INEP4: quote, dividends and indicators for Inepar

Inepar S.A. Indústria e Construções – In Judicial Reorganization is a Brazilian company with a long track record in the infrastructure and engineering sector, with common and preferred shares traded on B3 under the tickers INEP3 and INEP4. Its origins date back to 1953, with the founding of ENCO – Engenharia e Comércio, followed in 1968 by the creation of INELCO – Indústria Elétrica e Comércio Ltda., dedicated to the manufacture and assembly of electrical panels and low- and medium-voltage equipment. In 1971, INELCO was renamed Inepar – Indústrias Eletromecânicas do Paraná Ltda., and in 1976 it was transformed into a corporation, with the merger of ENCO and adoption of its current name. From the 1970s onward, the company established itself in the Industrial City of Curitiba and went public, including with equity participation by entities linked to the BNDES system, which allowed it to expand its activities in energy and industrial infrastructure projects in the country.

Throughout the 1990s and 2000s, Inepar structured a group with several subsidiaries and affiliates, seeking integrated operations in capital goods, construction, and engineering services. During this period, the company expanded through partnerships and joint ventures, including with international groups, in segments such as electric meters, telecommunications, energy, equipment, and industrial assembly. Starting in 1998, it began reorganizing its industrial and corporate operations, forming and restructuring business units focused on equipment, construction, infrastructure services, energy, and telecommunications, as well as divesting assets deemed non-core. Between 2003 and 2005, it concentrated and consolidated operating activities at the Araraquara (SP) industrial unit, leveraging the technical assets of IESA Projetos, Equipamentos e Montagens S.A. and creating IESA Óleo & Gás S.A., a move that strengthened its presence in the oil and gas segments and in equipment for power generation and infrastructure.

Inepar’s business model is based on heavy engineering, manufacture of made-to-order capital goods, construction and industrial assembly, industrial services, and infrastructure solutions for public and private clients. The company operates through medium- and large-scale contracts, often under EPC (Engineering, Procurement and Construction) or EPCM (Engineering, Procurement and Construction Management) modalities, in which it assumes responsibilities ranging from engineering studies and designs to procurement, manufacturing, assembly, commissioning, and assisted operation. Its activities cover the design, manufacture, commercialization, and supply of equipment and systems for generation, transmission, transformation, protection, distribution, and consumption of electrical energy; construction of transmission lines, networks, and substations; execution of civil, electrical, hydraulic, and industrial works; implementation of telecommunications systems; railway and road signaling; as well as automation and consulting engineering services.

Inepar and its subsidiaries’ operating segments are diversified within the infrastructure and capital goods universe. In the energy and electrical infrastructure segment, the company supplies hydromechanical equipment such as gates, penstocks, trash racks, and bus ducts, as well as systems for hydroelectric and thermoelectric power plants and substations. In the oil and gas, chemical, and petrochemical segment, it develops studies, designs, and execution of onshore and offshore projects, maintenance and modification of exploration and processing systems, including through IESA Óleo & Gás S.A., focusing on EPC/EPCM contracts. In construction, industrial assembly, and industrial services, it operates in civil and electromechanical works, sanitation, industrial plants for pulp and paper, mining, steelmaking, ports, and telecommunications, with maintenance, start-up, commissioning, and technical assistance services. In the rail and metro, transportation, and mobility segment, it has a track record in manufacturing, refurbishing, and upgrading rolling stock, signaling systems, telecommunications, electrification, and access control, having participated in contracts with operators such as CPTM, São Paulo Metro, Rio de Janeiro Metro, Brasília Metro, and Central do Brasil. In addition, the company develops activities in technology, automation, engineering IT, computer graphics, and innovation, including studies of new technologies and renewable energy sources.

Inepar’s operating base is strongly anchored in the Araraquara industrial complex, which concentrates its manufacturing capacity for large equipment for energy, oil and gas, materials handling, and the rail and metro sector. At this industrial plant, the company performs cutting, forming, assembly, welding, machining, painting, and testing processes for equipment such as overhead cranes, gantries, stackers, conveyors, pressure vessels, reactors, columns, heat exchangers, tanks, skids, metal structures, and hydromechanical components. The company also provides field services, industrial assemblies, machine repowering, rotor balancing, refurbishments, and specialized maintenance. In parallel, it is following the implementation project of an Export Processing Zone (ZPE) in Araraquara, an initiative aimed at attracting investments and global players to the industrial complex and potential opportunities to export engineering goods and services. On the corporate front, the registered head office remains in Curitiba (PR), with a proposed change of address submitted to the general shareholders’ meeting, in line with recent corporate adjustments.

At the corporate and financial level, Inepar is going through a cycle marked by judicial reorganization, whose filing was submitted in 2014 and has become a central element of its recent history. Under the approved plan, the company has been implementing a strategy of monetizing assets and credits, selling non-core stakes, renegotiating liabilities, and restructuring its capital structure, including the issuance of perpetual debentures convertible into shares. Among the relevant measures is the establishment and use of FIDC Taranis – Fundo de Investimento em Direitos Creditórios Não Padronizados, aimed at the contribution and monetization of receivables, with a focus on settling debts with financial institutions and other creditors. In 2025, the sale of the 37.812% indirect stake in Inhaúma Fundo de Investimento Imobiliário, in the amount of approximately R$ 359.6 million, settled in the B3 organized over-the-counter market, represented a milestone in the strategy of cash generation and liability reduction. In parallel, the company is negotiating the sale of isolated production units (UPIs) IPM and IOG, with court proceedings involving a proposal from Euroinvest and authorization to negotiate with other interested parties.

Inepar’s client base reflects the nature of its business, concentrated in made-to-order contracts for large companies in the energy, oil and gas, industrial, and infrastructure sectors. Among the main corporate clients historically served are Petrobras, Norte Energia, ArcelorMittal do Brasil, Voith Hydro, GE Energias Renováveis, Rio Canoas Energia, Rio Paraná Energia, and other large industrial groups. The relative weight of each client in revenue tends to vary according to the contracting cycle, physical execution, and billing of specific projects, which makes revenue more volatile and dependent on the pipeline of projects and equipment. Management has emphasized the resumption of commercial activity, with re-registration with key clients, an increase in the volume of bids, and the rebuilding of the order backlog, especially in the energy and oil and gas segments, as well as opportunities in infrastructure, sanitation, rail and metro, and specialized industrial services.

From a regulatory and business environment perspective, Inepar operates in sectors subject to strict technical requirements, safety standards, environmental rules, and quality standards, although the company does not operate directly as a public service concessionaire. Its contracts often involve interaction with companies regulated by agencies such as ANEEL, ANP, and other sectoral bodies, in addition to compliance with labor, tax, environmental, and occupational health and safety legislation, as well as import and export rules when foreign components are involved. In its relationships with suppliers, the company maintains a broad and approved base, without structural dependence on a single partner, although, in certain projects, it must work with suppliers pre-approved by clients on qualified supplier lists. In governance, the company is registered as a securities issuer with the Brazilian Securities Commission (CVM) and has been adapting its capital structure and bylaws to the effects of the conversion of debentures into shares provided for in its reorganization plan, maintaining a stated focus on preserving its technical-industrial assets, ensuring operational continuity, and rebuilding its cash generation capacity.