Wilson Sons S A : Institutional Presentation - March 2024

Wilson Sons

INVESTOR PRESENTATION

MARCH 2024

Table of Contents

1. SECTION 1 Company Introduction

1. SECTION 2 Business Overview

1. SECTION 3 Financial Highlights

1. SECTION 4 Appendix

Disclaimer:

This presentation contains statements that may constitute forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of Wilson Sons, may cause actual developments and results to differ materially from the expectations contained in this presentation. Management's beliefs and assumptions may or may not prove to be correct and there can be no assurance that any estimates, targets or projections are attainable or will be realised, and actual results may vary materially, including the possibility that an investor may lose some or all of its invested capital. These statements are not guarantees of future performance and undue reliance should not be placed on them. The information contained herein has been compiled on a preliminary basis, and there is no obligation to update any of the information. The Company's operating and financial results, as presented on the following slides, were prepared in accordance with the International Financial Reporting Standards (IFRS), except as otherwise expressly indicated. The independent auditor's report is an integral part of the Company's condensed consolidated financial statements.

SECTION 2 Business Overview

1. Rio Grande Container Terminal

1. Salvador Container Terminal

1. Towage

1. Offshore Support Vessels

SECTION 4 Appendix

1. Santo André Logistics Centre

1. International Logistics (Allink)

1. Shipping Agency

1. Offshore Support Bases

1. Shipyards

1. Technology Start-ups

2

SECTION 1

Company Introduction

Salvador container terminal

Wilson Sons at a Glance

Largest integrated provider of port and maritime logistics in Brazil.

Amazon River

Company Highlights

• 186-yearheritage with solid operational expertise, strong reputation and robust financial performance (IFRS net revenue of US$440M and EBITDA margin of 41% in 2022);
• Premium long-term assets with leading footprint in attractive markets;
• Highly synergistic businesses (e.g. know-how shared across divisions, majority of top 50 clients served by 2+ units);
• Naturally-hedgedportfolio with US$ cash generation and competitive financing;
• Experienced and innovative management team;
• Publicly traded on Brazil's premium listing segment adopting high corporate governance standards;
• Top ESG ratings and world-class safety performance.

LEADING

NATIONWIDE

FOOTPRINT

CONTAINER TERMINALS

OTHER OPERATIONS (MAINLY TOWAGE)

Increase in Financial Strength

EBITDA (IFRS, US$ M)			183					182
				168		172	161
		152	146	160	154	159
					142	137
	109109108
73	87
	+5.9%
			CAGR (2006-2022)

Safety Performance Improvement

3.18

2.37

1.8 1.53

0.69 0.45 0.37

EBITDA Profile (IFRS, 2022)

60%	20%
40%	80%	112%
	(12%)
Revenue	Costs	EBITDA
USD-denominated	BRL-denominated

Lost-Time Injury Frequency Rate(1)

LTIFR dropped 86% in 11 years

0.48 0.42 0.63 0.45

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Source: Company Information	4
Notes: (1) LTIFR refers to the number of lost-time injuries occurring in a workplace per one million hours worked

Business Units

Synergistic portfolio with exposure to attractive growth drivers.

CONTAINER TERMINALS		LOGISTICS CENTRE

SHIPPING AGENCY

TOWAGE

OFFSHORE SUPPORT VESSELS

INTERNATIONAL LOGISTICS

SHIPYARDS

OFFSHORE SUPPORT BASES

5

Resilient Business Drivers

Brazilian trade flow and offshore energy have solid fundamentals and robust growth prospects.

TRADE FLOW

OFFSHORE ENERGY

CONTAINER		AGRIBUSINESS		MINING		LIQUID BULK & OTHER

Source: Company Information

6

Attractive Market Prospects: Trade Flow

Brazilian trade flow has grown considerably in the last decade and has great prospects.

Solid Trade Flow Growth Despite Brazil's Recession in 2015 and 2016…
(M tonnes)
			Brazil's Recession		1,122		1,156	1,215	1,219	1,290	3.0% CAGR12-22
			1,088	1,104		Brazil's Volume
	929	969
904
				+42.7%						0.4% CAGR12-22
									Brazil's GDP
					Growth
2012	2013	2014	2017		2018	2019	2020	2021	2022	2023	7.6x Multiplier

…and Despite Recent Improvement, There's Further Room to Grow…
(merchandise trade as a percentage of GDP)
49	51		46	50	49	49	48	44		44	46	44		47	51
	42	42	42
							51
														49
											41	40	42
40	41				37			37
	34	37	37	35	36	36
33					33
					31
												25
21	22	17	18	19	19	20	19	20	18	18	22	22
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
					Brazil		LatAm	World

…When Compared to Similar Economies

(merchandise trade as a percentage of GDP, 2022)

										355%
LatAm Countries
										212%
		50%	51%	51%	52%	57%	62%	68%	85%	88%
33%	43%
			World	LatAm

Sources: Brazilian National Waterway Transportation Agency (ANTAQ), World Bank

7

Industry-Leading ESG Standards Backed by Solid Values

Top ranking in major ESG ratings and world-class safety standards.

