Log In Logística Intermodal S A : Earning Release 1Q24

Earnings

R E S U L T S

EARNINGS RESULTS

PRESENTATION

Thursday, May 9, 2024 - 11 am (Brasília time) - Portuguese (with simultaneous translation into English and Brazilian sign language interpreter)

The conference call will take place on Zoom webinar at: https://us02web.zoom.us/j/84757520251?pwd=eEF2dzkyS ytGRjRtOHRzSFFoNjhUdz09

Zoom ID: 855896

• The audio of the presentation will be available on May 9, 2024 in the Investor Relations website: https://ri.loginlogistica.com.br/en/

1Q24

Marcio Arany da Cruz Martins

Chief Executive Officer

Pascoal Cunha Gomes

Financial and Investor Relations Vice President

IR Contact

Sandra Calcado

Bruna Matos

[phone] - [e-mail]://ri.loginlogistica.com.br/

Release 1Q24

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1Q24 HIGHLIGHTS

Consolidated		Highest NOR, R$ 619.4 million, for a first quarter;
	 Delivery and start of operations of the new vessel, Log-In Evolution;
	 Log-In Experience has entered the final stage of construction and will begin sea trials in 2Q24;
		Structuring the new Integrated Solutions Department.

Coastal Shipping

• Historical NOR record for Coastal Shipping: R$ 383.2 million;
• Historical record of Feeder volume: 94.7 thousand TEUs;
• Historical record of Feeder revenue: R$95.6 million;
• Highest Cabotage volume for a first quarter, 52.6 thousand TEUs.

Vila Velha Terminal

(TVV) and Intermodal

Terminals

• Highest TVV NOR for a first quarter, R$ 89.5 million;
• Highest volume of containers handled at TVV in a first quarter, 56.3 thousand boxes;
• Quarterly highlight: Coffee exports;
• Start of the retrofitting process for 3 ship-to-shore cranes (STS) as part of TVV's modernization project.

Road Cargo

Transportation

• Tecmar invested R$66.2 million in the acquisition of 82 trucks and 100 semi-trailers to expand its capacity for transporting parceled cargo and containers, with the creation of two new units dedicated to multimodal transportation;
• Tecmar continued the process of obtaining synergies with Log-In and to operate jointly, handling 806 TEUs in the quarter;
• Investments in Oliva Pinto for operational adaptation (yard and vehicles).

EESG

• 2023 Greenhouse Gas (GHG) Inventory released;
• The partnership with Artes Sem Limites and Social Esperança institutes enabled 1,482 activities, including soccer, capoeira, and crafts classes, as well as various workshops such as fabric painting, guitar and school tutoring.
• Training on ethics in business relations at Feira Intermodal.

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Release 1Q24

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FINANCIAL AND OPERATIONAL SUMMARY ¹

Economic and Financial Data		1Q24		1Q23		1Q24 vs.
R$ Million				1Q23
Consolidated
Net Operating Revenue	619.4	559.7		10.7%
Adjusted EBITDA ²	143.3	165.8		-13.6%
Adjusted EBITDA Margin	23.1%	29.6%		-6.5 p.p.
Coastal Shipping
Net Operating Revenue	383.2	329.5		16.3%
Adjusted EBITDA ²	101.0	128.2		-21.2%
Adjusted EBITDA Margin	26.4%	38.9%		-12.6 p.p.
TVV
Net Operating Revenue	89.5	85.5		4.7%
Adjusted EBITDA ²	40.8	41.4		-1.5%
Adjusted EBITDA Margin	45.6%	48.4%		-2.9 p.p.
Integrated Solutions
Net Operating Revenue	14.1	14.3		-1.6%
EBITDA	6.9	7.2		-4.9%
EBITDA Margin	48.9%	50.5%		-1.7 p.p.
Road Cargo Transportation
Net Operating Revenue	132.6	125.7		5.4%
Adjusted EBITDA ²	9.2	10.0		-8.0%
Adjusted EBITDA Margin	7.0%	8.0%		-1.0 p.p.
Operational Data		1Q24		1Q23		1Q24 vs.
			1Q23
Coastal Shipping - Total Containers ('000 TEU)	155.7	102.0	52.7%
TVV - Containers Handling ('000)	56.3	34.6	62.8%
TVV - General Cargo Handling ('000 Tons)	128.3	226.8	-43.4%
Fleet - Nominal Capacity (TEU)*	22,150	18,050	22.7%

1. • Capacity of the fleet in operation by the end of the reporting period (including Log-In Evolution and MSC Belmonte III, with Log-In Discovery docked).
2. EBITDA calculation considers earnings before income tax, social contribution, financial result and amortization expenses. The calculation of Adjusted EBITDA represents the EBITDA result and disregards only the non-recurring events related to "AFRMM". It is worth pointing out that - as a market practice - adjusted EBITDA is not audited by independent auditors, since it is a non-GAAP metric and every company can calculate this indicator according to their own criteria.

