Market Value (05/07): R$ 4.5 billion Average daily liquidity (90 days): R$ 46 million
Conference Call and Webcast
Portuguese (with simultaneous translation into English) Friday, May 08, 2026 | 09:00 am (São Paulo) | 08:00 am (NY)
CLICK HERE to join the webcast Webinar ID: 814 6204 0576 | Access code: 337698
GROSS REVENUE
R$ 12.2 bn+6% vs. 1Q25
ADJUSTED NET INCOME
-R$ 13 mnvs. R$ 8 mn in 1Q25
ADJUSTED EBITDA
R$ 3.2 bn+14% vs. 1Q25
LTM ROIC (ex-BBC)
17.7% (productive)¹+2.0 p.p. above third-party cost of capital
CONSISTENT AND DIVERSIFIED
ORGANIC GROWTH
Net Revenue from Services up 8.6% y/y in 1Q26
HIGHER OPERATIONAL EFFICIENCY
Adjusted EBITDA up 14% y/y to R$3.2 bn in 1Q26
LTM EBITDA² per employee up 14% y/y to R$218 K in 1Q26
LOWER INVESTMENT NEEDS
-68% y/y reduction in Net Capex in 1Q26
Lowest amount in a first quarter since 2020³
BROAD ACCESS TO LONG-TERM CAPITAL SOURCES
+R$4.2 bn in debt raised (avg. cost: CDI + 1.9% | average tenor: 5.1 years) 2
+R$2.9 bn in combined capital increases⁴
YEAR-OVER-YEAR LEVERAGE REDUCTION
0.6x y/y reduction in leverage (to 3.0x)
2.8x when including the capital increases
MONETIZATION OF A NON-LISTED COMPANY
Sale of Ciclus Amazônia in April/26 for R$270 mn5 (total equity value)
Strong value creation based on an implied valuation of 3x 2025 book value
Notes: (1) Excludes capital employed in operations that have not yet contributed to revenue generation - see ROIC section for details. Excluding the positive impact from the sale of Ciclus Rio, ROIC would be 15.7%; (2) Adjusted LTM EBITDA; (3) Since SIMPAR's founding; (4) The effective achievement of the total subscription will still depend on the settlement of remainder and additional remainder orders and on approval by the Boards of Directors. The combined total value of the Transaction excludes the amount of SIMPAR's capital contribution to MOVIDA and VAMOS; (5) R$121 mn represents the equity value corresponding to SIMPAR's 45% stake.
SIMH
B3 LISTED NM
1Q26 RESULTS
1Q26
Continuous results improvement, combining:
1) strong EBITDA growth, 2) profitability expansion,
3) lower Net Capex, and 4) the lowest financial leverage in the last 15 years
MESSAGE FROM MANAGEMENT
We are pleased to report SIMPAR's results for the first quarter of 2026, reflecting the consistency of our management model and disciplined execution of our strategic plan, with continued improvement in profitability and sustained growth in operating cash flow.
We thank our shareholders, clients, suppliers and investors for their continued trust, and our PEOPLE. With more than 56 thousand employees who are the key differentiator across our companies, for their dedication, efficiency and commitment to delivering high-quality service and anticipating our clients' needs.
We also thank the shareholders who participated in the Private Capital Increases, reaffirming their alignment with the Company's strategy and confidence in the growth and value creation opportunities across our businesses. To date¹, these transactions totaled R$1,8 billion at SIMPAR, R$750 million at MOVIDA and R$529 million at VAMOS. These amounts are close to the respective maximums of R$2.0 billion at SIMPAR, R$750 million at MOVIDA and R$600 million at VAMOS under the Private Capital Increases, demonstrating the confidence of the capital markets and BNDESPAr, a leading institution with a strong track record of long-term value creation, in SIMPAR's business model.
SIMPAR's companies have been expanding value creation organically through appropriate pricing and cost pass-through in both existing and new contracts, strict discipline in expense management, asset optimization, and the monetization of investments, as demonstrated by the sale of Ciclus Rio in Dec/25 and the sale of Ciclus Amazônia, announced² in Apr/26 for $121.5 million in equity value, corresponding to SIMPAR's 45% stake in the company. These transactions reinforce the value and potential of SIMPAR's portfolio, including operations in new sectors such as infrastructure that are not yet fully reflected in the Group's market value.
In the quarter, SIMPAR reported Gross Revenue of R$12.2 billion (+6% y/y) and Adjusted EBITDA of R$3.2 billion (+14% y/y), alongside a 68% y/y reduction in Net CAPEX (R$222 million in 1Q26) - the lowest level for a first quarter since 2020. As a result, EBITDA/Net CAPEX ratio increased to 2.1x, compared to historical averages of 0.6x (2020-2022), 1.1x (2023-2024) and slightly above 1.9x in 2025, highlighting our focus on maximizing returns from the asset base built between 2020 and 2024.
Pro forma financial leverage stood at 2.8x LTM Net Debt/EBITDA, reaching the lowest level in the past 15 years,
including the capital increases at SIMPAR, MOVIDA and VAMOS.
The holding company ended 1Q26 with R$3.3 billion in cash, providing sufficient liquidity to cover debt maturities through mid-2031. Consolidated cash totaled R$13.9 billion, a figure that does not include R$1.6 billion in available and undrawn committed credit lines, as well as floor plan lines and the total amount of R$2.9 billion from the capital increases. During the period, the Group raised R$4.2 billion in debt, at an average cost of CDI
+ 1.9% per year and an average tenor of 5.1 year.
JSL delivered results that reflect its ability to consistently generate cash, supported by strong capital allocation discipline. Operating cash flow after growth totaled R$258 million in 1Q26 (~34% of market cap). Gross CAPEX was reduced to R$29.5 million (-82.1% y/y), while Asset Sales totaled R$104.0 million (+4.4% y/y), exceeding investments in the period, reflecting the asset rental strategy, which requires less capital employed and enhances balance sheet efficiency. As a result, financial leverage declined to 2.8x Net Debt/EBITDA (-0.5x y/y). JSL Digital and INTRALOG grew 28% and 11% y/y in 1Q26, respectively. INTRALOG's strong growth potential, combined with our solid culture, Brunno Matta is the new CEO of this company, who joins the team to lead the next phase of expansion, given the opportunities in the intralogistics segment. JSL Dedicated Services remained stable y/y following intentional adjustments made throughout 2025 to improve margins and profitability.
¹ The effective full subscription will still depend on the settlement of subscriptions for Remaining Shares and Additional Remaining Shares, as well as ratification by the Boards of Director
² The closing of the transaction is conditioned to the fulfillment of obligations and conditions precedent usual to this type of operation, including the approval of the Administrative Council for Economic Defense - CADE and authorization by the granting authority
At MOVIDA, disciplined execution of the strategic plan resulted in new records for the quarter. The Company reported Net Revenue of R$3.8 billion (+6% y/y), EBITDA of R$1.6 billion (+17% y/y) and Net Income of R$125 million (+59% y/y), in line with guidance (R$110-130 million). Customer experience remains a core strategic pillar for the Company, reflected in the increase in utilization across a total fleet of 267 thousand cars (+4% y/y), as well as in operational efficiency gains, with reductions in costs and expenses. Pro forma financial leverage (Net Debt/LTM EBITDA), including the full R$750 million capital increase, declined to 2.5x, marking the fourth consecutive quarter of deleveraging. ROIC for 1Q26 LTM reached 16.4% (+4.0 p.p. y/y), equivalent to a 5.3 p.p. spread over the cost of capital. MOVIDA has consistently delivered on its guidance and exceeded market expectations over the past two years. For 2Q26, the Company issued Net Income guidance of R$110-130 million (+78% y/y), approximately 24% above market consensus.
VAMOS reported Net Income of R$87 million in 1Q26, up 74% vs. 3Q25, marking the second consecutive quarter of profitability expansion. This reinforces the view that 3Q25 was a turning point for profitability, supported by improvements across key metrics: (i) a 60% y/y increase in assets sold, with Used Vehicles Gross Revenue reaching R$471 million (+58% y/y); (ii) a 3 p.p. y/y increase in fleet utilization (88%); (iii) a 12% reduction in inventory vs. 4Q25, reaching the lowest level of idle assets since 4Q23; and (iv) pro forma leverage of 2.8x, the lowest level since 2022. These results reinforce consistent progress toward delivering on 2026 guidance: (i) Net CAPEX of R$1.2-R$1.9 billion, (ii) Consolidated Net Revenue of R$6.3-R$6.9 billion, and (iii) EBITDA of R$3.75-R$4.0 billion.
AUTOMOB delivered operational improvements that reflect its ability to consistently execute its strategy, quarter after quarter. In Light Vehicles, a 20% y/y increase in Gross Revenue transacted and 55% y/y growth in F&I gross revenue drove Net Income to R$35 million in 1Q26. In Trucks and Buses, 1.6 thousand units were sold, outperforming the market by 11.7 p.p., with Net Income of R$18 million. In Agricultural Machinery and Equipment, paid inventory was reduced by R$285 million over the last twelve months, while Net Loss was R$49 million. Consistent with the strategy of active portfolio management and discipline and prioritization of capital allocation, in Apr/26, the Seu Carro operation was discontinued, with an estimated positive impact on Net Income of R$1.8 million/month starting June/26. Additionally, in line with our strategic focus on regional clustering and operational synergies, we monetized the rights to a BYD dealership in Campo Grande for R$16 million and opened a new BYD dealership in Maranhão, bringing the total to six BYD dealerships across São Paulo and Maranhão, regions where AUTOMOB has a strong presence.
CS Infra delivered strong performance in 1Q26, with Net Revenue from Services of R$114 million (+134% y/y) and EBITDA of R$42 million (+1,720% y/y), reflecting the initial ramp-up of CS Portos Aratu, CS Rodovias Mercosul and CS Mobi Leste SP. In 2026, the six new toll plazas under construction on CS Grãos do Piauí are expected to come online, alongside the start of toll collection on CS Rodovias Rota da Integração. In May 2026, CS Infra obtained ratification of the CS Portos Amapá concession, awarded in February 2026. The North and South lots (awarded in March 2026), which mark the creation of CS Infrasocial and involve 40 schools in Paraná, have already been ratified and awarded, but remain subject to the fulfillment of conditions precedent prior to the start of operations.
In 1Q26, Ciclus Ambiental reported revenue of R$89 million (+9% y/y) and EBITDA of R$18 million (+1% y/y) from Ciclus Amazônia, while Ciclus Centroeste is expected to begin operations in mid-2026. In April 2026, we announced the sale of our 45% stake in Ciclus Amazônia for R$121 million, reinforcing SIMPAR's ability to create value through disciplined capital allocation across new businesses in different sectors and scales. The transaction remains subject to the fulfillment of conditions precedent, including CADE approval and consent from the granting authority.
In 1Q26, CS Brasil increased Gross Revenue from Services by 5% y/y, reaching R$143 million. Net Revenue from Asset Sales totaled R$11 million in 1Q26 (vs. R$26 million in 1Q25), with the decline reflecting lower inventory availability in the period (-28% y/y and -37% q/q), driven by greater efficiency in the fleet management, resulting in strong sales pace recorded in previous quarters.
BBC Digital expanded its credit portfolio to R$2.3 billion in 1Q26 (+15% y/y). Portfolio delinquency remained 40 bps below the market average, reaching 5.3% in 1Q26, while financial intermediation revenue increased 33.9% y/y. Net Income totaled R$2 million in 1Q26 (vs. -R$3 million in 1Q25), reflecting a strategy of sustainable growth supported by a high-quality credit portfolio.
SIMPAR remains fully committed to executing its long-term strategic plan, focused on value creation and the Group's sustainable development, supported by strong corporate governance, a differentiated management model, high operational efficiency and the strength of our People.
Thank you,
Fernando Antonio Simões - Chief Executive Officer, SIMPAR S.A.
