Plascar Participações Industriais S A : ITR 1Q 2024

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.)

Report on Review of Interim Financial Information as at March 31, 2024

Ref.: Report No. 244PL-013-EN

	Page
Introduction	3
Scope of Review	3
Conclusion on the interim financial information	4
Other Matters	4
Comments on performance	5
Individual and Consolidated Interim Financial Information	7
Notes to the Individual and Consolidated Interim Financial Information for the Quarter Ended March 31, 2024	14

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail. See Note 30 to the financial statements.)

Grant Thornton Auditores

Independentes Ltda.

Av. José de Souza Campos, 507 - 5oandar Cambuí, Campinas (SP) T [phone]www.grantthornton.com.br

To the Shareholders, Directors and Management of

Plascar Participações Industriais S.A

Jundiaí - SP

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Plascar Participações Industriais S.A ("Company"), included in the Interim Financial Information Form (ITR) for the quarter ended March 31, 2024, which comprises the Statement of financial position as of March 31, 2024 and the related income statement, statement of comprehensive income, the statements of changes in equity and cash flows for the three months then ended, including a summary of significant accounting policies and other explanatory notes.

Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with Technical Pronouncement NBC TG 21- Interim Financial Reporting and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

© 2024 Grant Thornton Auditores Independentes Ltda. All rights reserved │ Plascar Part │ GTB48637 3

Conclusion on the interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the Interim Financial Information Form (ITR) referred to above is not prepared, in all material respects, in accordance with NBC TG - 21 and IAS 34 applicable to the preparation of interim financial information and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM).

Material uncertainty related to the operational continuity of the Company and its subsidiary

We draw attention to Note 1 to the individual and consolidated interim financial information, which states that the individual and consolidated financial statements were prepared under the going concern. For the quarter ended March 31, 2024, the Company presents current liabilities exceeding current assets by R$277,509 thousand, equity deficiency of R$439,298 thousand, accumulated losses of R$1,371,063 thousand, and loss for the quarter of R$30,017 thousand (consolidated). Additionally, Note 1 describes situations demonstrating the Management's efforts reestablish the Company's economic-financial balance and its necessary cash generation. These events, together with other issues described in that Note, indicate the existence of significant uncertainty that may raise significant doubt as to the Company's ability to continue as a going concern. The individual and consolidated interim financial information do not include any adjustment that may arise as a result of such uncertainty. Our conclusion is not qualified regarding this matter.

Other matters

Statement of value added

The quarterly information referred to above includes individual and consolidated statements of value added for the period of three months ended March 31, 2024, prepared under the responsibility of the Company's management and presented as supplementary information for the purposes of IAS 34. These statements were submitted to the same review procedures in conjunction with the review of the Company's interim financial information in the order to conclude they are reconciliated to the interim financial information and to the accounting records, as applicable, and whether the structure and content are in accordance with the criteria established in the NBC TG 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that the accompanying statements of value added were not prepared, in all material respects, in accordance with the interim financial information taken as a whole.

Review of the corresponding figures

The review of the individual and consolidated interim financial information for the quarter ended March 31, 2023, was conducted under the responsibility of another independent auditor, who issued a conclusion report dated May 15, 2023, without modifications.

Campinas, May 8, 2024

Grant Thornton Auditores Independentes Ltda.

CRC 2SP-028.281/O-4 F SP

João Henrique Schenk

Accountant CRC 1SP-202.127/O-8

© 2024 Grant Thornton Auditores Independentes Ltda. All rights reserved │ Plascar Part │ GTB48637 4

Comments on performance

The non-financial information included in the report, as well as the derived percentages and information on EBITDA, have not been reviewed by our independent auditors.

Amounts in thousands of reais, unless otherwise stated.

Gross revenue

In the 1st quarter of 2024, gross revenue was 17.7% against 11.0% in the same period of 2023.

The recovery in margin shows trend of improvement, with significant increase in volume and, consequently, in net revenue.

Also, enhanced production stability was seen in the 1st quarter of 2024, since there was no effect of automaker shutdowns as those occurred in the 1st quarter of 2023, which led to an increase in the Company's operational inefficiency, due to difficulties faced in production planning, and ultimately resulted in increased fixed costs.

Automotive Market

According to ANFAVEA, vehicle production in the 1st quarter of 2024 slightly increased 0.4% compared to the same period of 2023, totaling 0.538 million units in Brazil.