1. Adjusted EBITDA in 1Q24 is composed of EBITDA plus cut-off in the amount of -R$0.8 million, of which -R$3.5 million in Coastal Shipping and R$2.6 million in Road Cargo Transportation. According to CPC 47, the cut-off is an accounting adjustment due to the accounting of only the portion of the service rendered, cancelling the effect of the portion of the service not yet concluded in the period, and which, in turn, had its transport document recorded by the total amount at the beginning of service provision. The adjustments for non-recurring effects amounted to R$2.8 million in Road Cargo Transportation due to

Accounting adjustments of Tecmar and Oliva Pinto.

Release 1Q24

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CONSOLIDATED RESULT

Consolidated Result	1Q24	1Q23	1Q24 vs.
R$ Million	1Q23
Net Operating Revenue	619.4	559.7	10.7%
Cost of Rendered Services	(457.3)	(355.8)	28.5%
Operating Expenses	(39.8)	(66.5)	-40.2%
AFRMM	19.0	16.2	17.7%
EBITDA	141.3	153.6	-8.0%
Adjusted EBITDA¹	143.3	165.8	-13.6%
Depreciation and Amortization	(63.1)	(55.4)	13.8%
EBIT	78.2	98.1	-20.3%
Financial Result	(67.4)	(37.0)	82.2%
Financial Income	21.2	18.8	13.2%
Financial Expenses	(68.3)	(61.4)	11.3%
Exchange Variations	(20.3)	5.6	n.a.
EBT	10.8	61.1	-82.3%
Income Tax and Social Contribution	(2.5)	(22.7)	-88.9%
Profit (Loss)	8.3	38.4	-78.4%

(¹)Adjusted EBITDA in 1Q24 is composed of EBITDA plus cut-off in the amount of -R$0.8 million, of which -R$3.5 million in Coastal Shipping and R$2.6 million in Road Cargo Transportation. According to CPC 47, the cut-off is an accounting adjustment due to the accounting of only the portion of the service rendered, cancelling the effect of the portion of the service not yet concluded in the period, and which, in turn, had its transport document recorded by the total amount at the beginning of service provision. The adjustments for non-recurring effects amounted to R$2.8 million in Road Cargo Transportation due to Accounting adjustments of Tecmar and Oliva Pinto.

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Release 1Q24

5

Net Operating Revenue

Consolidated Net Operating Revenue

(NOR) (R$ MM)

1Q24 x 1Q23

11% NOR growth explained by the following factors:

• Highest consolidated NOR for a first quarter, R$ 619.4 million, reaping the benefits of the results generated in all business lines, as described below;
• Coastal Shipping total NOR was positively impacted by:

1. Growth in Cabotage revenue (+28% vs. 1Q23) in line with volume increase, due to market share gained in the North axis with the start of the Amazonas Express Service (SEA), and

a greater number of vessels in operation, resulting in greater operating capacity;

1. Historical record of Feeder revenue, R$95.6 million, benefiting above all from record volume due to the opportunities presented mainly in the South region and delays of international shipowners' vessels. In addition, Log-In handled new Feeder cargo in the

period and there was an increase in market demand to/from Vitória;

• 1. Mercosur revenue continued to be negatively impacted by the effects of the crisis in Argentina;
• Road Cargo Transportation NOR positively impacted by the acceleration of the container transportation operation in the Santos Project and the recovery of the average freight price for parceled cargo and full truck loads at the end of 1Q24;
• Highest TVV NOR for a first quarter, R$89.5 million, in line with the increased volume of containers handled and a better cargo mix (full vs. empty containers).

Cost of Services Provided (CSP)

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Release 1Q24

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Higher CSP due to the following factors in Coastal Shipping and Road Cargo Transportation:

• In Coastal Shipping, a significant part of the variable costs is related to the increase in volume transported, as a result of the ramp-up of the Amazonas Express Service (SEA) and the volume of road operations. In addition, in the Other Variable Costs line, there was a one- time extra cost of operations related to the operational contingencies of the Amazon River drought in 4Q23. Fixed costs, in turn, were impacted above all by the greater number of vessels in operation (6 ships in 1Q23 vs. 8 ships in 1Q24) and, consequently, an increase in bunker fuel consumption, port costs and Running Costs. Moreover, there was a scheduled increase of port duties in specific locations. The increase in fixed costs is supporting business growth, with Log-In offering greater operating capacity and increasing its footprint in the market;
• In Road Cargo Transportation, higher costs are related to pre-operating expenses of expanding our vehicle fleet, such as: early hiring of truck drivers, payment of IPVA (annual tax levied on registered vehicles) and vehicle insurance, and fuel for part of the new trucks that joined Tecmar's fleet in the first quarter, with the full corresponding revenues yet to come.

