August 12, 2025
Market Value (08/12): R$4.1 billion
Average Daily Trading Volume (90 days): R$25.5 million
Conference Call and Webcast
With simultaneous translation into English August 13, 2025 (Wednesday)
09:00 am (Brasília time)| 08:00 am (New York time)
CLICK HEREto join the webcast
Webinar ID: 814 9290 2631 | Access code: 595683
NET REVENUE EXCLUDING CONSTRUCTION
+5% vs. 2Q24
ADJUSTED¹ NET INCOME
vs. R$185 mn in 2Q24
EBITDA
ALL-TIME HIGH
ANNUALIZED ROIC (ex-BBC)
+13% vs. 2Q24
+3.0 p.p. vs. 2Q24 LTM
CONSISTENT AND DIVERSIFIED
ORGANIC GROWTH
Net Revenue from Services grew 7% YoY, reaching R$8.5 bn in 2Q25
Net Revenue from Services (ex-retail) grows 10% YoY
INCREASE IN OPERATIONAL
EFFICIENCY
EBITDA Margin³ increased 2.0 p.p. YoY, reaching 28.4% in 2Q25
EBITDA per Employee grew 25%, reaching R$202 K (2Q25 LTM vs. 2Q24 LTM)
CAPEX OPTIMIZATION
AND STRONGER CASH GENERATION
Net CAPEX down 8% YoY to R$2.0 billion in 2Q25
EBITDA is 2.2x higher than Net Capex (6M25 annualized)
BROAD ACCESS TO
CAPITAL SOURCES
+2R$2.6 billion in new funding in 2Q25 for liability management
Average cost of CDI + 1.8% | Average term of 4.2 years
LEVERAGE REDUCTION YoY
3.6x in 2Q25 vs. 3.8x in 2Q24
Notes: (1) Adjusted Net Income reconciliation available in the exhibits; (2) Excludes capital employed in operations that have not yet contributed to revenue generation - see ROIC section for details; (3) Excludes revenue from construction
SIMH
B3 LISTED NM
2Q25 RESULTS
2Q25
Record EBITDA of R$3.0 billion, up 13% YoY
MESSAGE FROM MANAGEMENT
We are pleased to present SIMPAR's results for the second quarter of 2025. We thank our more than 55,000 employees for their dedication and for making a difference at our companies - JSL, Movida, VAMOS, AUTOMOB, CS Infra, Ciclus Ambiental, CS Brasil, and BBC. Our heartfelt thanks to our clients for their trust and partnership, as well as to our suppliers, investors, and everyone who shares our goal of pursuing sustainable growth.
SIMPAR contributes, directs, and, when necessary, supports the execution of the business plans of its eight subsidiaries. Through a unique Management Model and clear goals and guidelines, we have accelerated the execution of our strategic plan, focusing on extracting the maximum value from the foundations we have built. This is primarily driven by the quality of the services we provide, which enables the continued implementation of our pricing strategy, fleet optimization, improved asset turnover, and cost and expense reduction, ultimately resulting in margin expansion.
In 2Q25, we posted another quarter of growth in Net Revenue from Services¹, which reached R$10.5 billion, up 4.6% from 2Q24. Net Revenue from Services grew 6.8% YoY, reaching R$8.5 billion. The continued improvement of this indicator reflects price adjustments in new contracts and disciplined repricing of existing ones. Net Revenue from Asset Sales totaled R$2 billion, demonstrating the high liquidity and quality of our assets, as well as actions to optimize the invested capital base.
Consolidated EBITDA reached a record R$3.0 billion in 2Q25, up 12.5% from 2Q24. Consolidated EBITDA margin increased by 2.0 p.p. YoY to 28.4%. EBITDA per employee grew 25% YoY, reaching R$202 thousand in 2Q25 LTM vs. R$161 thousand in 2Q24 LTM.
The improvement in operating efficiency is the result of the Companies' efforts in executing their strategic plans: JSL is entering a new phase after renegotiating contracts, reducing costs, and optimizing investment volumes; Movida remains focused on enhancing its customer service standards, which resulted in 322,000 new customers in 1H25. The rising value perception among our customers has granted us: (i) the award for the best NPS in the car rental sector, (ii) ongoing price adjustments, and (iii) EBITDA margin expansion. At VAMOS, used vehicle sales reached a new record, while maintaining a healthy gross margin and increasing rental revenues from forklifts and contract extensions; AUTOMOB is advancing in process and system optimization to reduce costs and increase the volume of vehicle, parts, services, and financial product sales.
Among our non-listed companies, we highlight CS Infra's capital allocation discipline, demonstrated by the winning bid for the Binational Bridge Concession in Aug/25. This concession requires a low volume of investment and has high potential for service revenue from cargo transportation. At Ciclus Ambiental, we observed the beginning of the restoration of economic conditions, as well as at CS Brasil. BBC continues to grow its credit portfolio, which will contribute to results.
We emphasize the commitment of our PEOPLE in executing the cost and expense reduction program launched in late 2024, which has been reinforced with even more stringent targets across all our companies. This strategy includes intensifying the reduction and control of overall costs, negotiating contracts with suppliers, and reviewing prices with our customers, when necessary, among other actions.
Note: (1) Excludes revenue from construction.
We reported Net CAPEX of R$2.0 billion in 2Q25, down 7.6% from the same period last year. Most of this capital was allocated to Movida (R$1.2 billion in 2Q25), mainly reflecting fleet renewal and growth at the end of the quarter in the RAC segment to meet third-quarter seasonality; and to VAMOS (R$324 million in 2Q25), in line with their updated guidance of R$0.9 - R$1.7 billion in net capex for 2025.
Annualized consolidated EBITDA for 1H25 was 2.2x higher than Net CAPEX, a significant improvement from the 1.0x recorded in 2Q24. The stronger cash generation and lower investment needs are aligned with our strategic plan, as our scale and development foundations (vehicles, scale, store network, branches, systems, and teams) are already established. This marks a clear shift from the 2020-2024 period, when EBITDA represented about half of Net CAPEX due to the investment cycle required to build the foundations we have today - allowing us to advance our strategy with less capital intensity.
These measures are part of our plan to expand profitability, increase cash generation, and reduce financial leverage. At the end of 2Q25, leverage remained stable at 3.6x vs. 3.8x in 2Q24 (Net Debt/EBITDA), excluding BBC-related debt. Net Debt/EBITDA-A stood at 2.3x, below the 3.5x covenant, which is the base metric used for all local market issuances under maintenance covenants. We highlight that the EBITDA-A metric corresponds to EBITDA plus asset sales, which better reflects the Company's leverage and is more appropriate for assessing its ability to meet its financial obligations.
Consolidated liquidity stood at R$14.1 billion in 2Q25 - 2.3x higher than short-term debt when including available and undrawn committed credit lines and Floor plan available. We raised over R$2.6 billion, at an average cost of CDI
+ 1.8% and average maturity of 4.2 years, reflecting a resilient combination of businesses with consistent demand and asset allocation characteristics in assets with a strong secondary market.
At the holding company, we ended 2Q25 with R$3.6 billion in cash (+5.1% YoY) and a long-term debt profile, with maturities concentrated in 2031. Net Debt stood at R$3.0 billion, down G.8% YoY.
We remain fully committed to executing our strategic plan, continuously improving our efficiency and profitability, and extracting the maximum value from the foundations we've built. We are confident that this strategy will create long-term value for shareholders and ensure the sustainability of each of our businesses.
Thank you,
Fernando Antonio Simões - Chief Executive Officer of SIMPAR S.A.
SIMPAR CONSOLIDATED - FINANCIAL HIGHLIGHTSSIMPAR - Consolidated
Financial Highlights (R$ million)
2Q24
1Q25
2Q25
▲Y o Y ▲Q o Q
Net Revenue 10,307.6 10,531.2 10,611.6 +2.9% +0.8%
Net Revenue excluding Construction 10,084.6 10,421.6 10,544.5 +4.6% +1.2%
Net Revenue from Construction 223.0 109.6 67.1 -69.9% -38.8%
Net Revenue from Services 8,014.7 8,386.7 8,561.6 +6.8% +2.1%
Net Revenue from Asset Sales 2,069.9 2,034.9 1,982.9 -4.2% -2.6%
EBIT 1,747.9 1,791.5 1,855.7 +6.2% +3.6%
Margin (% Net Revenue ex-Construction) 17.3% 17.2% 17.6% +0.3 p.p. +0.4 p.p.
Net Financial Result (1,509.5) (1,809.6) (1,971.9) +30.6% +9.0%
Net Income 158.8 11.5 (42.9) -127.0% -
Margin (% Net Revenue ex-Construction) 1.6% 0.1% -0.4% -2.0 p.p. -0.5 p.p.
Net Income (controllers) 49.3 (51.0) (96.3) - +88.8%
Margin (% Net Revenue ex-Construction) 0.5% -0.5% -0.9% -1.4 p.p. -0.4 p.p.
EBITDA 2,664.3 2,865.1 2,998.2 +12.5% +4.6%
Margin (% Net Revenue ex-Construction) 26.4% 27.5% 28.4% +2.0 p.p. +0.9 p.p.
(+) Cost of Asset Sales 1,917.7 1,906.1 2,228.2 +16.2% +16.9%
Margin (% Net Revenue ex-Construction)
17.3%
17.4%
17.7% +0.4 p.p. +0.3 p.p.
Margin (% Net Revenue ex-Construction)
1.8%
0.2%
-0.3% -2.1 p.p. -0.5 p.p.
Margin (% NR)
0.6%
-0.4%
-0.8% -1.4 p.p. -0.4 p.p.
Margin (% Net Revenue ex-Construction)
25.9%
27.5%
28.3% +2.4 p.p. +0.8 p.p.
