjusted EBITDA LTM (x)

0.3x

0.4x

-0.1 p.p

0.4x

-0.1 p.p

‌Investments

In 3Q25, investments totaled BRL 261.2 million, representing an increase of 51.0% year-over-year. Approximately 93% of this amount was allocated to rental asset acquisitions, primarily within the Heavy Equipment and Intralogistics units. In the first nine months of 2025, CapEx reached BRL 595.4 million, a 27.9% decrease compared to the same period of 2024.

During the quarter, the Company completed the acquisition of Next Rental, with a total disbursement of BRL 179.3 million, paid in full at closing.

The Company continues to evaluate organic and inorganic growth opportunities that accelerate expansion and strengthen its presence in high-potential markets. This approach reinforces its strategy to offer an integrated, multi-product platform aligned with sustainable value creation for clients and shareholders.

BRL millions

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

9M25

9M24

Var. (%)

M&As

179.3

-

-

-

-

179.3

310.1

-42.2%

Rental Equipment

63.9

160.7

-60.2%

152.0

-58.0%

379.2

487.8

-22.3%

Corporate and Use Goods

18.0

12.3

46.8%

10.9

65.8%

36.9

27.6

33.8%

Total CapEx

261.2

173.0

51.0%

162.9

60.3%

595.4

825.5

-27.9%

‌ROIC and ROE

BRL million

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

NOPAT (LTM)

528.3

436.4

21.1%

509.8

3.6%

EBIT (LTM)

601.2

506.4

18.7%

580.2

3.6%

Income Tax and Social Contribution (LTM)

(72.9)

(70.0)

4.2%

(70.4)

3.5%

Average equity

2,683.5

1,954.2

37.3%

2,544.0

5.5%

Working capital (LTM Average)

386.3

275.0

40.5%

366.8

5.3%

Property, Plant and Equipment (LTM Average)

2,297.2

1,679.2

36.8%

2,177.2

5.5%

ROIC LTM

19.7%

22.3%

-2.6 p.p.

20.0%

-0.3 p.p.

¹ Calculated using the cash tax rate.

For the last twelve months ended September 2025, ROIC reached 19.7%, reflecting the ongoing investment cycle and revenue ramp-up from business expansion. This trajectory aligns with the Company's sustainable growth strategy and commitment to delivering returns consistently above the weighted average cost of capital (WACC) over time. As new investments mature and contribute fully to results, ROIC is expected to gradually return to historically observed levels.

The asset lifecycle and utilization rate play a decisive role in business profitability: the longer the economic life of equipment, the higher the return on invested capital. As the asset mix evolves and the average fleet age changes, the capital profile is continuously optimized. Mills thus maintains strict capital allocation discipline, seeking a balanced combination of growth, profitability, and operational efficiency, always focused on maximizing economic value creation and delivering sustainable returns to shareholders.

BRL million

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

Net Income (LTM)

298.3

290.5

2.7%

301.8

-1.1%

Total Equity (LTM Average)

1,135.5

1,477.2

-23.1%

937.0

21.2%

ROE LTM

26.3%

19.7%

6.6 p.p.

32.2%

-5.9 p.p.

‌Adjusted Cash Flow

in BRL million

3Q25

3Q24

2Q25

Operating cash flow

(0.0)

69.2

(60.1)

Interest paid

18.4

30.3

97.4

Acquisition of rental equipment (Gross of PIS COFINS)

243.1

160.7

152.0

Suppliers (rental assets)

2.5

(30.3)

(26.5)

Interest and monetary exchange net gains and losses (cash)

(24.7)

(16.4)

(35.0)

Leasing (IFRS 16)

(14.6)

(8.9)

(13.5)

Adjusted Operating Cash Flow

224.7

204.6

114.3

Acquisition of rental equipment (Gross of PIS COFINS)

(243.1)

(160.7)

(152.0)

Suppliers (rental assets)

(2.5)

30.3

26.5

Net cash generated by (used in) financing activities

(71.3)

(79.4)

(28.9)

Adjusted Free Cash Flow to Firm ¹

(92.3)

(5.2)

(40.1)

Adj Operating Cash Flow as % of EBITDA CVM

99.6%

106.7%

50.3%

In 3Q25, the adjusted consolidated operating cash flow¹ totaled BRL 224.7 million, a 9.9% increase compared to 3Q24. The result mainly reflects the higher level of investments and timing differences in their accounting recognition between periods, influenced by the purchasing, delivery, and payment schedules of new equipment. In the first nine months of 2025, operating cash flow reached BRL 490.0 million, 20.1% higher than in 9M24. Free cash flow to the firm (FCFF) represented a cash outflow of BRL 92.3 million in 3Q25, reflecting the higher investment volume in the period, while in 9M25 the outflow totaled BRL 83.6 million. EBITDA-to-cash conversion reached 99.6% in the quarter and 74.4% year-to-date, underscoring the Company's efficient working capital management and strong cash generation capability.

