DEXP3: quote, dividends and indicators for Dexxos Participações

Dexxos Participações S.A. is a publicly traded holding company with common and preferred shares traded on B3 under the tickers DEXP3 and DEXP4. The company originated from the former GPC Participações S.A., listed on the stock exchange in 1997, at the time bringing together industrial assets such as Prosint, Synteko, Metanor and Copenor. From the late 1990s onward, the group went through an industrial consolidation process, particularly with the incorporation of part of Apolo Tubos e Equipamentos S.A., which had been manufacturing ERW pipes since 1938 at its Pavuna facility in Rio de Janeiro. Throughout the 2000s and 2010s, the corporate and operational structure was reorganized, including the formation of the Apolo Tubulars S.A. joint venture in 2006, the consolidation of chemical operations under the GPC Química S.A. brand in 2007 and the shutdown of the methanol and DME plants in 2013. In 2021, the company adopted the name Dexxos Participações S.A. and migrated to B3’s Level 1 Corporate Governance segment, reinforcing its focus on a holding structure with specialized operating subsidiaries.

Dexxos Participações’ business model is based on equity stakes in industrial companies that operate in two main areas: the chemical segment, concentrated in GPC Química S.A., and the steel segment, represented by Apolo Tubos e Equipamentos S.A. and Apolo Tubulars S.A. The subsidiaries operate in complementary businesses exposed to sectors such as oil and gas, construction, infrastructure, energy and the wood panel industry. Dexxos, as a holding company, directs investments, sets strategic guidelines and oversees capital allocation, while the subsidiaries conduct industrial, commercial and technological development operations. Between 2019 and 2024, the company reports having invested more than R$ 267 million in capacity expansion, innovation and process improvement, seeking gains in sales volume, revenue and operating indicators. In 2024 and 2025, it also implemented relevant corporate moves, such as the merger of GPC Química and Apolo Tubos shares into Dexxos itself, coming to hold 100% of these subsidiaries, in addition to stock bonuses and share buyback programs for common shares.

In the chemical segment, GPC Química S.A. mainly produces formaldehyde, thermosetting resins and chemical specialties, focusing on the reconstituted wood panel industry. The urea and phenolic resins produced by the company are used in MDF, MDP, plywood, OSB and other panels, as well as in impregnation of decorative papers, nonwovens for construction and textiles, edge banding and special applications. The production process involves manufacturing formaldehyde from methanol and its subsequent conversion into urea-formaldehyde concentrate (UFC) and resins, through batch reactors and strict control of pH, temperature and viscosity. GPC Química operates three industrial plants, in Araucária (PR), Uberaba (MG) and Camaçari (BA), with a combined capacity of more than 450 thousand tons per year of formaldehyde and more than 600 thousand tons per year of resins and related products. In 2024, it began operations at a new chemical specialties unit in Araucária, aimed at expanding the portfolio of industrial resins and chemical solutions for new markets, within Dexxos’ diversification plan. In 2025, the chemical segment accounted for about 72% of consolidated net revenue and more than 80% of net income, with sales concentrated in the domestic market, especially in the South and Southeast regions, but with approximately 6.7% of revenue coming from customers abroad.

The steel segment is conducted mainly by Apolo Tubos e Equipamentos S.A. and its subsidiary Apolo Tubulars S.A., a traditional steel pipe manufacturer with a history of more than eight decades in the Brazilian market. Apolo’s industrial plants are located in Rio de Janeiro (RJ) and Lorena (SP), with a combined installed capacity of approximately 180 thousand tons per year, assuming full asset utilization. The company produces low-carbon hot-rolled steel pipes welded using high-frequency induction (HFIW), in diameters ranging from ½” to 9 5/8” and with different thicknesses, in compliance with ABNT and ASTM standards. The portfolio includes line pipes for water, gas, compressed air and other fluids, electrical conduits, structural pipes for applications in construction, infrastructure, bridges, steel structures and solar energy, as well as OCTG pipes (casing, tubing and pup joints) and line pipes for oil and gas exploration, production and transportation. Apolo holds certifications such as ISO 9001 and ISO 14001 and approvals from international oil and gas companies, which supports its role as a relevant supplier to the Brazilian onshore market. In 2025, the steel segment accounted for about 28% of consolidated net revenue, with sales concentrated in the domestic market, mainly in the Southeast and Northeast regions, serving a diversified customer base in construction, infrastructure, photovoltaic energy and oil and gas.

Dexxos operates in specific and relatively concentrated industrial markets, in which its subsidiaries hold significant positions. In the welded steel pipe segment up to 8 5/8”, Apolo holds an estimated market share of around 20% in Brazil, according to 2025 industry data, mainly serving construction projects, fire protection networks, industrial facilities and infrastructure. In OCTG pipes for onshore operations, Apolo remained the market leader in 2025, with an estimated 50% share, benefiting from investments in the onshore oil and gas exploration chain and from government programs to revitalize this activity. In the chemical segment, GPC Química operates in the thermosetting resin market serving a small number of large wood panel producers, a segment in which Brazil stands out for high forest productivity. The company serves several large clients and has been expanding its base by diversifying products and additives, which contributes to a more diversified customer portfolio. In 2025, Dexxos recorded significant revenue from key customers, but with a moderate concentration profile, especially in the chemical segment.

In terms of geographic presence and logistics, Dexxos’ subsidiaries operate plants located in strategic industrial hubs, which facilitates serving different regions of the country and, in the case of the chemical segment, exporting to other countries in the Americas. Distribution of products from Apolo and Apolo Tubulars is predominantly by road, supplemented by maritime operations to regions further from the Rio-São Paulo axis and for occasional exports of steel pipes. GPC Química primarily uses road transportation to deliver formaldehyde, resins and chemical specialties, focusing on B2B service for wood panel manufacturers and other sectors. In 2022 and early 2023, Dexxos also advanced in monetizing non-operating assets, disposing of real estate in the Benfica neighborhood of Rio de Janeiro totaling approximately R$ 71.5 million, aligning the asset portfolio with the industrial and growth strategy of its subsidiaries.

Regulation of Dexxos’ activities takes place largely through authorizations and licenses required of its subsidiaries by public authorities and regulatory agencies, especially for the acquisition, storage, production and commercialization of chemicals and other controlled materials. The subsidiaries hold the necessary authorizations to continue operations at their chemical and steel plants, in addition to technical and quality certifications related to ABNT, INMETRO and international standards. On the financial side, the subsidiaries have access to long-term credit lines, notably from FINEP and BNDES, directed to innovation, technological development, capacity expansion and industrial modernization projects, which reinforces the capital-intensive nature of the segments in which Dexxos operates.

On environmental, social and governance fronts, Dexxos Participações has a Social and Environmental Policy applicable to the holding and all subsidiaries, approved in 2022, focusing on integrating sustainability practices into industrial operations. The policy emphasizes protection of life, occupational health and safety, rational use of water and energy, prevention and mitigation of environmental impacts and respect for human rights, diversity and the fight against any form of discrimination, child labor or slave-like labor. The company has an ESG committee and working groups responsible for proposing, monitoring and disseminating sustainability initiatives, aligned with references such as the UN Global Compact, GRI and internal codes of ethics and integrity. On the social side, Dexxos, through its subsidiaries, supports Associação Carlos Fernando Coutinho, a non-profit entity that has developed social projects since 1996. In corporate governance, in addition to adhering to B3’s Level 1 segment, the company maintains policies such as earnings allocation, anti-corruption and bans on political and election campaign contributions in its name, seeking to strengthen integrity and transparency mechanisms for DEXP3 and DEXP4 shareholders.