Renewal and others Expansion
2,314.3 1,658.1 2,496.7
1,959.0 1,143.5 1,578.9
+7.9% +50.6%
-19.4% +38.1%
Net Debt - ex BBC 36,098.4 41,099.8 42,255.6 +17.1% +2.8%
Net Capex 2,168.5 723.1 2,003.1 -7.6% +177.0%
Gross Capex 4,273.3 2,801.6 4,075.6 -4.6% +45.5%
Adjusted EBITDA 2,609.1 2,864.3 2,981.5 +14.3% +4.1%
Adjusted Net Income (controllers) 57.6 (40.8) (84.2) - -
Adjusted Net Income 184.7 25.6 (36.1) -119.5% -
Adjusted EBIT 1,744.1 1,814.3 1,866.1 +7.0% +2.9%
Added-EBITDA 4,582.0 4,771.2 5,226.4 +14.1% +9.5%
Financial Highlights (R$ million)
2Q25
JSL Vamos Movida CS Brasil Automob BBC CS Infra Ciclus
Ambiental
Net Revenue | 2,381.8 | 1,411.7 | 3,679.0 | 183.9 | 3,087.3 | 2.0 | 129.5 | 216.4 |
Net Revenue from Services | 2,274.3 | 1,089.9 | 1,892.6 | 129.9 | 3,059.3 | 2.0 | 65.3 | 213.5 |
Net Revenue from Construction | - | - | - | - | - | - | 64.2 | 2.9 |
Net Revenue of Asset Sales | 107.5 | 324.3 | 1,786.4 | 53.9 | 28.1 | - | - | - |
Eliminations | - | (2.5) | - | - | - | - | - | - |
EBIT 310.2 | 639.1 | 785.4 | 28.2 | 63.4 | (22.3) | 0.2 | 59.7 | |
Margin (% NR from Services) 13.6% | 58.6% | 41.5% | 21.7% | 2.1% | - | 0.3% | 28.0% | |
Financial Result (290.3) | (531.6) | (694.1) | (93.4) | (139.5) | 25.6 | (14.1) | (38.8) | |
Net Income 36.3 | 83.0 | 67.6 | (18.2) | (38.7) | 1.9 | (6.9) | 13.6 | |
Margin (% NR) 1.5% | 5.9% | 1.8% | -9.9% | -1.3% | 1.9% | -5.3% | 6.3% | |
EBITDA 491.7 | 896.3 | 1,379.1 | 41.3 | 115.9 | (21.0) | 11.2 | 76.6 | |
Margin (% NR from Services) 21.6% | 82.2% | 72.9% | 31.8% | 3.8% | - | 17.1% | 35.9% | |
Net Capex 17.6 | 324.1 | 1,209.6 | (42.7) | 78.8 | - | 82.5 | 43.6 | |
Net Debt 5,791.5 | 12,312.3 | 15,976.4 | 1,066.1 | 2,019.2 | 1,824.0 | 1,157.8 | 726.6 | |
Financial Highlights (R$ million)
2Q24
JSL Vamos Movida CS Brasil Automob BBC CS Infra Ciclus
Ambiental
Net Revenue
2,142.6 1,207.1 3,435.6 153.5 3,050.1
2.0 273.4
189.3
Net Revenue from Services 2,073.2 1,037.9 1,608.1 123.3 3,037.0 2.0 50.4 189.3
Net Revenue from Construction - - - - - - 223.0 -
Net Revenue of Asset Sales 69.4 188.6 1,827.5 30.2 13.1 - - -
Eliminations - (19.4) - - - - - -
EBIT 269.2 702.1 627.3 13.5 41.9 (22.2) (1.4) 51.3
Margin (% NR from Services) 13.0% 67.6% 39.0% 11.0% 1.4% - -2.8% 27.1%
Financial Result (247.7) (389.1) (570.7) (42.1) (76.9) 22.1 (4.4) (29.0)
Net Income
33.0 232.4
42.5 (0.5) (27.0) 0.0
2.1
14.8
Margin (% NR) 1.5% 19.3% 1.2% -0.3% -0.9% 0.0% 0.8% 7.8%
EBITDA
398.2 882.0 1,149.3 21.7
81.4 (21.5) 4.2
60.2
Margin (% NR from Services) 19.2% 85.0% 71.5% 17.6% 2.7% - 8.4% 31.8%
Net Capex 151.4 970.5 737.8 (12.0) 52.1 - 162.6 19.7
Net Debt 5,373.2 11,021.5 13,661.4 749.8 1,390.2 951.1 597.8 798.2
Note: (1) Includes adjusted figures for JSL, Vamos and CS Brasil
Net Revenue from Services grew 6.8% YoY in 2Q25 (+R$546.9 million), driven by business expansion, particularly at Movida, which grew 18% YoY (+R$284.5 million), JSL, up 10% YoY (+R$201.1 million), and VAMOS, with 5% growth (+R$52.0 million). This performance was mainly the result of improved operational performance, ramp-up of contracts added over the past twelve months, and price adjustments. Net Revenue from Asset Sales of R$2.0 billion in 2Q25 (vs. R$2.1 billion in 2Q24), primarily due to stability at Movida, which accounted for approximately 80% of total asset sales in the quarter. Meanwhile, VAMOS and JSL posted strong increases of 71.9% and 54.8% YoY, respectively.
Cost of Services remained stable compared to 2Q24, at a slower pace than Net Revenue, underscoring our
commitment to cost control and reduction.
EBITDA reached a record R$3.0 billion in 2Q25, a 12.5% increase compared to 2Q24. EBITDA margin rose
2.0 p.p. YoY to 28.4%¹ in 2Q25. The improvement in operational efficiency reflects the collective efforts across our companies to execute the strategic plan - repricing of existing contracts, proper pricing of new contracts, and strict cost and expense control.
SIMPAR's Consolidated Adjusted Net Loss totaled R$36.1 million in the quarter. This result was affected by a more challenging macroeconomic environment, with rising interest rates in Brazil (average Selic rate increased from 10.58% in 2Q24 to 14.67% in 2Q25) and higher average net debt (+20.1% YoY), a result of the investments required to sustain operations.
We will continue working with utmost dedication to continuously improve our efficiency and profitability, extracting the maximum value from the foundations we've built and ensuring the sustainable development and long-term success of our businesses.
Note: (1) Excludes Net Revenue from Construction.
INVESTMENTSConsolidated EBITDA / Net CAPEX¹ ratio (R$ billion)
Note: (1) Excludes acquisitions
The annualized EBITDA / Net Capex ratio for the first half of the year was 2.2x, a significant increase compared with 1.0x in the same period last year, driven by stronger cash generation and lower investment needs. In addition, this marks a clear shift in trend compared with the 2020-2024 period, the most recent phase of building the foundations, when the EBITDA / Net Capex ratio reached as low as 0.5x in some years.
Net Debt 2Q25: R$ 3.0 bn (Gross Debt: R$ 6.6 bn | Cash: R$ 3.6 bn), down by 9.8% vs. 2Q24
Average Term of Net Debt: 5.9 years
Coverage of short-term gross debt: 12.6x (excluding derivative instruments)
Cash position fully covers gross debt until 2030
2Q25 Liability Management :
2Q25 Buybacks:
Buyback of own-issued debt: ~R$70 million
Evolution of cash and indebtedness - Holding (R$ million)
Indebtedness - SIMPAR Holding (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Cash and Investments | 3,415.4 | 3,579.8 | 3,589.1 | +5.1% | +0.3% |
Gross debt | 6,703.6 | 6,425.0 | 6,554.6 | -2.2% | +2.0% |
Loans and financing | 2,855.5 | 3,297.9 | 3,204.9 | +12.2% | -2.8% |
Local Bonds | 4,083.8 | 3,465.6 | 3,457.5 | -15.3% | -0.2% |
Confirming payable | - | - | - | - | - |
Derivative financial instruments on the contracted curve¹ | (235.7) | (338.5) | (107.8) | -54.3% | -68.2% |
Net Debt² | 3,288.2 | 2,845.2 | 2,965.5 | -9.8% | +4.2% |
Short-term gross debt | 598.2 | 640.3 | 754.0 | +26.0% | +17.8% |
Long-term gross debt | 6,105.4 | 5,784.7 | 5,800.6 | -5.0% | +0.3% |
Average Cost of Gross Debt (p.a.) | 14.8% | 18.8% | 20.1% | +5.3 p.p. | +1.4 p.p. |
Average term of gross debt (years) | 5.7 | 5.0 | 4.9 | -0.8 | -0.1 |
Average term of net debt (years) | 6.9 | 6.1 | 5.9 | -1.0 | -0.2 |
Notes: (1) Derivative financial instruments at contracted curve consider derivative financial instruments recorded under Assets and Liabilities, excluding MTM variations recorded in Shareholders' Equity (hedge accounting); (2) For Net Debt calculation purposes, the Company excludes hedge MTM variations allocated to Shareholders' Equity under Other Comprehensive Income, as these are unrealized market variations that will not exist at maturity.