SIMPAR CONSOLIDATED - FINANCIAL HIGHLIGHTS
Disclaimer: The 2025 figures presented in this release reflect the accounting reclassification of Ciclus Rio as a discontinued operation.
SIMPAR - Consolidated
Financial Highlights (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
Net Revenue | 10,443.1 | 11,277.4 | 11,075.6 | +6.1% | -1.8% | 44,160.9 |
Net Revenue from Construction | 109.6 | 100.8 | 70.0 | -36.1% | -30.6% | 341.6 |
Net Revenue excluding Construction | 10,333.5 | 11,176.6 | 11,005.6 | +6.5% | -1.5% | 43,819.3 |
Net Revenue from Services | 8,298.6 | 9,038.5 | 9,009.2 | +8.6% | -0.3% | 35,551.7 |
Net Revenue from Asset Sales | 2,034.9 | 2,138.1 | 1,996.5 | -1.9% | -6.6% | 8,267.6 |
EBIT | 1,734.2 | 2,923.2 | 1,784.1 | +2.9% | -39.0% | 8,220.1 |
Margin (% Net Revenue ex-Construction) | 16.8% | 26.2% | 16.2% | -0.6 p.p. | -10.0 p.p. | 18.8% |
Net Financial Result | (1,788.4) | (2,113.7) | (2,028.0) | +13.4% | -4.1% | (8,155.7) |
Net Income (Loss) | (6.4) | 543.4 | (174.1) | - | -132.0% | 44.9 |
Margin (% Net Revenue ex-Construction) | -0.1% | 4.9% | -1.6% | -1.5 p.p. | -6.5 p.p. | 0.1% |
Net Income (controllers) | (51.0) | 432.9 | (179.6) | - | -141.5% | (89.2) |
Margin (% Net Revenue ex-Construction) | -0.5% | 3.9% | -1.6% | -1.1 p.p. | -5.5 p.p. | -0.2% |
EBITDA | 2,816.8 | 4,063.6 | 3,037.7 | +7.8% | -25.2% | 12,975.3 |
Margin (% Net Revenue ex-Construction) | 27.3% | 36.4% | 27.6% | +0.3 p.p. | -8.8 p.p. | 29.6% |
(+) Cost of Asset Sales | 1,905.3 | 1,814.9 | 1,897.8 | -0.4% | +4.6% | 7,689.0 |
Added-EBITDA | 4,722.1 | 5,878.5 | 4,935.5 | +4.5% | -16.0% | 20,664.4 |
Adjusted EBIT | 1,757.0 | 2,040.9 | 1,991.8 | +13.4% | -2.4% | 7,696.8 |
Margin (% Net Revenue ex-Construction) | 17.0% | 18.3% | 18.1% | +1.1 p.p. | -0.2 p.p. | 17.6% |
Adjusted Net Income | 7.7 | (55.4) | (13.3) | - | -76.0% | (267.6) |
Margin (% Net Revenue ex-Construction) | 0.1% | -0.5% | -0.1% | -0.2 p.p. | +0.4 p.p. | -0.6% |
Adjusted Net Income (controllers) | (40.8) | (169.6) | (63.5) | +55.6% | -62.6% | (478.2) |
Margin (% NR) | -0.4% | -1.5% | -0.6% | -0.2 p.p. | +0.9 p.p. | -1.1% |
Adjusted EBITDA | 2,816.0 | 3,151.2 | 3,218.5 | +14.3% | +2.1% | 12,339.4 |
Margin (% Net Revenue ex-Construction) | 27.3% | 28.2% | 29.2% | +1.9 p.p. | +1.0 p.p. | 28.2% |
Gross Capex | 2,771.3 | 4,994.1 | 2,256.8 | -18.6% | -54.8% | 14,566.7 |
Renewal and others | 1,627.8 | 2,543.9 | 1,623.0 | -0.3% | -36.2% | 8,945.6 |
Expansion | 1,143.5 | 2,450.3 | 633.9 | -44.6% | -74.1% | 5,621.2 |
Net Capex | 692.7 | 2,924.9 | 222.0 | -68.0% | -92.4% | 6,157.1 |
Net Debt - ex BBC | 41,099.8 | 39,577.0 | 40,738.3 | -0.9% | +2.9% | 40,738.3 |
Financial Highlights¹ (R$ million)
1Q26
JSL Vamos Movida Automob CS Infra Ciclus
Ambiental
CS
Brasil
BBC
Net Revenue | 2,372.7 | 1,620.3 | 3,780.6 | 3,126.5 | 210.6 | 93.9 | 138.3 | 1.5 |
Net Revenue from Services | 2,272.8 | 1,206.5 | 2,205.6 | 3,089.6 | 114.3 | 89.3 | 127.8 | 1.5 |
Net Revenue from Construction | - | - | - | - | 96.2 | 4.6 | - | - |
Net Revenue of Asset Sales | 99.9 | 458.3 | 1,575.0 | 36.9 | - | - | 10.6 | - |
Eliminations | - | (44.5) | - | - | - | - | - | - |
EBIT | 269.2 | 656.0 | 918.1 | 95.9 | 33.2 | 12.3 | 15.9 | (44.5) |
Margin (% NR from Services) | 11.8% | 54.4% | 41.6% | 3.1% | 29.1% | 13.7% | 12.5% | - |
Financial Result | (275.9) | (541.4) | (753.8) | (136.5) | (52.7) | (1.4) | (46.7) | 45.6 |
Net Income | 6.5 | 86.6 | 124.5 | (47.2) | (9.2) | 7.3 | (20.6) | 2.3 |
Margin (% NR) | 0.3% | 5.3% | 3.3% | -1.5% | -4.4% | 7.7% | -14.9% | 2.0% |
EBITDA | 471.2 | 943.2 | 1,568.7 | 143.3 | 42.2 | 18.6 | 26.1 | (42.6) |
Margin (% NR from Services) | 20.7% | 78.2% | 71.1% | 4.6% | 37.0% | 20.9% | 20.5% | - |
Net Capex | (74.5) | 42.3 | (46.0) | 22.1 | 68.8 | 6.0 | 5.8 | - |
Net Debt | 5,437.9 | 11,999.1 | 16,259.9 | 1,869.9 | 1,501.1 | 5.8 | 938.4 | 2,082.2 |
Financial Highlights (R$ million)
1Q25
JSL Vamos Movida Automob CS Infra Ciclus
Ambiental
CS
Brasil
BBC
Net Revenue | 2,319.9 | 1,332.0 | 3,568.2 | 2,907.9 | 258.1 | 82.0 | 146.3 | 1.8 |
Net Revenue from Services | 2,229.5 | 1,045.6 | 1,878.9 | 2,889.3 | 48.9 | 82.0 | 121.2 | 1.8 |
Net Revenue from Construction | - | - | - | - | 209.2 | - | - | - |
Net Revenue of Asset Sales | 90.5 | 290.5 | 1,689.3 | 18.6 | - | - | 25.1 | - |
Eliminations | - | (4.1) | - | - | - | - | - | - |
EBIT | 298.8 | 643.2 | 766.0 | 91.2 | (5.1) | 11.9 | 17.9 | (37.0) |
Margin (% NR from Services) | 13.4% | 61.5% | 40.8% | 3.2% | -10.4% | 14.5% | 14.8% | - |
Financial Result | (275.8) | (493.2) | (655.2) | (121.7) | (13.2) | (3.1) | (50.9) | 32.2 |
Net Income | 45.1 | 107.8 | 78.5 | (24.1) | (11.3) | 6.7 | (18.7) | (2.5) |
Margin (% NR) | 1.9% | 8.1% | 2.2% | -0.8% | -4.4% | 8.2% | -12.8% | -2.9% |
EBITDA | 458.2 | 886.8 | 1,338.3 | 140.5 | 2.3 | 18.4 | 27.5 | (35.8) |
Margin (% NR from Services) | 20.6% | 84.8% | 71.2% | 4.9% | 4.7% | 22.4% | 22.7% | -1971.1% |
Net Capex | 64.8 | 536.1 | (244.9) | 55.4 | 107.9 | 0.5 | 82.0 | - |
Net Debt | 5,717.0 | 11,818.6 | 15,541.7 | 1,898.0 | 1,040.2 | 9.2 | 959.9 | 1,722.1 |
Note: (1) Includes adjusted figures for JSL, Automob, and CS Brasil
In 1Q26, Net Revenue from Services increased 9% y/y (+R$711 million). The main highlights were MOVIDA, with 17% y/y growth (+R$327 million), AUTOMOB, with an 8% increase y/y (+R$219 million), and VAMOS, with 15% growth Y/Y (+R$161 million). Revenue performance reflects: (i) the ramp-up of contracts added over the last twelve months, and (ii) continued yield maximization in RAC and GTF operations.
Net Revenue from Asset Sales totaled R$2.0 bn in 1Q26, stable y/y, with strong growth at VAMOS and JSL, up 56% and 10% y/y, respectively, partially offset by a 7% y/y decline at MOVIDA.. Nevertheless, the current level remains sufficient to maintain the fleet's average age at healthy levels.
Adjusted EBITDA totaled R$3.2 bn in 1Q26, up 14%. EBITDA margin increased 1.9 p.p. y/y in 1Q26, reaching 29.2%¹. This performance reflects consistent execution of the Group's strategic plan, supported by three pillars: price adjustments in existing contracts, appropriate pricing of new contracts, and disciplined cost and expense management. Notably, Cost of Services grew 1.3 p.p. below the growth in Net Revenue from Services, while SG&A as a percentage of Net Revenue from Services declined 0.4 p.p. q/q, reaching 11.4%
Adjusted Net Loss for SIMPAR on a consolidated basis totaled R$13.4 million in 1Q26, compared to Net Income of R$7.7 million in 1Q25. This was mainly driven by a more challenging macroeconomic environment, with higher interest rates in Brazil (average CDI increased from 12.93% in 1Q25 to 14.87% in 1Q26).
Net CAPEX decreased 68% y/y, marking the lowest level recorded for a first quarter since the creation of SIMPAR. Lower investment needs, combined with improved profitability, contributed to deleveraging, with Pro Forma Net Debt/EBITDA² declining from 3.6x in 1Q25 to 2.8x in 1Q26, the lowest level in the past 15 years.
We reaffirm our commitment to sustainable value creation, with disciplined capital allocation, operational
efficiency and a focus on consistent returns.
Note: (1) Excludes Net Construction Revenue; (2) Includes proceeds from the capital increase.
INVESTMENTS
Consolidated EBITDA / Net CAPEX¹ Over Time (R$ billion)
EBITDA / Net CAPEXEBITDA Net Capex
Gx 2.1x
10.3 10.3
6.2
0.5x
0.5x
1.1x
1.0x
13.5
12.8
13.0
8.8
8.0 7.0
7.0
0.8x
2.9
2020
2021
2022
2023
2024
2025
1Q26 LTM
2.3
4.2
6.6
Note: (1) Excludes acquisitions
The LTM EBITDA/Net CAPEX ratio was 2.1x in 1Q26, an improvement of 0.2x compared to 2025, driven by EBITDA growth and lower investments in 1Q26 (-68% y/y).
2026 reflects the continuation of the current phase of the strategic plan, focused on extracting value from the asset base built over the 2020-2024 period.