SOURCE: ANFAVEA - BRAZIL

	1Q23	1Q24	VAR. %
VEHICLE PRODUCTION	536	538	0.4%
VEHICLE SALES	472	515	9.1%

ANFAVEA revised the market projections for the Brazilian market this year; sales are expected to increase 6.1% and production is expected to grow 6.2% over 2023.

PROJECTIONS FOR 2024 - ANFAVEA

				PROJECTION
	2023	2022	%	2024	%
Vehicle Production	2,325	2,370	-1.90%	2,470	6.2%
Vehicle Sales	2,308	2,105	9.64%	2,450	6.1%

Tax debt restructuring

Management completed the renegotiation of its entire tax liability with PGFN, which includes debts accumulated through January 2023 under the Individual Tax Transaction program, as shown in Note 26. All effects, fine and interest discounts, and the use of tax losses and negative basis of CSLL were recorded in the 2nd quarter of 2023.

Upon recording of this transaction, the positive impact on the Company's profit and loss was R$ 177,210, with fine discounts of R$ 75,894, interest discounts of R$ 40,612, and use of tax losses of R$ 60,704.

5

Net profit (loss)

As of March 31, 2024, the combined result of all the factors mentioned led to an operating profit (EBITDA) of R$ 20,152 (8.1%) in the first quarter, as shown in the table below.

CONSOLIDATED - PLASCAR BRAZIL

				GROSS PROFIT/(LOSS)		EBITDA (Accumulated)	Accumulated
	MONTH/YEAR	NET									(Loss) for the
	SALES R$									Period
				R$		% Sales		R$		% Sales	(R$)
	Mar 20	91,745		5,699		6.2%		2,631		2.9%	(26,684)
	Jun 20	133,470	(13,203)	-9.9%	(14,637)	-11.0%	(64,057)
	Sep 20	232,065	(12,714)	-5.5%	(25,412)	-11.0%	(100,080)
	Dec 20	369,188	(4,692)	-1.3%	(22,277)	-6.0%	(117,013)
	Mar 21	142,345		15,238		10.7%		9,179		6.4%	(14,208)
	Jun 21	287,831	23,227	8.1%	13,779	4.8%	(36,513)
	Sep 21	448,791	29,082	6.5%	12,531	2.8%	(97,184)
	Dec 21	612,684	46,297	7.6%	17,415	2.8%	(122,230)
	Mar 22	192,762		25,717		13.3%		11,748		6.1%	(20,111)
	Jun 22	389,702	56,156	14.4%	28,215	7.2%	(36,847)
	Sep 22	622,961	95,617	15.3%	48,104	7.7%	(60,363)
	Dec 22	848,190	119,988	14.1%	56,482	6.7%	(97,121)
	Mar 23	224,267		24,661		11.0%		6,273		2.8%	(41,296)
	Jun 23	449,390	44,263	9.8%	79,089	17.6%	81,960
	Sep 23	691,789	79,600	11.5%	96,039	13.9%	51,127
	Dec 23	947,129	115,774	12.2%	110,905	11.7%	(714)
	Mar 24	249,208		44,206		17.7%		20,152		8.1%	(30,017)

Human resources

The Company continues to invest in the professional development of its employees, with approximately 53,77 hours of education and training per employee (in the last 12 months), focusing on SENAI courses, internships, as well as technical and operational development training.

As of March 31, 2024, the Company has 2,529 employees (2,248 as of March 31, 2023).

Relationship with external auditors

In compliance with CVM Instruction 381, we hereby inform that in the three-month period ended March 31, 2024, the Company did not engage its external auditors to provide non-audit services.

In engaging non-audit services from independent auditors, the policy of the Company and its subsidiary relies on principles that safeguard the independent auditor´s independence, namely: an auditor cannot audit their own work; an auditor cannot participate in the role of management for their client, and an auditor is not allowed to advocate for their client.

6

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.)