Gross Debt Amortization Schedule 2Q25
Net Debt 2Q25 (ex-BBC): R$ 42.3 bn (Gross Debt: R$ 56.5 bn | Cash: R$ 12.4 bn | BBC Net Debt: R$ 1.8 bn | Lines available and undrawn: R$ 1.0 bn)
Average Term of Net Debt: 4.1 years
Liquidity: R$ 14.1 billion (Cash + Available and undrawn credit lines and floor plan available)
Coverage of short-term gross debt: 2.3x (Includes cash balance and available committed credit lines; excludes BBC's funding sources)
Financial Management (Capital Markets Funding):
Period | Number | Amount | Average Cost | Term |
2Q25 | 15 issues | R$32.6 bn | CDI + 1.8% | 4.2 years |
Cash and Indebtedness - Consolidated (R$ million)
Indebtedness - SIMPAR Consolidated (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Cash and Investments | 11,942.7 | 13,424.5 | 12,424.3 | +4.0% | -7.5% |
Gross debt | 48,992.2 | 56,246.5 | 56,504.0 | +15.3% | +0.5% |
Loans and financing | 27,511.3 | 31,823.3 | 31,743.6 | +15.4% | -0.3% |
Local Bonds | 22,047.0 | 24,895.6 | 24,171.8 | +9.6% | -2.9% |
Finance lease payable | 250.9 | 196.2 | 193.3 | -23.0% | -1.5% |
Confirming payable | 24.9 | 2.3 | 28.1 | +12.7% | - |
Derivative financial instruments on the contracted curve¹ | (842.0) | (670.9) | 367.3 | -143.6% | -154.7% |
Net Debt² | 37,049.5 | 42,821.9 | 44,079.6 | +19.0% | +2.9% |
BBC Net Debt | 951.1 | 1,722.1 | 1,824.0 | +91.8% | +5.9% |
Net Debt - ex BBC | 36,098.4 | 41,099.8 | 42,255.6 | +17.1% | +2.8% |
Short-term gross debt | 6,716.2 | 8,350.6 | 8,055.2 | +19.9% | -3.5% |
Long-term gross debt | 42,275.9 | 47,895.9 | 48,448.8 | +14.6% | +1.2% |
Average Cost of Gross Debt (p.a.) | 12.8% | 15.6% | 16.7% | +3.8 p.p. | +1.1 p.p. |
Average term of gross debt (years) | 3.7 | 3.5 | 3.6 | -0.2 | +0.1 |
Average term of net debt (years) | 4.7 | 4.1 | 4.1 | -0.6 | - |
Notes: (1) Derivative financial instruments at contracted curve consider derivative financial instruments recorded under Assets and Liabilities, excluding MTM variations recorded in Shareholders' Equity (hedge accounting); (2) For Net Debt calculation purposes, the Company excludes hedge MTM variations allocated to Shareholders' Equity under Other Comprehensive Income, as these are unrealized market variations that will not exist at maturity.
Gross Debt Amortization Schedule 2Q25
FINANCIAL RESULTS
SIMPAR - Consolidated
Financial Result (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Net Interest | (1,270.6) | (1,554.4) | (1,740.7) | +37.0% | +12.0% |
Financial Investments² | 277.0 | 312.2 | 372.8 | +34.6% | +19.4% |
Debt interest expenses | (1,352.5) | (1,629.0) | (1,674.8) | +23.8% | +2.8% |
Exchange variation | (814.2) | 754.5 | 547.6 | -167.3% | -27.4% |
Swap - Portion of interest rate swap | 619.1 | (992.1) | (986.3) | - | -0.6% |
Interest on right of use (IFRS 16) | (43.6) | (54.2) | (60.3) | +38.3% | +11.3% |
Other financial income and expenses | (195.3) | (200.9) | (170.9) | -12.5% | -14.9% |
Net Financial Result | (1,509.5) | (1,809.6) | (1,971.9) | +30.6% | +9.0% |
Net Financial Expenses totaled R$2.0 billion in 2Q25. Below are the main explanations for the Net Financial Result:
2Q24 vs. 2Q25: +30.6% or +R$462.4 mn The increase was driven by higher average gross debt (+18.0% vs. 2Q24) and a higher average cost of gross debt (+3.8 p.p. vs. 2Q24), partially offset by an increase in average cash during the period (+5.1% YoY). Optimizable assets currently not generating income, totaling
~R$3.0 billion, contribute about R$120 million, or 6%, to the gross financial expense for 2Q25.
1Q25 vs. 2Q25: +9.0% or R$162.3 mn The increase was mainly due to higher average gross debt (+2.4% vs. 1Q25), an increase in the average cost of gross debt (+6.7% QoQ), and a decrease in average cash for the period (-2.8% QoQ).
LEVERAGE INDICATORS (based on Covenant criteria)Leverage Indicators¹
2Q24
3Q24
4Q24
1Q25
2Q25
2Q25
Normalized
Covenants
Event
Net Debt / EBITDA² - Bond
3.8x
3.7x
3.6x
3.6x
3.6x
3.4x
Max 4.0x
Incurrence
Net Debt / EBITDA-A - Local debts
2.3x
2.3x
2.3x
2.3x
2.3x
2.1x
Max 3.5x
Maintenance
EBITDA-A / Net interest expenses - Local debts
3.3x
3.4x
3.4x
3.4x
3.2x
3.7x
Min 2,0x
Maintenance
Business leverage - new indicator
2.2x
2.2x
2.5x
2.4x
2.5x
2.3x
-
-
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 3.6x in 2Q25 vs. 3.8x in 2Q24. Normalized leverage4 was 3.4x, providing a more accurate view of the potential reduction after optimization of invested capital, such as: (i) AUTOMOB: R$0.4 billion in surplus paid inventory; (ii) VAMOS: R$1.3 billion from occupancy rate normalization and R$0.7 billion from used vehicle inventory available for sale; and (iii) JSL: R$0.6 billion in assets available for sale. The sum of all these values totals approximately R$3.0 billion.
Local debt - Net Debt/EBITDA-A (maintenance covenant5):
Stable at 2.3x compared to the 3.5x covenant. It's important to highlight that the EBITDA-A metric - which adds the residual book cost of asset sales - is the most appropriate indicator of 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 subsidiaries: 3.2x6, on average, based on annualized 2Q25 EBITDA, which more accurately reflects the cash generation from recently executed investments compared to the trailing 12-month sum.
Notes: (3) Incurrence covenant: a concept used only for Bond issues where there is no early maturity; however, there are pre-established rules that must be complied with; (4) Considers Normalized Net Debt, which excludes: ((i) AUTOMOB: R$0.4 billion in surplus paid inventory; (ii) VAMOS: R$1.3 billion from occupancy rate normalization and R$0.7 billion from used vehicle inventory available for sale; and (iii) JSL: R$0.6 billion in assets available for sale; (5) Maintenance covenant: a concept used for all local issues - if the limit is exceeded, negotiation with creditors would be required to avoid a possible early maturity; (6) Excludes CS Infra.
FREE CASH FLOWCash Flow (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲ Y o Y | ▲ Q o Q |
Adjusted EBITDA | 2,609.1 | 2,864.3 | 2,981.5 | 14.3% | 4.1% |
Change in Working Capital | (476.4) | (2,566.8) | (329.0) | -31.0% | - |
Cost of sale of assets used in lease and services rendered | 1,917.7 | 1,906.1 | 2,228.2 | 16.2% | 16.9% |
Renewal Capex | (2,268.1) | (1,607.6) | (2,461.1) | 8.5% | 53.1% |
Cash Flow from Operations | 1,782.3 | 596.0 | 2,419.6 | 35.8% | 306.0% |
(-) Taxes | (61.5) | (94.6) | (176.8) | 187.4% | 87.0% |
(-) Other Capex | (46.2) | (50.5) | (35.6) | -22.9% | -29.4% |
Cash Flow Before Expansion | 1,674.6 | 450.9 | 2,207.2 | 31.8% | 389.5% |
(-) Expansion Capex | (1,959.0) | (1,143.5) | (1,578.9) | -19.4% | 38.1% |
(-) Companies Acquisitions | (145.0) | (152.3) | (110.1) | -24.1% | -27.7% |
Free Cash flow Generated (Consumed) after Growth and before Interest | (429.5) | (844.8) | 518.2 | -220.7% | -161.3% |
SIMPAR's pre-growth cash generation totaled R$2.2 billion in 2Q25, up 31.8% year over year. EBITDA grew 14.3% YoY, and there was an improvement in working capital variation (-31.0% YoY).
Post-growth and pre-interest cash generation reached R$ 518.2 million, compared to a cash consumption of R$429.5 million in 2Q24. In addition to stronger operational performance and working capital efficiency, there was a 19.4% reduction in expansion CAPEX, aligned with the Company's current strategy of lower investment needs and focus on extracting maximum value from its existing asset base.
RETURNSSIMPAR's consolidated productive ROIC 2Q25 LTM was 13.8%, +3.0 p.p. versus 2Q24 LTM
Productive
Accounting
ROIC 2Q25 LTM (R$ million) | SIMPAR 1 3 | SIMPAR (ex-BBC) | JSL4 | Movida4 | Vamos | Automob6 | CS Infra5 | Ciclus C | S Brasil5 | BBC | |
Adjusted EBIT¹ 2Q25 LTM | 7,317.6 | 7,317.6 | 1,124.9 | 2,937.2 | 2,585.0 | 337.0 | 25.4 | 219.0 | 78.4 | - | |
Effective rate | -23% | -23% | 41% | -25% | -23% | -34% | -34% | -34% | -34% | ||
Taxes | (1,680.6) | (1,680.6) | 463.7 | (726.9) | (593.9) | (114.6) | (8.6) | (73.9) | (26.6) | - | |
Noplat | 5,637.0 | 5,637.0 | 1,588.6 | 2,210.3 | 1,991.1 | 222.4 | 16.8 | 145.1 | 51.7 | - | |
Add. Noplat | 194.5 | - | - | - | - | - | - | - | - | - | |
Average Net Debt² | 36,136.8 | 40,548.2 | 5,582.4 | 14,818.9 | 11,666.9 | 1,704.7 | 877.8 | 762.4 | 907.9 | - | |
Average Equity² | 6,169.2 | 6,291.8 | 1,818.9 | 2,576.1 | 2,613.9 | 2,424.3 | 122.6 | 217.1 | (105.6) | - | |
Average Invested Capital² | 42,306.0 | 46,840.0 | 7,401.3 | 17,395.0 | 14,280.8 | 4,129.0 | 1,000.4 | 979.6 | 802.3 | - | |
ROIC 2Q25 LTM | 13.8% | 12.0% | 21.5% | 12.7% | 13.9% | 5.4% | 1.7% | 14.8% | 6.4% | Financial Institution |
Ambiental
PRE-OPERATIONAL
Notes: (1) Consolidated EBIT adjusted as per the reconciliation in the exhibits and excludes BBC; (2) Includes additional NOPLAT related to the normalization of VAMOS's utilization rate; (3) Based on the average between the current period and June 2024; (4) JSL's ROIC running rate was 14.5% for the period; (5) Based on Adjusted EBIT disclosed by Movida; (6) Adjusted EBIT and a 34% tax rate were used;(7) Pro forma EBIT and a 34% tax rate were used.