1Q26 Net Debt: R$ 2.8 bn (Gross Debt: R$ 6.1 bn | Cash: R$ 3.3 bn), down by 2.3% vs. 1Q25
Average Term of Net Debt: 5.2 years
Coverage of short-term gross debt1: 23.1x
Strong cash position covers the gross debt amortization schedule through mid-2031
Capital increase:
▪ +R$1.8 billion was raised, 89% of the maximum offering. Excluding SIMPAR's capital contributions to the capital increases of MOVIDA and VAMOS, total proceeds amounted to R$1.6 billion
Pro Forma Net Debt (1Q26): R$ 0,7 billion, a 74% reduction compared to Reported Net Debt in 1Q26
CAPITAL STRUCTURE - HOLDING
Evolution of cash and indebtedness - Holding (R$ million)
Indebtedness - SIMPAR Holding (R$ million)
1Q25
4Q25
1Q26
▲Y o Y
▲Q o Q
Cash and Investments
3,579.8
3,641.1
3,316.0
-7.4%
-8.9%
Gross debt
6,425.0
6,296.4
6,095.9
-5.1%
-3.2%
Loans and financing
3,297.9
2,068.3
1,910.3
-42.1%
-7.6%
Local Bonds
3,465.6
3,200.0
3,126.0
-9.8%
-2.3%
Confirming payable
-
-
-
-
-
Derivative financial instruments on the contracted curve²
(338.5)
1,028.1
1,059.6
-
+3.1%
Net Debt³ 2,845.2 2,655.3 2,779.9 -2.3% +4.7%
Short-term gross debt
640.3
677.7
539.5
-15.8%
-20.4%
Long-term gross debt
5,784.7
5,618.7
5,556.4
-3.9%
-1.1%
Average Cost of Gross Debt (p.a.)
18.8%
19.5%
19.4%
+0.6 p.p.
-0.2 p.p.
Average term of gross debt (years)
5.0
4.5
4.3
-0.8
-0.2
Average term of net debt (years)
6.1
5.5
5.2
-0.9
-0.3
Notes: (1) Excluding derivative financial instruments; (2) Derivative financial instruments at contracted terms include derivative financial instruments recognized on the balance sheet (assets and liabilities) and exclude MTM variations recognized in shareholders' equity (hedge accounting); (3) As of 4Q25, derivatives previously designated as cash flow hedges, whose MTM variations were recognized in Other Comprehensive Income (OCI), are now accounted for as fair value hedges, with MTM effects reflected directly in the balance of the hedged debt. It is worth noting that this change does not affect gross debt or net debt, as MTM of derivatives was already considered regardless of their accounting classification; 4) Amount corresponding to 80% of the total R$769 million received at the transaction closing. The remaining amount was received through CS Brasil Holding, a wholly owned subsidiary of SIMPAR.
Gross Debt Amortization Schedule 1Q26 (R$ bn)
Cash fully covers maturities
until 2031
3.0
1.1
1.0
0.1
-
0.4
3.3
1.6
4.9
Accounting cashCapital Increase3, 4
0.3
Cash Apr/26 to Mar/27
Apr/27 to Dec/27
2028 2029 2030 2031 2032
1Q26 Net Debt (ex-BBC): R$ 40.7 bn, down by 0.9% vs. 1Q25
Average Term of Net Debt: 3.9 years
Liquidity: R$ 18.5 bn (Cash, available undrawn lines, available floor plan lines, and proceeds from the capital increases)
Coverage of short-term gross debt: 2.5x (Includes cash, available and undrawn committed credit lines, available floor plan lines, and proceeds from the capital increases, and excludes BBC's cash and funding)
Increase in consolidated cash:
New debt issuances - 1Q26 High participation of minority shareholders in the capital increases - 2Q26
The combined transactions resulted in
Amount that may be even higher following the allocation of remaining shares
Total amount: +R$4.2 billion
Total raised4 % of maximum offering Status
Average Cost: CDI + 1.9% R$1.8 bn 89% Results of the Remaining Shares
Average Term:
5.1 years
R$750 mn
100%
Results of the Remaining Shares
R$529 mn
88%
Remaining Shares Subscription Period
+R$2.9 billion5
CAPITAL STRUCTURE - CONSOLIDATED
Indebtedness - SIMPAR Consolidated 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | |
Cash and Investments | 13,424.5 | 12,749.0 | 13,906.5 | +3.6% | +9.1% |
Cash and Investments - Book value Credit note - CLN ¹ | 13,424.5 - | 17,095.6 (4,346.6) | 18,054.1 (4,147.6) | +34.5% - | +5.6% -4.6% |
Gross debt | 56,246.5 | 54,288.9 | 56,726.9 | +0.9% | +4.5% |
Credit note - CLN ¹ | - | (4,346.6) | (4,147.6) | - | -4.6% |
Loans and financing | 31,823.3 | 31,228.7 | 30,452.1 | -4.3% | -2.5% |
Local Bonds | 24,895.6 | 25,440.0 | 27,533.5 | +10.6% | +8.2% |
Finance lease payable | 196.2 | 91.1 | 119.4 | -39.2% | +31.1% |
Confirming payable | 2.3 | 17.9 | 0.8 | -62.4% | -95.3% |
Derivative financial instruments on the contracted curve² | (670.9) | 1,857.8 | 2,768.7 | -512.7% | +49.0% |
Net Debt³ | 42,821.9 | 41,539.9 | 42,820.4 | -0.0% | +3.1% |
BBC Net Debt | 1,722.1 | 1,962.9 | 2,082.2 | +20.9% | +6.1% |
Short-term gross debt | 8,345.8 | 10,120.1 | 9,249.5 | +10.8% | -8.6% |
Long-term gross debt | 47,900.6 | 44,168.8 | 47,477.5 | -0.9% | +7.5% |
Average Cost of Gross Debt (p.a.) | 15.6% | 17.2% | 16.9% | +1.3 p.p. | -0.2 p.p. |
Average term of gross debt (years) | 3.5 | 3.5 | 3.4 | -0.1 | -0.1 |
Average term of net debt (years) | 4.1 | 4.0 | 3.9 | -0.1 | -0.1 |
Cash and Indebtedness - Consolidated (R$ million)
(R$ million)
Notes: (1) The CLN is used to internalize funds and results in a duplication effect on the balance sheet, with simultaneous recognition of the corresponding asset and liability; (2) Derivative financial instruments at contracted terms include derivative financial instruments recognized on the balance sheet (assets and liabilities) and exclude MTM variations recognized in shareholders' equity (hedge accounting) and disregards the MTM of inactive contracts; (3) For net debt purposes, the Company excludes MTM variations related to hedges that are recognized in shareholders' equity under Other Comprehensive Income (OCI), as these are unrealized market fluctuations that will not exist at maturity.
Gross Debt Amortization Schedule 1Q26 (R$ bn)
FINANCIAL RESULTS
SIMPAR - Consolidated
Financial Result (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q |
Net Interest | (1,532.6) | (1,771.3) | (1,752.0) | +14.3% | -1.1% |
Financial Investments | 321.5 | 376.2 | 448.4 | +39.5% | +19.2% |
Debt interest expenses | (1,613.8) | (1,638.0) | (1,818.0) | +12.7% | +11.0% |
Exchange variation | 754.5 | -403.6 | 552.4 | -26.8% | - |
Swap - Portion of interest rate swap | -994.7 | (106.0) | (934.8) | -6.0% | - |
Interest on right of use (IFRS 16) | (53.9) | (60.5) | (59.0) | +9.5% | -2.5% |
Other financial income and expenses | (201.9) | (282.0) | (217.1) | +7.5% | -23.0% |
Net Financial Result | (1,788.4) | (2,113.7) | (2,028.0) | +13.4% | -4.1% |
Net Financial Expenses totaled R$ 2.0 billion in 1Q26. Below are the main drivers:
1Q25 vs. 1Q26: +13.4% or +R239.6 million Despite the stability of average gross debt (+0.6% y/y), the increase is mainly explained by the higher average cost of gross debt (from 15.6% p.a. in 1Q25 to 16.9% p.a. in 1Q26), reflecting the 15% y/y increase in Brazil's average interest rate (average CDI increased from 12.93% in 1Q25 to 14.87% in 1Q26).
4T25 x 1Q26: -4.1% or -R$85.6 The decrease is explained by the stability of average gross debt (+0.7% q/q) and a 5.0% q/q increase in average cash for the period.
LEVERAGE INDICATORS (based on Covenant criteria)
Leverage Indicators¹
1Q25
2Q25
3Q25
4Q25
1Q26
Covenants
Event
Net Debt / EBITDA² - Bond
3.6x
3.6x
3.5x
3.0x
3.0x
Max 4.0x
Incurrence
Net Debt / EBITDA-A - Local debts
2.3x
2.3x
2.2x
2.0x
2.0x
Max 3.5x
Maintenance
EBITDA-A / Net interest expenses - Local debts
3.4x
3.2x
3.0x
3.1x
3.0x
Min 2,0x
Maintenance
Notes: (1) For purposes of covenant calculation, EBITDA excludes impairment and includes LTM EBITDA of acquired businesses; (2) Net debt/EBITDA indicator considers the definition of net debt as set forth in the Bond indentures, which excludes negative amounts resulting from swaps, as reconciled below
Bonds - Net Debt/EBITDA (Incurrence Covenant³):
Reduction to 3.0x in 1Q26 vs. 3.6x in 1Q25. Pro forma leverage stood at 2.8x, considering the R$2.9 billion raised through the capital increases⁴ of SIMPAR, MOVIDA and VAMOS.
Local debt - Net Debt/EBITDA-A (Maintenance Covenant5):
Reduction to 2.0x in 1Q26 vs. 2.3x in 1Q25. We emphasize that the EBITDA-A metric - which adds the residual book cost of asset sales - is the most appropriate measure for assessing the Company's ability to meet its financial obligations.
EBITDA-A, or EBITDA Added, is defined as EBITDA plus the residual accounting cost of asset disposals, which does not represent an operating cash outflow as it is merely an accounting representation of the write-down of assets at the time of sale. As such, the Company's management believes that EBITDA-A is a more appropriate practical measure than traditional EBITDA as an approximation of cash generation, in order to gauge the Company's ability to meet its financial obligations.
Net Debt / EBITDA of the subsidiaries: Averaged 2.9x6, based on annualized 1Q26 EBITDA, which more
accurately reflects the cash generation from investments made compared to the sum of the last twelve months.
Notes: (3) Incurrence covenant: concept used solely for the Bond issuance and does not trigger acceleration; however, there are pre-established conditions that must be met. (4) The combined total value of the transaction excludes SIMPAR's capital contributions to MOVIDA and VAMOS. (5) Maintenance covenant: concept applicable to all local issuances-any breach of the required limit would require negotiations with creditors to avoid a potential debt acceleration. (6) Excludes CS Infra and Ciclus.
FREE CASH FLOW
Cash Flow (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲ Y o Y | ▲ Q o Q |
EBITDA | 2,816.8 | 4,063.6 | 3,037.7 | 7.8% | -25.2% |
Change in Working Capital | (2,566.8) | 1,740.8 | (1,397.9) | -45.5% | -180.3% |
Cost of sale of assets used in lease and services rendered | 1,905.3 | 1,814.9 | 1,897.8 | -0.4% | 4.6% |
Renewal Capex | (1,577.3) | (2,484.5) | (1,582.5) | 0.3% | -36.3% |
Cash Flow from Operations | 578.0 | 5,134.8 | 1,955.0 | 238.3% | -61.9% |
(-) Taxes | (94.6) | (122.0) | (14.6) | -84.6% | -88.1% |
(-) Other Capex | (50.5) | (59.4) | (40.4) | -19.9% | -31.9% |
Cash Flow Before Expansion | 433.0 | 4,953.5 | 1,900.0 | 338.9% | -61.6% |
(-) Expansion Capex | (1,143.5) | (2,450.3) | (633.9) | -44.6% | -74.1% |
(-) Companies Acquisitions | (152.3) | 10.4 | (104.7) | -31.2% | - |
Free Cash flow Generated (Consumed) after Growth and before Interest (862.8) 2,513.6 1,161.4 -234.6% -53.8%
Free cash flow after growth at SIMPAR totaled R$1.2 billion in 1Q26, reversing the negative R$0.9 billion reported in 1Q25. This performance reflects stronger cash generation from operating activities, which increased from R$578 million in 1Q25 to R$1,955 million in 1Q26 (+238% y/y), driven by higher EBITDA (+7.8% y/y) and improved working capital (-45.5% y/y), mainly supported by lower payments to suppliers and reduced inventory levels. In addition, expansion CAPEX decreased 44.6% y/y. The stronger cash generation reflects SIMPAR Group's strategy of improving capital efficiency and reducing investment needs.
