STBP: 4Q23 Earnings Release

4Q23 | EARNINGS RELEASE

São Paulo, March 20, 2024 - The quarterly financial information (ITR) and standardized financial statements (DFP) are presented in accordance with the accounting practices adopted in Brazil, in compliance with the provisions of Brazilian Corporation Law, International Financial Reporting Standards (IFRS) and the standards issued by the Accounting Pronouncement Committee (CPC).

	4Q23	4Q22	Δ(%)	2023	2022	Δ(%)
Container and General Cargo Terminals - quay operations (containers)	335,133	296,115	13.2%	1,218,580	1,298,597	-6.2%
Container and General Cargo Terminals - warehousing (containers)	41,378	33,629	23.0%	130,130	142,211	-8.5%
Container and General Cargo Terminals - general cargo (tons)	17,949	23,079	-22.2%	88,901	123,745	-28.2%
Logistics - warehousing (containers)	15,703	17,070	-8.0%	62,316	73,494	-15.2%
Logistics - handling (pallets)	202,751	293,359	-30.9%	940,088	1,120,189	-16.1%
TEV (vehicles)	49,079	65,017	-24.5%	210,591	281,014	-25.1%
Net Revenue (R$ MM)	667.0	468.9	42.3%	2,134.9	1,931.8	10.5%
EBITDA (R$ MM)	366.8	198.3	85.0%	1,000.1	809.9	23.5%
% EBITDA Margin	55.0%	42.3%	12.7 p.p.	46.8%	41.9%	4.9 p.p.,
Net Income (Loss) (R$ MM)	225.0	135.5	66.0%	504.3	429.5	17.4%
% Net Margin	33.7%	28.9%	4.8 p.p.	23.6%	22.2%	1.4 p.p.
Net Debt (R$ MM)	56.4	-279.6	-	56.4	-279.6	-
Net Debt/Proforma EBITDA LTM¹	0.07x	-0.43x		0.07x	-0.43x

¹ EBITDA LTM, excluding IFRS 16 effects.

HIGHLIGHTS | 4Q23

• In 4Q23, Santos Brasil's Container Terminals handled 335,133 units (+13.2% YoY), with emphasis on Long Haul volumes, accounting for 83.5% of the Company's total container throughput in the quarter (vs. 79.4% in 4Q22), which recorded an increase of 19.0% YoY, with growth of (i) 34.6% YoY in imports and (ii) 2.0% YoY in exports. The volume increase was combined with an important improvement in the operational mix, with 257,852 full containers handled (+17.9% YoY), of which 85,948 were imports (+36.8% YoY).
• Tecon Santos operated 287,839 containers in 4Q23 (+10.9% YoY), with an increase of 12.1% YoY in Long Haul, reflecting growth of (i) 28.9% YoY in imports, with recovery in all segments, mainly electronics, machinery, equipment, ores and consumer goods, imported chiefly from China, and (ii) 3.0% YoY in exports, specially shipments of coffee, cotton and pulp & paper, mainly for China and the United States. In 4Q23, Cabotage volume grew 3.4% YoY.
• In 4Q23, Tecon Imbituba container throughput grew by 21.0% YoY, driven by extra calls of services that had Port of Navegantes as destination, whose operation was restricted by the heavy rains that devastated Santa Catarina State throughout the quarter. In turn, Tecon Vila do Conde recorded an increase of 34.0% YoY in containers handled, with emphasis on operations with barges and ships that operated volumes which would have their origin and destination at the Port of Manaus, but had their operations limited due to the drought in the Amazon basin's rivers.
• Santos Brasil Logística recorded in 4Q23 YoY drops of (i) 8.0% in volumes stored in its bonded warehouses and (ii) 30.9% in total pallets operated in its DCs, due to lower demand from its main customers, primarily in the automotive sector. Finally, the Vehicle Terminal recorded another volume decrease in 4Q23 (-24.5% YoY), reflecting lower light vehicle exports to Mercosur countries, e.g. Argentina and Colombia.
• 4Q23 presented another solid growth in the Company's economic and financial results, with 43.3% YoY increase in Net Revenue, which totaled R$ 667 million, with emphasis on (i) 58.6% YoY increase in Container and General Cargo Terminals Net Revenue, as a result of the larger volume operated and increase in the average ticket. In 2023, consolidated Net Revenue totaled R$ 2.1 billion (+10.5% YoY).
• In 4Q23, consolidated EBITDA amounted to R$ 366.8 million, representing a sound growth of 85.0% YoY, with an EBITDA margin of 55.0%, (+12.7 p.p. YoY). Container and General Cargo Terminals' EBITDA was R$ 335.6 million (+117.5% YoY), with EBITDA margin of 63.0% (+17.0 p.p. YoY). In 4Q23, Liquid Bulk Terminals generated an EBITDA of R$ 5.2 million (vs. -R$ 3.2 million in 4Q22). Santos Brasil Logística's EBITDA grew by 21.7% YoY, despite the volume drop, mainly compensated by better operational efficiency and cargo mix (higher value added) coupled with an austere cost and expense management. In 2023, consolidated EBITDA totaled R$ 1.0 billion (+23.5% YoY), the highest level in the Company's history on a nominal basis.
• Santos Brasil's Net Income reached R$ 225.0 million in 4Q23 (+66.0% YoY), with a net margin of 33.7% (+4.8 p.p. YoY). In 2023, net income totaled R$ 504 million.
• The Company invested R$ 305.7 million in 4Q23 in the expansion and modernization of its assets, of which (i) R$ 161.0 million in Tecon Santos, mainly in equipment acquisition, and (ii) R$ 127, 3 million in the Liquid Bulk Terminals, i.e. in the expansion of the brownfield units and the start of the greenfield terminal construction. In 2023, the Company invested a total of R$ 631 million (+55.3% YoY).

