LUXM4: quote, dividends and indicators for Trevisa Investimentos

Trevisa Investimentos S.A. is a Brazilian holding company, with common and preferred shares traded on B3 under the tickers LUXM3 and LUXM4. Its origins date back to 1930, with the founding of Luchsinger Madörin & Cia Ltda., a pioneer in the fertilizer segment in Brazil. Over the decades, the group underwent several corporate reorganizations and name changes, reflecting the transition from an operating company in the fertilizer sector to an investment holding focused on inland waterway navigation and, for a period, reforestation. In 1963, the former Luchsinger Madörin & Cia Ltda. became the parent company, transferring its industrial operations to Indústria Luchsinger Madörin Ltda. In 1978, with the creation of Grupo Trevo and the adoption of the name Luchsinger Madörin Participações S.A. – LUXMA, its role as a holding company was consolidated, including the acquisition of Navegação Aliança Ltda., originally focused on transporting fertilizers between Rio Grande and Porto Alegre. In 1980, the company was registered with what was then the Comissão de Valores Mobiliários and began trading its shares on a stock exchange, a milestone that preceded its current presence on B3.

The corporate trajectory also included a name change to Luxma-Luchsinger Becker Participações S.A. in 1984 and the formation of Grupo Luxma, as well as a shareholders’ agreement signed in 1991 between the Becker, Lindemann and Guariglia families, who took control of the group that year. In 1992, the name was changed to Trevo Investimentos S.A., with the group being renamed Grupo Trevo. In 2000, the company adopted its current name, Trevisa Investimentos S.A., discontinuing the use of the Grupo Trevo brand. In the same year, it sold its then main operating subsidiary in the fertilizer segment, Adubos Trevo, to the Norwegian company Norsk Hydro, now Yara Fertilizantes, marking a strategic shift toward inland navigation businesses through its subsidiary Navegação Aliança Ltda., and toward reforestation through Florestamento Treflor Ltda. The reforestation activities were later discontinued with the sale of Treflor’s forest assets in 2019 and the consequent discontinuation of this operation.

Trevisa Investimentos’ business model is characterized by its role as a holding company, with results strongly influenced by the performance of its subsidiaries, especially Navegação Aliança Ltda. Consolidated performance is mainly affected by equity method adjustments and by rental income from commercial office space in its own head-office building in Porto Alegre, which has a total area of 9,745 square meters. The company also generates rental income from the lease of office suites in this property, located in a prime area of the capital of Rio Grande do Sul, which supplements the cash generation from inland navigation operations and, more recently, from port support and ship maintenance services for small vessels.

The group’s main operating activity is waterborne cargo transport via waterways, carried out by its subsidiary Navegação Aliança Ltda. in the Southern Basin, especially on routes connecting Rio Grande, Pelotas, Guaíba, Nova Santa Rita, Canoas and Porto Alegre, largely between private terminals. The company operates with its own fleet consisting of 14 self-propelled vessels, 3 pushers and 7 barges, in addition to one non-self-propelled chartered barge, totaling a static capacity of approximately 71 thousand tons, with units ranging from 1.5 thousand to 5.5 thousand tons. The vessels are equipped with satellite navigation systems and other safety and operational efficiency features. The cargo portfolio is concentrated in dry bulk, such as pulp, fertilizers, soybeans and soybean meal, wheat, clinker, coal and logs, in addition to smaller and occasional volumes of salt, barley and rice. Cargo volumes have exceeded 4 million tons per year in the most recent reported periods, with 4,049,163 tons in 2023, 3,918,339 tons in 2024 and 4,447,074 tons in 2025.

Navegação Aliança’s waterway network is structured around specific flows associated with key production chains in Rio Grande do Sul. Pulp was added to the cargo portfolio in 2013, transported along the Guaíba/Rio Grande axis, serving the pulp and paper industry installed in the region. Logs were included in 2016, transported from Pelotas to Guaíba, connecting forestry production areas and industrial units. Fertilizers are a strategic input for agriculture in Rio Grande do Sul, creating relatively steady demand throughout the year, while soybeans, one of the state’s main export products, are transported from terminals such as Estrela, Taquari and Canoas to private terminals in Rio Grande. The company also transports imported wheat from Rio Grande to terminals in Porto Alegre, coal from Charqueadas to the petrochemical complex in Triunfo since 2010, and clinker from Pelotas to Nova Santa Rita since 2013, integrating the cement, energy and petrochemical industrial chains. In this environment, Navegação Aliança competes with other regional inland navigation companies, such as Navegação Guarita, Navegação Taquara, Navegação Petrosul, Navegação Laçador and Navegação Gaúcha.

