LUXM4 Trevisa Investimentos

Trevisa Investimentos S.A. is a company with a long business trajectory in Brazil, whose origins date back to 1930, when Luchsinger Madörin & Cia Ltda. was founded, a pioneer in the fertilizer segment in the country. Over the decades, the company went through several corporate restructurings and name changes, reflecting the evolution of its business portfolio. In 1963, Luchsinger Madörin & Cia Ltda. took on the role of parent company, transferring industrial operations to Indústria Luchsinger Madörin Ltda. (ILM). In 1978, with the creation of Grupo Trevo, the then Luchsinger Madörin Participações S.A. – already structured as a holding company – began a diversification movement, including the acquisition of Navegação Aliança Ltda., initially focused on transporting fertilizers between Rio Grande and Porto Alegre.

The company was registered with the Brazilian Securities and Exchange Commission (CVM) in 1980, and its shares began trading on the stock exchange, now B3, under the tickers LUXM3 and LUXM4. In 1984, it adopted the name Luxma-Luchsinger Becker Participações S.A., consolidating the so-called Grupo Luxma, and in 1991 its control was taken over by shareholder families gathered in a shareholders’ agreement that remained in force until 2000. In 1992, the name was changed to Trevo Investimentos S.A., giving rise to Grupo Trevo, and in 2000 it adopted its current name, Trevisa Investimentos S.A., discontinuing the use of the group brand. In that same year, the company sold its then significant fertilizer operation, Adubos Trevo, to the Norwegian company Norsk Hydro (now Yara Fertilizantes), redirecting its focus to inland navigation and reforestation through its subsidiaries Navegação Aliança Ltda. and Florestamento Treflor Ltda. Subsequently, in 2019, Treflor sold its forestry assets and discontinued activities, further reinforcing the central role of navigation in the business model.

Currently, Trevisa Investimentos is characterized as an operating holding company with businesses concentrated mainly in waterborne cargo transport by inland navigation, an activity carried out by the subsidiary Navegação Aliança Ltda., and, to a lesser extent, in leasing office space in its headquarters building in Porto Alegre (RS). The performance of the company listed on B3 is strongly influenced by the results of its navigation subsidiary, via equity pickup, and by rental income from the 9,745 m² corporate building, located in a prime area of the capital of Rio Grande do Sul. As of April 30, 2025, the group expanded its operations in the maritime and river segment with the acquisition, by Navegação Aliança, of all quotas of Rio Grande Marítima Ltda. and Estaleiro Santos Serviços Navais Ltda., both in Rio Grande (RS), adding port support services and maintenance of small vessels to its scope of activities.

The operational core of the business lies in Navegação Aliança Ltda., which operates cargo transport by waterway between terminals in the ports of Rio Grande, Pelotas, Guaíba, Nova Santa Rita, Canoas and Porto Alegre, with operations predominantly in private terminals. The company operates its own fleet consisting of 14 self-propelled vessels, 3 tugboats and 7 barges, as well as one non-self-propelled chartered barge, totaling static capacity of 71 thousand tons, with vessels ranging between 1.5 thousand and 5.5 thousand tons of capacity. The routes cover legs such as Rio Grande/Porto Alegre, Pelotas/Nova Santa Rita, Pelotas/Guaíba and Guaíba/Rio Grande, with a focus on dry bulk, including pulp, fertilizers, soybeans (grain and meal), wheat, clinker, coal and logs, in addition to occasional cargoes such as salt, barley and rice. All vessels are equipped with satellite navigation systems and safety equipment aimed at higher efficiency and operational safety.

Navegação Aliança’s annual cargo volume is significant within the Southern Basin, with volumes above 3.9 million tons in recent years: 4,084,785 tons in 2022, 4,049,163 tons in 2023 and 3,918,339 tons in 2024. The company serves production chains linked to exports and to Rio Grande do Sul’s industry, such as pulp, grains and industrial inputs. Pulp began to be transported in 2013, mainly on the Guaíba/Rio Grande route, while the transport of logs from Pelotas to Guaíba was incorporated in 2016. Coal has been transported since 2010 from Charqueadas to the petrochemical complex of Triunfo, and clinker was added to the cargo portfolio in 2013, on routes between Pelotas and Nova Santa Rita. In agribusiness, the company transports fertilizers for the main manufacturers in Rio Grande do Sul, benefiting from relatively stable demand as this is an essential input for agriculture, as well as soybeans in grain and meal form, a product where the waterway offers a logistics advantage for export outflow.

