WLMM4

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

Throughout its corporate history, WLM has implemented significant adjustments to its corporate 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 a focus on the Scania dealership network, then organized in 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, marketing new and used vehicles, parts and accessories, vehicle rental, technical assistance, maintenance, brokerage of sales and equity interests in other companies. In 2019, the company merged its former operating subsidiaries in the automotive segment, simplifying 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 coach bus chassis, stationary and marine engines, as well as aftermarket parts, lubricants and specialized workshop services. After‑sales activities include scheduled preventive maintenance contracts and corrective maintenance, which reinforces 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 the farming business accounted for less than 1% and the rental segment, launched more recently, for an even smaller share. The company also operates in the operating lease market for heavy vehicles and equipment of the Scania brand, without drivers, as well as power generators and machinery, through its subsidiary Equipo Locação de Máquinas e Veículos Ltda., expanding the scope of services offered to corporate clients in transportation, industry, commerce and agribusiness.

In the automotive segment, WLM operates a network of dealerships and service points 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 conducted on a consultative basis, with sales teams visiting customers, defining technical specifications and forwarding orders to Scania, which manufactures the vehicles to order. Dealerships also manage inventories of parts and components, with scheduled replenishment and emergency orders to ensure availability in after‑sales. There is no significant customer 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 automotive and rental activities, WLM maintains a farming segment, operated mainly by its subsidiaries Fartura Agropecuária S.A. and Itapura Agropecuária Ltda. These operations include the breeding and sale of beef cattle, 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 ranching and agriculture in the so‑called Legal Amazon form a contiguous block of around 100,000 hectares, with a predominance of forest reserve areas and agricultural use in pastures and crop‑sharing arrangements. Cattle production covers breeding, rearing and fattening, with management that combines natural pastures and mineral supplementation, as well as genetic improvement programs for the herd. In coffee growing, the company produces arabica coffee in Minas Gerais, using advanced farming practices, soil correction, pest control and predominantly mechanized harvesting. Although economically relevant to its diversification strategy, the farming segment accounts for a minority share of revenue and consolidated results.

WLM’s recent expansion includes initiatives related both to the automotive segment and to 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 to different 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. In that same year, it founded Ekotruck Sustentabilidade em Frotas Ltda., focused on the trade 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 are carried out in a regulatory environment that, in the automotive and rental segments, does not require specific government licenses beyond general operating obligations. In the farming segment, 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 relevant authorities in the states where they operate. The commercial relationship with the manufacturer Scania is governed by contracts and the legislation applicable to commercial dealerships and brand conventions, without dependence on proprietary patents, franchises or royalties, according to the company’s own statement.

On environmental, social and governance matters, WLM states that it observes Brazilian legislation at its different 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 power through photovoltaic panels. In the farming segment, operations hold environmental registrations and licenses, with a significant portion of the areas maintained as forest reserve. In terms of governance and social responsibility, the company states that it supports international human rights principles 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 scheduled from 2027 onwards.

In this context, WLM Participações e Comércio de Máquinas e Veículos S.A., through its WLMM3 and WLMM4 shares listed on B3, has consolidated its position as a group predominantly focused on the distribution of, and services associated with, heavy vehicles of the Scania brand in Brazil, with significant presence in various regions and complementary exposure to farming activities and, more recently, to asset rental and distributed energy projects. This business mix 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 in areas related to its client base and physical assets.