Culture and Values

Awards, Certifications and Initiatives

Ethical Conduct

• Independent compliance area
• Ethical and anti- corruption code

Enduring Relationships

• Long-termrelationship: +10 years with

top 10 clients

• Regular satisfaction survey

Safety Performance 2023

Mature Safety Culture (Interdependent Stage)

0.22 LTIFR(2)

Outperforming the world- class benchmark of 0.50

S&P Global ESG Score 2022

Transportation & Transportation Infrastructure

Top 20%

Above industry mean in all ESG criteria

Commitment to HSE

• Safety culture with continuous development as a top priority
• WS+ safety programme (DuPont methodology)
• GHG(1) Protocol

Committed to UN's Global Compact

• SDG(3) and GRI(4) indicators reported on WS Sustainability Report and by Bloomberg ESG survey

Talent-Oriented

• Constant training
• Recognition programme

Ownership Spirit

• Improvement programmes
• Clear individual goals

GHG Protocol 2023

Most used tool to manage GHG(1) emissions

Gold Seal

Best certification level for GHG inventory disclosure (3rd consecutive year)

Disclosure Initiatives

Source: Company Information	8
Notes: (1) Greenhouse Gas (GHG); (2) LTIFR stands for the number of lost-time injuries occurring in a workplace per one million hours worked; (3) Sustainable Development Goals (SDG); (4) Global Reporting Initiative (GRI)

Strategic Platform for Expansion in Latin America

LatAm is a relevant region with substantial growth prospects and WS is a strategic platform for expansion.

LatAm is Already Enormous When Compared to Other Regions…

…And is Poised to Increase its Relevancy in Global Trade

Trade Volume

(2021)
Country	Volume	Share of
(B tonnes)	LatAm

	1.2	60%
Brazil
	0.3	14%
Mexico
Rest of	0.5	26%
LatAm
LatAm	2.0	100%

LatAm's trade volume is larger

than North America's

GDP

(2022)
Country	GDP	Share of
(US$ T)	LatAm

	1.9	31%
Brazil
	1.4	23%
Mexico
Rest of	2.9	46%
LatAm
LatAm	6.2	100%

LatAm's GDP is almost twice

as India's

Source of Agricultural Products to Feed the Global Population

(2021)	Grain	Share
Country	Export	of
	(M tonnes)	World

148 22%

US

19%

130

Brazil		2nd
	56	8%
	3rd
Argentina

Brazil is set to become the

world's largest grain exporter in the next 5 years, surpassing the United States(1)

Source of Minerals Required for Global Energy Transition

(2021)

LatAm LatAm

Mineral Share of Share of

Production Reserves

50% 39%

Silver

40% 38%

Copper

34% 52%

Lithium

LatAm has at least one-third of the production and reserves of the most important minerals for the Global Energy Transition

Sources: Company Information, EMBRAPA, International Energy Agency (IEA), Food and Agriculture Organization Corporate Statistical Database (FAOSTAT), Mexican Navy (SEMAR)	9
Notes: (1) According to the Brazilian Agricultural Research Agency (EMBRAPA)

Growth Strategy

Multiple growth prospects underpinning sustainable long-term value creation.

RIO GRANDE TERMINAL		SALVADOR TERMINAL		TOWAGE		OFFSHORE ENERGY

1	Plate Transshipment		1	New Quay Capacity		1	Market Growth, Commodity Focus		1	Market Growth
2	Portonave Civil Works		2	Renewable Energy Projects		2	Towage Management Intelligence		2	Optimise Utilisation at Higher Rates
3	Industrial Development		3	Industrial Development		3	First Mover in New Ports		3	Maximise BR Tonnage Utilisation
4	Containerisation		4	Agricultural Production Growth		4	LatAm Expansion
5	Expansion Projects		5	Containerisation
			6	Non-Containerised Cargo
			7	Expansion Projects

Source: Company Information

10