TGMA3 Tegma Gestão Logística

Tegma Gestão Logística S.A., traded on B3 under the ticker TGMA3, is a Brazilian logistics operator with a historical focus on solutions for the automotive industry and, in a complementary way, for segments such as consumer goods, chemicals and household appliances. The company traces its origins to 1969, with the creation of Transportadora Sinimbu, initially dedicated to food transportation and which, over the years, migrated to vehicle transportation. Between 1969 and 1997, organic expansion and the acquisition of new customers consolidated the company as one of the major vehicle transport and logistics operators in the country, supported by the increase in the volume of automobiles transported and the expansion of the base of automakers served.

The period from 1998 to 2006 marked a phase of corporate and governance restructuring, when Transportadora Sinimbu merged with two other carriers, giving rise to Tegma Gestão Logística S.A. The new name reflects the combination of the Greek terms “Techno” (specialization) and “Pragma” (action, movement), signaling the company’s emphasis on knowledge applied to logistics operations. In 2001, the acquisition of a vehicle carrier expanded its capacity in the automotive segment, positioning Tegma as one of the main vehicle logistics operators in Brazil. This trajectory laid the groundwork for its IPO on B3 in 2007, when TGMA3 shares began trading on the Brazilian stock market.

Between 2007 and 2014, Tegma deepened its diversification with the creation of the Integrated Logistics division, complementing its traditional automotive logistics. During this period, the company acquired businesses with a strong presence in storage of consumer goods and supply of production lines, in addition to incorporating a vehicle logistics division in 2008. Its activities also included, between 2011 and 2014, B2C transportation operations for e-commerce, an experience that broadened the company’s repertoire of logistics solutions. In 2014, operations for the household appliances sector consolidated Integrated Logistics as a relevant business pillar, adding activities such as management of raw material flows, warehousing and value-added services for industry.

From 2015 onwards, Tegma directed efforts toward innovation and service diversification. In 2017, it created tegUP Inovação e Tecnologia Ltda., regarded as the first logistics startup accelerator in Brazil, focused on identifying and developing technological solutions for the sector. Through tegUP, it invested in companies such as Frete Rápido, focused on optimizing last-mile e-commerce freight, and Rabbot Technologies, specialized in automated fleet management, using process automation for logistics clients, insurers and fleet managers. In parallel, it established the joint venture GDL – Gestão de Desenvolvimento em Logística Participações S.A., focused on bonded warehousing in the state of Espírito Santo, and in 2019 it launched Fastline Logística Automotiva Ltda., dedicated to logistics for used vehicles and motorcycles. In 2022, Tegma acquired 100% of the shares of Catlog Logística de Transportes S.A., which was later merged in 2024.

Tegma Gestão Logística’s business model is structured into two divisions: Automotive Logistics and Integrated Logistics. Automotive Logistics concentrates most of the company’s revenues, accounting in 2024 for 92% of net revenue, focusing on the transportation and management of new and used vehicles. Services include highway transportation of vehicles throughout Brazil and Mercosur, import and export operations, dedicated transportation with closed trailers, as well as logistics services at automotive centers, such as warehousing, yard and inventory management, vehicle preparation for sale (PDI), tropicalization and accessory installation. Through its subsidiary Fastline, the company also handles logistics for pre-owned vehicles for rental companies, insurers, fleet managers and individuals, combining transportation, storage and preparation for resale.

The Integrated Logistics division, responsible for a smaller share of revenue, is organized into two main service blocks: logistics management of solid and liquid bulk for various industrial segments and logistics management of returnable packaging, widely used by automotive and electronics industries. Solutions include road transportation in milk run and full truck load models, transfer of bulk and parts between plants and suppliers, general and bonded warehousing, cross docking, picking, handling and order preparation. Tegma also operates in-house storage in client facilities, warehousing of chemical bulk and vehicles, and customs bonded warehouses through GDL. In logistics management, it offers inventory control, just-in-time supply of production lines, traceability, reverse logistics and management of returnable packaging using RFID and Internet of Things technologies, reinforcing its role as an integrated supply chain services provider.

Tegma’s geographic presence is distributed mainly across the South and Southeast regions, with relevant operations also in the North and Northeast, always focused on major industrial and logistics hubs. In automotive logistics, the company operates in cities such as Manaus and Belém, as well as bases in Pernambuco and Bahia, connected to industrial and port complexes. In the Southeast, it maintains operations in states such as Espírito Santo, Rio de Janeiro, São Paulo and Minas Gerais, close to automotive plants and distribution centers. In the South, it is present in automotive hubs in Santa Catarina, Rio Grande do Sul and Paraná. In integrated logistics, it concentrates management and transportation activities in industrial municipalities in the South and Southeast, in addition to warehousing infrastructure in Itapevi, in the state of São Paulo. Although it also transports vehicles to Mercosur countries, the company does not record material revenues from customers outside Brazil, concentrating its revenue base in the domestic market.

Tegma’s operations are strongly influenced by the regulatory framework for road cargo transportation in Brazil. The company operates under the supervision of the National Land Transport Agency (ANTT), responsible for regulating and overseeing land transportation, including the minimum freight price policy for road transportation defined by Law No. 13,703/2018. The requirement to issue the Transportation Operation Identification Code (CIOT), as well as compliance with the rules applicable to independent carriers and companies with small fleets, directly affects operational and contractual processes. The company also interacts with the National Traffic System, the Federal Highway Police, state traffic departments and other highway agencies, complying with safety standards, vehicle licensing and registration requirements such as the RNTRC. Additionally, it holds specific licenses, including a Multimodal Transport Operator certificate granted by ANTT.

In the environmental, social and governance (ESG) field, Tegma has consolidated the practice of disclosing information through an annual Integrated Report, whose first edition was published in 2022. The report follows the Integrated Reporting structure and the guidelines of the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI 2021), with limited external assurance performed by an independent audit firm. The company prepares a materiality matrix that covers topics such as emissions and climate change, health and safety, supply chain management, diversity and inclusion, employment, technology and innovation, professional development and economic performance, as well as aspects such as customer privacy and satisfaction, anti-corruption and energy use. Practices are also aligned with the UN Sustainable Development Goals, with a focus on targets related to water, clean energy, decent work, innovation, reducing inequalities, responsible consumption, climate action and effective institutions. Tegma conducts a greenhouse gas emissions inventory for scopes 1, 2 and 3, reinforcing the measurement and transparency of environmental impacts associated with its transportation and warehousing operations.

From an economic and revenue concentration perspective, Tegma Gestão Logística shows high exposure to the automotive sector, with a predominance of logistics for new vehicles, a segment in which it estimates holding a market share close to one quarter of the volume of vehicles transported in Brazil. In 2024, three customers each accounted for more than 10% of consolidated gross revenue, all linked to vehicle logistics in the automotive division, highlighting the relevance of large automakers and related groups in the composition of its commercial portfolio. The company also faces seasonality, with higher concentration of volumes in the fourth quarter, following the vehicle licensing pattern in the country, which influences the quarterly distribution of revenues and results over the fiscal year.

TGMA3 shares represent an ownership stake in a company whose core activity is logistics operations and road transportation of vehicles, complemented by supply chain management services for industrial clients. Traded on B3, Tegma Gestão Logística combines a solid foundation in automotive logistics with initiatives in warehousing, industrial integrated logistics and technology solutions applied to logistics flows, maintaining a focus on the Brazilian market and on the evolution of governance and sustainability practices aligned with international standards.