RETURNS
Consolidated LTM Productive ROIC - 1Q26
16.4% 14.6% 16.4% 14.0% 5.8% 3.4% 46.3% 9.9% Financial
Institution
Accounting
¹ Excluding the positive impact from the sale of Ciclus Rio, ROIC would have been 15.7%
Productive | |
ROIC 1Q26 LTM (R$ million) | SIMPAR (ex-BBC) |
EBIT 1Q26 LTM Effective rate Taxes | 8,362.9 -8% (629.5) |
Noplat | 7,733.4 |
Average Net Debt¹ | 37,815.6 |
Average Equity¹ | 5,936.5 |
Average Invested Capital¹ | 43,752.0 |
ROIC 1Q26 LTM | 17.7% |
SIMPAR (ex-BBC) | JSL2 Movida Vamos Automob³ CS Infra4 Ciclus Ambiental | CS BBC Brasil4 | |||||||
8,362.9 | 1,211.1 | 3,408.3 | 2,610.0 | 348.7 | 74.2 | 61.4 | 88.8 | - | |
-8% | -22% | -9% | -22% | -34% | -34% | -34% | -34% | ||
(629.5) | (266.4) | (312.3) | (582.2) | (118.5) | (25.2) | (21.0) | (30.2) | - | |
7,733.4 | 944.7 | 3,096.0 | 2,027.7 | 230.1 | 49.0 | 40.3 | 58.6 | - | |
41,135.6 | 4,994.7 | 16,040.2 | 11,908.8 | 1,883.9 | 1,270.6 | 7.5 | 949.1 | - | |
6,108.2 | 1,478.7 | 2,832.2 | 2,546.5 | 2,066.2 | 171.7 | 79.6 | -358.6 | - | |
47,243.8 | 6,473.4 | 18,872.4 | 14,455.3 | 3,950.2 | 1,442.4 | 87.1 | 590.5 | - | |
PRE-OPERATIONAL
Notes: (1) Average between the current period and March 2025; (2) Based on the running-rate ROIC; (3) Based on adjusted EBIT and a 34% tax rate; (4) Based on pro forma EBIT and a 34% tax rate.
FINANCIAL HIGHLIGHTS - Listed Companies
JSL
For the full Press Release, click here.
JSL
Financial Highlights 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM | |
Net Revenue | 2,319.9 | 2,454.0 | 2,372.7 | +2.3% | -3.3% | 9,693.4 |
Net Revenue from Services | 2,229.5 | 2,354.7 | 2,272.8 | +1.9% | -3.5% | 9,271.5 |
Net Revenue from Asset Sales | 90.5 | 99.3 | 99.9 | +10.5% | +0.7% | 421.9 |
Gross Profit | 374.1 | 371.5 | 350.0 | -6.4% | -5.8% | 1,498.0 |
Margin (% NR) | 16.8% | 15.8% | 15.4% | -1.4 p.p. | -0.4 p.p. | 16.2% |
EBIT Adjusted¹ | 298.8 | 304.2 | 269.2 | -9.9% | -11.5% | 1,211.1 |
Margin (% NR from Services) | 13.4% | 12.9% | 11.8% | -1.6 p.p. | -1.1 p.p. | 13.1% |
Financial Result | (275.8) | (283.6) | (275.9) | +0.1% | -2.7% | (1,144.7) |
Taxes | 22.0 | 9.2 | 13.2 | -39.9% | +43.8% | 42.0 |
Net Income Adjusted¹ | 45.1 | 29.8 | 6.5 | -85.6% | -78.2% | 108.4 |
Margin (% NR) | 1.9% | 1.2% | 0.3% | -1.6 p.p. | -0.9 p.p. | 1.1% |
EBITDA Adjusted¹ | 458.2 | 505.0 | 471.2 | +2.8% | -6.7% | 1,994.0 |
Margin (% NR from Services) | 20.6% | 21.4% | 20.7% | +0.1 p.p. | -0.7 p.p. | 21.5% |
Note: (1) Figures adjusted as disclosed by JSL. | ||||||
(R$ million)
In 1Q26, JSL reported Net Revenue of R$2.4 billion (+2.3% y/y), Adjusted EBITDA of R$471.2 million (+2.8% y/y), and Adjusted Net Profit of R$6.5 million (-85.6% y/y). JSL also reported solid cash generation, combined with disciplined capital allocation. The asset rental strategy reduced Net CAPEX to -R$74.5 million, optimizing capital employed and improving balance sheet efficiency. Operating cash flow after growth reached R$258 million, equivalent to approximately 34% of the Company's market cap. As a result, financial leverage declined to 2.8x Net Debt/EBITDA, down 0.5x y/y. Across segments, JSL Dedicated Services reported stable revenue y/y, reflecting the intentional reductions carried out throughout 2025 to adjust margins and improve profitability. At JSL Digital and INTRALOG, revenue grew 29% and 11% y/y in 1Q26, respectively. INTRALOG's strong growth potential, combined with our solid culture, has attracted highly qualified professionals, including Brunno Matta, the company's new CEO, who joins the team to lead the next phase of expansion, given the opportunities in the intralogistics segment.
MOVIDA For the full Press Release, click here.
Movida
Financial Highlights (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
Net Revenue | 3,568.2 | 3,659.0 | 3,780.6 | +6.0% | +3.3% | 14,884.5 |
Net Revenue from Services | 1,878.9 | 2,096.4 | 2,205.6 | +17.4% | +5.2% | 8,205.5 |
Net Revenue from Sale of Assets | 1,689.3 | 1,562.6 | 1,575.0 | -6.8% | +0.8% | 6,679.0 |
Gross Profit | 1,145.6 | 1,243.7 | 1,337.1 | +16.7% | +7.5% | 4,953.8 |
Gross Profit | 32.1% | 34.0% | 35.4% | +3.3 p.p. | +1.4 p.p. | 33.3% |
EBIT | 766.0 | 850.7 | 918.1 | +19.9% | +7.9% | 3,408.3 |
Margin (% NR from Services) | 40.8% | 40.6% | 41.6% | +0.8 p.p. | +1.0 p.p. | 41.5% |
Financial Result | (655.2) | (763.9) | (753.8) | +15.0% | -1.3% | (3,007.1) |
Taxes | (32.3) | 15.6 | -39.8 | +23.3% | -355.4% | -36.7 |
Adjusted Net Income | 78.5 | 102.3 | 124.5 | +58.7% | +21.7% | 364.4 |
Margin (% NR) | 2.2% | 2.8% | 3.3% | +1.1 p.p. | +0.5 p.p. | 2.4% |
EBITDA | 1,338.3 | 1,490.1 | 1,568.7 | +17.2% | +5.3% | 5,916.5 |
Margin (% NR from Services) | 71.2% | 71.1% | 71.1% | -0.1 p.p. | - | 72.1% |
At MOVIDA, disciplined execution of the strategic plan resulted in new records for the quarter. The Company reported record Net Revenue of R$3.8 billion (+6.0% y/y), record EBITDA of R$1.6 billion (+17.2% y/y), and Net Income of R$125 million, up 58.7% y/y, in line with guidance (R$110-130 million). The focus on customer experience remains a key strategic pillar and is reflected in the higher fleet utilization rate, with a total fleet of 267,000 vehicles (+4% y/y), as well as a 7% y/y increase in RAC pricing in 1Q26 and a 3.7% yield on new GTF contracts in 1Q26 (vs. a 3.2% average yield for the current portfolio). In Used Cars, EBITDA margin remained stable at 1.1%, and disciplined asset cycle management with consistent margins continues to support a healthy fleet age (11.6 months in RAC and 19.0 months in GTF). Additionally, pro forma financial leverage (Net Debt/EBITDA 1Q26 LTM), considering the maximum capital increase of R$750 million, declined to 2.5x, marking the fourth consecutive quarter of deleveraging. ROIC for 1Q26 LTM reached 16.4% (+4.0 p.p. y/y), equivalent to a 5.3
p.p. spread over the cost of capital.
Financial Highlights (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
Net Revenue | 1,332.0 | 1,483.0 | 1,620.3 | +21.6% | +9.3% | 6,044.0 |
Net Revenue from Services | 1,045.6 | 1,184.9 | 1,206.5 | +15.4% | +1.8% | 4,753.8 |
Net Revenue from Asset Sales | 290.5 | 326.9 | 458.3 | +57.8% | +40.2% | 1,372.2 |
Elimination | (4.1) | (28.7) | (44.5) | +985.4% | +55.3% | (82.1) |
Gross Profit | 730.2 | 793.5 | 764.9 | +4.8% | -3.6% | 3,052.3 |
Margin (% NR) | 54.8% | 53.5% | 47.2% | -7.6 p.p. | -6.3 p.p. | 50.5% |
EBIT | 643.2 | 693.0 | 656.0 | +2.0% | -5.3% | 2,610.0 |
Margin (% NR from Services) | 48.3% | 46.7% | 40.5% | -7.8 p.p. | -6.2 p.p. | 43.2% |
Financial Result | (493.2) | (591.6) | (541.4) | +9.8% | -8.5% | (2,226.8) |
Taxes | (42.1) | (23.7) | (27.9) | -33.7% | +17.8% | (85.5) |
Net Income | 107.8 | 77.7 | 86.6 | -19.7% | +11.5% | 297.7 |
Margin (% NR) | 8.1% | 5.2% | 5.3% | -2.8 p.p. | +0.1 p.p. | 4.9% |
EBITDA | 886.8 | 956.9 | 943.2 | +6.4% | -1.4% | 3,699.5 |
Margin (% NR from Services) | 84.8% | 80.8% | 78.2% | -6.6 p.p. | -2.6 p.p. | 77.8% |
VAMOS' results in 1Q26 reinforce the view that 3Q25 marked an inflection point in the Company's profitability. Net Revenue totaled R$1.6 billion (+21.6% y/y), EBITDA reached R$943.2 million, and Net Income came in at R$86.6 million in 1Q26, up 74% versus 3Q25 and marking the second consecutive quarter of profitability expansion. Fleet utilization increased to 88% (+3 p.p. y/y), and inventories were reduced by R$215 million in the quarter (-9% q/q), reaching the lowest level of idle assets since 4Q23. In Used Vehicles, the volume of assets sold grew 60% y/y and Net Revenue increased 12% y/y, driven by a higher mix of equipment and attachments, which accounted for 26% of total volume. Yield on new contracts reached 2.9% in the quarter (+0.2 p.p. y/y), with a greater concentration among large clients. Pro forma financial leverage stood at 2.8x, considering the capital increase and the partial monetization of used asset inventory, the lowest level since 2022. Normalized LTM ROIC² reached 17.1%, representing a 6.5 p.p. spread over the cost of debt. These results reinforce consistent execution toward delivering on 2026 guidance: (i) Net CAPEX of R$1.2-R$1.9 billion, (ii) Consolidated Net Revenue of R$6.3-R$6.9 billion, and (iii) EBITDA of R$3.75-R$4.0 billion.
Notes: (1) Based on normalized fleet utilization of 91% and a 70% EBIT margin.
AUTOMOB For the full Press Release, click here.
