PRNR3 Priner

Priner Serviços Industriais S.A. is a Brazilian company specialized in industrial and infrastructure maintenance engineering, with common shares traded on B3 under the ticker PRNR3 and listed on the Novo Mercado segment. Its origins date back to 1982, when Mills S.A. created a business unit focused on access assembly in industrial plants, an operational base that marked its entry into the offshore environment still in the 1980s. In 2013, this industrial services unit was carved out and sold to a private equity fund managed by Leblon Equities, beginning to operate independently. The company used the name Mills SI Serviços Industriais S.A. until 2015, when it adopted the name Priner Serviços Industriais S.A., consolidating a distinct identity focused on providing critical maintenance services and extending the useful life of industrial and infrastructure assets.

Priner’s recent trajectory has been marked by a consistent movement of acquisitions and consolidation of companies specialized in complementary niches. In 2017, the company acquired a majority stake in R&R Indústria, Comércio e Instalação de Isolantes Removíveis e Reutilizáveis Ltda., which operates under the Isolafácil brand and works on projects and manufacturing of thermal, acoustic and passive fire protection insulation, reinforcing vertical integration in insulation solutions. In the same year, Priner acquired 75% of Smartcoat Serviços em Revestimentos S.A., focused on industrial painting and rental of hydroblasting equipment in the offshore environment, later increasing this stake to almost 100%. In 2020, it acquired Poliend, specialized in welding, training and non-destructive testing, initiating the consolidation of an integrity engineering hub. From 2022 onward, its M&A strategy was intensified with the incorporation of Brito&Kerche, Labteste, Tresca, Semar and Welding, companies with expertise in inspection, laboratory testing, computer simulations and materials engineering, as well as the acquisition of the construction company gmaia, Soegeo and Real Estruturas, significantly expanding its presence in infrastructure and industrial assembly.

Priner’s business model is currently organized into four business units: Industrial Services, Infrastructure, Integrity Engineering and Inspection, and Assembly. The Industrial Services unit accounts for most of its revenue, offering integrated solutions in industrial access, painting and anticorrosive treatment, conventional and removable thermal insulation, passive fire protection, refractories and pressurized habitats, both onshore and offshore. The Infrastructure unit, mainly anchored in gmaia, Soegeo and Real Estruturas, adds services such as structural recovery and reinforcement, waterproofing, gallery sealing, anchor prestressing, micro-anchoring, tied-back retaining walls and slope stabilization in soil and rock, with a focus on large civil works and infrastructure assets. The Integrity Engineering and Inspection unit brings together advanced capabilities in non-destructive testing (NDT), destructive testing in metallurgical laboratories and integrity engineering analyses to assess the condition of equipment and structures. The Assembly unit, in turn, specializes in the assembly of steel and prefabricated structures, offering complete solutions that include planning, execution and management of industrial projects.

The company’s portfolio combines service provision and rental of high value-added equipment for maintenance and construction, mainly steel and aluminum scaffolding, PrinerDeck suspended access systems, pressurized habitats, ultra high-pressure hydroblasting machines, wet blasting equipment and a large base of access systems totaling more than 3,000 km in scaffolds and decks. Priner outsources the manufacturing of scaffolds and decks but owns the design of the systems, including patented components such as PrinerDeck decks produced by domestic suppliers. In the removable insulation area, production is industrialized, with intensive use of mechanization and automated cutting tables for thermal and acoustic insulation, PFP covers and customized solutions for industrial plants and offshore units. Equipment rental is mostly combined with the provision of services, both in onshore contracts, where the client may hire the labor separately, and in offshore contracts structured by daily rates for personnel and equipment.

In terms of markets served, Priner focuses on capital-intensive industrial sectors and long-lived assets, where maintenance and structural integrity are decisive for operational continuity. Among the main segments served are Oil & Gas, Petrochemical & Chemical, Mining, Pulp and Paper, Infrastructure and terminals and shipyards. The client base includes large companies operating in Brazil, such as Petrobras, VALE, Samarco, Gerdau, ArcelorMittal, Braskem, Klabin, Dow, BASF, Suzano, Bracell, UltraCargo, MODEC, Equinor, SBM, Acelen, International Paper, Yara, AngloGold Ashanti, Siemens Gamesa, Tronox, Unipar, among others. The company maintains long-term relationships with these groups through multiple contracts and locations, with exposure distributed across different plants, assets and service disciplines. The contracting dynamic usually involves bidding processes or restricted invitations, due to technical and certification requirements, which creates entry barriers for new providers.

Priner’s geographic presence is nationwide and has been gradually internationalized. In Brazil, the company is headquartered in Rio de Janeiro and has operational units and equipment bases in different states, including centers for scaffolding and painting equipment management in Camaçari (BA), Macaé (RJ) and Barueri (SP), in addition to the structures of its subsidiaries in Minas Gerais and São Paulo, with significant activity in industrial hubs and regions with strong presence of oil and gas, mining, pulp and paper and large infrastructure projects. In 2025, the company formed Priner USA, LLC, in Florida, initially focused on providing integrity engineering and inspection services, as well as supplying removable insulation products developed by R&R Isolafácil, marking the start of an international expansion drive based on proprietary technologies and capabilities consolidated in the Brazilian market.

On the regulatory front, Priner’s activities are not supervised by a specific industry regulator, but its operations are subject to a broad set of labor, environmental, occupational safety and data protection rules, including the General Data Protection Law (LGPD). The company has adjusted its internal processes, policies and personal data handling practices to comply with LGPD requirements, mitigating risks of administrative sanctions and litigation arising from potential information security incidents. From an environmental standpoint, the services provided, as they involve the use of natural resources, surface treatment, infrastructure works and interventions in industrial plants, may require specific environmental licensing depending on the nature and location of operations, subjecting the company to oversight by environmental agencies and to the need to comply with conditions imposed in projects and contracts.

Priner maintains an integrated management system for Quality, Occupational Health, Environment and Occupational Safety, with branches certified under international standards such as ISO 9001, ISO 14001, ISO 45001, ISO 37301 and ISO 17025, as well as certifications from entities such as AMPP (QP-1 and QP-2), DNV, ABS and Lloyd’s Register in segments such as anticorrosive treatment, offshore painting and inspection. In the field of industrial maintenance, the company is cited in industry publications as one of the largest organizations dedicated to maintenance engineering in Brazil. Its operating strategy seeks to combine intensive use of technology, process mechanization, robotics in hydroblasting, lighter and more efficient access equipment and engineering solutions that reduce direct labor intensity, increase productivity and minimize environmental impacts, in line with governance and socio-environmental responsibility practices that are relevant for large, publicly traded industrial services companies.

From an economic standpoint, Priner operates in a highly fragmented maintenance engineering market, with many smaller companies and strong specialization in specific activities. The company has been combining organic growth, supported by capital expenditures (CAPEX) and expansion of its fleet and technology, with inorganic growth through acquisitions of complementary companies in industrial services, infrastructure and integrity engineering. Its revenue structure is supported by recurring maintenance contracts, particularly in assets exposed to corrosion, fatigue, heat and weather, such as offshore platforms, refineries, dams, pipelines, bridges, tunnels and large steel and concrete structures. In this context, PRNR3 shares on B3 provide exposure to a diversified industrial services group, with activities concentrated in maintenance, asset life extension and integrity engineering across multiple capital-intensive sectors in Brazil.