Inepar S.A. – Indústria e Construções, issuer of the INEP3 and INEP4 shares traded on B3, has a trajectory that dates back to 1953, when it began operations as ENCO – Engenharia e Comércio. In 1968, INELCO – Indústria Elétrica e Comércio was created, focused on the manufacturing and assembly of low-voltage electrical panels, motor control centers and medium-voltage cubicles for industrial clients. In 1971, INELCO was renamed INEPAR – Indústrias Eletromecânicas do Paraná Ltda., and in 1976 it was converted into a corporation, with ENCO being merged into Inepar S.A. – Indústria e Construções. Over the following decades, the company formed alliances with large international and domestic groups, carried out acquisitions and corporate reorganizations, always guided by the expansion of its activities in infrastructure, energy and capital goods. As of 2004, its operations became heavily concentrated in its subsidiary IESA Projetos, Equipamentos e Montagens S.A., consolidating a relevant engineering and manufacturing hub in Araraquara (SP).

Historically, Inepar expanded its presence in the energy sector, starting to offer equipment and integrated systems for power generation, transmission and distribution. In addition to its energy operations, it developed activities in telecommunications and industrial infrastructure, restructuring itself at different times to concentrate efforts on businesses considered to have higher added value. The company’s corporate purpose covers the manufacturing, commercialization, design and supply of capital goods, equipment, systems and services intended for the power sector value chain and for the implementation and expansion of telecommunications systems. Additionally, it includes the execution of civil, electrical, hydraulic and telecommunications works, transmission lines, grids and substations, as well as railway and highway signaling systems, automation and a wide range of consulting engineering services, economic studies, project management and construction supervision.

Inepar’s business model is essentially oriented toward large, made-to-order projects, combining engineering, equipment supply and construction and assembly services. The company and its subsidiaries operate across the entire chain of an infrastructure or industrial project, from engineering studies and designs through industrial assembly, commissioning and technical assistance. Its operating subsidiary IESA Projetos, Equipamentos e Montagens S.A. carries out studies, design, construction, maintenance and assembly for infrastructure and industrial sectors such as steelmaking, mining, metallurgy, ports, rail and subway transport, basic and environmental sanitation, pulp and paper, telecommunications, and power distribution and transmission. It also manufactures and supplies machinery and equipment, steel structures, capacitors, capacitor banks, harmonic filters, equipment for power quality and efficiency, in addition to operating in transmission lines and thermal and hydroelectric power plants. Other companies in the group, such as Inepar Equipamentos e Montagens S.A., IESA Óleo & Gás S.A. and affiliates in the transportation and infrastructure area, expand its scope of activity in consulting engineering, industrial works and projects related to oil and gas.

From the standpoint of operating segments, Inepar structures its activities into three major fronts: Generation & Equipment, Construction & Assembly, and Oil & Gas. In the Generation & Equipment segment, the subsidiary IESA maintains an industrial complex in Araraquara (SP) and operates specialized divisions. In the Material Handling and Mining division, it designs and manufactures bridge and gantry cranes, port cranes, machines for loading and unloading ships and mining equipment such as stackers and conveyors, with a track record of supplying thousands of bridge cranes in Brazil and abroad. In the Process Equipment division, it supplies pressure vessels and towers, reactors, process columns, coke drums, deaerators, spheres, heat exchangers, storage tanks and other equipment mainly aimed at the oil, gas, chemical, petrochemical, pulp and paper, cement, brewery and food industries. In the Hydromechanical Equipment division, it works on projects for hydroelectric plants and power generation developments, producing gates, penstocks, trash racks, bus ducts and servomotors, having taken part in projects such as Campos Novos, Ponte de Pedra, São Salvador and Estreito.

The Construction & Assembly segment is geared toward infrastructure, sanitation and transportation projects, with an emphasis on the Rail and Subway Transport division. In this front, the company works on the overhaul and manufacturing of passenger trains, with contracts already executed for operators such as CPTM (SP), Central (RJ) and subway systems in São Paulo, Rio de Janeiro and Brasília. The company’s industrial structure allows for direct rail access, which facilitates operations related to rail and subway systems. In addition, through subsidiaries and affiliates, Inepar develops projects for railway and highway signaling systems, civil works related to bridges, roads and viaducts, and solutions for road traffic control and urban infrastructure. It also provides consulting services, supervision of highway construction works and manufacturing or modernization of rolling stock, reinforcing its presence in urban mobility and logistics projects.

In the Oil & Gas segment, activities are conducted mainly through the subsidiary IESA Óleo & Gás S.A. and its holdings. This company is dedicated to carrying out studies, engineering design, construction, maintenance, assembly and technical assistance for onshore and offshore projects in the oil and gas, chemical and petrochemical areas. The scope ranges from civil construction applied to offshore and onshore facilities to the maintenance, modification and operation of oil and gas exploration and processing systems, as well as nuclear thermal power plant projects. IESA is able to provide solutions under EPC (Engineering, Procurement and Construction) contracts, integrating engineering, procurement and construction in large-scale projects. The product portfolio also includes specific equipment for oil exploration in deepwater environments, such as blasting bases (Bajas), bell mouths, integrated skids and other process equipment.

Inepar’s client base is composed of large companies in the oil, power, steel and infrastructure sectors. Among the main clients cited in its reference form are Petrobras, Norte Energia, ArcelorMittal do Brasil, Rio Canoas Energia, Rio Paraná Energia, industrial companies and technology suppliers in renewable energy. This underscores the corporate nature and long-cycle profile of the company’s projects, with orders that typically mature between two and four years and are often tied to large energy or industrial infrastructure developments. The company operates primarily in the Brazilian market, with no material revenues from abroad in the reported period, and is not subject to foreign regulation, although its projects often involve international engineering and quality technical standards.

From a regulatory and environmental & social standpoint, Inepar’s activities and those of its subsidiaries are subject to Brazilian environmental legislation at the federal, state and municipal levels. The company states that it seeks to carry out its operations in compliance with environmental regulations, including obtaining the licenses and authorizations required by the competent authorities. Its subsidiary IESA Projetos, Equipamentos e Montagens S.A. has a formal environmental policy, in which it acknowledges its responsibility for quality of life and commits to minimizing environmental impacts resulting from its processes. This policy emphasizes the rational use of natural and energy resources, pollution prevention, continuous improvement of the Environmental Management System, transparency in communication on environmental, occupational safety and health issues, as well as employee awareness. For individual investors who follow INEP3 and INEP4 shares on B3, Inepar therefore presents itself as an industrial and engineering group focused on complex projects in energy, oil and gas, transportation and infrastructure, with a strong component of capital goods and highly specialized technical services.