FINANCIAL HIGHLIGHTS - Listed CompaniesJSL For the full Press Release, click here.
JSL
Financial Highlights (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Net Revenue | 2,142.6 | 2,319.9 | 2,381.8 | +11.2% | +2.7% |
Net Revenue from Services | 2,073.2 | 2,229.5 | 2,274.3 | +9.7% | +2.0% |
Net Revenue from Asset Sales | 69.4 | 90.5 | 107.4 | +54.8% | +18.7% |
Gross Profit | 375.3 | 374.1 | 378.0 | +0.7% | +1.0% |
Margin (% NR) | 18.1% | 16.8% | 16.6% | -1.5 p.p. | -0.2 p.p. |
EBIT Adjusted¹ | 269.2 | 298.8 | 310.2 | +15.2% | +3.8% |
Margin (% NR from Services) | 13.0% | 13.4% | 13.6% | +0.6 p.p. | +0.2 p.p. |
Financial Result | (247.7) | (275.8) | (290.3) | +17.2% | +5.3% |
Taxes | 11.5 | 22.0 | 16.3 | +41.8% | -25.9% |
Net Income Adjusted¹ | 33.0 | 45.1 | 36.3 | +9.9% | -19.5% |
Margin (% NR) | 1.5% | 1.9% | 1.5% | +0.0 p.p. | -0.4 p.p. |
EBITDA Adjusted¹ | 398.2 | 458.2 | 491.7 | +23.5% | +7.3% |
Margin (% NR from Services) | 19.2% | 20.6% | 21.6% | +2.4 p.p. | +1.0 p.p. |
Note: (1) Figures adjusted as disclosed by JSL.
In 2Q25, JSL consolidated the margin recovery achieved in 1Q25, reaching an Adjusted EBITDA margin of 21.6% (+2.4 p.p. YoY). This result reflects the company's cost reduction program, improved operational efficiency, and contract repricing initiatives implemented after profitability was affected by input inflation at the end of 2024. Initiatives carried out during 1H25 are expected to generate annualized savings of R$230 million, mainly from: (i) process digitalization; (ii) review of procedures impacting overtime and work schedules; (iii) operational integration and synergies; and (iv) centralization of operational back-office activities. The company secured R$1.5 billion in new contracts, even with Gross CAPEX down 44% YoY and Net CAPEX down 88% YoY, reaching R$126 million and only R$18 million, respectively. In addition, financial leverage decreased from 1Q25, reaching 3.2x Net Debt/EBITDA (vs. 3.3x in 1Q25).
MOVIDA For the full Press Release, click here.
Movida
Financial Highlights (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Net Revenue | 3,435.6 | 3,568.2 | 3,679.0 | +7.1% | +3.1% |
Net Revenue from Services | 1,608.1 | 1,878.9 | 1,892.6 | +17.7% | +0.7% |
Net Revenue from Sale of Assets | 1,827.5 | 1,689.3 | 1,786.4 | -2.3% | +5.7% |
Gross Profit | 970.0 | 1,145.6 | 1,154.8 | +19.0% | +0.8% |
Gross Profit | 28.2% | 32.1% | 31.4% | +3.2 p.p. | -0.7 p.p. |
EBIT | 627.3 | 766.0 | 785.4 | +25.2% | +2.5% |
Margin (% NR from Services) | 39.0% | 40.8% | 41.5% | +2.5 p.p. | +0.7 p.p. |
Financial Result | (570.7) | (655.2) | (694.1) | +21.6% | +5.9% |
Taxes | (14.1) | (32.3) | (23.7) | +68.7% | -26.5% |
Adjusted Net Income | 42.5 | 78.5 | 67.6 | +58.9% | -13.9% |
Margin (% NR) | 1.2% | 2.2% | 1.8% | +0.6 p.p. | -0.4 p.p. |
EBITDA | 1,149.3 | 1,338.3 | 1,379.1 | +20.0% | +3.0% |
Margin (% NR from Services) | 71.5% | 71.2% | 72.9% | +1.4 p.p. | +1.7 p.p. |
Movida remains focused on raising its customer service standards, recording 322,000 new clients over the past six months and receiving the NPS Award - Opinion Box (Brazil's largest NPS survey - NPS Benchmarking Award). The company has also continued implementing initiatives to improve operational efficiency and profitability, including: (i) ongoing daily rental price recovery in RAC (+15% YoY); (ii) higher pricing levels in GTF, with an average yield of 3.5% per month in new contracts; (iii) continued actions aimed at revenue improvement and cost reduction; and (iv) stronger productivity in Used Cars - the company's nationwide sales structure enables the execution of its strategic plan while keeping fleet age at healthy levels. We are confident that disciplined execution of our strategy, combined with improvements in operating indicators and profitability, will continue to create value and promote the sustainable growth of the business.
Vamos For the full Press Release, click here.
Vamos
Financial Highlights (R$ million) | 1Q24 Reviewd | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Net Revenue | 1,207.1 | 1,332.0 | 1,411.7 | +16.9% | +6.0% |
Leasing | 1,037.9 | 1,045.6 | 1,089.9 | +5.0% | +4.2% |
Net Revenue from Services | 188.6 | 290.5 | 324.3 | +71.9% | +11.6% |
Elimination | (19.4) | (4.1) | (2.5) | -87.0% | -38.1% |
Gross Profit | 783.5 | 730.2 | 753.9 | -3.8% | +3.3% |
Margin (% NR) | 64.9% | 54.8% | 53.4% | -11.5 p.p. | -1.4 p.p. |
EBIT Adjusted¹ | 702.1 | 643.2 | 639.1 | -9.0% | -0.6% |
Margin (% NR from Services) | 58.2% | 48.3% | 45.3% | -12.9 p.p. | -3.0 p.p. |
Financial Result | (389.1) | (493.2) | (531.6) | +36.6% | +7.8% |
Taxes | (80.5) | (42.1) | (24.5) | -69.5% | -41.7% |
Net Income Adjusted¹ | 232.4 | 107.8 | 83.0 | -64.3% | -23.0% |
Margin (% NR) | 19.3% | 8.1% | 5.9% | -13.4 p.p. | -2.2 p.p. |
EBITDA Adjusted¹ | 882.0 | 886.8 | 896.3 | +1.6% | +1.1% |
Margin (% NR from Services) | 85.0% | 84.8% | 82.2% | -2.8 p.p. | -2.6 p.p. |
VAMOS reported record Net Revenue from the Lease segment, reaching R$1.0 billion in 2Q25 (+9% YoY), driven by strong demand for new vehicle rental services, contract price adjustments, and record contract extensions - despite the Company's adopting a more conservative approach to credit approval. The profitability of new contracts reflects this strategy, with an average yield of 2.G% on new 2Q25 contracts (+0.3 p.p. YoY). In the Used Vehicles segment, VAMOS once again posted record sales, with Net Revenue up 71.G% YoY and a healthy gross margin of 7%. VAMOS will maintain its strong focus on optimizing capital allocation - improving utilization rates and reducing inventory - aiming to lower leverage and grow profitability. Finally, VAMOS updated its 2025 guidance:(i) Deployed CAPEX of R$4.1 - R$4.7 billion (previously R$5.0 billion); (ii) Net CAPEX of R$1.3 - R$1.8 billion (previously R$2.1 billion); (iii) Net Income of R$300 - R$450 million (previously R$450 - R$550 million).
AUTOMOB For the full Press Release, click here.
Automob
Financial Highlights (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Net Revenue | 3,050.1 | 2,907.9 | 3,087.3 | +1.2% | +6.2% |
Gross Profit | 408.2 | 431.5 | 451.2 | +10.5% | +4.6% |
Margin (% Total NR) | 13.4% | 14.8% | 14.6% | +1.2 p.p. | -0.2 p.p. |
EBIT | 41.9 | 91.0 | 63.4 | +51.5% | -30.3% |
Margin (% Total NR) | 1.4% | 3.1% | 2.1% | +0.7 p.p. | -1.0 p.p. |
Financial Result | (76.9) | (121.7) | (139.5) | +81.4% | +14.6% |
Taxes | 8.0 | 5.8 | 37.4 | +368.9% | +550.0% |
Net Income | (27.0) | (24.9) | (38.7) | +43.0% | +55.2% |
Margin (% Total NR) | -0.9% | -0.9% | -1.3% | -0.4 p.p. | -0.4 p.p. |
EBITDA | 81.4 | 145.4 | 115.9 | +42.4% | -20.3% |
Margin (% Total NR) | 2.7% | 5.0% | 3.8% | +1.1 p.p. | -1.2 p.p. |
AUTOMOB, the largest and most diversified dealership group in Brazil, made solid progress in its main strategic drivers in 2Q25, including: (i) growing used light-vehicle sales at twice the market pace; (ii) outpacing the market in new retail vehicle sales by +1 p.p.; (iii) increasing FGI services penetration, with gross revenue up 45% YoY; and (iv) optimizing working capital, with a R$67 million reduction in prepaid agricultural equipment inventory. AUTOMOB is just beginning a new cycle focused on value creation and sustainable results. To that end, the company is implementing a plan centered on improving efficiency by increasing Used Vehicle sales per store, expanding FGI penetration, integrating systems, improving processes, and reducing excess inventory.