In addition to inland navigation and the leasing of commercial office space, Trevisa Investimentos expanded its presence in the Rio Grande port-logistics complex as of April 30, 2025, with the acquisition by Navegação Aliança Ltda. of all quotas of Rio Grande Marítima Ltda. and Estaleiro Santos Serviços Navais Ltda. Rio Grande Marítima provides port support services to inland waterway shipowners, shipping agents and port terminals in the Rio Grande (RS) region, strengthening the group’s presence in operations supporting cargo handling and port activities. Estaleiro Santos Serviços Navais, in turn, performs maintenance and repair services on small vessels, also in Rio Grande, adding an industrial service and technical support dimension for the company’s own fleet and for third parties. These acquisitions diversify revenue sources in the waterway segment without changing the predominant geographic focus on the state of Rio Grande do Sul.

The group’s client base is concentrated in industrial, agribusiness and logistics services sectors. Among Trevisa Investimentos’ main clients in 2025, with more than a 10% share of net revenue, are Villela Brasil Consultoria em Gestão Empresarial, at the parent company level, and Associação Educadora São Carlos – AESC, for Navegação Aliança. In the inland navigation segment, CMPC Celulose Riograndense Ltda. is a key client, reflecting the importance of pulp transport, as is Yara Brasil Fertilizantes S.A., linked to the state’s fertilizer chain. At Rio Grande Marítima, the main customers include Navegação Aliança itself, Navemestra Serviços de Navegação Ltda., Navegação Guarita S.A. and Frota de Petroleiros do Sul Ltda., highlighting integration with other inland navigation and maritime support operators. At Estaleiro Santos Serviços Navais, Rio Grande Marítima is one of the main customers, reinforcing internal synergies within the group in ship maintenance services.

Trevisa Investimentos and its subsidiaries operate under a regulatory framework specific to the waterway transport and port operations sectors at both the state and federal levels. Inland navigation in the region is regulated by Portos RS, a state-owned company that replaced the Superintendência do Porto de Rio Grande (SUPRG). The current authorization enabling Navegação Aliança to operate as a Brazilian inland navigation company was granted under Resolution No. 002 SPH, dated December 5, 2006, on a precarious and indefinite-term basis, authorizing the longitudinal transport of general containerized and non-containerized cargo, dry and liquid bulk, as well as vegetable oils, within the boundaries of the state of Rio Grande do Sul, under the conditions set forth in the authorization agreement. To carry out their activities, the subsidiaries maintain licenses and permits from agencies such as the Fundação Estadual de Proteção Ambiental (FEPAM), Federal Police Department, Brazilian Navy, Ministry of Defense, Agência Nacional de Transportes Aquaviários (ANTAQ), Portos RS and Agência Nacional de Vigilância Sanitária (ANVISA). Estaleiro Santos Serviços Navais, in turn, depends on licensing from the Municipal Environmental Secretariat of Rio Grande. The company is not materially dependent on patents, trademarks, concessions or royalty contracts for the development of its activities.

In the environmental, social and governance (ESG) field, Trevisa Investimentos and its subsidiaries state that they comply with applicable environmental and occupational safety legislation and adopt structured practices for managing social and environmental risks. Navegação Aliança has a consulting agreement with a specialized firm for guidance on environmental best practices and, in 2025, obtained ISO 14001 (DNV) certification for its pulp and wood transport operations, reinforcing the management of environmental impacts associated with inland navigation. The company publishes a Sustainability Report based on the Global Reporting Initiative (GRI) methodology, prepared with the support of technical consultants, covering a materiality matrix and indicators related to service quality, supplier management, health and safety, operational and social-environmental risks, wastewater treatment, solid waste, climate change and energy transition. The report considers United Nations Sustainable Development Goals (SDGs) deemed material to the business, including good health and well-being, affordable and clean energy, decent work and economic growth, climate action and life below water. The company conducts a greenhouse gas emissions inventory for scopes 1, 2 and 3, whose 2025 inventory assurance statement was issued by DNV, lending recognition to the environmental information reported by Navegação Aliança, in line with the importance of climate management for an inland navigation operator with shares listed on B3 under the codes LUXM3 and LUXM4.