R$ 2.1 billion

Net Revenue 2023

R$ 1.0 billion

EBITDA 2023

R$ 631 million

Capex 2023

R$ 479 million

Dividends and

Interest on Own

Capital

4Q23 | EARNINGS RELEASE

MESSAGE FROM THE MANAGEMENT

In 2023, Santos Brasil successfully progressed in its strategy of capital allocation - based on high-return investments allocated in its portfolio of assets and shareholders' capital remuneration, mainly via earnings distribution - and price recomposing of port and logistics services provided, better balancing them with the efficiency, productivity and operational excellence levels offered to customers.

Throughout the year, Santos Brasil invested R$ 631.3 million in its assets, of which (i) R$ 302.3 million in Tecon Santos, (ii) R$ 236 million in the Liquid Bulk Terminals located at the Port of Itaqui - MA, (iii) R$ 65.7 million at Tecon Vila do Conde, and (iv) R$ 24.2 million in Santos Brasil Logística. The investments are intended to expand capacity, acquire technology and equipment, update and modernize the current infrastructure. Such investments will increase the service level and provide a better experience for the company's clients, also guaranteeing that potential demand is met as market grows. The investments in Liquid Bulk Terminals will allow the Company to add 59,000 m3 to its existing capacity (50,000 m3) in 2024, which will be complemented with further 81,000 m3 throughout 2025, totaling 190,000 m3 (≅25% of the aggregate capacity of the Port of Itaqui - MA). Tecon Santos' capacity is expected to reach 2.6 million TEU in 2025 and 3.0 million TEU by 2031.

Moreover, the Company distributed R$ 479,1 million to its shareholders, of which R$ 337.0 million as dividends and R$ 142.1 million as Interest on Own Capital, equivalent to R$ 0.55 per share and a payout of 95%, based on 2023 Net Income.

On the other hand, the year of 2023 proved to be challenging regarding volumes handled, with total container throughput down 6.2% year-on-year, totaling 1,218,580 containers handled in the three terminals, while Tecon Santos recorded a drop of 6.9% compared to 2022. The volume path proved to be erratic throughout 2023, with a sharp drop in the first half of the year, both in imports and exports. Indeed, in the Port of Santos, there was a decrease in exports of products such as coffee, pulp and paper, cotton and beef, as well as a decline in imports of industrial inputs, durable consumer goods and capital goods, owing to still high inventories, in addition to uncertainties regarding the domestic economy performance, in an environment of high interest rates, persistent inflation and difficult credit access.

The first indications of improvement came only at the beginning of 3Q23, mainly in exports, at the Port of Santos, but was more solid in 4Q23, the first milestone of year-on-year volume growth, also in imports. In 4Q23, Santos Brasil handled 335,133 containers, an increase of 13.2% compared to 4Q22, with growths of (i) 11% YoY at Tecon Santos, which recorded a significant improvement in all flows, including a larger share of full-imported containers in the mix; (ii) 21% YoY at Tecon Imbituba, which operated Long Haul ships due to inoperability of container terminals located at Itajaí/Navegantes complex, affected by adverse weather conditions; and (iii) 34% at Tecon Vila do Conde, which captured traffic from the Port of Manaus, whose

operation was hampered by the drought in the Amazon Basin. Moreover, container warehousing followed the improvement observed in quay operations, increasing 23% year-on-year in 4Q23, driven by Tecon Santos (+2% YoY) and Tecon Imbituba (+11.222% YoY).