EXHIBITS
FINANCIAL HIGHLIGHTS - Non-Listed Companies
CS Brasil - Proforma
Financial Highlights (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Net Revenue | 153.5 | 146.3 | 183.9 | +19.8% | +25.6% |
Net Revenue from Services | 123.3 | 121.2 | 129.9 | +5.3% | +7.2% |
GTF with driver | 89.2 | 86.2 | 93.7 | +5.0% | +8.7% |
GTF - Light Vehicles | 11.7 | 11.9 | 13.8 | +18.5% | +16.2% |
GTF - Heavy Vehicles | 4.6 | 4.6 | 3.5 | -22.9% | -23.3% |
Municipal Passenger Transportation and Ot | 17.9 | 18.6 | 18.8 | +5.4% | +1.5% |
Net Rev. from Sale of Assets | 30.2 | 25.1 | 53.9 | +78.6% | +114.8% |
Total Costs | (130.4) | (119.2) | (144.6) | +10.8% | +21.3% |
Cost of Services | (104.1) | (97.3) | (103.8) | -0.4% | +6.7% |
Cost of Asset Sales | (26.3) | (21.9) | (40.8) | +55.2% | +86.2% |
Gross Profit | 23.1 | 27.2 | 39.3 | +70.0% | +44.8% |
Operational Expenses | 31.8 | (9.2) | (11.1) | -135.0% | +20.5% |
Equity Equivalence | 18.9 | 12.5 | (12.5) | -166.4% | -200.0% |
EBIT | 73.8 | 30.4 | 15.7 | -78.8% | -48.5% |
Margin (% NR from Services) | 59.9% | 25.1% | 12.1% | -47.8 p.p. | -13.0 p.p. |
Financial Result | (42.1) | (87.2) | (93.4) | +121.9% | +7.1% |
Taxes | (7.2) | 26.6 | 19.7 | -373.3% | -26.1% |
Net Income | 24.5 | (30.2) | (58.0) | -336.5% | +92.4% |
Margin (% Total NR) | 16.0% | -20.6% | -31.6% | -47.6 p.p. | -11.0 p.p. |
EBITDA | 82.0 | 40.0 | 28.7 | -64.9% | -28.2% |
Margin (% NR from Services) | 66.5% | 33.0% | 22.1% | -44.4 p.p. | -10.9 p.p. |
Adjusted EBIT | 13.5 | 17.9 | 28.2 | +108.5% | +57.2% |
Margin (% NR from Services) | 11.0% | 14.8% | 21.7% | +10.7 p.p. | +6.9 p.p. |
Adjusted Net Income | (0.5) | (18.7) | (18.2) | - | -2.6% |
Margin (% Total NR) | -0.3% | -12.8% | -9.9% | -9.6 p.p. | +2.9 p.p. |
Adjusted EBITDA | 21.7 | 27.5 | 41.3 | +90.3% | +49.9% |
Margin (% NR from Services) | 17.6% | 22.7% | 31.8% | +14.2 p.p. | +9.1 p.p. |
NOTE: CS Brasil figures include only operations related to the management and outsourcing of light and heavy vehicle fleets for the public sector-with or without drivers-and municipal passenger transportation. Equity income reflects the forward share purchase agreements involving Movida, JSL, and VAMOS.
GTF with driver services: Net Revenue grew 5.0% YoY in 2Q25 and 8.7% QoQ, mainly due to the start of operations under a new contract;
Light GTF: Net Revenue grew 18.5% YoY in 2Q25 and 16.2% QoQ, driven by the implementation of a new contract;
Heavy GTF: Net Revenue declined both year over year and quarter over quarter, due to the termination of a contract;
Passenger Transportation and others: Net Revenue increased 5.4% YoY in 2Q25 and 1.5% QoQ, mainly due to
fare adjustments in passenger transportation;
Adjusted EBITDA¹ totaled R$41.3 million in 2Q25 (+90.3% YoY and +49.9% QoQ). EBITDA Margin increased
14.2 p.p. YoY and 9.1 p.p. QoQ, driven by the operational improvements mentioned above and a gross margin of 24.4% on Asset Sales, resulting from the sale of appreciated Euro 5 assets;
Adjusted Net Loss² was R$18.2 million, in line with the loss of R$18.7 million in 1Q25 and vs. R$0.5 million in 2Q24, mainly due to the increase in average net debt (+11.5% YoY).
Notes: (1) Excludes R$12.5 million in equity income in 2Q25, as well as other non-operating effects from prior quarters, as disclosed in each period; (2) Excludes: (i) R$12.5 million in equity income in 2Q25; (ii) R$41.4 million in interest (R$27.3 million after tax) related to the synthetic forward transaction for the sale of shares in SIMPAR's subsidiaries, as disclosed in the market notice dated 12/22/2023, in addition to non-operating effects from prior quarters, as disclosed in each period.
CS INFRA
CS Infra Consolidated - Proforma
Adjusted Financial Highlights
(R$ million)
2Q24
1Q25
2Q25
▲Y o Y
▲Q o Q
Net Revenue from Services
50.4
48.9
65.3
+29.6%
+33.5%
Ports
33.1
26.9
38.4
+16.1%
+42.9%
Highways
13.3
20.4
25.2
+89.3%
+23.7%
Market
4.0
1.7
1.7
-56.9%
+2.0%
Cost of Services
(34.4)
(39.1)
(52.1)
+51.4%
+33.0%
Gross Profit
16.0
9.8
13.3
-17.2%
+35.4%
Operational Expenses
(17.4)
(14.9)
(13.1)
-24.9%
-12.2%
EBIT
(1.4)
(5.1)
0.2
-
-
Margin (% NR from Services)
-2.8%
-10.4%
0.3%
+3.1 p.p.
+10.7 p.p.
Financial Result
(4.4)
(13.2)
(14.1)
+220.7%
+6.7%
Taxes
7.9
7.1
7.1
-11.0%
-
Net Income
2.1
(11.3)
(6.9)
-
-39.1%
Margin (% Total NR)
4.2%
-23.0%
-10.5%
-14.7 p.p.
+12.5 p.p.
EBITDA
4.2
2.3
11.2
+163.8%
+386.0%
Margin (% NR from Services)
8.4%
4.7%
17.1%
+8.7 p.p.
+12.4 p.p.
In addition to CS Portos and CS Rodovias, the pro forma figures include the BRT and CS Mobi Cuiabá operations, which are in the process of being transferred to CS Infra.
Note: 4Q24 results include a positive impact of R$24.4 million from retroactive revenues related to the protection of traffic volume set forth in the CS Rodovias concession.
Pre-operational concessions with high potential for future cash generation
Net Revenue from Services reached R$65.3 million in 2Q25, up 29.6% YoY, mainly explained by:
CS Portos: higher activity volume at the ATU-12 terminal, which has operated with modernized infrastructure since the end of Feb/25;
CS Rodovias: 14.2% YoY increase in vehicle traffic, in addition to the start, in 4Q24, of monthly compensation payments of R$6 million, and the contractual amendment that expanded the highway network and enabled the implementation of 3 of the 6 toll plazas planned for 4Q25 (Transcerrados II).
EBITDA reached R$11.2 million in 2Q25 (vs. R$4.2 million in 2Q24 and R$2.3 million in 1Q25), mainly due to increased volume handled at ATU-12 and operational improvements at CS Rodovias.
Net Loss totaled R$6.9 million in 2Q25, a significant reduction compared to the R$11.3 million loss in 1Q25, driven by improved operational performance at CS Portos and CS Rodovias.
CS Infra was established in 2021 and operates in the public infrastructure concession sector, focusing on projects with lower investment requirements and greater emphasis on quality and efficiency in essential services, such as in the Port, Highway, Urban Mobility, and Social Infrastructure segments. Its subsidiaries are: CS Portos, CS Rodovias, CS Mobi and a 50% stake in BRT Sorocaba.
Of the two new concessions announced in 1Q25, the East Block Concession had its agreement signed in June 2025, with operations scheduled to begin in 3Q25, while the Lot 5 Concession is still awaiting the fulfillment of conditions precedent for contract signing.
14
SIMH
B3 LISTED NM
2Q25 RESULTS
CS PORTOS
PRE-OPERATIONAL CONCESSION
CS Infra - Ports
Highlights - Ports
(R$ million)
2Q24
1Q25
2Q25
▲Y o Y
▲Q o Q
Net Revenue from Services
33.1
26.9
38.4
+16.1%
+42.9%
Import
30.0
23.9
36.2
+20.7%
+51.9%
Export
3.0
2.0
0.9
-70.1%
-55.4%
Storage
0.1
1.0
1.5
+963.5%
+47.0%
Other revenues
-
-
-
-
-
EBITDA
1.5
(3.9)
(1.2)
-182.3%
-
Margin (% NR from Services)
4.5%
-14.5%
-3.2%
-7.7 p.p.
+11.3 p.p.
EBIT¹
(1.6)
(9.4)
(8.1)
+413.5%
-
Margin (% NR from Services)
-4.8%
-34.8%
-21.1%
-16.3 p.p.
+13.7 p.p.
Volume handled - thousand ton
501
392
528
+5.4%
+34.8%
Storage - thousand ton
5
54
72
+1312.5%
+32.6%
Note: (1) To more accurately reflect asset usage, CS Portos adopted a new depreciation method, linking depreciation to operational volume rather than the previous straight-line method based on the concession term. As a result of this change in accounting estimate, there was a positive impact of R$12.9 million on depreciation in 4Q24, aligning reported values with the new methodology.
ATU-12:
Operations have been running since the end of Feb/25, with modernized infrastructure;
ATU-18:
Currently in the assembly phase of the 4th silo (operations expected to begin in 4Q25);
Awaiting regulatory approvals (Federal Revenue Service and Vigiagro) and completion of dredging
work to deepen the berth;
Full operations at the ATU-18 terminal are estimated to begin by late 3Q25.
