Mills Locação, Serviços e Logística S.A., traded on B3 under the ticker MILS3, is a Brazilian company founded in 1952 by the Nacht family as a scaffolding and shoring company focused on the construction sector. Throughout the 1970s and 1980s, the company grew amid the expansion of civil and industrial construction in Brazil, participating in large-scale projects such as the Rio-Niterói Bridge, the Itaipu Hydroelectric Power Plant and the first Brazilian offshore oil platform. During this period, it established partnerships with international groups such as the British GKN and the Canadian Aluma Systems, incorporating technologies for metal formwork and shoring and consolidating its role in access and temporary support solutions for infrastructure works and buildings. From the 1990s onwards, Mills expanded its scope with new licensing agreements and, in 1997, entered the segment of rental of aerial work platforms and telehandlers through a joint venture with the US-based JLG Industries, the seed of what would become the Rental business unit.

In the 2000s, the company went through a process of capital strengthening and portfolio reorganization. In 2007, it received investments from private equity funds and directed resources to expanding its equipment rental fleet. In 2008, it organically resumed the rental of powered access equipment with the creation of the Rental unit and discontinued its events operation, focusing on segments where it saw greater potential for value creation. In the same year, it acquired Jahu Indústria e Comércio Ltda., structuring the Buildings unit for engineering services applied to residential and commercial construction, complementing its heavy construction operations. In 2010, it carried out its initial public offering on B3, increasing its free float and enabling a growth plan based on geographic expansion and fleet growth. From 2013 onwards, it discontinued the Industrial Services segment, focusing on equipment rental and formwork and shoring solutions.

A major milestone in Mills’ recent history was the business combination with Solaris Participações, Equipamentos e Serviços S.A., approved in 2019, which brought together two large Brazilian operators in the rental of aerial work platforms and other equipment. The merger consolidated a fleet of approximately 9,000 pieces of equipment and a base of thousands of active clients in various sectors, expanding its reach, product mix and service capacity. With this transaction, the company strengthened its position in the rental market for aerial work platforms and yellow-line equipment, in addition to bolstering its presence in intralogistics. The shareholding structure kept the Nacht Group as the controlling shareholder, while other financial investors and international partners became significant shareholders, albeit without control. Over the 2010s, the company also faced the 2014 economic crisis, which reduced demand and fleet utilization rates, leading to a turnaround process between 2015 and 2018, with resizing of the Forms and Shoring unit, sector diversification in Rental and adjustments in equipment mix.

Mills’ business model is primarily based on the rental and sale of equipment and engineering solutions, focusing on aerial work platforms, heavy yellow-line machines, forklifts, pallet trucks, compressors, generators, light towers, as well as formwork, shoring and access systems for civil construction and infrastructure. The company operates through two business units: Rental (Light, Heavy and Intralogistics) and Forms and Shoring. In 2024, the Rental unit accounted for approximately 84.6% of net revenue, evidencing the predominance of equipment rental and intralogistics solutions in the company’s economic profile, while Forms and Shoring represented 15.4% of revenue, focusing on temporary systems for concreting, structural support and access in works. The offering includes not only rentals for different terms, but also sales of new and used machines, technical assistance, preventive and corrective maintenance and operator training.

The Rental unit structures its operations into three fronts: light equipment (mainly aerial work platforms and accessories), heavy yellow-line equipment and intralogistics solutions such as forklifts and pallet trucks. Rental contracts for aerial work platforms are usually signed on a 28-day basis, with an average duration of approximately eight months, which can be extended to 12 months or more, while yellow-line contracts tend to be long-term, with an average duration of around three years. In intralogistics, contracts are also longer, with typical terms of four years. In the Forms and Shoring unit, the company offers engineering projects, supply of reusable concrete formwork, metal shoring, access systems such as scaffolding, rack-and-pinion platforms and special solutions for bridges, viaducts, tunnels and galleries. Production of formwork, shoring and access equipment is outsourced, with Mills responsible for technology development, application engineering, quality management and maintenance, in addition to operating its rental and resale fleet.

In terms of end markets, Mills operates in a diversified manner, with a presence in infrastructure, construction, industry, agribusiness, services, retail, logistics, transportation, mining and other segments of the economy. The company highlighted that no customer accounted for more than 10% of net revenue in 2024, which indicates a diversified client base and reduced dependence on individual contracts. In the aerial work platforms market, Mills benefits from decades of experience in working-at-height access solutions and operates in a segment that is still maturing in Brazil, with relatively low penetration compared to developed markets. In heavy yellow-line machinery, the company seeks to expand adoption of the rental model in a market traditionally more focused on equipment ownership by end users, while in forklifts and intralogistics it follows a global trend of increasing use of rental and fleet electrification.

Mills has broad geographic coverage across Brazil. At the end of 2024, the Rental business unit had 60 operating branches distributed across various states, 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 Forms and Shoring unit had five operational branches in Bahia, Rio de Janeiro, Rio Grande do Sul, São Paulo and the Federal District. This footprint allows the company to serve construction projects and industrial operations in different regions of the country, combining proximity to customers and agility in mobilizing equipment. The company also resells used machines, both in the domestic market and abroad, as a way to close the economic cycle of fleet use and finance the renewal of rental assets.

From a regulatory standpoint, Mills is not subject to any specific industry regulation beyond the obligations applicable to business corporations and the rules related to occupational safety, technical equipment standards and environmental regulations. The company states that it adopts environmental practices aimed at mitigating risks associated with equipment maintenance, especially in processes involving painting, use of lubricating oils, greases and machine washing. For industrial waste treatment, it relies on licensed companies, sends used oils for reprocessing and recycles metal components such as steel and aluminum, sending them to steel mills and recycling plants. It also invests in water-oil separation systems and water treatment plants at some branches to enable reuse. A significant portion of its formwork and shoring solutions replaces the use of wood in construction, and part of the rental fleet is electric, helping to reduce environmental impacts. In 2024, Mills obtained B Corp certification, becoming one of the first equipment rental companies in Brazil and the first company in the sector listed globally with this certification, which reinforces its commitment to environmental, social and governance criteria in conducting its business.

As a publicly traded company with common shares MILS3 listed on B3, Mills operates under corporate governance practices that are in line with the Brazilian capital markets, with a board of directors, a defined controlling shareholder and participation by institutional investors. Its recent strategy combines expansion of the fleet and geographic rental footprint, diversification of the sectors it serves, scale gains in the purchase of equipment and parts, and strengthening of maintenance and training processes, supporting its position as one of the main national players in the rental of aerial work platforms, heavy machinery, intralogistics solutions and formwork and shoring systems for construction and infrastructure.