Despite the drop in container throughput, Santos Brasil presented a robust economic and financial performance in 2023, with annual growth across the board. Consolidated Net Revenue reached R$ 2.1 billion, up 10.5% YoY, while EBITDA surpassed the symbolic and historic mark of R$ 1.0 billion, with an EBITDA margin of 47%, representing an increase of c.7 percentage points year-on-year. Net Income reached R$ 504 million (+17.4% YoY), while net margin reached 24%.

The Company's financial liquidity remains high, with net debt of R$ 56.4 million in 12/31/2023. Total debt reached R$ 423.9 million at the end of 2023, with a cash position of R$ 367.5 million (i.e. Net Debt/Proforma EBITDA of 0.07x). Santos Brasil, which had maintained a net-cash position since mid-2020, is diligently optimizing its capital structure, in line with its capital allocation strategy and the potential future cash generation arising from its businesses.

The outcome of 2023 gives Santos Brasil the confidence that 2024 brings positive prospects for its businesses, especially considering the improvement in volume dynamics, including at the Port of Santos, efficiency gains arising from high operational leverage of its assets, as well as the delivery of additional capacity to meet growing demand. This favorable scenario couples with Company's values and management pillars, focused on clients and employees experience, financial diligence, and discipline in capital allocation, aiming to maximize return for shareholders, investors, and other stakeholders.

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4Q23 | EARNINGS RELEASE

Port of Santos

Export and import container volume dynamics in 4Q23 and 2023

Exports

In 4Q23, exports of full containers at the Port of Santos recorded a 20.3% increase YoY, according to Datamar1, in line with the recovery trend witnessed since the beginning of the second half of 2023, mainly shipments to: (i) China (+41.0% YoY), a destination that represented 23% of Port of Santos exports in 2023 (vs. 20% in 2022); (ii) Latin American countries, such as Colombia (+41.3% YoY), Peru (+35.1% YoY), and Mexico (+32.2% YoY); and (iii) Asian countries, especially India, which showed a 144.6% increase YoY in imports from Port of Santos, particularly of ores, cement, and rock. The United States, second largest destination, showed a 6.9% decrease YoY in 4Q23, with reduction in its share (10% in 2023 vs. 13% in 2022). Regarding cargo mix, the main exported products grew YoY in 4Q23: (i) sugar (+140.0%), increasing shipments to Middle East, Africa, and South America; (ii) ores (+33.5%); (iii) beef (+33.0%); (iv) cotton (+15.4%); (v) pulp and paper (+10.7%); and (vi) coffee (+4.2%), commodity that had the sharpest drop in 9M23.

In 2023, exports of full containers at the Port of Santos grew by 0.9% YoY, with growth recorded in the second half of the year offsetting the decrease in the first half. Regarding destinations, the main markets that had increased shipments YoY were: (i) China (+16.7%), mainly cotton, coffee, and sugar; (ii) Asian countries, with India being the highlight (+127.2% ) and, to a lesser extent, Japan (+7.2%); and (iii) Latin America, e.g. Colombia (+2.3%) and Mexico (+1.9%). In the opposite direction, exports to the United States were down 15.1% YoY in 2023, especially coffee (down 31.2% YoY), the main cargo shipped to that destination. In relation to cargo mix, sugar exports grew 79.7% YoY and supported the slight growth in total exports in 2023, as exports of most of the other products dropped.

Main export destinations - Port of Santos (%)

Exports destinations: 2023 vs. 2022 - Port of Santos

Main exported products - Port of Santos (%)

Exported products: 2023 vs. 2022 - Port of Santos

1 Maritime foreign trade data platform.

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4Q23 | EARNINGS RELEASE

Imports

In 4Q23, the volume of full-imported containers at the Port of Santos grew by 3.0% YoY, after successive drops in the first nine months of the year. The highlight was the larger imports from China (+26.7% YoY), the main country of origin for container imports via the Port of Santos, and which accounted for 38% of total imports in 2023 (vs. 31% in 2022), mainly of electronics, machinery, and equipment. On the other hand, imports from other important markets dropped in 4Q23 YoY, such as the United States (down 15.0%), the second country with the largest share (11% in 2023 vs. 14% in 2022); Belgium (down 10.4%), Italy (down 7.1%); and Mexico (down 26.5%), in addition to lower imports from other less representative countries. When evaluating the cargo mix, imports of the main products grew YoY in 4Q23: (i) electronics (+67.5%); (ii) ores (+37.2%); (iii) capital goods (+23.5%); and (iv) tissue & clothing (+22.4%).