Operating Expenses

1Q24 x 1Q23

Decrease of R$26.7 million (40% vs 1Q23) in Operating Expenses:

• Operating expenses in 1Q23 were impacted by the non-recurring accounting adjustment resulting from the acquisition of Oliva Pinto in the amount of R$11.2 million. In addition, 1Q23 was impacted by a higher Profit Sharing payment than in 1Q24.

AFRMM (Additional Freight for Renewal of the Merchant Marine)

AFRMM	1Q24	1Q23	1Q24 vs.
R$ MM	1Q23
Period AFRMM	19.0	16.2	17.7%
Non-recurring AFRMM	0.0	0.0	n.a.
Total AFRMM	19.0	16.2	17.7%

• 17.7% increase in AFRMM generation compared to 1Q23, as Gross Operating Revenue (GOR) grew due to increased volume on AFRMM-generating routes, in addition to the start of operations of the new Amazonas Express Service (SEA) at the end of 2Q23.

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Release 1Q24

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EBITDA

EBITDA		1Q24		1Q23		1Q24 vs.
R$ Million				1Q23
EBITDA	141.3	153.6		-8.0%
EBITDA Margin	22.8%	27.4%		-4.6 p.p.
Adjusted EBITDA ¹	143.3	165.8		-13.6%
Adjusted EBITDA Margin	23.1%	29.6%		-6.5 p.p.

1. Adjusted EBITDA in 1Q24 is composed of EBITDA plus cut-off in the amount of -R$0.8 million, of which -R$3.5 million in Coastal Shipping and R$2.6 million in Road Cargo Transportation. According to CPC 47, the cut-off is an accounting adjustment due to the accounting of only the portion of the service rendered, cancelling the effect of the portion of the service not yet concluded in the period, and which, in turn, had its transport document recorded by the total amount at the beginning of service provision. The adjustments for non-recurring effects amounted to R$2.8 million in Road Cargo Transportation due to Accounting adjustments of Tecmar and Oliva Pinto.

EBITDA (2) (R$ MM)

EBITDA Margin (%)

(2) Values referring to Adjusted EBITDA

1T24 x 1T23

Adjusted EBITDA decreased to R$143.3 million, down 13.6% vs. the comparative period due to the following factors:

• Adjusted EBITDA from Coastal Shipping fell by 21.2% compared to 1Q23. The business was impacted by the increased cost structure as a result of the start of operations of 2 new vessels, which resulted in a 22.7% increase in nominal capacity (compared to 1Q23). Furthermore, Mercosur revenues were negatively impacted by the crisis in Argentina. This increase in costs also led to a reduction in the Adjusted EBITDA Margin.

Revenue and Costs Pegged to the Dollar

Log-In has revenues indexed to the US dollar in the Mercosur and Feeder trades of its Coastal Shipping business. From the standpoint of costs, the main items are bunker fuel, container leasing and Mercosur port duties. According to the table below, the Company has a positive operating balance in dollars, which is able to protect the current service of the dollar debt with

BNDES.

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Release 1Q24

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R$ Million	1Q24	1Q23
Revenues subject to USD	151.2	158.8
Costs subject to USD	(99.2)	(60.4)
Operating Balance	52.0	98.4

Financial Result

To evaluate the Financial Result, we present below a chart breaking down the effects of foreign exchange variation, revenues and expenses of the financial result:

1Q24 x 1Q23

The Financial Result for 1Q24 varied negatively by R$30.4 million when compared to 1Q23. Financial income and expenses partially offset each other in the variation for the period. On the one hand, financial revenues were up by around R$2.5 million; and financial expenses grew by R$6.9 million, on the back of the financial charges on commercial notes. With regard to exchange rate variation, the negative result of R$25.9 million is mainly due to the impact on the balance of long-term debt with the BNDES pegged to the dollar, compared to the previous period.