Adjusted operating cash flow

(BRL Million)

106.7%

50.3%

99.6%

75.9% 74.4%

+20.1%

490.0

407.9

+9.9%

204.6

224.7

114.3

3Q24 2Q25 3Q25 9M24 9M25

Adjusted operating cash flow
Adjusted operating cash flow % EBITDA CVM

¹ For adjusted operating cash flow, paid interest, lease investments, and net monetary gains and losses are excluded. For free cash flow to the firm, cash flows from investing activities and acquisitions of leased assets are also excluded.

‌ESG

We finished the quarter with significant progress on our sustainability agenda, consolidating strategic initiatives that reinforce our commitment to transparency, innovation, and social-environmental responsibility.

We completed the stakeholder engagement process for the review of our Materiality Matrix, built collaboratively and involving multiple internal areas and external stakeholders. The new material topics will reflect the current challenges and opportunities of our business, aligning our ESG priorities with the expectations of the market and society. The new matrix, along with our updated sustainability strategy, will be published in our next annual report.

We also completed our 2025 CDP submission, covering both Climate Change and Water Security topics. This reinforces our commitment to transparency with the market and our clients and demonstrates our alignment with leading international reporting frameworks, contributing to increasingly robust environmental management practices in line with global standards. As part of our governance enhancement efforts, we joined EcoVadis, a global platform that assesses corporate sustainability across environmental, social, and governance criteria, further strengthening our transparency practices and commitment to clients and stakeholders.

Regarding emissions management, we began collecting data for the 2025 Greenhouse Gas (GHG) Inventory using an automated platform, ensuring traceability and accuracy of reported information. In parallel, we launched a new Climate Transition Plan, covering all business units. The plan is being developed based on initiatives and opportunities identified by the "Descarboniza Mills" working group, as well as market trends and innovative solutions.

On the social front, we expanded our Transformar Program - focused on education and employability within local communities, by opening new classes in Cabo de Santo Agostinho, Camaçari, Cascavel, Itajaí, and Pouso Alegre. In this cycle alone, over 50 young participants benefited from the initiative, with 37% women and 72% Black participants, reinforcing our commitment to talent development and diversity in the industrial equipment sector.

To date, the program has trained 280 young people, many of whom have successfully entered the job market, increased their income, and improved their families' living conditions. During the quarter, we also reinforced our Diversity, Equity, and Inclusion (DE&I) commitment through new leadership training sessions and continued engagement in forums and initiatives promoting dialogue and awareness. Highlights include our participation in the UNHCR's Companies with Refugees Forum, as well as numerous volunteer actions across our branches, such as lectures and discussion circles that strengthen our sense of belonging and foster active listening throughout the organization.

Finally, we advanced our institutional maturity by joining the "Business and Human Rights" working group of the Ethos Institute, further aligning Mills with national and international best practices and principles on the topic

‌Tables

Consolidated data in BRL million

Table 1 - Rental net revenue per Business Unit

BRL million

3Q25

3Q24

YoY. (%)

2Q25

QoQ. (%)

9M25

9M24

YTD. (%)

Total Rent Net Revenue

437.7

383.7

14.1%

413.0

6.0%

1,232.3

1,046.7

17.7%

Rental

366.0

330.1

10.9%

346.1

5.8%

1,033.3

888.0

16.4%

Formwork and Shoring

71.7

53.6

33.7%

67.0

7.1%

199.0

158.7

25.4%

Information unaudited by the independent auditors.

Table 2 - Reconciliation of Adjusted EBITDA

BRL million

3Q25

3Q24

YoY. (%)

2Q25

QoQ. (%)

9M25

9M24

YTD. (%)

Net income

67.3

70.8

-4.9%

87.3

-22.9%

222.6

209.5

6.2%

Income tax and social contribution expenses

33.4

25.3

32.2%

29.5

13.2%

92.9

77.5

19.9%

Earnings before Income tax

and social contribution

100.8

96.1

4.9%

116.9

-13.8%

315.5

286.9

10.0%

Financial Results

54.2

37.8

-43.3%

44.1

-22.7%

144.0

79.4

-81.4%

Depreciation and Amortization

70.8

57.9

-22.2%

66.1

-7.1%

199.4

171.0

-16.6%

CVM EBITDA

225.7

191.8

17.7%

227.1

-0.6%

658.9

537.3

22.6%

Non-recurring items

28.8

7.2

299.3%

0.1

NA

29.4

12.5

134.4%

Adjusted EBITDA¹

254.6

199.0

27.9%

227.2

12.0%

688.3

549.9

25.2%

¹ Excluding non-recurring items. Unaudited information.