Despite the good performance observed in 4Q23, imports of full containers at the Port of Santos accumulated a 3.6% decrease in 2023 compared to 2022, with YoY reductions observed in general, but mainly from: (i) the United States (down 14.1%); (ii) Europe, mainly Belgium (down 18.0%), and Spain (down 7.9%); and (iii) Asian countries, such as South Korea (down 12.6%) and Japan (down 10.8%). In 2023, only imports of full containers from China registered growth (+8.1% YoY), especially for electronics, machinery, and equipment. Regarding cargo mix, there were YoY declines of: (i) 12.9% in chemicals, which accounted for 19% of full containers imported via the Port of Santos in 2023 (vs. 21% in 2022); (ii) 16.7% in auto parts; and (iii) 18.3% in rubber. On the flipside, there was a significant improvement of 43.4% YoY in electronics imports and +12.1% YoY in machinery and equipment, both led by China.

Main origins of imports - Port of Santos (%)

Origins of imports: 2023 vs. 2022 - Port of Santos

Main imported products - Port of Santos (%)

Imported products: 2023 vs. 2022 - Port of Santos

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4Q23 | EARNINGS RELEASE

Consolidated

Economic-financial highlights

R$ million	4Q23	4Q22	Δ (%)	2023	2022		Δ (%)
Gross Revenue	760.4	539.8	40.9%	2,428.6	2,217.9		9.5%
Container and General Cargo Terminals	601.4	382.5	57.2%	1,791.8	1,587.4		12.9%
Logistics	118.0	126.5	-6.7%	486.4	502.6		-3.2%
Vehicle Terminal	30.5	32.4	-6.0%	121.3	138.8		-12.6%
Liquid Bulk Terminals	13.2	0.8	1599.0%	38.2	0.8		4806.3%
Eliminations	-2.7	-2.3	17.1%	-9.2	-11.7		-21.7%
Net Revenue	667.0	468.9	42.3%	2,134.9	1,931.8		10.5%
Container and General Cargo Terminals	533.1	336.1	58.6%	1,598.2	1,400.8		14.1%
Logistics	99.0	106.8	-7.3%	409.5	423.3		-3.3%
Vehicle Terminal	26.0	27.5	-5.4%	103.3	117.8		-12.3%
Liquid Bulk Terminals	11.3	0.7	1599.0%	32.3	0.7		4741.0%
Eliminations	-2.4	-2.2	12.4%	-8.3	-10.7		-22.2%
Operating Costs	-268.0	-275.7	-2.8%	-1,049.4	-1,055.0		-0.5%
Container and General Cargo Terminals	-221.2	-198.9	11.2%	-788.8	-763.7		3.3%
Logistics	-51.0	-58.1	-12.3%	-199.2	-226.5		-12.1%
Vehicle Terminal	-11.9	-11.4	4.9%	-47.3	-49.2		-3.9%
Liquid Bulk Terminals	13.7	-9.5	-244.5%	-22.6	-26.4		-14.4%
Eliminations	2.4	2.2	12.4%	8.3	10.7		-22.2%
Operating Expenses	-72.3	-49.6	45.8%	-306.4	-274.0		11.8%
Container and General Cargo Terminals	-24.8	-24.3	2.0%	-87.9	-99.6		-11.7%
Logistics	-25.1	-30.4	-17.4%	-115.5	-116.4		-0.7%
Vehicle Terminal	-1.0	-1.3	-24.1%	-4.8	-6.1		-20.4%
Liquid Bulk Terminals	-1.1	-0.8	30.0%	-4.2	-3.8		12.1%
Corporate	-20.4	7.2	-383.3%	-93.9	-48.2		94.8%
EBITDA	366.8	198.3	85.0%	1,000.1	809.9		23.5%

Container and General Cargo Terminals	335.6	154.3	117.5%	894.7	687.0	30.2%
Logistics	27.4	22.5	21.7%	112.3	97.8	14.9%
Vehicle Terminal	17.8	19.1	-6.7%	69.9	79.5	-12.0%
Liquid Bulk Terminals	5.2	-3.2	264.3%	12.9	-10.1	227.0%
Corporate	-19.3	5.5	-448.2%	-89.7	-44.1	-103.3%
EBITDA Margin	55.0%	42.3%	12.7 p.p.	46.8%	41.9%	4.9 p.p.
Container and General Cargo Terminals	63.0%	45.9%	17.0 p.p.	56.0%	49.0%	6.9	p.p.
Logistics	27.7%	21.1%	6.6 p.p.	27.4%	23.1%	4.3	p.p.
Vehicle Terminal	68.5%	69.5%	-0.9 p.p.	67.7%	67.5%	0.2	p.p.
Liquid Bulk Terminals	46.2%	-477.4%	n.a.	39.8%	-1518.1%	n.a.
Non-recurring events	0.0	-31.0	100.0%	0.0	-30.6	100.0%
Recurring EBITDA	366.8	167.3	119.3%	1,000.1	779.4	28.3%
Recurring EBITDA Margin	55.0%	35.7%	19.3 p.p.	46.8%	40.3%	6.5 p.p.

