LOGN3

Log-In Logística Intermodal S.A. is a Brazilian integrated logistics company, with common shares traded on B3 under the ticker LOGN3. The company originated from activities initially developed by Vale S.A. in the late 1990s and was listed on the Novo Mercado in June 2007, becoming one of the first logistics companies with this governance standard. Since then, it has structured a business model based on coastal shipping with container ships, port operations and complementary land services, consolidating itself as a provider of intermodal services for containerized cargo. Over its history, it has invested in its own fleet, terminals and storage capacity, and has undergone significant changes in its controlling shareholder group, with investment funds taking a relevant equity position starting in 2018.

Log-In Logística Intermodal’s business model is centered on offering door-to-door logistics solutions in a single integrated segment, combining coastal and long-haul maritime transport with short-distance road transport, intermodal terminals and port operations. The company organizes its network around container ships that connect the main Brazilian ports and Mercosur countries, complemented by land-based structures for storage, cross-docking and distribution. The operational goal is to control the entire cargo handling chain, from pickup at the client’s industrial plant to delivery at the final destination, using the container as the basic transport unit and integrating different modes under a single logistics management structure.

In coastal and long-haul shipping, Log-In operates regular services that connect the Northeast, Southeast and South regions of Brazil to ports in Mercosur countries and to the North region. Notable services include SAS (South Atlantic Service), which links Brazilian ports to Mercosur countries; the Shuttle Rio (SSR) and Shuttle Vitória (SSV) services, connecting Santos, Rio de Janeiro and Vitória; and the Shuttle Navegantes (SSN), which links Rio de Janeiro and Navegantes. There is also the SEA service, with a direct route between Manaus (AM) and the Port of Santos (SP), aimed at shipping cargo from the Manaus Free Trade Zone and supplying the region. The company’s fleet consists of owned and chartered container ships, registered in the Brazilian Special Registry (REB), operating under the regulation of the National Waterway Transportation Agency (ANTAQ) and subject to international rules such as the MARPOL Convention, which addresses the prevention of pollution from ships.

Log-In also operates in the management and operation of port assets and intermodal terminals. Its main asset is TVV – Terminal de Vila Velha S.A., located at the Capuaba quay in the Organized Port of Vitória, in the state of Espírito Santo. TVV specializes in loading and unloading containers and handling general cargo such as equipment, machinery, parts, vehicles, granite and steel products. It is the only container terminal in the state and serves an area of influence that includes Espírito Santo itself, eastern and western Minas Gerais, eastern Goiás and northern Rio de Janeiro. It has an annual handling capacity of around 350,000 TEUs, static storage capacity of approximately 6,000 TEUs, an extensive bonded area, a 450-meter quay with a 12.5-meter draft and a rail branch that can handle 15 railcars, operated under a lease agreement extended until 2048. Additionally, the company operates the Itajaí intermodal terminal in Santa Catarina, with an area of 44,000 m², dedicated to storage, sorting and cross-docking services connected to the port of Navegantes.

In the land segment, Log-In Logística Intermodal expanded its activities by acquiring road operators, more broadly integrating maritime flows with domestic distribution. Tecmar Transportes Ltda. specializes in road transport of less-than-truckload and full-truckload cargo, with a distribution network in the Northeast and South regions of Brazil, using its own fleet, distribution centers and storage structures. In 2024, truck-based container transport operations totaled tens of thousands of trips with a fleet made up of truck tractors and container chassis, aimed at strengthening synergies with Log-In’s other services. Oliva Pinto Logística Ltda., in turn, has been operating for more than three decades in road cargo transport and storage with a focus on the North region, running its own terminal in the Industrial District of Manaus, with significant storage capacity in TEUs, and a second terminal under development in Boa Vista (RR), providing geographic complementarity to Tecmar’s operations.

The company’s client base is diversified and made up of large industrial and commercial groups, with no material concentration above 10% of annual net revenue. Key clients include companies in the petrochemical, hygiene and cleaning, food, construction and electronics sectors, which use cabotage, terminal and road transport services as part of their supply and distribution chains. Log-In structures its management reporting around three operating fronts – integrated logistics solutions, port terminal and road cargo transport – but from an accounting standpoint it reports a single operating segment, with net operating revenue exceeding R$ 2.7 billion in 2024. Revenue is mostly concentrated in the domestic market, which accounted for 96.6% of net operating revenue in 2024, although the company also generates foreign market revenue mainly associated with routes to Argentina, Uruguay and Paraguay.

Log-In’s activities are strongly shaped by the regulatory frameworks of the maritime, port and road sectors. In maritime transport, the company and its subsidiaries are authorized by ANTAQ as Brazilian Shipping Companies in cabotage and long-haul operations, and may operate both owned and chartered vessels, including under the Brazilian Special Registry regime. Recent regulatory developments include Law 14,301/2022, which created the BR do Mar program, increasing flexibility for chartering foreign vessels on bareboat terms without strict linkage to own tonnage, which enabled the expansion of cabotage capacity and the flagging-in of new vessels such as Log-In Evolution and Log-In Experience. In the port sphere, the TVV lease agreement is governed by the private port authority VPORTS, successor to CODESA, and establishes operating targets and investment obligations subject to oversight and possible penalties. In road transport, the company is registered as a cargo carrier and multimodal transport operator with ANTT, following specific rules for the National Registry of Road Cargo Carriers (RNTRC) and for the transport of hazardous products, where applicable.

Log-In Logística Intermodal maintains an international presence with subsidiaries in Austria, Argentina and Uruguay. Log-In International GmbH, based in Austria, supports the structuring of investments and assets related to the group’s ship fleet on a global scale. Log-In Mercosur S.R.L., in Argentina, provides administrative and logistics services, supporting land, maritime and river transport and distribution operations, as well as storage and customs clearance. Log-In Intermodal del Uruguay S.A. focuses on equity interests and the management of investments and assets, including real estate, related to logistics activities. These structures enable the operation of navigation and logistics services in Mercosur, allowing it to serve foreign trade flows between Brazil, Argentina, Uruguay and Paraguay in a changing regulatory environment, as evidenced by recent currency and trade changes in Argentina that have affected payment flows and foreign trade.

In terms of sustainability and operational risk management, Log-In is affected by environmental, social and governance issues directly related to its fleet, terminals and road operations. In maritime transport, the company states that it complies with the requirements of the MARPOL Convention aimed at preventing pollution from ships, which involves controlling emissions and the use of fuels (bunker). Port operations at TVV and land terminals require management of energy consumption, fuel use in equipment and trailers, and waste handling and worker safety in port operations. In road transport, fluctuations in fossil fuel prices have a material impact on operating costs and tariff pass-through, which reinforces the need for efficiency policies and continuous updating of freight pricing. The company’s governance structure includes compliance with the requirements of B3’s Novo Mercado segment, aligning practices of transparency and protection of minority shareholders in the context of LOGN3 shares traded on the Brazilian capital market.

At the sector level, Log-In Logística Intermodal S.A. positions itself as a transport and logistics operator with integrated operations across cabotage, port terminals, intermodal structures and road transport. LOGN3 shares therefore reflect exposure to a business that is capital intensive in infrastructure and subject both to the cargo transport demand cycle and to the regulatory environment of maritime and land transport. The combination of significant domestic operations, presence in Mercosur and long-term contracts such as the TVV lease underpins a corporate profile geared to providing medium- and long-term logistics services, with strong interdependence between investment decisions in fleet and terminals and Brazil’s transport matrix, in which cabotage has been gaining importance for long-distance cargo flows.