Tables

Consolidated data in BRL million

Table 3 - Reconciliation of EBITDA with Adjusted Operating Cash Flow

Consolidated in BRL million

3Q25

3Q24

2Q25

CVM EBITDA

225.7

191.8

227.1

Non cash items

38.7

24.8

39.4

Provision for tax, civil and labor risks

2.6

7.5

7.6

Accrued expenses on stock options

6.9

4.1

4.7

Post Employment Benefits

0.3

0.3

0.2

Residual value of property, plant and equipment and intangible assets sold and written off

5.3

2.3

10.6

Provision (reversal) for impairment loss on trade receivables

4.2

5.7

11.7

Provision (reversal) for slow-moving inventories

(0.4)

(0.2)

0.2

Provision for Profit Sharing

7.5

5.3

3.7

Other provisions

12.2

(0.2)

0.7

CVM EBITDA ex-non cash provisions

264.4

216.6

266.5

Cash

(264.4)

(147.4)

(326.6)

Interest and monetary and exchange gains and losses (cash)

24.7

16.4

35.0

Trade receivables

(35.1)

(3.0)

(36.8)

Acquisitions of rental equipment

(261.5)

(118.8)

(151.9)

Inventories

8.3

(12.3)

(2.4)

Taxes recoverable

29.5

(9.9)

(17.0)

Other assets

(9.8)

(2.7)

3.4

Suppliers (ex-rental assets)

4.6

12.0

(24.8)

Payroll and related taxes

7.7

6.2

(20.5)

Taxes payable

(1.3)

2.2

3.7

Other liabilities

3.5

(0.5)

0.3

Paid income and social contribution taxes

(14.8)

(3.7)

(15.5)

Law suits settled

(1.9)

(3.1)

(2.9)

Interest paid

(18.4)

(30.3)

(97.4)

Cash flows from operating activities according to the financial statements

(0.0)

69.2

(60.1)

Interest and monetary and exchange gains and losses (cash)

(24.7)

(16.4)

(35.0)

Acquisitions of rental equipment (Gross of PIS COFINS)

243.1

160.7

152.0

Suppliers (rental assets)

2.5

(30.3)

(26.5)

Interest paid

18.4

30.3

97.4

Leasing IFRS16

(14.6)

(8.9)

(13.5)

Adjusted Operating Cash Flow

224.8

204.6

114.3

‌DRE

Consolidated data in BRL million

BRL milhões

3T25

3T24

Var. (%)

2T25

Var. (%)

9M25

9M24

Var. (%)

Gross Revenue

529.6

460.5

15.0%

494.8

7.0%

1,478.5

1,253.2

18.0%

Net revenue from sales and services

482.6

419.5

15.0%

450.1

7.2%

1,345.0

1,142.8

17.7%

Cost of products sold and services

rendered

(180.8)

(155.0)

16.6%

(162.1)

11.5%

(490.6)

(431.9)

13.6%

Gross Profit

301.8

264.5

14.1%

288.0

4.8%

854.4

711.0

20.2%

Operational (Expenses)/Revenues

(146.8)

(130.6)

12.4%

(127.0)

15.6%

(394.8)

(344.6)

14.6%

Profit before Financial Result

155.0

133.9

15.8%

161.0

-3.7%

459.6

366.4

25.5%

Financial expenses

(92.2)

(71.3)

29.4%

(81.9)

12.7%

(247.1)

(173.9)

42.1%

Financial revenues

38.1

33.5

13.8%

37.7

1.0%

103.1

94.5

9.2%

Financial result

(54.2)

(37.8)

43.3%

(44.1)

22.7%

(144.0)

(79.4)

81.3%

Profit before taxes

100.9

96.1

5.0%

116.9

-13.7%

315.6

286.9

10.0%

Income tax and social contribution

(33.4)

(25.3)

32.2%

(29.5)

13.2%

(92.9)

(77.5)