Cargo handling volume totaled 528 thousand tons in 2Q25 (+5.4% YoY and +34.8% QoQ) - 82% of the volume was fertilizers and 18% other minerals. The increase in volume is explained by the higher cargo throughput at ATU-12, which has been operating with modernized infrastructure since the end of Feb/25. ATU-18 remains under a scheduled shutdown.
Net Revenue from Services reached R$38.4 million in 2Q25 (+16.1% YoY and +42.9% QoQ), driven by the
increased cargo handling volume at ATU-12 described above.
EBITDA was -R$1.2 million in 2Q25, compared to R$1.5 million in 2Q24 and -R$3.9 million in 1Q25. Despite the higher volume handled at ATU-12, results were still impacted by fixed costs and expenses related to ATU-18, which is in the final stage of modernization.
CS RODOVIAS
CS Infra - Highways
Highlights - Highways
(R$ million)
2Q24
1Q25
2Q25
▲Y o Y
▲Q o Q
Net Revenue from Services¹
13.3
20.4
25.2
+89.3%
+23.7%
EBITDA
5.8
9.3
12.6
+116.7%
+34.6%
Margin (% NR from Services)
43.6%
45.8%
49.9%
+6.3 p.p.
+4.1 p.p.
EBIT²
3.7
7.6
10.8
+187.2%
+41.9%
Margin (% NR from Services)
28.2%
37.3%
42.8%
+14.6 p.p.
+5.5 p.p.
Traffic - "Equivalent Vehicles" (thousands)
555.3
404.7
648.4
+16.8%
+60.2%
Net Revenue from Services totaled R$25.2 million in 2Q25 (+89.3% YoY and +23.7% QoQ), mainly due to the increase in vehicle traffic supported by stronger crop outflow and the start of compensation payments under the Transcerrados II at the end of 4Q24.
EBITDA reached R$10.8 million in 2Q25 (+187.2% YoY and +41.9% QoQ), as a result of the operational
improvements mentioned above.
Transcerrados II (Amendment): CS Rodovias signed a contract amendment to double the size of its highway network (+307 km and 6 new toll plazas). Completion of 3 toll plazas construction is expected for late 2025.
CS MOBI
CS Infra - Mobility
Highlights - CS Mobi (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Net Revenue from Services | 4.0 | 1.7 | 1.7 | -56.9% | +2.0% |
EBITDA | 1.9 | (0.3) | (0.2) | -108.1% | -45.6% |
Margin (% NR from Services) | 48.1% | -17.1% | -9.1% | - | +8.0 p.p. |
EBIT | 1.9 | (0.3) | (0.2) | -110.0% | -41.1% |
Margin (% NR from Services) | 46.6% | -18.8% | -10.9% | - | +7.9 p.p. |
NOTE: As of 1Q25, CS Mobi adjusted its revenue recognition criteria in accordance with the accounting standard for concession contracts (OCPC 05). Revenue is now recorded partly as service revenue and partly as construction revenue, in proportion to the progress of construction works. A portion of this revenue is recognized in exchange for an intangible asset, and the remainder as a financial asset (receivable from the granting authority). This methodology was also applied retroactively to the 2024 figures for comparison purposes.
Net Revenue from Services totaled R$1.7 million in 2Q25, stable compared to 1Q25. The YoY decrease is due to the recognition of retroactive revenue in 2Q24.
EBITDA was -R$0.2 million in 2Q25, in line with 1Q25.
CS Mobi
CS Rodovias
CS Rodovias
CS Rodovias
Construction works for the municipal market and surrounding street revitalization are ongoing, with completion expected in 1Q26. Meanwhile, rotating parking operations remain fully functional.
CICLUS AMBIENTAL
Ciclus Ambiental | |||||
Highlights - Ciclus Ambiental (R$ million) - Adjusted | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q |
Net Revenue | 189.3 | 202.5 | 213.5 | +12.8% | +5.4% |
Biogas | 111.0 | 120.5 | 129.7 | +16.8% | +7.6% |
Carbon Credits | 78.2 | 82.0 | 83.8 | +7.2% | +2.3% |
Cost of Services | (124.9) | (138.4) | (138.7) | +11.1% | +0.2% |
Gross Profit | 64.4 | 64.1 | 74.8 | +16.1% | +16.6% |
Operational Expenses | (13.1) | (12.7) | (15.1) | +15.0% | +18.3% |
EBIT | 51.3 | 51.4 | 59.7 | +16.4% | +16.2% |
Margin (% NR) | 27.1% | 25.4% | 28.0% | +0.9 p.p. | +2.6 p.p. |
Financial Result | (29.0) | (24.2) | (38.8) | +33.7% | +60.3% |
Taxes | (7.5) | (8.3) | (7.3) | -2.9% | -12.0% |
Net Income | 14.8 | 18.9 | 13.6 | -7.7% | -27.9% |
Margin (% Total NR) | 7.8% | 9.3% | 6.4% | -1.4 p.p. | -2.9 p.p. |
EBITDA | 60.2 | 66.8 | 76.6 | +27.1% | +14.6% |
Margin (% NR) | 31.8% | 33.0% | 35.9% | +4.1 p.p. | +2.9 p.p. |
Net Revenue totaled R$213.5 million in 2Q25 (+12.8% YoY and +5.4% QoQ), mainly due to the annual adjustment of the main contract in 1Q25 and the increase in biogas sales volume in Ciclus Rio.
EBITDA in 2Q25 was R$76.6 million (+27.1% YoY and +14.6% QoQ), with an EBITDA margin of 35.9%, up 4.1
p.p. YoY and 2.9 p.p. QoQ. This improvement is primarily due to the revenue increase mentioned above, along with the cost and expense reduction program implemented throughout 2024 (including improvements in leachate treatment, more efficient use of inputs, and enhancements in processes and teams).
Net Income totaled R$13.6 million in 2Q25 (vs. R$14.8 million in 2Q24 and R$18.9 million in 1Q25). Excluding the non-recurring effect¹ in 2Q25, Net Income would have been R$18.8 million (+26.8% YoY and +33.7% QoQ), reflecting the operational improvements described above.
Net Debt/EBITDA decreased to 2.5x in 2Q25, compared to 3.3x in 2024, as a result of the company's new level of cash generation, which is gradually being reflected in the trailing twelve-month figures.
It is important to note that the full impact of such efficiency initiatives has not yet been fully reflected in
the results.
Note: (1) Financial expenses in 2Q25 were impacted by a non-recurring accounting adjustment retroactive to 1Q25, totaling R$7.2 million (R$4.8 million net of taxes).
EXHIBITSFINANCIAL HIGHLIGHTS - Non-Listed Companies
BBC Consolidated
Financial Highlights
(R$ million)
2Q24 1
Q25
2Q25
▲Y o Y
▲Q o Q
Net Revenue
2.0
1.8
2.0
-1.8%
+9.6%
Total Costs
(2.0)
(1.4)
(1.2)
-39.3%
-9.1%
Gross Profit
(0.0)
0.5
0.8
-
+65.5%
Operational Expenses
(22.2)
(37.4)
(23.1)
+3.9%
-38.4%
Financial Result
22.1
32.2
25.6
+15.5%
-20.6%
EBT
(0.1)
(4.8)
3.3
-
-
Taxes
0.1
2.2
(1.4)
-
-
Net Income
0.0
(2.5)
1.9
-
-
Margin¹
0.0%
-2.9%
1.9%
+1.9 p.p.
+4.8 p.p.
Portfolio Balance
1,394.3
2,390.3
2,398.6
+72.0%
+0.3%
Delinquency over 90 days
1.88%
3.93%
4.38%
+2.5 p.p.
+0.5 p.p.
Banco BBC
Income from Financial Intermediation
50.1
85.0
97.3
+94.4%
+14.5%
Market Funding Expenses
(22.7)
(53.0)
(63.6)
+180.3%
+20.1%
Others
2.9
6.1
6.4
+121.4%
+6.2%
Result of Financial Intermediation
30.3
38.1
40.1
+32.6%
+5.4%
Notes: (1) Margin calculation = Net Income / (Total Net Revenue + Financial Intermediation Revenue).
Portfolio Balance
(R$ million)
(R$ million)
Financial Intermediation Income
Delinquency Rate over 90 days
+72%
+94%
New Operations 2Q25: R$485.0 million, +14.8% vs. 2Q24;
Portfolio Balance 2Q25: R$2.4 billion, +72% vs. 2Q24
Delinquency Rate over 90 days 2Q25: 4.38%, below the market average, demonstrating the high quality of the credit portfolio
Basel Index: 12.30%, 1.8 p.p. above the minimum required by the Central Bank
Net Income in 2Q25: R$1.9 million (vs. Net Loss of -R$2.5 million in 1Q25), reflecting the sustainable growth strategy pursued over the past few quarters
ENVIRONMENTAL
Through our Emissions Management Program, we continuously monitor environmental impacts, ensuring full transparency in measuring greenhouse gas (GHG) emissions. The 2024 inventory, which covers Scopes 1, 2, and 3, was audited, and for the fifth consecutive year, we were awarded the Gold Seal of the Brazilian GHG Protocol Program, recognizing the reliability and consistency of our data.
Our commitment to sustainability is also reflected in our concession operations. CS Grãos do Piauí achieved a historic milestone, becoming the first public-private partnership (PPP) in the state of Piauí to receive ISO 14001:2015 Environmental Management certification. This achievement stems from the implementation of an integrated environmental management system on highways PI-397 (Transcerrados) and PI-262 (Estrada da Palestina), covering actions such as erosion control, recovery of degraded areas, and environmental education initiatives. This reinforces CS Infra's vision of delivering modern, sustainable infrastructure aligned with global environmental best practices.
