TGMA3

Tegma Gestão Logística S.A., traded on B3 under the ticker TGMA3, is a Brazilian logistics operator historically focused on solutions for the automotive industry and, complementarily, for segments such as consumer goods, chemicals and home 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 clients consolidated the company as one of the key vehicle transport and logistics operators in the country, supported by the increase in the volume of automobiles transported and by the expansion of its 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 paved the way 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 consumer goods warehousing and production line supply, in addition to incorporating a vehicle logistics division in 2008. Its activities also included, from 2011 to 2014, B2C transport operations for e-commerce, an experience that broadened the company’s range of logistics solutions. In 2014, operations for the home appliances sector consolidated Integrated Logistics as a relevant business pillar, adding activities such as raw material flow management, warehousing and value-added services for industry.

From 2015 onward, Tegma directed efforts toward innovation and service diversification. In 2017, it created tegUP Inovação e Tecnologia Ltda., regarded as Brazil’s first logistics startup accelerator, aimed at 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 Espírito Santo, and in 2019 it opened Fastline Logística Automotiva Ltda., dedicated to used vehicle and motorcycle logistics. In 2022, Tegma acquired 100% of the shares of Catlog Logística de Transportes S.A., which was subsequently merged in 2024.

Tegma Gestão Logística’s business model is structured into two divisions: Automotive Logistics and Integrated Logistics. Automotive Logistics accounts for most of the company’s revenue, representing 92% of net revenue in 2024, with a focus on the transport and management of new and used vehicles. Services include road transport of vehicles across Brazil and Mercosur, import and export operations, dedicated transport with enclosed 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 provides used-vehicle logistics for rental companies, insurers, fleet managers and individuals, combining transport, storage and preparation for resale.

The Integrated Logistics division, which accounts 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 transport in milk run and full truck load models, transfer of bulk materials and parts between plants and suppliers, general and bonded warehousing, cross-docking, picking, handling and order preparation. Tegma also operates in-house warehousing within client facilities, warehousing of chemical bulk and vehicles, and bonded terminals through GDL. In logistics management, it offers inventory control, just-in-time production line supply, traceability, reverse logistics and management of returnable packaging using RFID and Internet of Things technology, reinforcing its role as an integrated supply chain services provider.

Tegma’s geographic footprint is mainly distributed across the South and Southeast regions, with a relevant presence 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, near 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 transport activities in industrial municipalities in the South and Southeast, in addition to a warehousing structure in Itapevi, in the state of São Paulo. Although it also transports vehicles to Mercosur countries, the company does not record material revenue from clients outside Brazil, concentrating its revenue base in the domestic market.

Tegma’s operations are heavily influenced by Brazil’s regulatory framework for road freight transport. The company operates under the supervision of the National Land Transport Agency (ANTT), responsible for regulating and overseeing land transport, including the minimum freight price policy for road transport established by Law No. 13,703/2018. The requirement to issue the Transport Operation Identification Code (CIOT), as well as compliance with rules applicable to independent truckers and companies with smaller fleets, directly affects operational and contractual processes. The company also interacts with the National Transit System, the Federal Highway Police, state transit departments and other road authorities, 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 conducted by an independent auditor. 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, focusing on targets related to water, clean energy, decent work, innovation, reduction of inequalities, responsible consumption, climate action and effective institutions. Tegma conducts an inventory of greenhouse gas emissions in scopes 1, 2 and 3, reinforcing the measurement and transparency of environmental impacts associated with its transport and warehousing operations.

From an economic and revenue concentration standpoint, Tegma Gestão Logística has high exposure to the automotive sector, with predominance of new vehicle logistics, 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 clients individually accounted for more than 10% of consolidated gross revenue, all linked to vehicle logistics in the automotive division, highlighting the importance of major automakers and related groups in the composition of its commercial portfolio. The company also faces seasonality, with higher volume concentration in the fourth quarter, following the vehicle licensing pattern in the country, which affects the quarterly distribution of revenue and results throughout the fiscal year.

TGMA3 shares represent an ownership interest in a company whose core activity is logistics operations and road vehicle transport, complemented by supply chain management services for industries. Traded on B3, Tegma Gestão Logística combines a consolidated base in automotive logistics with initiatives in warehousing, integrated industrial 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.