Composition of Exchange Variation

R$ Million

BNDES Financing in USD for vessel constructions Hedge Accounting Container leasing Sale and Lease Back Receivables/Payable accounts and others Total Exchange Variation

1Q24 (9.2) (4.6) (1.1) 0.2 (5.6) (20.3)

1Q23 8.0 (6.5) 0.5 1.4 2.2 5.6

As regards the composition of exchange variation, most of it is derives from the portion of the BNDES loan in US dollars and this is mostly an accounting effect, with no relevant impact on the Company's short-term cash. This accounting effect stems from the variation of the outstanding balance of the future flow of long-term dollarized debts, with monthly maturities until 2034. On March 1, 2021, a Hedge Accounting strategy was adopted aiming to protect the Company's result from exposure to cash flow variability resulting from foreign exchange effects in the next 5 years, through non-derivative hedging instruments. The hedge effect has offset a significant portion of exchange variation starting in the 2nd quarter of 2021, demonstrating the effectiveness of this strategy in a volatile foreign exchange scenario.

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Release 1Q24

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Profit (Loss) for the Period

Income Statement	1Q24	1Q23	1Q24 vs.
R$ Million	1Q23
Net Revenue	619.4	559.7	10.7%
Costs	(515.2)	(407.9)	26.3%
Costs	(457.3)	(355.8)	28.5%
Depreciation and Amortization	(57.8)	(52.1)	11.1%
Gross Profit	104.2	151.8	-31.3%
Net Operational Expenses	(26.0)	(53.6)	-51.6%
Sales and Administrative	(30.7)	(35.1)	-12.3%
Other	(9.0)	(31.4)	-71.3%
AFRMM	19.0	16.2	17.7%
Depreciation and Amortization	(5.2)	(3.4)	55.6%
Net Income	78.2	98.1	-20.3%
Financial Result	(67.4)	(37.0)	82.2%
Financial Income	21.2	18.8	13.2%
Financial Expenses	(68.3)	(61.4)	11.3%
Exchange Variations	(20.3)	5.6	n.a.
Profit before Income Tax and Social Contribution	10.8	61.1	-82.3%
Income Tax and Social Contribution	(2.5)	(22.7)	-88.9%
Net Income (Loss)	8.3	38.4	-78.4%

1Q24 x 1Q23

Net Profit varied according to the explanations given earlier in the EBITDA and Financial Result sections.

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Release 1Q24

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Integrated Logistics Solutions (Costal Shipping and Integrated Solutions)

The Company offers integrated logistics solutions for door-to-door container handling and transportation, i.e., by sea, complemented by road, from the cargo's point of origin to its final destination. It also offers integrated solutions: customized solutions for clients, and the operation of two intermodal terminals.

Costal Shipping

The Coastal Shipping sector in Brazil, made up of Brazilian Shipping Companies (BSC's) that are members of the Brazilian Association of Cabotage Shipowners (ABAC), experienced an 18% increase in container handling in 1Q24 (vs 1Q23), as shown in the table below:

Container Trasport Volume (in kTEU) by BSCs members of ABAC
Segment	1Q24	1Q23	1Q24 vs. 1Q23
Cabotage ¹	178.0	173.6	2.5%
Feeder	163.3	114.5	42.6%
Mercosur ¹	14.3	20.3	-29.6%
Total	355.6	308.4	15.3%
BSCs - Brazilian Shipping Companies
Source: ABAC -	Brazilian Association of Cabotage Shipowners
¹ ABAC's data does not represent the entire Cabotage and Mercosur market.

Below are the main indicators of Log-In's Coastal Shipping operations, which, compared to the industry data above, confirm the Company's business resilience, with Log-In taking advantage of new and more profitable cargo handled while maintaining volume growth above the sector in the quarter.

Coastal Shipping posted a record performance in terms of volume this quarter, accompanied by an improved cargo mix. Market share in cabotage was the highest in recent years, reflecting the increase in capacity and the end of the drought period in the Amazon River Basin. Thus, Log-In now enjoys a new position in the North of Brazil. Feeder stood out, reinforcing the versatility of a Brazilian shipowner with a sizeable fleet in a scenario of congested ports, contributing to the development of foreign trade. The addition of 2 vessels to the fleet compared to 1Q23, which in turn has resulted in volume growth above the market average, led to an increase in door-to-door transportation. This capacity expansion is going through a natural maturation phase, until efficiency gains are achieved. The Company continues with its strategy of harnessing this type of service in order to capture a greater share of its clients' logistics chain.

Volumes

Containers (1) (Thousand TEUs)

1. Total Containers handled in the following services: South Atlantic Service (SAS), which serves a regular route covering ports between the Northeast of Brazil and Argentina; Amazonas Express Service (SEA) which runs express transportation from Manaus to Santos; and Shuttle Services, focusing on Feeder cargo and serving the ports of Santos, Rio de Janeiro and Vitória. Volumes handled can be divided into the following categories: Cabotage (between Brazilian ports), Mercosur (between Brazil and other Mercosur countries) and Feeder (final trip of long-haul cargo between ports called by Log-In).

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