SOCIAL
The Instituto Julio Simões launched the 2025 edition of the "If you want it, you can!" program, which promotes inclusion and professional development for young people in situations of social vulnerability. As part of their professional training, participants visit the Group's operations, gaining deeper insight into the job market and how the companies work.
For elementary school students, the program also fosters culture, sports, and education. In May, for example, 500 fifth-grade students from the public school system in Mogi das Cruzes (SP) attended a special performance of the musical "Wicked" at the Renault Theater in São Paulo - an experience that contributes to their cultural development.
GOVERNANCE
At SIMPAR, sustainability is a core pillar of our corporate strategy, fully integrated and aligned with the business. In accordance with corporate governance best practices, the Sustainability Strategy was presented to the Board of Directors, enabling strategic analysis and recommendations aligned with the Company's long-term planning and governance excellence.
EXHIBITS
CONSOLIDATED INCOME STATEMENT
SIMPAR - Consolidated
Income Statement (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲ Y o Y | ▲ Q o Q |
Gross Revenue | 11,292.2 | 11,560.8 | 11,629.1 | 3.0% | 0.6% |
(-) Deductions from Revenue | (984.6) | (1,029.6) | (1,017.5) | 3.3% | -1.2% |
(=) Net Revenue | 10,307.6 | 10,531.2 | 10,611.6 | 2.9% | 0.8% |
Net Revenue from Services | 8,014.7 | 8,386.7 | 8,561.6 | 6.8% | 2.1% |
Net Revenue from Construction | 223.0 | 109.6 | 67.1 | -69.9% | -38.8% |
Net Revenue of Asset Sales | 2,069.9 | 2,034.9 | 1,982.9 | -4.2% | -2.6% |
(-) Total Costs | (7,689.9) | (7,776.7) | (7,762.3) | 0.9% | -0.2% |
(=) Gross Profit | 2,617.7 | 2,754.4 | 2,849.3 | 8.8% | 3.4% |
Gross Margin | 25.4% | 26.2% | 26.9% | + 1.5 p.p. | + 0.7 p.p. |
(-) Operating expenses | (869.8) | (962.9) | (993.6) | 14.2% | 3.2% |
Administrative and Sales Expenses | (852.2) | (849.8) | (969.0) | 13.7% | 14.0% |
Tax Expenses | (17.2) | (18.1) | (16.7) | -2.9% | -7.7% |
Other Operating Revenues (Expenses) | (0.4) | (95.1) | (7.9) | - | -91.7% |
EBIT | 1,747.9 | 1,791.5 | 1,855.7 | 6.2% | 3.6% |
Margin (% NR from Services) | 21.8% | 21.4% | 21.7% | -0.1 p.p. | + 0.3 p.p. |
(+-) Financial Results | (1,509.5) | (1,809.6) | (1,971.9) | 30.6% | 9.0% |
(=) Income before tax | 238.4 | (18.0) | (116.1) | - | - |
Provision for income tax and social contribution | (79.5) | 29.6 | 73.2 | - | 147.3% |
(=) Net income | 158.8 | 11.5 | (42.9) | -127.0% | - |
Margin | 1.5% | 0.1% | -0.4% | -1.9 p.p. | -0.5 p.p. |
EBITDA | 2,664.3 | 2,865.1 | 2,998.2 | 12.5% | 4.6% |
Margin (% NR from Services) | 33.2% | 34.2% | 35.0% | + 1.8 p.p. | + 0.8 p.p. |
EBITDA-A | 4,582.0 | 4,771.2 | 5,226.4 | 14.1% | 9.5% |
Margin (% NR from Services) | 44.5% | 45.3% | 49.3% | + 4.8 p.p. | + 4.0 p.p. |
RECONCILIATION OF EBITDA, EBIT, AND NET INCOME
EBITDA Reconciliation (R$ million)
SIMPAR - Consolidated
2Q24 1Q25 2Q25 ▲Y o Y ▲Q o Q
Accounting Net Income 158.8 | 11.5 | (42.9) | -127.0% | -472.6% | ||
Loss from discontinued operations - | - | - | - | - | ||
Financial Result | 1,509.5 | 1,809.6 | 1,971.9 | +30.6% | +9.0% | |
Income tax and Social contribution | 79.5 | (29.6) | (73.2) | -192.1% | - | |
Depreciation and Amortization | 812.5 | 941.9 | 988.8 | +21.7% | +5.0% | |
Amortization (IFRS 16) | 103.9 | 131.6 | 153.7 | +47.9% | +16.8% | |
EBITDA | 2,664.3 | 2,865.1 | 2,998.2 | +12.5% | +4.6% | |
JSL - Additional value from acquisitions | 2.7 | 4.0 | 3.7 | +34.7% | -8.4% | |
JSL - Extemporaneous Tax Credits | (151.7) | - | - | - | - | |
JSL - Payment of retroactive contingent liability | 3.6 | - | - | - | - | |
Vamos - Rio Grande do Sul Impact | 19.3 | - | - | - | - | |
Vamos - Extraordinary provision increase | 78.6 | - | - | - | - | |
Vamos - Non-recurring reversal provision | - | - | (14.8) | - | - | |
Automob - Extemporaneous Tax Credits | (7.8) | - | - | - | - | |
Automob - Administrative expenses | - | (4.8) | - | - | - | |
Automob - Inventory Impairment | - | - | (5.6) | - | - | |
Adjusted EBITDA | 2,609.1 | 2,864.3 | 2,981.5 | +14.3% | +4.1% | |
SIMPAR - Consolidated | ||||||
EBIT Reconciliation (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q | |
EBIT 1,747.9 | 1,791.5 | 1,855.7 | +6.2% | +3.6% | ||
JSL - PPA amortization 19.9 | 16.0 | 18.8 | -5.5% | +17.8% | ||
JSL - Additional value from acquisitions 2.7 | 4.0 | 3.7 | +34.7% | -8.4% | ||
JSL - Extemporaneous Tax Credits (151.7) | - | - | - | - | ||
JSL - Payment of retroactive contingent liability 3.6 | - | - | - | - | ||
Movida - Rio Grande do Sul Impact 26.9 | - | - | - | - | ||
Vamos - Rio Grande do Sul Impact 19.3 | - | - | - | - | ||
Vamos - Extraordinary impairment of accounts receivable 78.6 | - | - | - | - | ||
Vamos - Non-recurring reversal provision - | - | (14.8) | - | - | ||
Automob - PPA amortization 4.7 | 7.6 | 8.3 | +78.1% | +8.9% | ||
Automob - Extemporaneous Tax Credits (7.8) | - | - | - | - | ||
Automob - Administrative expenses - | (4.8) | - | - | - | ||
Automob - Inventory Impairment - | - | (5.6) | - | - | ||
Adjusted EBIT 1,744.1 | 1,814.3 | 1,866.1 | +7.0% | +2.9% | ||
SIMPAR - Consolidated | ||||||
Net Income Reconciliation (R$ million) | 2Q24 | 1Q25 | 2Q25 | ▲Y o Y | ▲Q o Q | |
Accounting Net Income | 158.8 | 11.5 | (42.9) | -127.0% | -472.6% | |
JSL - PPA amortization | 13.1 | 10.6 | 12.4 | -5.5% | +17.8% | |
JSL - Additional value from acquisitions | 1.8 | 2.7 | 2.4 | +34.7% | -8.4% | |
JSL - Extemporaneous Tax Credits | (100.1) | - | - | - | - | |
JSL - Prepayment Fee | 8.5 | - | - | - | - | |
JSL - Payment of retroactive contingent liability | 2.4 | - | - | - | - | |
Movida - Closing of swap contracts | 17.3 | - | - | - | - | |
Movida - Rio Grande do Sul Impact | 20.2 | - | - | - | - | |
Vamos - Rio Grande do Sul Impact | 12.7 | - | - | - | - | |
Vamos - Extraordinary impairment of accounts receivable | 51.9 | - | - | - | - | |
Vamos - Write-off of deferred income tax credits on tax losses | - | - | - | - | - | |
Vamos - Non-recurring reversal provision | - | - | (9.8) | - | - | |
Automob - PPA amortization | 3.1 | 5.0 | 5.5 | +78.2% | +8.9% | |
Automob - Extemporaneous Tax Credits | (5.2) | - | - | - | - | |
Automob - Administrative expenses | - | (4.1) | - | - | - | |
Automob - Inventory Impairment | - | - | (3.7) | - | - | |
Adjusted Net Income | 184.7 | 25.6 | (36.1) | -119.5% | -240.7% | |
Adjusted EBITDA includes: (i) JSL - write-off of allocated fair value in the cost of asset sales of R$3.7 million; (ii) VAMOS -accounting adjustment to the amount payable for business acquisitions of R$14.8 million; and (iii) Automob - reversal of inventory impairment of R$5.6 million.
Adjusted Net Income includes: (i) JSL - write-off of allocated fair value in the cost of asset sales of R$2.4 million and exclusion of the effects from the amortization of goodwill/fair value from acquisitions of R$12.4 million; (ii) VAMOS - accounting adjustment to the amount payable for business acquisitions of R$9.8 million; and (iii) Automob - exclusion of PPA amortization of R$5.5 million and reversal of inventory impairment of R$3.7 million.