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4Q23 | EARNINGS RELEASE

Net Revenue

In 4Q23, Santos Brasil's Net Revenue summed R$ 667.0 million (+42.3% YoY); this performance was driven by 58.6% growth YoY in Net Revenue from Container and General Cargo Terminals, resulting from: (i) handling of containers 13.2% higher YoY, with an increase in volumes at Tecon Santos, Tecon Imbituba, and Tecon Vila do Conde, which operated, in an integrated manner, barges and ships to serve cargo originating and terminating at Manaus terminals, hampered by restriction in navigation of ships in the Amazon Basin due to the drought; and (ii) increase in the average ticket, reflecting better operational mix, with a greater share of full imported containers, and the positive impact in the quarter of new contracted prices with shipowner customers throughout the year. Moreover, 4Q23 recorded a positive contribution of R$ 11.3 million in Net Revenue from the Liquid Bulk Terminals. On the other hand, Santos Brasil Logística had a 7.3% decrease in Net Revenue, consequence of the lower volume operated at its bonded warehouses, while TEV presented Net Revenue down 5.4% YoY, due to lower volumes of vehicles exported and imported in the quarter. Compared to 3Q23, consolidated Net Revenue grew 25.0%, resulting from the good performance of the: (i) Container and General Cargo Terminals (+32.6% QoQ), with growth in volumes, improvement in operational mix, and higher average ticket, mainly in quay operations; and (ii) Liquid Bulk Terminals (+46.4% QoQ).

Operating Costs

Santos Brasil's Operating Costs totaled R$ 268.0 million (-2.8% YoY) in 4Q23, with a 12.3% drop YoY at Santos Brasil Logística, with decreases in handling expenses (-8.5%), personnel (-7.8%), outsourced services (-18.3%), and other costs (-24.4%), in line with the lower volume operated at the units and result of an efficient management of costs and expenses. Container and General Cargo Terminals' costs increased 11.2% YoY in 4Q23 due to (i) higher handling expenses (+18.2%), reflecting the higher volume operated; (ii) increase in personnel costs (+18.4%); and (iii) higher depreciation and amortization (+16.9%), despite reductions observed in maintenance (-5.6%) and other costs (-11.3%). TEV also reported higher costs (+4.9% YoY). However, when compared to 3Q23, the Company's Operating Costs remained practically stable (+1.0%).

Operating Expenses

In 4Q23, Santos Brasil's Operating Expenses totaled R$ 49.6 million (+45.8% YoY), with growth of: (i) 2.0% in Container and General Cargo Terminals, resulting from a 16.1% increase in general and administrative expenses; and (ii) 30.0% in Liquid Bulk Terminals. On the other hand, Santos Brasil Logística and TEV recorded lower expenses (-17.4% and -24.1% YoY, respectively), with drops in sales and general and administrative expenses. Regarding Corporate expenses, the comparison base is distorted due to the sale of a land in Imbituba - SC in 4Q22 that generated a non-recurring gain of R$ 31.1 million. Disregarding the one-off effect, Corporate Expenses dropped 14.5% YoY in 4Q23, thanks to fewer strategic, economic, and legal consulting firms hired in the period. Compared to 3Q23, there was a 1.2% decrease in consolidated operating expenses, highlighted by lower expenses at Santos Brasil Logística (-13.2%) and TEV (-26.6%).

EBITDA

Santos Brasil's EBITDA totaled R$ 366.8 million in 4Q23 (+85.0% YoY), with a 12.7 p.p. increase in EBITDA margin, which reached 55.0%. The positive performance of the quarter was mainly due to the 117.5% growth YoY of Container and General Cargo Terminals' EBITDA, resulting from (i) higher volumes handled at the container terminals, including Tecon Imbituba and Tecon Vila do Conde, which benefited from additional volumes arising from adverse weather conditions in competing ports,; and (ii) the higher average ticket for quay operations, mainly at Tecon Santos, reflecting better mix of full-imported containers and higher prices on the back of contractual renegotiations carried out throughout 2023. