Log In Logística Intermodal S A : Earnings Release 4Q23

Earnings

R E S U L T S

EARNINGS RESULTS

PRESENTATION

Thursday, March 7, 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: 895179

• The audio of the presentation will be available on March 7, 2024 in the Investor Relations website www.loginlogistica.com.br/ri

4Q23

Marcio Arany da Cruz Martins

Chief Executive Officer

Pascoal Cunha Gomes

Financial and Investor Relations Vice President

IR Contact

Sandra Calcado

Júlia Ornellas

Bruna Matos

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

Release 4Q23

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2023 HIGHLIGHTS

Consolidated

• Historical annual NOR record: R$ 2,338.6 million;
• In July of 2023, Fitch upgraded Log-In's rating from 'A(bra)' to 'A+(bra)', with a stable outlook;
• Log-Inwas elected the best company in the Logistics Operator and Warehousing categories of the Maiores do Transporte & Melhores do Transporte 2023 Awards;
• Changes in the Company's organizational structure:
  o New role of Vice-President of Coastal Shipping, headed by Marcus Voloch, comprising the Commercial, Customer Service and Operations Departments;
  o New role of Vice-President of Finance and Services, headed by Pascoal Gomes, comprising the People, Culture and Digital Transformation, Legal, Government Relations and Compliance departments, in addition to the financial and administrative areas;
  o New Department of Logistics Solutions, headed by Roberto Pandolfo, with the strategic challenge of making integrated logistics projects viable.

Coastal Shipping

• Historical annual record of containers handled: 472.1 thousand TEUs;
• Historical annual record of Cabotage volume: 182.5 thousand TEUs;
• Historical annual NOR record for Coastal Shipping: R$ 1,375.2 million.

Vila Velha Terminal (TVV)

and

Intermodal Terminals

• Historical annual adjusted EBITDA record at TVV: R$ 169 million;
• Historical annual NOR record at TVV: R$ 350.7 million;
• In September of 2023, Fitch confirmed TVV's 'AA+(bra)' rating, with a stable outlook.

Road Cargo

Transportation

• Tecmar continued the process of obtaining synergies with Log-In and to operate jointly, moving 3,256 TEUs in 2023;
• Tecmar earned the highest Net Promoter Score (NPS) for "on time delivery", a 30% score increase in 2023 compared to 2022;
• Start of a R$66 million expansion project in which Tecmar bought 82 trucks for Tecmar and Oliva Pinto, in addition to 100 semi-trailers for both companies;
• Tecmar won the ABRALOG Award in the multimodality category.

ESG

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• Recertification by Great Place to Work Brazil as a great place to work;
• CDP score (Carbon Disclosure Project) upgraded to B. Log-In continues to score above the global average, which is C, and above the average for the global marine transport sector, which is B-;
• Installation of Log-In's ESG Committee.

Release 4Q23

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FINANCIAL AND OPERATIONAL SUMMARY¹

Economic and Financial Data	4Q23	4Q22	4Q23 vs.	2023	2022	2023 vs.
R$ Million	4Q22	2022
Consolidated
Net Operating Revenue	601.5	547.5	9.9%	2,338.6	2,067.0	13.1%
Adjusted EBITDA ²	101.0	164.5	-38.6%	583.9	597.0	-2.2%
Adjusted EBITDA Margin	16.8%	30.1%	-13.3 p.p.	25.0%	28.9%	-3.9 p.p.
Coastal Shipping
Net Operating Revenue	350.7	327.3	7.1%	1,375.2	1,289.6	6.6%
Adjusted EBITDA ²	61.8	117.2	-47.2%	424.2	446.2	-4.9%
Adjusted EBITDA Margin	17.6%	35.8%	-18.2 p.p.	30.8%	34.6%	-3.8 p.p.
TVV
Net Operating Revenue	93.8	78.3	19.9%	350.7	319.1	9.9%
Adjusted EBITDA ²	44.4	36.6	21.2%	169.0	149.7	12.9%
Adjusted EBITDA Margin	47.3%	46.8%	0.5 p.p.	48.2%	46.9%	1.3 p.p.
Logistics Solutions
Net Operating Revenue	13.0	13.3	-1.9%	54.8	51.0	7.5%
EBITDA	6.4	6.6	-2.8%	29.2	27.3	7.3%
EBITDA Margin	48.9%	49.4%	-0.5 p.p.	53.3%	53.5%	-0.1 p.p.
Road Cargo Transportation
Net Operating Revenue	144.0	128.7	11.9%	553.4	407.3	35.9%
Adjusted EBITDA ²	10.0	12.5	-20.0%	49.5	28.1	76.1%
Adjusted EBITDA Margin	6.9%	9.7%	-2.8 p.p.	9.0%	6.9%	2.0 p.p.
Operational Data	4Q23	4Q22	4Q23 vs.	2023	2022	2023 vs.
4Q22	2022
Coastal Shipping - Total Containers ('000 TEU)	132.8	112.7	17.8%	472.1	442.0	6.8%
TVV - Containers Handling ('000)	60.4	40.8	48.0%	188.4	163.3	15.4%
TVV - General Cargo Handling ('000 Tons)	216.9	182.7	18.7%	874.3	960.1	-8.9%
Fleet - Nominal Capacity (TEU)*	21,550.0	18,050.0	19.4%	21,550.0	18,050.0	19.4%

1. • Capacity of the fleet in operation by the end of the reporting period (including Log-In Discovery) and MSC Belmonte III)
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 4Q23 is composed of EBITDA plus cut-off in the amount of -R$14.8 million, of which -R$10.2 million in Coastal Shipping and -R$4.6 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$3.9 million in Road Cargo Transportation due to the write off of the Oliva Pinto Group's balance sheet.

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Release 4Q23

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CONSOLIDATED RESULT

Consolidated Result	4Q23	4Q22	4Q23 vs.	2023	2022	2023 vs.
R$ Million	4Q22	2022
Net Operating Revenue	601.5	547.5	9.9%	2,338.6	2,067.0	13.1%
Cost of Rendered Services	(459.8)	(364.7)	26.1%	(1,665.3)	(1,413.1)	17.8%
Operating Expenses	(39.2)	(7.0)	458.9%	(188.7)	(136.7)	38.1%
AFRMM	17.2	15.4	12.0%	84.0	59.0	42.4%
EBITDA	119.6	191.2	-37.4%	568.6	576.2	-1.3%
Adjusted EBITDA¹	101.0	164.5	-38.6%	583.9	597.0	-2.2%
Depreciation and Amortization	(60.1)	(48.4)	24.3%	(227.7)	(176.2)	29.2%
EBIT	59.4	142.8	-58.4%	341.0	400.0	-14.8%
Financial Result	(50.5)	(37.4)	35.2%	(196.3)	(151.5)	29.6%
EBT	8.9	105.4	-91.5%	144.7	248.5	-41.8%
Income Tax and Social Contribution	(44.8)	183.1	n.a.	(84.5)	158.2	n.a.
Profit (Loss)	(35.9)	288.5	n.a.	60.2	406.8	-85.2%

(¹)Adjusted EBITDA in 4Q23 is composed of EBITDA plus cut-off in the amount of -R$14.8 million, of which -R$10.2 million in Coastal Shipping and -R$4.6 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$3.9 million in Road Cargo Transportation due to the write off of the Oliva Pinto Group's balance sheet.

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Release 4Q23

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Net Operating Revenue

Consolidated Net Operating Revenue

(NOR) (R$ MM)

4Q23 x 4Q22

10% NOR growth explained by the following factors:

• Highest consolidated NOR for a fourth quarter, R$ 601.5 million, benefiting from results generated in all business lines, as described below;
• Coastal Shipping total NOR was positively impacted by:

1. Growth in Cabotage revenue (+14% vs. 4Q22) due to a better mix of cargo handled and pricing strategy. From a volume perspective, the business was affected by the Drought in the Amazon river basin in the North region and the flooding of Itajaí Açú River in the South region, which led to lower volumes handled in Manaus and missed calls at Navegantes Port. With regard to the Northern region, Log-In reacted quickly, pioneering an alternative solution by providing services using barges, thus mitigating losses for clients and

generating revenue for the Company. In addition, due to the situation presented, the Company charged a drought surcharge on a one-off basis;