19.9%

Net income

67.4

70.8

-4.9%

87.3

-22.8%

222.7

209.5

6.3%

‌Balance Sheet

Consolidated data in BRL million

BRL million 3Q25 3Q24 2Q25

Assets

Current Assets

Cash and cash equivalents

650.5

478.7

305.4

Financial investments

262.9

172.7

213.8

Restricted bank deposits

-

23.9

-

Third-party receivables

478.9

381.7

441.2

Inventories

111.1

112.1

118.9

Derivative financial instruments

-

11.7

-

Taxes recoverable

121.8

48.1

77.5

Other assets

75.1

40.9

62.6

Assets held for sale

5.5

9.4

5.5

Total Current Assets

1,705,8

1,279,1

1,224,9

Non-Current Assets

Deferred income tax and social contribution

123.2

177.6

137.2

Taxes recoverable

65.7

62.0

64.8

Judicial deposits

3.8

9.9

4.8

Other assets

0.1

0.1

0.1

Property, plant and equipment

2,240,0

1,760,9

2,044,5

Intangible assets

340.6

298.4

308.0

Total Non-Current Assets

2,773,5

2,309,1

2,559,4

Total Assets

4,479,3

3,588,2

3,784,2

Balance Sheet

Consolidated data in BRL million

BRL million 3Q25 3Q24 2Q25

Liabilities

Current Liabilities

Accounts payable to third parties

130.8

151.9

126.5

Accounts payable to related parties

1.6

-

1.4

Accounts payable - acquisitions of subsidiaries

69.3

24.1

36.2

Social and labor obligations

83.0

77.5

67.7

Loans, borrowings and debt securities

255.4

273.8

206.8

Lease liabilities

42.4

39.6

40.4

Derivative financial instruments

3.2

-

0.4

Tax recovery program (REFIS)

1.2

1.9

1.3

Income tax and social contribution payable

2.5

6.7

7.9

Taxes payable

18.8

10.6

15.6

Dividends and interest on equity

0.0

8.3

48.9

Other liabilities

5.2

0.9

1.6

Total Current Liabilities

613.4

595.3

554.7

Non-Current Liabilities

Accounts payable to third parties

21,7

19,5

29,0

Accounts payable - acquisitions of subsidiaries

96,0

111,3

94,5

Loans, borrowings and debt securities

1.940,8

1.274,9

1.455,9

Lease liabilities

60,5

64,0

58,2

Tax recovery program (REFIS)

2,5

3,4

2,8

Taxes payable

-

-

-

Deferred income tax and social contribution

29,9

19,3

23,9

Provision for risks

24,3

22,3

23,5

Provision for post-employment benefits

8,5

12,2

8,2

Other liabilities

0,1

0,4

0,1

Total Non-Current Liabilities

2,184,2

1,527,2

1,696,1

Total Liabilities

2,797,6

2,122,5

2,250,7

Equity

Share capital

1.091,6

1.091,6

1.091,6

Treasury shares

(72,5)

(67,1)

(72,5)

Capital reserves

(103,3)

(55,4)

(110,2)

Profit reserves

617,2

401,8

543,3

Asset revaluation adjustment

(14,1)

(17,2)

(14,1)

Retained earnings (Accumulated profits and losses)

159,8

109,5

92,5

Subtotal

1,678.7

1,463.1

1,530.5

Non-controlling interests

3.1

2.6

3.0

Total Equity

1,681.8

1,465.7

1,533.5

Total Liabilities and Equity

4,479.4

3,588.2

3,784.3

‌Cash Flow

Consolidated data in BRL million

in BRL million

3Q25

3Q24

2Q25

Cash flows from operating activities

Profit for the year

67.4

70.8

87.3

Non cash adjustments:

208.3

162.8

205.1

Depreciation and amortization

70.8

57.9

66.1

Deferred income and social contribution taxes

19.9

25.8

20.4

Provision (reversal) for tax, civil and labor risks

2.6

7.5

7.6

Accrued expenses on stock options

6.9

4.1

4.7

Post-employment benefit

0.3

0.3

0.2

Residual value of property, plant and equipment and intangible assets sold and written off

5.3

2.3

10.6

Interest and monetary exchange gains and losses, net

76.9

50.9

76.2

Leasing interest

2.0

3.3

2.9

Provision (reversal) for impairment loss on trade receivables - ECL

4.2

5.7

11.7

Provision (reversal) for impairment and fair value

-

-

-

Provision (reversal) for slow-moving inventories

(0.4)

(0.2)

0.2

Provision for Profit Sharing

7.5

5.3

3.7

Other provisions (reversals)

12.2

(0.2)

0.7

Variations on assets and liabilities:

(240.7)

(127.2)

(236.7)

Trade receivables

(35.1)

(3.0)

(36.8)

Acquisitions of rental equipment

(261.5)

(118.8)

(151.9)

Inventories

8.3

(12.3)

(2.4)

Taxes recoverable

29.5

(9.9)

(17.0)

Other assets

(9.8)

(2.7)

3.4

Suppliers (ex-rental assets)

4.5

12.0

(24.8)

Payroll and related taxes

7.7

6.2

(20.5)

Taxes payable

12.2

1.7

12.8

Other liabilities

3.5

(0.5)

0.3

Lawsuits settled

(1.9)

(3.1)

(2.9)

Interest paid

(18.4)

(30.3)

(97.4)

Paid income and social contribution taxes

(14.8)

(3.7)

(15.5)

Net cash from operating activities

(0.0)

69.2

(60.1)

Cash flow

Consolidated data in BRL million

in BRL million

3Q25

3Q24

2Q25

Cash flow from investing activities

Acquisition of subsidiary

(179.3)

-

-

Financial assets

(49.1)

(67.1)

(18.0)

Acquisition of property, plant and equipment and intangible assets

(18.0)

(12.3)

(10.9)

Incorporation of assets arising from the acquisition of a subsidiary

175.1

-

-

Net cash generated by (used in) investing activities

(71.3)

(79.4)

(28.9)

Clash flow from financing activities

Funding (costs) of borrowing and debentures

500.0

19.4

0.0

Restricted bank deposits

-

(0.3)

0.0

Repurchase of treasury shares

-

(18.1)

(0.0)

Intesrest on equity paid

(48.9)

(72.0)

(13.7)

Amortization of borrowing and debentures

(20.1)

(31.6)

(98.6)

Paid leases

(14.6)

(8.9)

(13.5)

Net cash generated by (used in) financing activities

416.4

(111.6)

(125.7)

Net increase/(decrease) in cash and cash equivalents

345.1

(121.7)

(214.7)

Cash and cash equivalents at the beginning of the period

305.5

600.4

520.2

Cash and cash equivalents at the end of the period

650.5

478.7

305.5

Net increase/(decrease) in cash and cash equivalents

345.1

(121.7)

(214.7)

Operating cash flow

(0.0)

69.2

(60.1)

Interest paid

18.4

30.3

97.4

Acquisition of rental equipment (Gross of PIS COFINS)

243.1

160.7

152.0

Suppliers (rental assets)

2.5

(30.3)

(26.5)

Interest and monetary exchange net gains and losses (cash)

(24.7)

(16.4)

(35.0)

Leasing (IFRS 16)

(14.6)

(8.9)

(13.5)

Adjusted Operating Cash Flow

224.7

204.6

114.3

Adjusted Operating Cash Flow ¹

224.7

204.6

114.3

Acquisition of rental equipment (Gross of PIS COFINS)

(243.1)

(160.7)

(152.0)

Suppliers (rental assets)

(2.5)

30.3

26.5

Net cash generated by (used in) financing activities

(71.3)

(79.4)

(28.9)

Adjusted Free Cash Flow to Firm ¹

(92.3)

(5.2)

(40.1)

‌MILS3 History

"Mills' common shares are traded on the Novo Mercado segment of B3 under the ticker MILS3 and are part of several indices, including IBrA, ITAG, IGC, IGC-NM, IGCT, SMLL, ICO2, IDVR, IGPTW, and INDX.

Mills' share price closed at BRL 11.89 on September 30, representing a 7.5% increase compared to the closing price for the same period in 2024. Over the same period, the IBOVESPA and Small Caps indices rose by 10.9% and 10.5%, respectively. At the end of 3Q25, Mills' market capitalization totaled BRL 2.784 billion."

MILS3 Performance

3Q25

3Q24

Var. (%)

2Q25

Var. (%)

Share final price (BRL)

11.89

11.06

7.5%

11.05

7.6%

Maximum²

12.70

11.49

10.5%

11.05

14.9%

Minimum²

10.93

10.24

6.7%

9.01

21.3%

Average²

11.76

11.13

5.6%

10.21

15.2%

Market value of the period (BRL million)

2,784.4

2,645.2

5.3%

2,587.7

7.6%

Daily average negotiated volume (BRL million)

9.43

9.78

-3.6%

8.19

15.1%

# of shares (million)

234.2

239.2

-2.1%

234.2

0.0%

¹ Source: Enfoque and Refinitv

² Closing Price

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