EXHIBITSCONSOLIDATED BALANCE SHEET
SIMPAR - Consolidated SIMPAR - Consolidated
Assets (R$ million) | 2Q24 | 1Q25 | 2Q25 | Liabilities (R$ million) | 2Q24 | 1Q25 | 2Q25 | |
Current Assets | Current liabilities | |||||||
Cash and cash equivalents | 2,126.8 | 1,862.9 | 2,278.6 | Suppliers | 5,629.1 | 5,673.4 | 6,191.3 | |
Securities | 9,641.8 | 11,350.5 | 9,944.8 | Floor plan vehicles | 697.2 | 708.9 | 876.9 | |
Derivative financial instruments | 248.3 | 521.7 | 157.8 | Confirming payable (Automakers) (ICVM 01/2016) | 24.9 | 2.3 | 28.1 | |
Accounts receivables | 5,915.7 | 7,066.1 | 7,786.7 | Loans and financing | 4,793.2 | 5,342.8 | 4,456.8 | |
Inventory | 2,993.1 | 3,041.2 | 3,036.3 | Debentures | 1,214.2 | 2,198.7 | 2,551.5 | |
Recoverable taxes | 544.0 | 465.0 | 625.6 | Leasing payable | 135.0 | 115.1 | 123.5 | |
Income tax and social contribution | 866.2 | 1,117.4 | 1,252.6 | Lease for right use | 388.7 | 460.4 | 231.7 | |
Prepaid expenses | 415.6 | 537.6 | 509.8 | Assignment of receivables | 1,734.9 | 1,676.6 | 1,898.6 | |
Other credits Intercompany | - | - | - | Derivative financial instruments | 797.1 | 1,213.4 | 1,053.1 | |
Dividends | (0.0) | 0.2 | 0.4 | Salaries and charges payable | 787.8 | 803.7 | 888.7 | |
Assets availablle for sales (fleet renewal) | 1,931.6 | 2,188.2 | 2,405.4 | Provision for losses on investments in discontinued operati | 73.3 | 57.5 | 41.4 | |
Third parties advances | 378.7 | 355.6 | 406.5 | Taxes payable | 435.7 | 495.6 | 542.5 | |
Advances to third parties - Intergroup | - | 0.8 | 0.6 | Accounts payable and advances from customers | 221.2 | (210.1) | (417.0) | |
Other credits | 165.5 | 66.2 | 477.8 | Dividends and interest on equity payable | 4.1 | 139.7 | 9.9 | |
Related Parts | - | - | - | Advances from customers | 759.5 | 760.1 | 754.1 | |
Advances from customers - Intergroup | - | 0.1 | 138.0 | |||||
Forward acquisition of common shares of subsidiaries | 166.6 | 80.3 | 123.2 | |||||
Related parties | - | 0.1 | 0.1 | |||||
Acquisition of companies payable | 261.7 | 235.5 | 226.9 | |||||
Current Assets - Total | 25,227.3 | 28,573.3 | 28,882.9 | Current liabilities - total | 18,124.4 | 19,754.1 | 19,719.2 | |
Noncurrent Assets | Noncurrent liabilities | |||||||
Long-term Assets | Loans and financing | 22,718.1 | 26,480.5 | 27,286.8 | ||||
Securities | 174.1 | 211.2 | 201.0 | Debentures | 20,832.8 | 22,696.9 | 21,620.3 | |
Derivative financial instruments | 1,167.9 | 1,259.6 | 569.8 | Leasing payable | 115.9 | 81.2 | 69.7 | |
Accounts receivables | 530.2 | 488.9 | 438.8 | Lease for right use | 1,650.7 | 1,865.4 | 2,176.9 | |
Recoverable taxes | 351.2 | 509.3 | 533.6 | Assignment of receivables | 993.6 | 683.7 | 840.8 | |
Income tax and Social Contribution | 105.2 | 102.8 | 104.6 | Derivative financial instruments | 1,231.7 | 1,412.8 | 1,329.4 | |
Deposit in court | 145.8 | 155.5 | 140.1 | Taxes payable | 29.4 | 15.5 | 14.7 | |
Income tax and Social Contribution Deferred | 1,861.8 | 1,642.5 | 1,933.2 | Provision for litigation and administrative demands | 731.0 | 649.8 | 627.7 | |
Related parties | 0.9 | 0.9 | 0.9 | Deferred Income tax and Social contribution | 1,679.8 | 1,625.6 | 1,686.4 | |
Fund for capitalization of concessionaires | 119.5 | 136.4 | 145.1 | Related parties | 0.5 | 0.5 | 0.5 | |
Compensation asset by business combination | - | - | - | Accounts payable and advances from customers | 122.5 | 274.4 | 246.1 | |
Other credits | 111.6 | 107.9 | 149.3 | Acquisition of companies payable | 1,033.0 | 1,169.7 | 1,100.2 | |
Deferred expenses | - | - | - | Landfill - closing cost | - | - | - | |
Investments in discontinued operations | - | - | - | Other accounts payable Intercompany | - | - | - | |
Indemnity Asset | 569.1 | 494.4 | 464.8 | Floor Plan | - | - | - | |
Other credits Intercompany | - | - | - | Tax payable | - | - | - | |
Long-term Assets - Total | 5,137.3 | 5,109.5 | 4,681.2 | Labor obligations | 4.8 | 4.3 | 4.3 | |
Forward acquisition of common shares of subsidiaries | 1,058.5 | 1,081.1 | 1,079.6 | |||||
Noncurrent liabilities - total | 52,202.4 | 58,041.3 | 58,083.3 | |||||
Shareholders' equity | ||||||||
Investments | 35.6 | 41.9 | 42.1 | Capital stock | 1,174.4 | 1,174.4 | 1,174.4 | |
Property, plant and equipment | 42,806.9 | 45,552.1 | 46,081.4 | Capital Reserve | 2,252.3 | 2,136.1 | 2,170.9 | |
Intangible | 3,907.2 | 4,315.9 | 4,442.9 | Discount Reserve | - | - | - | |
Total | 46,749.7 | 49,909.9 | 50,566.4 | Treasury shares | (151.2) | (181.9) | (182.0) | |
Reserves of earnings | 466.8 | 181.4 | 25.1 | |||||
Noncurrent Assets - Total | 51,887.0 | 55,019.3 | 55,247.7 | Other comprehensive income | (621.2) | (613.6) | (525.1) | |
Other equity adjustments from subsidiaries | 132.3 | 132.3 | 132.3 | |||||
Minority interest | 3,600.1 | 2,973.2 | 2,968.9 | |||||
Accumulated Income / Losses | - | - | - | |||||
Asset Valuation | (66.0) | (4.5) | 563.5 | |||||
Advance for future capital increase | - | - | - | |||||
Other equity transactions | - | - | - | |||||
Shareholders' equity - Total | 6,787.4 | 5,797.3 | 6,328.0 | |||||
Total Asset | 77,114.2 | 83,592.7 | 84,130.6 | Total liabilities and shareholders' equity | 77,114.2 | 83,592.7 | 84,130.6 |
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)
2Q25
(+) Gross Debt
56,136.7
(-) Cash and equivalents and securities, marketable securities and financial investments
12,424.3
(+) Derivative financial instruments
1,654.9
(+) Effect of Hedge MTM
(1,287.6)
(-) BBC Holding and BBC Pagamentos Net Debt - "unrestricted subsidiaries"
1,824.0
(=) NET DEBT for Covenant of Bonds
42,255.6
EBITDA reconciliation for Covenant of Bonds (R$ mn)
LTM
Accounting Net Income
(186.5)
(+) Loss from discontinued operations
-
(+) Financial Result
7,088.5
(+) Income tax and Social contribution
124.3
(+) Depreciation / Amortization
3,656.4
(+) Amortization (IFRS 16)
556.9
(=) EBITDA
11,239.7
(+) EBITDA LTM of Acquired Companies
-
(+) Equity income result
12.4
(-) BBC Holding and BBC Pagamentos EBITDA LTM - "unrestricted subsidiaries"
(99.8)
(+) Impairment Rio Grande do Sul
22.5
(+) Cost of damaged and loss-making vehicles written off, net of the amount recovered by sale
282.2
(=) EBITDA for Covenant of Bonds
11,656.5
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) | 2Q25 | |
(+) Gross Debt | 56,136.7 | |
(-) Cash and equivalents and securities, marketable securities and financial investments | 12,424.3 | |
(+) Derivative financial instruments | 1,654.9 | |
(+) Hedging MTM effect | (1,287.6) | |
(=) NET DEBT for Covenant of local Debts | 44,079.6 | |
EBITDA reconciliation for Covenant of local Debts (R$ mn) | LTM | |
(=) EBITDA | 11,239.7 | |
(+) EBITDA LTM of Acquired Companies | - | |
(+) Equity income result | 12.4 | |
(+) Impairment Rio Grande do Sul | 22.5 | |
(+) Cost of selling assets - Acquired Companies | 0.2 | |
(+) Cost of selling assets | 7,787.2 | |
(+) Expected impairment of accounts receivable | 348.6 | |
(=) EBITDA-A for Covenant of local Debts | 19,410.5 |
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 currency exchange rates and its exposure to fluctuations in interest rates on certain loans, financings and debentures. The Company has elected to apply hedge accounting in order to avoid distortions in the financial results caused by mark-to-market fluctuations of these hedging instruments. Two hedge accounting methods are applied: One is the cash flow hedge, which is used for transactions with foreign exchange risk, with mark-to-market fluctuations recorded as Other Comprehensive Income in Equity. The other is a fair value hedge, which is used for transactions with interest rate risk where mark-to-market changes are recorded in the hedged instrument.
In this way, the changes in the fair value of these hedging instruments recognized in the income statement relate only to the offsetting of the positive or negative effects caused by the hedged risks, so that the interest expense corresponding to the interest rates contracted as the counterpart of the hedge is effectively recognized in the financial result.
The mark-to-market fluctuations recognized in Equity are eliminated when the hedging instruments mature. As of June 30, 2025, the Company presented in its consolidated financial statements the negative mark-to-market fluctuations of the hedging instruments accounted for under the cash flow hedge method directly in Shareholders' Equity in the amount of R$ 849.8 million, net of taxes, whereas the gross amount would be R$ 1,287.6 million.
ADDITIONAL CORPORATE INFORMATIONThe purpose of this Earnings Release is to detail the financial and operating results of SIMPAR S.A. for the second quarter of 2025. SIMPAR S.A. presents its 2Q25 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 under 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 for 2Q24, 1Q25, and 2Q25, 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.