Automob
Financial Highlights (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
Net Revenue | 2,907.9 | 3,354.7 | 3,126.5 | +7.5% | -6.8% | 13,034.0 |
Gross Profit | 431.5 | 470.1 | 452.9 | +5.0% | -3.7% | 1,874.6 |
Margin (% Total NR) | 14.8% | 14.0% | 14.5% | -0.3 p.p. | +0.5 p.p. | 14.4% |
EBIT Adjusted¹ | 91.2 | 88.2 | 95.9 | +5.2% | +8.7% | 348.7 |
Margin (% Total NR) | 3.1% | 2.6% | 3.1% | +0.0 p.p. | +0.5 p.p. | 2.7% |
Financial Result | (121.7) | (138.3) | (136.5) | +12.1% | -1.3% | (714.6) |
Taxes | 6.4 | -11.5 | -6.6 | -203.8% | -42.5% | 154.4 |
Net Income Adjusted¹ | (24.1) | (61.6) | (47.2) | +95.9% | -23.4% | (211.5) |
Margin (% Total NR) | -0.8% | -1.8% | -1.5% | -0.7 p.p. | +0.3 p.p. | -1.6% |
EBITDA Adjusted¹ | 140.5 | 134.1 | 143.3 | +2.0% | +6.9% | 531.7 |
Margin (% Total NR) | 4.8% | 4.0% | 4.6% | -0.2 p.p. | +0.6 p.p. | 4.1% |
Note: (1) Figures adjusted as disclosed by Automob
AUTOMOB recorded operational improvements that reflect its ability to consistently execute its strategic plan quarter after quarter. Net Revenue totaled R$3.1 billion (+7.5% y/y), Adjusted EBITDA reached R$143.3 million (+2.0% y/y), and Adjusted Net Loss came in at R$47.2 million (-23.4% vs. 4Q25). In Light Vehicles, a 19.5% y/y increase in Net Revenue transacted and 55% y/y growth in F&I gross revenue drove Net Income to R$35 million. In Trucks and Buses, 1.5 thousand units were sold, outperforming the market by 11.7 p.p., with Net Income of R$18 million. In Agricultural Machinery and Equipment, paid inventory was reduced by R$285 million over the last twelve months, while Net Loss narrowed to R$49 million. Total paid inventory was reduced by R$488 million compared to 1Q25 (-37.3% y/y), and Net CAPEX totaled R$22 million in 1Q26 (-60.0% y/y), marking the lowest level in the past three years and reflecting the completion of the investment cycle to support higher returns. Additionally, financial leverage (Net Debt/EBITDA 1Q26 LTM) stood at 3.5x, down 0.2x versus 4Q25.
SIMH
B3 LISTED NM
1Q26 RESULTS
VAMOS For the full Press Release, click here.
Vamos
FINANCIAL HIGHLIGHTS - Non-Listed Companies
CS BRASIL
CS Brasil
Financial Highlights (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
Net Revenue | 146.3 | 174.0 | 138.3 | -5.5% | -20.5% | 682.7 |
Net Revenue from Services | 121.2 | 134.0 | 127.8 | +5.4% | -4.6% | 526.2 |
GTF with driver | 86.2 | 95.1 | 90.7 | +5.2% | -4.6% | 376.0 |
GTF - Light Vehicles | 11.9 | 16.7 | 15.8 | +32.3% | -5.6% | 61.6 |
GTF - Heavy Vehicles | 4.6 | 3.0 | 1.8 | -60.7% | -40.6% | 11.5 |
Municipal Passenger Transportation and Ot | 18.6 | 19.2 | 19.5 | +5.2% | +1.8% | 77.1 |
Net Rev. from Sale of Assets | 25.1 | 40.0 | 10.6 | -57.9% | -73.6% | 156.6 |
Total Costs | (119.2) | (130.6) | (110.4) | -7.3% | -15.5% | (533.9) |
Cost of Services | (97.3) | (102.7) | (99.7) | +2.5% | -2.9% | (405.8) |
Cost of Asset Sales | (21.9) | (27.9) | (10.7) | -51.1% | -61.6% | (128.1) |
Gross Profit | 27.2 | 43.3 | 27.9 | +2.7% | -35.7% | 148.8 |
Operational Expenses | (10.9) | 162.7 | 54.8 | -604.3% | -66.3% | 192.2 |
Equity Equivalence | 14.2 | - | (6.4) | - | - | (18.9) |
EBIT | 30.4 | 206.1 | 76.3 | +150.5% | -63.0% | 322.1 |
Margin (% NR from Services) | 25.1% | 153.8% | 59.7% | +34.6 p.p. | -94.1 p.p. | 61.2% |
Financial Result | (87.2) | (103.2) | (90.6) | +3.8% | -12.2% | (385.8) |
Taxes | 26.6 | -37.6 | 2.4 | -91.0% | -106.4% | 9.1 |
Net Income | (30.2) | 65.3 | (11.9) | -60.6% | -118.2% | (54.7) |
Margin (% Total NR) | -20.6% | 37.5% | -8.6% | +12.0 p.p. | -46.1 p.p. | -8.0% |
EBITDA | 40.0 | 216.0 | 86.5 | +116.0% | -60.0% | 366.3 |
Margin (% NR from Services) | 33.0% | 161.3% | 67.7% | +34.7 p.p. | -93.6 p.p. | 69.6% |
Adjusted EBIT | 17.9 | 20.7 | 15.9 | -11.1% | -22.9% | 88.8 |
Margin (% NR from Services) | 14.8% | 15.4% | 12.5% | -2.3 p.p. | -2.9 p.p. | 16.9% |
Adjusted Net Income | (18.7) | (26.7) | (20.6) | +10.0% | -22.8% | (85.3) |
Margin (% Total NR) | -12.8% | -15.3% | -14.9% | -2.1 p.p. | +0.4 p.p. | -12.5% |
Adjusted EBITDA | 27.5 | 30.6 | 26.1 | -5.0% | -14.7% | 133.1 |
Margin (% NR from Services) | 22.7% | 22.9% | 20.5% | -2.2 p.p. | -2.4 p.p. | 25.3% |
Net Revenues from Services: Net Revenue from Services increased 5.4% y/y in 1Q26, with positive highlights in GTF with driver services (+R$4.5 million) and Light GTF (+R$3.8 million), driven by new contracts added throughout 2025. On a quarterly basis, revenue declined 4.6%, reflecting contract terminations in GTF with driver services, Light GTF and Heavy GTF segments.
Net Revenue from Asset Sales: Asset sales totaled R$10.6 million in 1Q26, compared to R$25.1 million in 1Q25 and R$40.0 million in 4Q25. The decline reflects lower inventory availability during the period (-28% y/y and -37% q/q), following the strong sales pace recorded in previous quarters.
Adjusted EBITDA¹ totaled R$26.1 million in 1Q26 (-5,0% y/y and -14.7% q/q), with Adjusted EBITDA margin declining
2.2 p.p. y/y and 2.4 p.p. q/q. The result reflects the operational performance described above and lower margins in asset sales, due to the mix of vehicles sold during the period.;
Adjusted Net Loss² totaled R$20.6 million in 1Q26 (-5.0% y/y and -14.7% q/q). Despite stable average net debt on a y/y basis and a 9% decline q/q, the operational performance described above impacted the results for the period.
Notes: (1) Excludes non-operating effects in 1Q26: (i) recognition of accounts receivable in an amount higher than originally recorded from a contract that had already been terminated, in favor of CS Brasil, totaling R$66.8 million, and (ii) equity income of -R$6.4 million. (2) Excludes non-operating effects in 1Q26, net of income tax: (i) recognition of accounts receivable in favor of CS Brasil totaling R$44.1 million, (ii) results from equity method investments of -R$6.4million, and (iii) R$29.0 million in interest related to the transaction involving the sale of shares of SIMPAR's subsidiaries through a synthetic forward agreement, as disclosed in the Notice to the Market dated December 22, 2023.
CS INFRA
CS Infra Consolidated - Proforma
Financial Highlights
(R$ million)
1Q25
4Q25
1Q26
▲Y o Y
▲Q o Q
1Q26 LTM
Net Revenue from Services
48.9
101.9
114.3
+133.6%
+12.2%
348.6
CS Portos (Ports)
26.9
29.0
42.0
+56.0%
+44.8%
144.1
CS Rodovias (Highways)
20.4
45.7
50.7
+149.2%
+10.9%
149.0
CS Mobilidade (Mobility)
1.7
27.2
21.6
-
-20.5%
55.5
Cost of Services
(39.1)
(49.4)
(60.8)
+55.3%
+23.0%
(211.3)
Gross Profit
9.8
52.5
53.6
+447.0%
+2.0%
137.3
Operational Expenses
(14.9)
(12.1)
(20.3)
+36.6%
+68.1%
(63.0)
EBIT
(5.1)
40.4
33.2
-
-17.8%
74.3
Margin (% NR from Services)
-10.4%
39.7%
29.1%
+39.5 p.p.
-10.6 p.p.
21.3%
Financial Result
(13.2)
(28.8)
(52.7)
+298.4%
+83.2%
(115.4)
Taxes
7.1
-0.2
10.3
+45.9%
-
23.2
Net Income (Loss)
(11.3)
11.5
(9.2)
-18.4%
-180.2%
(18.0)
Margin (% Total NR)
-23.0%
11.2%
-8.0%
+15.0 p.p.
-19.2 p.p.
-5.1%
EBITDA
2.3
42.1
42.2
-
+0.3%
102.1
Margin (% NR from Services)
4.7%
41.3%
37.0%
+32.3 p.p.
-4.3 p.p.
29.3%
In addition to CS Portos, CS Rodovias and CS Mobi Leste SP the proforma figures take into account the BRT and CS Mobi Cuiabá operations, which are in the
process of being transferred to CS Infra.
Strong revenue and EBITDA growth driven by the initial ramp-up of concessions in the portfolio.
Net Revenue from Services totaled R$114.9 million in 1Q26 (+133.6% y/y and +12.2% q/q), mainly driven by:
CS Portos: higher volumes handled at ATU-12 (+57.1% y/y and +46.7% q/q);
CS Rodovias: traffic increased by +56.5% y/y and +12.1% q/q on Rodovia Grãos do Piauí, and the first full quarter of operations at Rodovia Mercosul in 1Q26;
CS Mobilidade: second full quarter of operations of CS MOBI Leste SP in 1Q26.
EBITDA totaled R$42.2 million in 1Q26 (vs. R$2.3 million in 1Q25 and R$42.1 million in 4Q25¹), mainly reflecting improved operating performance at CS Portos, CS Rodovias, and the contribution from CS Mobi Leste SP;
Net Loss totaled R$9.2 million in 1Q26. At CS Portos, certain operating assets that were in the final stages of construction were completed in 1Q26, resulting in the recognition of the related financial expenses in the quarter's results². In addition, operational progress was accompanied by a 51% y/y and 9% q/q increase in average net debt in 1Q26, required to support the development of concessions. The ramp-up of existing assets and the start-up of new concessions are expected to materially support CS Infra's growth throughout 2026. .
Note: (1) 4Q25 results were impacted by non-recurring effects at CS Rodovias and CS Mobilidade. For further details, please refer to the notes in the respective sections. (2) Financial expenses incurred on borrowings related to concession assets are capitalized to the intangible asset during the construction phase and begin to impact the Company's results upon completion of construction (in accordance with CPC 20, ICPC 01 and OCPC 05).
CS PORTOS (Ports)
PRE-OPERATIONAL CONCESSION
CS Infra - Ports
Highlights - Ports
(R$ million)
1Q25
4Q25
1Q26
▲Y o Y
▲Q o Q
1Q26 LTM
Net Revenue from Services
26.9
29.0
42.0
+56.0%
+44.8%
144.1
Import
23.6
23.7
37.4
+58.8%
+58.1%
125.3
Export
1.3
0.3
1.1
-15.5%
+322.2%
4.1
Storage
0.0
0.0
1.0
-
-
1.2
Other revenues
1.9
5.1
2.5
+29.9%
-50.5%
13.6
EBITDA
(3.7)
(11.0)
6.9
-
-
(8.9)
Margin (% NR from Services)
-13.7%
-38.1%
16.4%
+30.1 p.p.
+54.5 p.p.
-6.2%
EBIT¹
(9.4)
(11.2)
(0.6)
-93.1%
-94.3%
(29.9)
Margin (% NR from Services)
-34.8%
-38.7%
-1.5%
+33.3 p.p.
+37.2 p.p.