1. Record Feeder revenues, R$81.1 million, benefiting above all from the record volume (+36% vs. 4Q22) due to the handling of cargo from international shipowners due to the adverse weather in the South region, which created the need for contingency shipments;

• 1. Mercosur revenues were negatively impacted by the crisis in Argentina. Despite the adverse scenario, the Company is maintaining its share in this trade, despite the drop in volume.
• All-timehigh TVV NOR, R$93.8 million, in line with the record volume of containers handled, contract readjustments made in the period and better cargo mix (full vs. empty);
• Road Cargo Transportation NOR was positively impacted by the start of new contracts, the container transportation operation in the Santos project and the better mix of cargo and clients, despite the impact of the Drought in the Amazon river basin throughout 4Q23. In addition, Oliva
  Pinto was only included in the Company's results from 1Q23 onwards. Therefore, there is no comparison with 4Q22.

2023 x 2022

13% Growth in the period, explained by the following factors:

• Road Cargo Transportation (Tecmar and Oliva Pinto) adding R$553.4 million in 2023, compared to R$407.3 million added to revenues in 2022. Oliva Pinto was only included in the Company's

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Release 4Q23

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results from 1Q23 onwards and, in addition, in the year of 2022 - the comparative period - the information started to be published as of the date of the acquisition of Tecmar (March of 2022);

• All-timehigh Coastal Shipping NOR, R$1,375.2 million, with an emphasis on the record revenues from Cabotage and Feeder trades, with respective growths of 31% and 10%, compared to 2022;
• All-timehigh TVV NOR, R$350.7 million, benefiting from record revenues from container handling and the provision of ancillary services.

Cost of Services Provided (CSP)

4Q23 x 4Q22

Higher CSP due to the following factors:

• In terms of variable costs, Coastal Shipping saw an increase in container handling expenses due to the drought in the North region and the inclement weather in the South region of Brazil. A significant part of these costs is related to operational contingencies to maintain customer service, such as unforeseen costs for transshipment, storage, additional calls, among others, at ports with higher port duties;
• In addition, there were insurance deductible costs due to damage to cargo stored for a longer period of time than estimated due to the weather conditions mentioned above;
• Another factor explaining the increase in costs is related to the purchase of space on river barges to supply the market to and from Manaus during the dry season;
• Coastal Shipping fixed costs, in turn, were mainly impacted by the start of operation of 2 vessels (Log-In Discovery and MSC Belmonte) in 2023, in addition to the difficulties faced by inclement weather throughout the quarter. Also, in the Running Costs line, there was an increase in the cost of maritime crews due to the start of operation, in 2Q23, of the new Amazonas Express Service (SEA), with no comparison to 4Q22 available;
• Higher costs of services provided at TVV linked to the increase in container handling volumes.

2023 x 2022

Higher CSP due to the following factors:

• Impact of Road Cargo Transportation (Tecmar and Oliva Pinto) of R$441.6 million on total costs in 2023, compared to R$326.6 million in 2022, due to expansion of services with the inclusion of Oliva Pinto in the results as of 1Q23. Furthermore, Oliva Pinto was only included

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in the result from 1Q23 onwards and, in 2022, the comparative period, information started to be consolidated after the acquisition of Tecmar (March/2022);

• The variation in Coastal Shipping CSP was partially offset by the reduction in fixed costs for vehicle chartering (Ro-Ro), due to the discontinuation of services in July 2022.

Operating Expenses

4Q23 x 4Q22 and 2023 x 2022

Operating Expenses increased by R$32 million in the quarter and R$52 million in the full year due to:

• 4Q22 had an impact resulting from the reversal of Tecmar's operating contingencies in the amount of R$25.8 million, positively impacting the result and explaining the variation;
• In addition to the impact described above, in 2022, there was a statute of limitations of the non-materialized contingencies relating to the negative goodwill on the acquisition of Tecmar Transportes, in the amount of R$19.6 million, positively impacting the result and explaining the annual variation.

