MMAQ4

Minasmáquinas is a Brazilian publicly held company, incorporated on September 8, 1961 and registered with the CVM since July 20, 1977, with an indefinite term of duration. With more than six decades of operations, the company has consolidated its presence in the automotive sector as a commercial vehicle dealership. Its shares, under the tickers MMAQ3 and MMAQ4, are traded on B3, allowing individual investors to participate in its capital. The headquarters is located in Contagem, Minas Gerais, on a company-owned plot of approximately 66,000 m², with a built area of more than 10,500 m², which supports a relevant physical structure for sales, services and administrative operations. The company maintains a staff of 556 permanent employees, evidencing significant operational size within its region of activity.

Minasmáquinas’ business model is centered on its role as an authorized Mercedes-Benz dealership in the metropolitan region of Belo Horizonte. The company does not manufacture or industrialize the goods it sells, operating essentially as an intermediary between automakers and the end customer, both corporate and individual. Its corporate purpose includes the representation and trade of machinery, equipment and vehicles, the import and export of equipment and accessories in the automotive sector, as well as providing workshop services for new and used vehicles. This combination of product sales and after-sales services makes up a diversified revenue portfolio, which includes new and used vehicles, parts, maintenance services, tires and road implements.

Under the Mercedes-Benz brand, Minasmáquinas sells trucks, buses and vans, as well as engines and original parts, complemented by workshop services. The company highlights that it works with what is considered a complete line of commercial vehicles, with dozens of truck, bus and van models, which allows it to serve different cargo and passenger transportation profiles. In terms of complementary products, the company also sells tires from Pneumáticos Michelin Ltda. and road implements from Librelato S.A. Implementos Rodoviários, integrating into its offering essential items for the operation of heavy fleets. The company is also affiliated with the vehicle dealership Minasmáquinas JF Ltda., expanding the business ecosystem linked to the brand.

From the perspective of operating segments, Minasmáquinas’ revenue is mainly composed of the sale of new vehicles, used vehicles, parts and workshop services, in addition to the sale of tires and road implements. In 2024, consolidated net revenue was concentrated mainly in new vehicles, which represented the largest share of revenue, followed by used vehicles and the parts and workshop segment. Tires and road implements complete the revenue mix, with a smaller contribution compared with the other lines. In terms of results, the largest contribution to net income also comes from the sale of new vehicles and the parts and workshop segment, while used vehicles, tires and implements have a more modest share or even negative results in certain periods, according to the data presented in the financial statements.

Product distribution takes place through the dealerships operated by the company, which act as the official sales channel for Mercedes-Benz and Librelato in its concession area. Minasmáquinas offers not only the sale of vehicles and implements, but also technical assistance and replacement parts, reinforcing the importance of after-sales as a relevant component of the customer relationship. The company does not identify any customers responsible for more than 10% of total net revenue, which indicates a diversified customer base and reduces dependence on a few specific buyers. In its market, Mercedes-Benz, the brand represented by Minasmáquinas, has been posting good performance in the truck, bus and van segments in the region served, positioning the network’s dealerships among the local leaders. At the same time, the sector is characterized by increasing competition, with the strengthening of other brands and dealership networks.

Minasmáquinas’ competitive environment is directly impacted by its relationship with automakers, especially Mercedes-Benz and Librelato, as well as tire supplier Michelin. The company operates under dealership contracts that are fundamental to the continuity of its activities, since without these grants it cannot sell vehicles of these brands or provide services as an authorized agent. The manufacturers exert a high degree of control over dealership activities, influencing everything from product availability to sales programs and promotional campaigns. Events such as strikes, stoppages, customs bottlenecks or delays in the automakers’ production chain can negatively affect the supply of vehicles and parts, with repercussions on the company’s revenue and profitability. In addition, the prices charged by Minasmáquinas depend to a large extent on commercial incentives and financing programs offered by the manufacturers, which can be changed unilaterally, creating volatility in results.

In regulatory terms, Minasmáquinas is subject to a broad set of federal, state and municipal laws related to the operation of vehicle dealerships and workshops. This includes consumer protection rules, labor legislation and worker protection regulations, as well as environmental and licensing requirements. The company highlights the need to obtain and maintain licenses and authorizations to regularly carry out its activities, as well as compliance with standards for waste disposal in air and water, and treatment of chemical substances, oil and garbage. The company states that all environmental licenses necessary for its operations are in order. It also clarifies that it depends on dealership contracts, brands and licenses from the manufacturers to operate, reinforcing that any material change in this contractual relationship represents a material risk to the business.

In the environmental, social and governance (ESG) field, Minasmáquinas emphasizes compliance with the socioenvironmental laws and determinations applicable to its activities. The company states that it is subject to the rules regulating emissions, waste management and treatment of potentially polluting substances, keeping all environmental licenses related to its operations in good standing. From a social standpoint, it mentions compliance with labor and worker protection regulations, in line with Brazilian legislation. However, the company notes that it does not publish its formal ESG policies, limiting itself to stating adherence to current legal requirements. There is no record of financial contributions to political parties, candidates or activities aimed at influencing political decisions. Minasmáquinas also reports that it does not have relevant revenue from abroad and is not subject to foreign regulation in its current operations, remaining focused on the Brazilian domestic market, with activities concentrated in Minas Gerais.

For investors analyzing MMAQ3 and MMAQ4 shares on B3, Minasmáquinas is therefore presented as a publicly traded company focused on brokering commercial vehicles and associated services, with strong dependence on dealership contracts and the market dynamics of the automakers it represents. The company’s performance is directly linked to the commercial vehicle sector cycle, the level of regional and national economic activity, the competitiveness of the brands it distributes and the commercial policies set by its strategic suppliers.