-20.7%
Volume handled - thousand ton
391.6
419.2
615.1
+57.1%
+46.7%
2,049.4
Storage - thousand ton
54.4
17.8
73.2
+34.5%
+311.9%
220.4
ATU-12: Operations have been running since the end of Feb/25, with modernized infrastructure.
ATU-18:
Completion of dredging depth certification for the ATU-18 pier berth by the Navy (14.2 meters);
Panamax vessel operations commenced in April 2026.
Throughput totaled 615 thousand tons in 1Q26 (+57.1% y/y and +46.7% q/q), with 100% of volumes related to fertilizers. The increase both y/y and q/q is explained by higher cargo handling at ATU-12, which has been operating with upgraded infrastructure since the end of February 2025;;
Net Revenue from Services totaled R$42.0 million in 1Q26 (+56.0% y/y and +44.8% q/q), reflecting the operational ramp-up at ATU-12.
EBITDA totaled R$6.9 million in 1Q26 (vs. -R$3.7 million in 1Q25 and -R$11.0 million in 4Q25), marking a return to positive operating results, driven by improved performance at ATU-12. It is worth noting that 1Q26 results still reflect fixed costs and expenses related to ATU-18, whose Panamax vessel operations began after the close of the quarter.
CS RODOVIAS (highways)
Highlights - Highways
(R$ million)
1Q25
4Q25
1Q26
▲Y o Y ▲Q o Q 1Q26 LTM
Net Revenue from Services¹ 20.4 45.7 50.7 +149.2% +10.9% 149.0
CS Infra - Highways
Grãos do Piauí 20.4 42.2 36.8 +80.8% -12.9% 131.5
Rota da Integração - - - - - -
EBITDA 9.3 35.5 27.3 +192.3% -23.3% 90.4
Mercosul - 3.5 13.9 - +297.3% 17.4
Margin (% NR from Services) 45.8% 77.7% 53.7% +7.9 p.p. -24.0 p.p. 60.7%
EBIT² 7.6 34.1 25.8 +240.8% -24.2% 83.9
Margin (% NR from Services) 37.3% 74.5% 50.9% +13.6 p.p. -23.6 p.p. 56.3%
Traffic - "Equivalent Vehicles" (thousands) 405 565 634 +56.5% +12.1% 2,591
Traffic - "Equivalent Vehicles" (thousands) 0 62 261 - +322.4% 323
NOTE: 4Q25 results were positively impacted by R$8.0 million in retroactive revenue related to traffic volume protection provided for in the concession.
Net Revenue from Services totaled R$50.7 million in 1Q26 (+149.2% y/y and +10.9% q/q), mainly driven by increased vehicle traffic on CS Grãos do Piauí, supported by stronger crop outflows (+56.5% y/y and +12.1% q/q), as well as the first full quarter of operations at CS Rodovias Mercosul.
EBITDA totaled R$27.3 million in 1Q26 (vs. R$9.3 million in 1Q25 and R$35.5 million in 4Q25), reflecting the operational improvements described above.
Transcerrados II (Contractual Amendment): CS Rodovias signed a contract amendment to double the size of its highway network (+307 km and six new toll plazas). Three toll plazas are expected to begin operations in 2Q26, with the remaining three by the end of 2026.
CS MOBILIDADE (Mobility)
Highlights - CS Mobi Cuiabá (R$ million)
1Q25
4Q25
1Q26
▲Y o Y ▲Q o Q 1Q26 LTM
Net Revenue from Services 1.7 27.2 21.6 - -20.5% 55.5
CS Infra - Mobility
Mobi Cuiabá¹ 1.7 9.4 4.8 +182.7% -49.2% 17.6
EBITDA (0.3) 20.1 9.3 - -54.0% 33.7
Mobi Leste SP - 17.8 16.9 - -5.3% 37.8
Margin (% NR from Services) -17.1% 73.9% 42.8% +59.9 p.p. -31.1 p.p. 60.8%
EBIT 0.3 20.1 9.1 - -54.5% 33.5
Margin (% NR from Services) 16.9% 73.8% 42.2% +25.3 p.p. -31.6 p.p. 60.3%
Note: (1) Net Revenue from Services in 4Q25 includes R$5.5 million related to the remuneration of the concession financial asset recognized in the period (Jan/25 -Dec/25), reclassified from financial income to operating revenue in accordance with ICPC 01. (2) Includes the BRT Sorocaba operation under the equity method. (3) In addition to the non-recurring effect described in note (1), the following effects impacted 4Q25: (i) accounting reclassification of R$2.4 million at Mobi Leste SP, and (ii) recognition of R$2.8 million in retroactive revenue at BRT Sorocaba (both effects had a positive impact on 4Q25).
Net Revenue from Services totaled R$21.6 million in 1Q26 (vs. R$1.7 million in 1Q25 and R$27.2 million¹ in 4Q25). The positive performance in both periods mainly reflects the start of operations of CS Mobi Leste SP in 3Q25, with 1Q26 marking the second full quarter of operations;
EBITDA totaled R$9.3 million in 1Q26 vs. -R$0.3 million in 1Q25, driven by improved operating performance at CS Mobi Cuiabá and the start-up of CS Mobi Leste SP. On a quarterly basis, excluding non-recurring effects in 4Q25³, EBITDA in 4Q25 would have been R$9.4 million, broadly stable compared to 1Q26;
CS Mobilidade
CS Mobilidade
CS Rodovias
CS Rodovias
Construction works for the municipal market remain underway, with completion expected in 3Q26. Meanwhile, on-street parking operations remain fully functional.
CS Portos Amapá
Auction won in Feb/26. Concessions awarded and ratified, pending fulfillment of certain conditions precedent (no contribution to 1Q26 results).
Lease of the MCP01 area at the Organized Port of Santana (Amapá)
Handling and storage of agricultural bulk commodities
Total planned investment of R$138 million
Financial Data - As per Bidding documents
Concession term 25 years
Net Revenue
R$40 million
EBITDA Margin
39%
Total Capex
R$138 million
Avg. annual Capex from the 7th year onwards
R$1 million
Capex during the first 6 years R$117 million
EBITDA R$16 million
Year 5 (maturity)
NEW CONCESSIONS WON IN 2026
PR Schools - North and South Lots
These concessions mark the launch and development of the CS Infrasocial business
Auction won in March/26. Concessions awarded and ratified, pending fulfillment of certain conditions precedent (no contribution to 1Q26 results).
Construction, maintenance, conservation and operation of 40 educational units located in the State of Paraná
• +29 thousand students from 1st to 12th grade
Provision of non-pedagogical services¹ and limited pedagogical support²
Term of 20 years
The investment plan will be funded 80% through financing and cash generation and 20% through own funds
Financial Data - per the bidding documents North Lot South Lot
Year 4 (maturity) Year 4 (maturity)
Net Revenue | R$173 million | R$199 million | |
EBITDA | R$101 million | R$116 million | |
EBITDA Margin | 59% | 58% | |
Mandatory equity contribution (3 installments²) | R$140 million | R$159 million | |
Total Capex | R$697 million | R$797 million | |
Avg. annual Capex during the first 3 years | R$187 million | R$216 million | |
Avg. annual Capex from the 4th year onwards | R$8 million | R$9 million |
Notes: (1) (i) cleaning and sanitation; (ii) security and surveillance; (iii) maintenance and conservation; (iv) utilities and energy; (v) information technology; (vi) administrative services; and (vii) school meal preparation; (2) (i) inclusion and school support; and (ii) school management; (3) Paid in three equal installments, with the first installment paid upon signing and the remaining two at the end of the first and second years.
CICLUS AMBIENTAL
Ciclus Ambiental | ||||||
Highlights - Ciclus Ambiental (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
Net Revenue | 82.0 | 89.3 | 89.3 | +9.0% | - | 355.5 |
Carbon Credits | 82.0 | 89.3 | 89.3 | +9.0% | - | 355.5 |
Cost of Services | (63.5) | (66.0) | (68.7) | +8.2% | +4.1% | (260.9) |
Gross Profit | 18.5 | 23.3 | 20.6 | +11.7% | -11.5% | 94.6 |
Operational Expenses | (6.6) | (9.0) | (8.4) | +26.6% | -6.7% | (32.7) |
EBIT | 11.9 | 14.3 | 12.3 | +3.4% | -14.5% | 61.9 |
Margin (% NR) Financial Result¹ Taxes | 14.5% (3.1) (2.1) | 16.0% (1.2) (4.5) | 13.7% (1.4) (3.6) | -0.8 p.p. -55.6% +73.6% | -2.3 p.p. +16.6% -19.2% | 17.4% (5.8) (20.0) |
Net Income | 6.7 | 8.7 | 7.3 | +8.4% | -16.2% | 36.1 |
Margin (% Total NR) | 8.2% | 9.7% | 8.1% | -0.1 p.p. | -1.6 p.p. | 10.2% |
EBITDA | 18.4 | 21.3 | 18.6 | +1.3% | -12.4% | 89.1 |
Margin (% NR) | 22.4% | 23.8% | 20.9% | -1.5 p.p. | -2.9 p.p. | 25.1% |
NOTE: The table above includes the operations of Ciclus Amazônia and Ciclus Centroeste in all comparative periods.
Net Revenue from Services totaled R$89.3 million in 1Q26, up 9.0% y/y and stable q/q, mainly reflecting the annual tariff adjustment implemented in 3Q25.
EBITDA totaled R$18.6 million in 1Q26 (+1.3% y/y and -12.4% q/q), with an EBITDA margin of 20.9% in 1Q26 (-1.5 p.p. y/y and -2.9 p.p. q/q). Performance reflects higher cost of services, mainly due to increased personnel and waste transportation costs.
Net Income totaled R$7.3 million in 1Q26 (+8.4% y/y and -16.2% q/q), reflecting the factors mentioned above, as well as an improvement in net financial results y/y, supported by the reduction in Net Debt from R$9.2 million in 1Q25 to R$5.8 million in 1Q26.
BBC Digital
BBC Consolidated
Financial Highlights
(R$ million)
1Q25
4Q25
1Q26
▲Y o Y
▲Q o Q
1Q26 LTM
Net Revenue
1.8
1.5
1.5
-18.8%
-3.7%
6.9
Total Costs
(1.4)
(1.3)
(1.3)
-7.4%
+0.9%
(5.0)
Gross Profit
0.5
0.3
0.2
-53.0%
-23.8%
1.8
Operational Expenses
Financial Result
(37.4)
32.2
(46.7)
45.7
(44.7)
45.6
+19.4%
+41.5%
-4.2%
-0.2%
(144.7)
157.2
EBT
(4.8)
-0.7
1.1
-122.0%
-245.4%
14.4
Taxes
2.2
(0.0)
1.3
-44.0%
-5809.1%
(4.8)
Net Income
(2.5)
-0.7
2.3
-190.5%
-409.5%
9.5
Margin¹
-2.9%
-0.7%
2.0%
+5 p.p.
+3 p.p.
2.2%
Portfolio Balance
2,009.5
2,214.8
2,318.3
+15.4%
+4.7%
2,318.3
Delinquency over 90 days
3.93%
4.81%
5.28%
+1 p.p.
+1 p.p.
5.28%
Income from Financial Intermediation
85.0
109.7
113.9
+33.9%
+3.8%
425.8
Market Funding Expenses
(53.0)
(70.3)
(72.4)
+36.6%
+3.0%
(276.0)
TVM Applications and Operations Results
6.1
6.3
6.9
+14.0%
+10.3%
25.8
Result of Financial Intermediation
38.1
45.7
48.4
+27.1%
+6.0%
175.5
Notes: (1) Margin calculation = Net Income / (Total Net Revenue + Financial Intermediation Revenue).