AFRMM (Additional Freight for Renewal of the Merchant Marine)

AFRMM	4Q23	4Q22	4Q23 vs.	2023	2022	2023 vs. 2022
R$ MM	4Q22
Period AFRMM	17.2	15.4	12.0%	73.0	59.0	23.8%
Non-recurring AFRMM	0.0	0.0	n.a.	11.0	0.0	n.a.
Total AFRMM	17.2	15.4	12.0%	84.0	59.0	42.4%

• 12.0% increase in AFRMM generation compared to 4Q22, as Gross Operating Revenue (GOR) grew as a result of increased volume on AFRMM-generating routes, in addition to the start of operations of the new Amazonas Express Service (SEA) in 2023;
• Non-recurringAFRMM in the full year due to AFRMM recovery in the amount of R$11 million in August of 2023 through the apportionment of the special account1.

EBITDA

EBITDA	4Q23	4Q22	4Q23 vs.	2023	2022	2023 vs.
R$ Million	4Q22	2022
EBITDA	119.6	191.2	-37.4%	568.6	576.2	-1.3%
EBITDA Margin	19.9%	34.9%	-15.0 p.p.	24.3%	27.9%	-3.6 p.p.
Adjusted EBITDA ¹	101.0	164.5	-38.6%	583.9	597.0	-2.2%
Adjusted EBITDA Margin	16.8%	30.1%	-13.3 p.p.	25.0%	28.9%	-3.9 p.p.

1. Adjusted EBITDA in 4Q23 is composed of EBITDA plus cut-off in the amount of -R$14.8 million, of which -R$10.2 million in Coastal Shipping and -R$4.6 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$3.9 million in Road Cargo Transportation due to the write off of the Oliva Pinto Group's balance sheet

1 This was received in accordance with Law No. 10.893 dated July 13, 2004, which provides in Art. 17, item III, an allocation of 9% of the proceeds of the Additional Freight for Renewal of the Merchant Marine - AFRMM - to a special account, which will be apportioned among the Brazilian Shipping Companies (BSC's) authorized to operate in cabotage and river and lake navigation, in proportion to the total freight they generate in the transport, between Brazilian ports, of import and export cargo as part of the country's foreign trade activities.

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Release 4Q23	8
EBITDA (2) (R$ MM)	EBITDA Margin (%)

(2) Values referring to Adjusted EBITDA

4Q23 x 4Q22

Adjusted EBITDA of R$101.0 million, down 39% over the comparative period by virtue of the following factors:

• Adjusted EBITDA of Coastal Shipping fell by 47.3% compared to 4Q22. The business was directly affected during this period by the drought in the North region and the cyclones in the South region, culminating in the interruption of ship traffic on the Amazonas River and cancellations of port calls in the South. In addition, Mercosur revenues were negatively impacted by the crisis in Argentina;
• EBITDA margin fell by 13.3 p.p. due to the increased cost structure in the Costal Shipping business as a result of the start of operations of 2 new vessels (Log-In Discovery and MSC Belmonte) in 2023, in addition to the difficulties faced by inclement weather throughout the quarter;
• Adjusted EBITDA for Road Cargo Transportation fell by R$2.5 million (-20% compared to 4Q22) due to adverse weather conditions in different Brazilian states - drought in the North and rain in the South - throughout 4Q23. In addition, there was an increase in the costs line item given the pressure on costs arising from the increase in freight provided by third parties due to the aforementioned climate issues.

2023 x 2022

Adjusted EBITDA of R$583.9 million, down 2.2% in relation to the comparative period due to the following factors:

• Coastal Shipping Adjusted EBITDA grew in the first three quarters of the year due to the pricing strategy adopted in the period and the start of operations of the new Amazonas Express Service (SEA) in 2Q23. However, in 4Q23, adjusted EBITDA was negatively impacted by the weather conditions mentioned above. Despite this situation, the Company remained resilient in terms of EBITDA and volumes, given that the sector as a whole had a reduction in handling activities, according to information from the Brazilian Association of Cabotage Shipowners (ABAC);
• On the other hand, adjusted EBITDA from Road Cargo Transportation (Tecmar and Oliva Pinto) was included in 2023 at R$49.5 million, compared to R$28.1 million in 2022. Furthermore, Oliva Pinto was only included in the result from 1Q23 onwards and, in 2022, the comparative period, information started to be consolidated after the acquisition of Tecmar (March/2022);

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Revenue and Costs Pegged to the Dollar

Log-In has revenues pegged 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 service of the dollar debt with BNDES.

