MILS3: quote, dividends and indicators for Mills

Mills, traded on B3 under the ticker MILS3, is a Brazilian company founded in 1952 by the Nacht family as a scaffolding and shoring business focused on the construction sector. Throughout the 1970s and 1980s, it followed the expansion cycle of construction and industry in Brazil, taking part in major projects such as the Rio-Niterói Bridge, the Itaipu Hydroelectric Plant and the first Brazilian offshore oil platform. During this period, it established partnerships with international groups, including GKN plc, which was a shareholder between 1974 and 1986, and the Canadian company Aluma Systems, focused on introducing aluminum formwork into the Brazilian market. In the 1990s, the company expanded its portfolio through licensing agreements with foreign companies specializing in technology for formwork and modular panels, paving the way for entry into new equipment rental segments.

Mills’ operations in motorized equipment for working at height began in 1997 through a joint venture with US-based JLG Industries Inc., focused on the rental of aerial work platforms and telescopic handlers. This initiative marked the seed of what would become the future Rental business unit. Although it temporarily discontinued this segment in 2003 due to unfavorable market conditions and capital constraints, the company returned to motorized equipment rental in 2008 with the creation of the Rental unit, while at the same time discontinuing its Events division to concentrate resources on activities considered more strategic. The period prior to the IPO was also marked by the entry of private equity funds, which provided capital to expand the rental fleet. In 2010, Mills carried out its initial public offering of shares on B3, raising funds to finance its growth plan and increasing its free float.

Mills’ recent trajectory includes consolidation moves and portfolio adjustments. In 2011, the company acquired GP Sul, a company specialized in suspended scaffold rental in Rio Grande do Sul, strengthening its presence in residential and commercial buildings in Brazil’s South region. In 2013, it sold its Industrial Services unit, which provided access services, industrial painting, surface treatment and thermal insulation, in order to focus on businesses considered more aligned with its core competencies. A key milestone took place in 2019, with the merger of Solaris Participações, Equipamentos e Serviços S.A., a transaction that combined two major platforms in the Brazilian market for aerial platform rentals. The combination resulted in a fleet of approximately 9,000 pieces of equipment and a base of more than 6,000 active customers, reinforcing its nationwide presence across different economic sectors. Corporate control remains concentrated in the Nacht Group, with a shareholders’ agreement governing political and economic rights among the main partners.

Mills’ business model is based mainly on the rental and sale of equipment for construction, infrastructure, industry, agribusiness and logistics, as well as the provision of engineering solutions for formwork and shoring. The company operates through two business units: Rental, which covers light and heavy equipment and intralogistics solutions; and Formwork and Shoring, focused on temporary structures and concreting systems for civil construction and infrastructure projects. In 2025, consolidated net revenue totaled approximately R$ 1.84 billion, of which around 83% came from the Rental unit and 17% from the Formwork and Shoring unit, reflecting the importance of equipment rental in its revenue profile. Earnings before financial result and taxes were mostly generated by Rental, but with a relevant contribution from Formwork and Shoring, underscoring the importance of both operational pillars.

In the Rental unit, Mills operates with aerial work platforms, heavy “yellow line” machinery, forklifts, pallet trucks, air compressors, light towers, generators and other related equipment, and also provides maintenance services, technical assistance, operator training and associated logistics. Rental contracts for aerial work platforms are usually signed on a 28-day basis, with an average duration of around eight months, and can extend for longer periods. For yellow line machinery, contracts are generally long term, with an average of about four years, while in intralogistics the average contract duration is around five years. The asset life cycle varies according to equipment type: from 12 to 15 years, with the possibility of extension through rebuilds in the case of aerial work platforms, and between 4 and 7 years for heavy machinery, which can later be directed to the secondary market. In intralogistics, the typical useful life of machines is 10 to 12 years, with inspections and maintenance carried out between rental periods.

The Formwork and Shoring unit offers tubular structures, shoring, access equipment and reusable steel and aluminum formwork systems for concreting, as well as engineering design, supervision and, when requested, assembly services. Mills develops or licenses the systems’ technology and outsources their manufacturing, while keeping quality control, schedules and technical compliance management in-house. After being used on projects, the equipment returns to the depots, where it undergoes maintenance and refurbishment before being reallocated. Solutions include access systems such as scaffolding, rack-and-pinion hoists and metal decking, shoring systems for floor support and formwork for walls, columns, galleries, tunnels and other structures, including special equipment for complex projects such as bridges and viaducts. This setup allows the company to be present both in building projects and in large infrastructure developments.

Mills is present in a large part of Brazilian territory, with a network of operating units that supports the reach of its fleet. As of December 31, 2025, the Rental unit had 65 operating branches distributed across states in the South, Southeast, Midwest, North and Northeast regions, including Bahia, Ceará, Espírito Santo, Goiás, Maranhão, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Pará, Paraná, Pernambuco, Piauí, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Santa Catarina, São Paulo, Sergipe and the Federal District. The Formwork and Shoring unit had 5 operating branches, located in Bahia, Rio de Janeiro, Rio Grande do Sul, São Paulo and the Federal District. The client base is diversified, with no significant concentration, and no individual customer accounted for more than 10% of net revenue in 2025, which reduces dependence on large specific contracts.

From a regulatory standpoint, Mills and its subsidiaries are not subject to any specific sector regulation beyond the general requirements applicable to business corporations in Brazil. Its activities require obtaining and maintaining standard registrations and licenses, such as CNPJ registration, state registrations, municipal permits, operating and environmental licenses where applicable, and the Fire Department Inspection Certificate (Auto de Vistoria do Corpo de Bombeiros). For opening new units, the company adopts a structured process that includes zoning analysis, structural requirements, environmental impacts and adaptation costs. With regard to the environment, the main impacts arise from maintenance activities, such as painting, use of oils and greases and machine washing. The company states that it adopts waste management practices through licensed providers and reprocessing of oils and metal materials, as well as investing in water/oil separation systems and water treatment stations for reuse in some units. Part of the equipment fleet is electric, and the use of metal formwork and shoring systems helps reduce wood consumption in construction. These practices make up the set of environmental and social measures that Mills adopts in its operations, in line with the nature of its rental and technical services business for construction, industry and logistics.