Loan Portfolio Balance
(R$ million)
Financial Intermediation Income
(R$ million)
Over-90-day Delinquency Rate
+15%
2,010
2,215
2,318
5.7%
5.1%
4.2%
5.3%
4.8%
+34%
110
114
85
3.9%
1Q25 4Q25 1Q26
1Q25 4Q25 1Q26
1Q25 4Q25 1Q26
New Operations: R$447.6 million in 1Q26 (-5% y/y and +36% q/q);
Loan Portfolio 1Q26: R$2.3 billion (+15% y/y);
Delinquency Rate over 90 days 1Q26: 5.3%, 0.4 p.p. below the market average, demonstrating the high quality of the credit portfolio;
Basel Ratio 1Q26: 11.4%
Operating Efficiency Ratio²: 39.3% in 1Q26, a decrease of 4.7 p.p. compared to 1Q25 (44.0%);
1Q26 Net Income: R$2.3 million (vs -R$2.5 million in 1Q25), reflecting the sustainable growth strategy, high-quality loan portfolio, and continued improvement in the operating efficiency.
Notes: (2) Operating efficiency ratio = Operating Expenses / Financial Intermediation Revenue.
ESG
SIMPAR embeds sustainability as a strategic pillar, reflected in the operations of its independent companies
and recognized through inclusion in leading ESG indices and rankings:
Corporate Sustainability Index (ISE B3): one of the business groups with the highest number of listed companies (SIMPAR, JSL, VAMOS and MOVIDA). In 2026, SIMPAR was included in the ISE portfolio for the fifth consecutive year, alongside MOVIDA (seventh consecutive year), VAMOS (fourth consecutive year) and JSL (third consecutive year).
CDP (former Carbon Disclosure Project): Group companies rank among the top performers globally in the transportation and logistics sectors. SIMPAR received a score of "A-"; MOVIDA was included in the "A List," alongside 28 other Brazilian companies; and JSL and VAMOS received a "B" score.
B3 Carbon Efficient Index (ICO2): SIMPAR was included in the portfolio for the second consecutive year, joining its subsidiaries MOVIDA and VAMOS, which have been part of the index for three consecutive years.
On the environmental front, climate management is a priority and is integrated into the risk matrix, with initiatives focused on emissions reduction, waste management and the efficient use of resources.
Within the social pillar, initiatives focused on productive inclusion and diversity stand out, supported by the Júlio Simões Institute, as well as proprietary programs developed by each Group company, operating in surrounding communities with monitored impact to promote continuous improvement. SIMPAR also reaffirmed, for another year, its commitment to the United Nations Global Compact, aligning its practices with international principles on human rights, labor, the environment and anti-corruption.
Regarding diversity, in recognition of Women's Month, the holding promoted a series of initiatives aimed at female audiences, focusing on awareness, empowerment and gender equity. Highlights included a keynote by the founder of the Mulheres 360 movement, of which SIMPAR, VAMOS, JSL, MOVIDA, AUTOMOB and CS Brasil are signatories.
In governance, SIMPAR maintains a solid structure and active engagement, supporting its subsidiaries in the continuous creation of value and sustainable development.
EXHIBITS
CONSOLIDATED INCOME STATEMENT
SIMPAR - Consolidated
Income Statement (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲ Y o Y | ▲ Q o Q | 1Q26 LTM |
Gross Revenue | 11,451.9 | 12,405.0 | 12,161.7 | 6.2% | -2.0% | 48,475.3 |
(-) Deductions from Revenue | (1,008.9) | (1,127.6) | (1,086.1) | 7.7% | -3.7% | (4,314.4) |
(=) Net Revenue | 10,443.1 | 11,277.4 | 11,075.6 | 6.1% | -1.8% | 44,160.9 |
Net Revenue from Services | 8,298.6 | 9,038.5 | 9,009.2 | 8.6% | -0.3% | 35,551.7 |
Net Revenue from Construction | 109.6 | 100.8 | 70.0 | -36.1% | -30.6% | 341.6 |
Net Revenue of Asset Sales | 2,034.9 | 2,138.1 | 1,996.5 | -1.9% | -6.6% | 8,267.6 |
(-) Total Costs | (7,733.0) | (8,305.3) | (8,099.4) | 4.7% | -2.5% | (32,502.5) |
(=) Gross Profit | 2,710.1 | 2,972.1 | 2,976.2 | 9.8% | 0.1% | 11,658.4 |
Gross Margin | 26.0% | 26.4% | 26.9% | +0.9 p.p. | +0.5 p.p. | 26.4% |
(-) Operating expenses | (975.9) | (48.9) | (1,192.1) | 22.2% | - | (3,438.3) |
Administrative and Sales Expenses | (884.1) | (988.9) | (1,017.3) | 15.1% | 2.9% | (3,976.5) |
Tax Expenses | (18.0) | (21.2) | (22.4) | 24.4% | 5.7% | (86.5) |
Other Operating Revenues (Expenses) | (73.9) | 961.1 | -152.5 | 106.4% | -115.9% | 624.7 |
EBIT | 1,734.2 | 2,923.2 | 1,784.1 | 2.9% | -39.0% | 8,220.1 |
Margin (% NR from Services) | 20.9% | 32.3% | 19.8% | -1.1 p.p. | -12.5 p.p. | 23.1% |
(+-) Financial Results | (1,788.4) | (2,113.7) | (2,028.0) | 13.4% | -4.1% | (8,155.7) |
(=) Income before tax | (54.2) | 809.5 | -244.0 | - | -130.1% | 64.4 |
Provision for income tax and social contribution | 35.8 | -234.5 | 69.8 | 95.0% | -129.8% | (4.8) |
Net income (Loss) from discontinued operations | 12.1 | -31.6 | - | -100.0% | -100.0% | -14.7 |
(=) Net income | (6.4) | 543.4 | -174.1 | - | -132.0% | 44.9 |
Margin | -0.1% | 4.8% | -1.6% | -1.5 p.p. | -6.4 p.p. | 0.1% |
EBITDA | 2,816.8 | 4,063.6 | 3,037.7 | 7.8% | -25.2% | 12,975.3 |
Margin (% NR from Services) | 33.9% | 45.0% | 33.7% | -0.2 p.p. | -11.3 p.p. | 36.5% |
EBITDA-A | 4,722.1 | 5,878.5 | 4,935.5 | 4.5% | -16.0% | 20,664.4 |
Margin (% NR from Services) | 45.2% | 52.1% | 44.6% | -0.6 p.p. | -7.5 p.p. | 46.8% |
EXHIBITS
RECONCILIATION OF EBITDA, EBIT, AND NET INCOME
SIMPAR - Consolidated
EBITDA and EBITDA-Added Reconciliation (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
Net Income | (6.4) | 543.4 | (174.1) | - | -132.0% | 44.9 |
Net income (Loss) from discontinued operations | (12.1) | 31.6 | - | - | -100.0% | 14.7 |
Financial Result | 1,788.4 | 2,113.7 | 2,028.0 | +13.4% | -4.1% | 8,155.7 |
Income tax and Social contribution | -35.8 | 234.5 | (69.8) | - | -129.8% | 4.8 |
Depreciation and Amortization | 951.0 | 974.0 | 1,078.5 | +13.4% | +10.7% | 4,107.0 |
Amortization (IFRS 16) | 131.6 | 166.3 | 175.1 | +33.1% | +5.3% | 648.2 |
EBITDA | 2,816.8 | 4,063.6 | 3,037.7 | +7.8% | -25.2% | 12,975.3 |
Cost from Asset Sales | 1,905.3 | 1,814.9 | 1,897.8 | -0.4% | +4.6% | 7,689.0 |
EBITDA-Added | 4,722.1 | 5,878.5 | 4,935.5 | +4.5% | -16.0% | 20,664.4 |
SIMPAR - Consolidated
EBITDA Reconciliation (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
EBITDA | 2,816.8 | 4,063.6 | 3,037.7 | +7.8% | -25.2% | 12,975.3 |
JSL - Additional value from acquisitions | 4.0 | 7.1 | 6.8 | - | - | 24.7 |
JSL - Sistema S | - | - | 167.3 | - | - | 167.3 |
Vamos - Non-recurring reversal provision | - | - | - | - | - | (14.8) |
Automob - Administrative expenses | (4.8) | 4.1 | 6.6 | - | - | 10.7 |
Automob - Adjustment of accounting provisions | - | 3.9 | - | - | - | 3.9 |
Automob - Impairment: Taxes and judicial deposits | - | - | - | - | - | 23.9 |
Automob - Impairment: Inventory | - | - | - | - | - | 65.5 |
Automob - Impairment: Accounts receivable | - | - | - | - | - | 10.5 |
Ciclus Rio - Positive impact from the sale of Ciclus Rio | - | (927.5) | - | - | - | (927.5) |
Adjusted EBITDA | 2,816.0 | 3,151.2 | 3,218.5 | +14.3% | +2.1% | 12,339.4 |
SIMPAR - Consolidated | ||||||
EBIT Reconciliation (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
EBIT | 1,734.2 | 2,923.2 | 1,784.1 | +2.9% | -39.0% | 8,220.1 |
JSL - PPA amortization | 16.0 | 22.5 | 19.1 | - | - | 80.2 |
JSL - Additional value from acquisitions | 4.0 | 7.1 | 6.8 | - | - | 24.7 |
JSL - Sistema S | - | - | 167.3 | - | - | 167.3 |
Vamos - Non-recurring reversal provision | - | - | - | - | - | (14.8) |
Automob - PPA amortization | 7.6 | 7.6 | 7.8 | - | - | 32.4 |
Automob - Administrative expenses | (4.8) | 4.1 | 6.6 | - | - | 10.7 |
Automob - Adjustment of accounting provisions | - | 3.9 | - | - | - | 3.9 |
Automob - Impairment: Taxes and judicial deposits | - | - | - | - | - | 23.9 |
Automob - Impairment: Inventory | - | - | - | - | - | 65.5 |
Automob - Impairment: Accounts receivable | - | - | - | - | - | 10.5 |
Ciclus Rio - Positive impact from the sale of Ciclus Rio | - | (927.5) | - | - | - | (927.5) |
Adjusted EBIT | 1,757.0 | 2,040.9 | 1,991.8 | +13.4% | -2.4% | 7,696.8 |
SIMPAR - Consolidated | ||||||
Net Income Reconciliation (R$ million) | 1Q25 | 4Q25 | 1Q26 | ▲Y o Y | ▲Q o Q | 1Q26 LTM |
Accounting Net Income | (6.4) | 543.4 | -174.1 | - | -132.0% | 44.9 |
JSL - PPA amortization | 10.6 | 14.8 | 12.6 | - | - | 52.9 |
JSL - Additional value from acquisitions | 2.7 | 4.7 | 4.5 | - | - | 16.3 |
JSL - Sistema S | - | - | 134.2 | - | - | 134.2 |
Vamos - Non-recurring reversal provision | - | - | - | - | - | (9.8) |
Automob - PPA amortization | 5.0 | 5.0 | 5.2 | - | - | 21.4 |
Automob - Administrative expenses | (4.1) | 2.7 | 4.3 | - | - | 7.1 |
Automob - Adjustment of accounting provisions | - | 2.6 | - | - | - | 2.6 |
Automob - Impairment: Taxes and judicial deposits | - | - | - | - | - | 13.6 |
Automob - Impairment: Inventory | - | - | - | - | - | 67.4 |
Automob - Impairment: Accounts receivable | - | - | - | - | - | 10.5 |
Automob - Financial Result | - | (16.5) | - | - | - | (16.5) |
Ciclus Rio - Positive impact from the sale of Ciclus Rio | - | (612.2) | - | - | - | (612.2) |
Adjusted Net Income | 7.7 | (55.4) | (13.3) | - | - | (267.6) |
Adjusted EBITDA, EBIT and Net Income are intended to provide a more accurate and representative view of the Company's recurring operating performance, by excluding the effects of non-recurring or non-operating items which, by their nature, do not reflect the Company's ability to generate results under normal operating conditions.