In addition to cargo transport, Trevisa Investimentos maintains real estate activity through the leasing of offices in its headquarters building in Porto Alegre, generating recurring rental income. As of 2025, the group also began providing port support services in Rio Grande through Rio Grande Marítima Ltda., serving inland shipping companies, shipping agents and port terminals, and offering repair and maintenance services for small vessels through Estaleiro Santos Serviços Navais Ltda. These new businesses complement the navigation operation, expanding the scope of services in the waterway logistics chain. In terms of customer base, the FRE states that some relationships represent more than 10% of 2024 net revenue, highlighting, among others, Trevisa Investimentos S.A. itself as a client of Villela Brasil Consultoria em Gestão Empresarial and, at Navegação Aliança Ltda., CMPC Celulose Riograndense Ltda., as well as Associação Educadora São Carlos – AESC.

Trevisa’s operations are concentrated in the Brazilian market, with no revenue from foreign customers. All revenue of the company and its main subsidiary is attributable to customers in Brazil, which reduces its direct exposure to foreign regulations and foreign exchange risk. Geographically, its operations are focused in the state of Rio Grande do Sul, especially along the waterway that connects the port of Rio Grande to municipalities such as Pelotas, Guaíba, Nova Santa Rita, Canoas and Porto Alegre, and on specific routes to Estrela, Taquari, Cachoeira do Sul, Charqueadas and the petrochemical complex of Triunfo. In this regional context, Navegação Aliança faces competition from companies such as Navegação Guarita, Navegação Taquara, Navegação Petrosul, Navegação Laçador and Navegação Gaúcha, which creates a competitive environment among inland navigation operators in the Southern Basin.

Because it operates in inland navigation and port services, Trevisa Investimentos and its subsidiaries are subject to a broad regulatory framework. Navegação Aliança’s activity is regulated by the Superintendence of the Port of Rio Grande, which in 2022 was transformed into the state-owned company Portos RS. The concession that enables the company to operate as a Brazilian inland navigation company, providing longitudinal cargo transport services within the territory of Rio Grande do Sul, was granted by Resolution No. 002 SPH, dated December 5, 2006, for an indefinite term, authorizing the transport of general cargo, dry bulk, liquid bulk and vegetable oils. To operate, the subsidiary needs licenses and authorizations from various agencies, such as the State Environmental Protection Foundation (FEPAM), the Federal Police, the Brazilian Navy, the Ministry of Defense, the National Waterway Transport Agency (ANTAQ), Portos RS and ANVISA. Rio Grande Marítima also depends on authorizations from the Navy, ANTAQ, Portos RS and ANVISA, while Estaleiro Santos Serviços Navais requires licensing from the Municipal Secretariat for the Environment of Rio Grande.

In the environmental, social and governance (ESG) dimension, Trevisa Investimentos states that it complies with applicable environmental and occupational safety legislation, and its subsidiary Navegação Aliança maintains a specialized consulting agreement for guidance on best environmental practices. The company published its 2024 Sustainability Report, prepared with external technical support and referenced to the Global Reporting Initiative (GRI) standard, available on its website. The document considers a materiality matrix with topics such as quality of services, supplier management, health and safety, operational and social-environmental risks, effluent treatment, waste management, climate change and energy transition. The report also incorporates the UN Sustainable Development Goals, with emphasis on health and well-being, affordable and clean energy, decent work and economic growth, climate action and life below water. The company conducts an inventory of greenhouse gas emissions in scopes 1, 2 and 3, disclosing the total of these emissions in the Sustainability Report, even though the document does not follow the TCFD recommendations for climate-related financial disclosures.

For investors analyzing LUXM3 and LUXM4 shares on B3, Trevisa Investimentos is therefore presented as a holding company with businesses anchored in inland cargo navigation in the Southern Basin, complemented by real estate exploration of a corporate building in Porto Alegre and, more recently, by port support and ship maintenance services in Rio Grande. Value creation for shareholders is significantly linked to the operating performance and capacity of Navegação Aliança to serve logistics chains for pulp, fertilizers, grains, industrial inputs and other dry bulk along the waterway in Rio Grande do Sul, in a regulated environment with growing demands for structured environmental and governance practices.