WLM Participações e Comércio de Máquinas e Veículos S.A. is a Brazilian corporation whose shares trade on B3 under the tickers WLMM3 and WLMM4. Founded in 1946, it began operations in the liquefied petroleum gas (LPG) distribution segment through its subsidiary Supergasbras Distribuidora de Gás S.A., playing a significant role in this market for several decades. Starting in the 1970s, the company went through a diversification process, entering the transportation and heavy vehicle sales segments, especially trucks and buses of the Scania brand. This shift in focus marked the beginning of a long-term partnership with the Swedish automaker, which gradually became the core of the group’s business, while the LPG segment was fully discontinued in 2004 with the sale of Supergasbras. Since then, the company has focused its strategy on the automotive segment, alongside agribusiness operations that complement revenue diversification.

Throughout its corporate history, WLM has implemented significant adjustments to its structure and corporate purpose to reflect the predominance of the automotive business. After divesting the LPG segment, it adopted the name WLM Indústria e Comércio S.A., maintaining its focus on the Scania dealership network, then organized into subsidiaries such as Quinta Roda, Itaipu, Equipo and Itaipu Norte. In 2017, it again changed its name to WLM Participações e Comércio de Máquinas e Veículos S.A., with a broad corporate purpose that includes importing, exporting, purchasing, manufacturing and selling industrial and commercial facilities, trading new and used vehicles, parts and accessories, vehicle rental, technical assistance, maintenance, sales intermediation, and equity interests in other companies. In 2019, the company merged its former operating subsidiaries in the automotive segment, streamlining the corporate structure and starting to operate directly as a dealership, consolidating operations and seeking administrative, tax and operational efficiency gains.

WLM’s core business is the sale of products and services linked to the Scania brand, focused on heavy and extra-heavy trucks, urban and highway bus chassis, stationary and marine engines, as well as replacement parts, lubricants and specialized workshop services. After-sales activities include scheduled preventive maintenance contracts and corrective maintenance, reinforcing the recurring nature of part of its revenue. Recent figures show the clear predominance of the automotive segment: in 2024, approximately 98.9% of consolidated net operating revenue came from this segment, while agribusiness accounted for less than 1% and the rental segment, launched more recently, for an even smaller fraction. The company also operates in the operating lease market for heavy vehicles and Scania-branded equipment, without drivers, as well as power generators and machinery, through its subsidiary Equipo Locação de Máquinas e Veículos Ltda., expanding the range of services offered to corporate clients in the transportation, industrial, retail and agribusiness sectors.

In the automotive segment, WLM operates a network of dealerships and service points distributed across several regions of the country. The structure is organized into five regional operations tied to the Scania brand: WLM Equipo in the state of Rio de Janeiro, WLM Itaipu in Minas Gerais, WLM Quinta Roda in São Paulo, WLM Itaipu Norte in Pará and Amapá, and the subsidiary Supermac Máquinas e Caminhões da Amazônia Ltda., operating in Amazonas and Roraima. Together, this network comprises dealerships and branches in 22 cities, serving hundreds of municipalities in seven Brazilian states. Truck and bus sales are carried out through a consultative approach, with sales teams visiting clients, defining technical specifications and forwarding orders to Scania, which manufactures the vehicles to order. The dealerships also manage inventories of parts and components, with scheduled replenishment and emergency orders to ensure availability in after-sales. There is no significant client concentration, and no individual buyer accounts for more than 10% of the company’s net revenue, which results in a diversified revenue base.

In addition to its automotive and rental activities, WLM maintains an agribusiness segment, operated mainly through its subsidiaries Fartura Agropecuária S.A. and Itapura Agropecuária Ltda. These operations cover beef cattle raising and marketing, as well as the cultivation and sale of grains and coffee, on farms located in municipalities in the states of Pará, Mato Grosso, São Paulo and Minas Gerais. The properties dedicated to beef cattle and agriculture in the so-called Legal Amazon form a contiguous block of around 100 thousand hectares, with a predominance of forest reserve areas and agricultural use in pastures and crop-sharing or lease partnerships. Cattle production involves breeding, raising and finishing activities, with management that combines natural pastures and mineral supplementation, as well as herd genetic improvement programs. In coffee growing, the company produces Arabica coffee in Minas Gerais, using technical management practices, soil correction, pest control and predominantly mechanized harvesting. Although economically relevant for its diversification strategy, the agribusiness segment represents a minority share of consolidated revenue and earnings.

WLM’s recent expansion includes initiatives in both the automotive segment and new business fronts. In 2023, the company formally entered the heavy vehicle rental segment through Equipo Locação de Máquinas e Veículos Ltda., based in Rio de Janeiro, offering operating leases of Scania trucks, generators and equipment for various economic sectors. In 2024, it acquired 100% of Supermac Máquinas e Caminhões da Amazônia Ltda., expanding the Scania dealership network’s presence to the states of Amazonas and Roraima. In 2025, it moved into the distributed energy sector through WLM Energia e Participações Ltda., which came to hold 60% of CHP Brasil Indústria e Comércio de Geradores S.A., a company specialized in distributed power generation solutions using natural gas and biogas or biomethane. That same year, it established Ekotruck Sustentabilidade em Frotas Ltda., focused on the trading of automotive parts and accessories, component reconditioning and consulting services in fleet management and operational efficiency, with an emphasis on reverse logistics practices and parts reuse.

WLM’s operations are concentrated in the Brazilian domestic market, with no material revenue from abroad. Its businesses operate in a regulatory environment which, in the automotive and rental segments, does not require specific government licenses beyond general operating permits. In agribusiness, there is greater interaction with public agencies due to the need to comply with land tenure and environmental requirements. The farms maintain registrations and licenses such as CCIR, CAR, environmental regularization or single licenses, and records of permanent preservation areas and legal reserves obtained from the competent authorities in the states where they operate. The commercial relationship with automaker Scania is governed by contracts and by the laws applicable to commercial dealership arrangements and brand conventions, with no dependence on proprietary patents, franchises or royalties, according to the company’s own statement.

On environmental, social and governance matters, WLM states that it complies with Brazilian legislation at its various levels and adopts practices aligned with sustainable development. The automotive dealerships operate under Scania’s global D.O.S. (Dealer Operating Standard) certification, which encompasses commitments related to quality, environment, health and safety, customers and people management. The units have initiatives such as selective waste collection, proper waste disposal systems, effluent treatment stations and the use of solar energy through photovoltaic panels. In agribusiness, operations hold environmental registrations and licenses, with a significant portion of the areas maintained as forest reserves. In terms of governance and social responsibility, the company claims to support international principles on human rights and labor standards and has formal policies on integrity, anti-money laundering, anti-corruption and internal investigation procedures. The company is in the process of implementing a structured ESG program, with plans to prepare a sustainability report in accordance with IFRS S1 and S2 standards, including a greenhouse gas emissions inventory, materiality matrix and alignment with the UN Sustainable Development Goals, with disclosure planned from 2027 onward.

In this context, WLM Participações e Comércio de Máquinas e Veículos S.A., through its WLMM3 and WLMM4 shares listed on B3, has consolidated itself as a group predominantly focused on the distribution and related services of Scania heavy vehicles in Brazil, with a significant presence in several regions and complementary exposure to agribusiness activities and, more recently, to asset rental and distributed energy projects. The combination of businesses results in a revenue base heavily concentrated in the automotive segment, both in vehicle sales and in the provision of after-sales services, technical assistance and integrated solutions for truck and bus fleets, while seeking to diversify its portfolio into areas related to its client base and physical assets.