R$ Million Revenues subject to USD Costs subject to USD Operating Balance

4Q23 136.0 (88.7) 47.3

2023 457.8 (326.8) 131.0

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:

4Q23 x 4Q22

The Financial Result for 4Q23 varied negatively by R$13.1 million in the year-on-year comparison. Financial revenues and expenses offset each other in the period. On the one hand, financial revenues were down by around R$7.0 million. On the other hand, financial expenses fell by roughly the same amount, in both cases due to the reduction in indexation. The main impact in this period was the negative exchange rate variation of R$13.2 million, stemming from the exchange rate devaluation in Argentina, partially offset by a reduction in the balance of the long-term debt with BNDES due to the appreciation of the Brazilian BRL against the Dollar.

2023 x 2022

The Financial Result for 2023 varied negatively by R$44.8 million when compared to 2022. Financial expenses increased by R$13.2 million, mainly impacted by the monetary restatement of the installment payable for the Tecmar and Oliva Pinto acquisitions. Financial revenues remained relatively stable, increasing by R$1.2 million, mainly due to the Company's financial investments income, partially offsetting the increase in financial expenses. Foreign exchange fluctuated negatively by R$32.8 million, mainly due to the currency depreciation in Argentina in 4Q23. The results of the Argentine presidential elections had a major impact on the Argentine financial market, including a 50% devaluation of the Argentine peso against the US dollar (Aug 13, 2023: ARS 366.450 x Dec 31, 2023: ARS 808.45).

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Release 4Q23

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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

4Q23 7.2 (0.5) 10.4 0.2 (22.8) (5.5)

4Q22 13.1 (7.7) 2.9 (0.3) (0.2) 7.8

2023 13.1 (10.3) 15.1 1.0 (36.1) (17.2)

2022 27.5 (18.0) 1.2 (1.4) 6.3 15.6

As regards the composition of exchange variation, most of it derives from the portion of the BNDES loan in US dollars and this is only 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.

Profit (Loss) for the Period

Income Statement	4Q23	4Q22	4Q23 vs.	2023	2022	2023 vs.
R$ Million	4Q22	2022
Net Revenue	601.5	547.5	9.9%	2,338.6	2,067.0	13.1%
Costs	(515.9)	(410.5)	25.7%	(1,871.5)	(1,579.4)	18.5%
Costs	(459.8)	(364.7)	26.1%	(1,665.3)	(1,413.1)	17.8%
Depreciation and Amortization	(56.0)	(45.8)	22.4%	(206.2)	(166.3)	24.0%
Gross Profit	85.6	137.0	-37.5%	467.1	487.6	-4.2%
Net Operational Expenses	(26.2)	5.8	n.a.	(126.2)	(87.6)	44.0%
Sales and Administrative	(32.1)	(2.2)	1365.4%	(130.1)	(91.4)	42.3%
Other	(7.1)	(4.8)	47.1%	(58.7)	(45.3)	29.5%
AFRMM	17.2	15.4	12.0%	84.0	59.0	42.4%
Depreciation and Amortization	(4.1)	(2.6)	58.7%	(21.5)	(9.9)	116.6%
Net Income	59.4	142.8	-58.4%	341.0	400.0	-14.8%
Financial Result	(50.5)	(37.4)	35.2%	(196.3)	(151.5)	29.6%
Financial Income	14.1	21.1	-33.4%	70.6	69.4	1.7%
Financial Expenses	(59.1)	(66.3)	-10.7%	(249.6)	(236.4)	5.6%
Exchange Variations	(5.5)	7.8	n.a.	(17.2)	15.6	n.a.
Profit before Income Tax and Social Contribution	8.9	105.4	-91.5%	144.7	248.5	-41.8%
Income Tax and Social Contribution	(44.8)	183.1	n.a.	(84.5)	158.2	n.a.
Current	(5.3)	(14.0)	-62.1%	(74.4)	(55.4)	34.3%
Deferred	(39.5)	197.0	n.a.	(10.1)	213.6	n.a.
Net Income (Loss)	(35.9)	288.5	n.a.	60.2	406.8	-85.2%

In addition to the explanations mentioned above for EBITDA and the Financial Result, Net Income in the comparative periods can also be explained by the following factors:

4Q23 x 4Q22

Profit (Loss) explained by the following factors:

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