Assets

Statements of Financial Position
(In thousands of reais)	Parent		Consolidated
Current assets	03/31/2024		12/31/2023		03/31/2024		12/31/2023
Cash and cash equivalents	6,015		13,833	29,584	16,841
Trade receivables	-		-	101,271	77,082
Inventories	-		-	99,727	99,014
Recoverable taxes	53		40	5,684	5,366
Other assets	-		-	13,813	15,995
Total current assets	6,068		13,873		250,079		214,298
Noncurrent assets	03/31/2024		12/31/2023	03/31/2024		12/31/2023
Recoverable taxes	-		-	63,448	62,616
Judicial deposits	-		-	1,517	1,436
Other assets	-		-	321	336
Investment property				8,159	8,182
Property, plant and equipment	7		7	314,086	318,949
Right of use of assets				67,565	73,272
Total noncurrent assets	7		7		455,096		464,791
Total assets
6,075		13,880		705,175		679,089

The accompanying notes are an integral part of the individual and consolidated interim financial information

7

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.)

Liabilities

Statements of Financial Position
(In thousands of reais)	Parent		Consolidated
Current liabilities	03/31/2024		12/31/2023		03/31/2024		12/31/2023
Borrowings and financing	-		-	156,732	118,968
Lease liabilities	-		-	36,222	36,167
Trade payables	-		-	83,098	100,185
Taxes payable	66		66	16,751	10,696
Taxes in installments	-		-	89,526	76,719
Payroll, accrued vacation and related taxes	-		-	65,482	78,511
Advances from customers	-		-	39,945	25,711
Payables to related parties	-		-	-	1,016
Other liabilities	-		-	39,832	31,827
Total current liabilities	66		66		527,588		479,800
Noncurrent liabilities	03/31/2024		12/31/2023	03/31/2024		12/31/2023
Borrowings and financing	-		-	73,755	85,469
Lease liabilities	-		-	49,048	54,516
Related parties	24,582		31,810	7,452	7,335
Taxes in installments	-		-	246,607	208,052
Deferred income tax and social contribution	-		-	23,059	22,536
Provision for risks	-		-	11,038	9,343
Allowance for losses on investment in subsidiary	420,725		391,285	-	-
Other liabilities	-		-	205,926	221,319
Total noncurrent liabilities	445,307		423,095		616,885		608,570
	445,373		423,161	1,144,473	1,088,370
Equity
Share capital	931,455		931,455	931,455	931,455
Valuation adjustments to equity	310		311	310	311
Accumulated losses	(1,371,063)		(1,341,047)	(1,371,063)	(1,341,047)
Attributable to owners of the Company	(439,298)		(409,281)		(439,298)		(409,281)
Total equity
(439,298)		(409,281)		(439,298)		(409,281)
Total liabilities and equity
6,075		13,880		705,175		679,089

The accompanying notes are an integral part of the individual and consolidated interim financial information

8

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.)

Statements of profit and loss for the years ended March 31, 2024 and 2023

(In thousands of reais)
	Parent		Consolidated
	03/31/2024		03/31/2023	03/31/2024		03/31/2023
Net operating revenue	-		-	249,208	224,267
Cost of sales	-		-		(205,002)		(199,606)
Gross profit	-		-	44,206	24,661
Operating income/(expenses)
Selling expenses	-		-	(15,852)	(12,675)
General and administrative expenses	(671)		(427)	(24,180)	(20,106)
Share of profit (loss) of investee	(29,440)		(40,921)	-	-
Other operating expenses, net	-		-		341		527
Profit	(30,111)		(41,348)	(39,691)	(32,254)
	(30,111)		(41,348)	4,515	(7,593)
Profit (loss) before finance income (costs)
Finance income (costs)	(8)		(51)	(35,427)	(36,504)
Finance costs	102		103		1,418		3,241
	94		52	(34,009)	(33,263)
Loss before income tax and social contribution	(30,017)		(41,296)	(29,494)	(40,856)
Deferred income tax and social contribution
Deferred	-		-		(523)		(440)
	-		-	(523)	(440)
Loss for the year	(30,017)		(41,296)	(30,017)	(41,296)
Loss attributable to
Owners of the Company	-		-		(30,017)		(41,296)
	-		-	(30,017)	(41,296)

The accompanying notes are an integral part of the individual and consolidated interim financial information

9

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.)

Statement of comprehensive income (loss) for the years ended March 31, 2024 and 2023

	Consolidated
	03/31/2024	03/31/2023
Consolidated comprehensive income (loss) for the period	(30,017)	(41,296)
Comprehensive income attributable to Owners of the company
(30,017)	(41,296)

The accompanying notes are an integral part of the individual and consolidated interim financial information

10