EBITDA-A, or EBITDA Added, is defined as EBITDA plus the residual accounting cost of asset disposals, which does not represent an operating cash outflow as it is merely an accounting representation of the write-down of assets at the time of sale. As such, the Company's management believes that EBITDA-A is a more appropriate practical measure than traditional EBITDA as an approximation of cash generation, in order to gauge the Company's ability to meet its financial obligations.
EXHIBITS
CONSOLIDATED BALANCE SHEET
Assets (R$ million) | 1Q25 | 4Q25 | 1Q26 | Liabilities (R$ million) | 1Q25 | 4Q25 | 1Q26 | |
Current Assets | Current liabilities | |||||||
Cash and cash equivalents | 1,800.1 | 3,030.0 | 3,526.9 | Suppliers | 5,656.5 | 7,377.3 | 6,321.4 | |
Securities | 11,614.3 | 11,074.7 | 11,703.6 | Floor plan vehicles | 708.9 | 1,027.6 | 1,380.5 | |
Derivative financial instruments | 521.7 | 147.1 | 116.7 | Confirming payable (Automakers) (ICVM 01/2016) | 2.3 | 17.9 | 0.8 | |
Accounts receivables | 6,943.6 | 7,700.6 | 7,877.4 | Loans, financing and debentures | 7,536.8 | 9,148.9 | 8,083.7 | |
Inventory | 3,020.7 | 2,831.9 | 2,529.2 | Leasing payable | 115.1 | 79.8 | 74.8 | |
Recoverable taxes | 461.7 | 527.0 | 600.2 | Lease for right use | 458.5 | 383.2 | 386.8 | |
Income tax and social contribution | 1,111.5 | 1,135.4 | 1,151.7 | Assignment of receivables | 1,676.6 | 2,047.1 | 1,801.7 | |
Dividends | 0.2 | 0.4 | 3.3 | Derivative financial instruments | 1,213.4 | 1,020.5 | 1,206.8 | |
Assets availablle for sales (fleet renewal) | 2,188.2 | 1,337.7 | 1,542.3 | Labor obligations | 800.5 | 868.7 | 1,156.1 | |
Other credits | 958.5 | 1,113.4 | 1,564.3 | Deferred Income tax and Social contribution | 57.3 | 52.3 | 82.6 | |
Taxes payable | 469.7 | 683.8 | 533.3 | |||||
Dividends and interest on equity payable | 139.7 | 322.4 | 321.9 | |||||
Forward acquisition of common shares of subsidiaries | 80.3 | 166.9 | 1,235.2 | |||||
Acquisition of companies payable | 235.5 | 384.9 | 385.1 | |||||
Other accounts payabl | 550.0 | 670.4 | 570.7 | |||||
Current Assets - Total | 28,620.5 | 28,898.1 | 30,615.6 | Current liabilities - total | 19,701.1 | 24,251.9 | 23,541.4 | |
Noncurrent Assets | Noncurrent liabilities | |||||||
Loans, financing and debentures | 48,627.9 | 47,519.8 | 49,901.9 | |||||
Securities | 211.2 | 2,991.0 | 2,823.7 | Leasing payable | 81.2 | 11.3 | 44.6 | |
Derivative financial instruments | 1,259.6 | 594.4 | 493.4 | Lease for right use | 1,855.5 | 1,930.5 | 1,907.7 | |
Accounts receivables | 331.6 | 328.1 | 557.9 | Assignment of receivables | 683.7 | 1,257.1 | 1,226.5 | |
Recoverable taxes | 507.3 | 681.2 | 631.4 | Derivative financial instruments | 1,409.7 | 1,602.4 | 1,847.6 | |
Income tax and Social Contribution | 102.8 | 289.5 | 293.6 | Taxes payable | 15.5 | 13.6 | 12.7 | |
Deposit in court | 154.5 | 144.7 | 148.2 | Provision for litigation and administrative demands | 647.3 | 535.4 | 505.6 | |
Income tax and Social Contribution Deferred | 1,612.5 | 1,507.3 | 1,681.1 | Deferred Income tax and Social contribution | 1,607.6 | 1,931.5 | 2,020.3 | |
Related parties | 0.9 | 0.9 | 0.9 | Acquisition of companies payable | 1,169.7 | 918.3 | 847.0 | |
Indemnity Asset | 494.4 | 381.9 | 349.5 | Forward acquisition of common shares of subsidiaries | 1,081.1 | 1,079.6 | - | |
Other credits | 245.6 | 272.2 | 421.1 | Other accounts payabl | 218.0 | 179.7 | 166.3 | |
Long-term Assets - Total | 4,920.5 | 7,191.3 | 7,401.0 | Noncurrent liabilities - total | 57,397.3 | 56,979.3 | 58,480.1 | |
Shareholders' equity | ||||||||
Investments | 41.9 | 43.4 | 46.9 | Capital stock | 1,174.4 | 1,174.4 | 1,174.4 | |
Property, plant and equipment | 44,896.9 | 47,944.4 | 46,501.2 | Capital Reserve | 1,963.7 | 2,140.9 | 1,961.4 | |
Intangible | 4,243.5 | 4,565.0 | 4,589.3 | Treasury shares | (181.9) | (182.0) | - | |
Total | 49,182.2 | 52,552.8 | 51,137.4 | Reserves of earnings | 181.4 | 202.4 | 22.9 | |
Other comprehensive income | (613.6) | 170.2 | 170.2 | |||||
Noncurrent Assets - Total | 54,102.7 | 59,744.0 | 58,538.4 | Other equity adjustments from subsidiaries | 132.3 | 132.3 | 132.3 | |
Minority interest | 2,973.2 | 2,898.2 | 2,877.6 | |||||
Asset Valuation | (4.5) | 874.5 | 793.7 | |||||
Shareholders' equity - Total | 5,624.9 | 7,411.0 | 7,132.5 | |||||
Total Asset | 82,723.2 | 88,642.1 | 89,154.0 | Total liabilities and shareholders' equity | 82,723.3 | 88,642.1 | 89,154.0 |
EXHIBITS
RECONCILIATION OF LEVERAGE INDICATORS
The breakdowns of Net Debt, EBITDA and EBITDA-A used in the calculation of the Leverage Indicators are as follows: (i) Net Debt/EBITDA (Bond covenant); and (ii) Net Debt/EBITDA-A (Local debt covenant):
Net debt/EBITDA (Bond Covenant)
Net Debt Reconciliation for Covenant of Bonds (R$ mn)
1Q26
(+) Gross Debt
58,105.8
(-) Cash and equivalents and securities, marketable securities and financial investments
18,054.1
(+) Derivative financial instruments
2,444.3
(+) Effect of Hedge MTM
-159.7
(+) Allocation of fair value variation of hedge instruments - inactive contracts
484.2
(-) BBC Holding and BBC Pagamentos Net Debt - "unrestricted subsidiaries"
2,082.2
(=) NET DEBT for Covenant of Bonds
40,738.3
EBITDA reconciliation for Covenant of Bonds (R$ mn)
1Q26 LTM
Accounting Net Income
44.9
(+) Net income (Loss) from discontinued operations
14.7
(+) Financial Result
8,155.7
(+) Income tax and Social contribution
4.8
(+) Depreciation / Amortization
4,107.0
(+) Amortization (IFRS 16)
648.2
(=) EBITDA
12,975.3
(+) EBITDA LTM of Acquired Companies
-
(+) Equity income result
18.3
(-) BBC Holding and BBC Pagamentos EBITDA LTM - "unrestricted subsidiaries"
(135.5)
(+) Impairment
63.6
(+) Cost of damaged and loss-making vehicles written off, net of the amount recovered by sale
243.7
(=) EBITDA for Bond Covenant Purposes
13,436.5
As companies in the financial sector, SIMPAR's subsidiaries BBC Holding Financeira Ltda. and BBC Pagamentos Ltda. have financial indicators that are not comparable with the other companies in the Group, which ultimately distorts some indicators at the consolidated level (e.g. profitability and leverage indicators).
In order to avoid these distortions and to comply with all the conditions set forth in the Bonds indenture, SIMPAR's Board of Directors approved the designation of these subsidiaries as "Unrestricted Subsidiaries". As a result, since 2Q23, the Debt and EBITDA of BBC Holding Financeira Ltda. and BBC Pagamentos should be excluded from the calculation of Net Debt/EBITDA.
Net Debt/EBITDA-A (Local Debt Covenant)
Net Debt Reconciliation for Covenant of local Debts (R$ mn) | 1Q26 |
(+) Gross Debt | 58,105.8 |
(-) Cash and equivalents and securities, marketable securities and financial investments | 18,054.1 |
(+) Derivative financial instruments | 2,444.3 |
(+) Allocation of fair value variation of hedge instruments - inactive contracts | 484.2 |
(+) Hedging MTM effect | -159.7 |
(=) NET DEBT for Covenant of local Debts | 42,820.4 |
EBITDA reconciliation for Covenant of local Debts (R$ mn) | 1Q26 LTM |
(=) EBITDA | 12,975.3 |
(+) Cost of selling assets | 7,689.0 |
(=) EBITDA Added | 20,664.4 |
(+) EBITDA LTM of Acquired Companies | - |
(+) Equity income result | 18.3 |
(+) Impairment | 63.6 |
(+) Cost of selling assets - Acquired Companies | 0.2 |
(+) Expected impairment of accounts receivable | 288.9 |
(=) EBITDA Added for Local Debt Covenant Purposes | 21,035.4 |
EXHIBITS
HEDGE ACCOUNTING
The SIMPAR Group enters into non-speculative derivative financial instruments, generally swap, NDF or option contracts, to hedge its exposure to fluctuations in foreign exchange rates and interest rates on certain loans, financings and debentures. The Company has elected to apply hedge accounting in order to avoid distortions in financial results caused by mark-to-market fluctuations of these hedging instruments. Two hedge accounting methods are applied. One is the cash flow hedge, used for transactions with foreign exchange risk, with mark-to-market fluctuations recorded as Other Comprehensive Income in Equity. The other is the fair value hedge, used for transactions with interest rate risk, where mark-to-market changes are recorded in the hedged instrument.
In this way, changes in the fair value of these hedging instruments recognized in the income statement relate only to the offsetting of positive or negative effects caused by the hedged risks, so that the interest expense corresponding to the contracted rates under the hedge is effectively recognized in financial results.
Mark-to-market fluctuations recognized in Equity are reversed when the hedging instruments mature. As of March 31, 2026, the Company reported in its consolidated financial statements negative mark-to-market fluctuations of hedging instruments accounted for under the cash flow hedge method, recognized directly in Shareholders' Equity, in the amount of 105.4 million, net of taxes, R$159.7 million on a gross basis.
ADDITIONAL CORPORATE INFORMATION
The purpose of this press release is to detail the financial and operating results of SIMPAR S.A. for the first quarter of 2026. SIMPAR S.A. presents its 1Q26 results, which include JSL, Vamos, Movida, CS Brasil, Automob, BBC, CS Infra, and Ciclus Ambiental, whose combined performance is reflected in the consolidated figures. The financial information is presented in millions of Brazilian Reais (R$) unless otherwise indicated. The Company's interim financial information is prepared in accordance with the Brazilian Corporation Law and is presented on a consolidated basis under CPC-21 (R1) Interim Financial Reporting and IAS 34 - Interim Financial Reporting, issued by the IASB. Comparisons refer to the revised data from 1Q25, 4Q25, and 1Q26, except where otherwise indicated.
DISCLAIMER
We make forward-looking statements that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and are based on information currently available to the Company. Forward-looking statements include information about our intentions, beliefs, or current expectations and those of the Company's Board of Directors and Management.
Disclaimers for forward-looking information and statements also include information about possible or supposed operating results, as well as statements that are preceded by, followed by, or that include the words "believes," "may," "will," "continues," "expects," "predicts," "intends," "plans," "estimates," or similar expressions. Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties and assumptions because they refer to future events and therefore depend on circumstances that may or may not occur. Future results and shareholder value creation may differ materially from those expressed or implied by the forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.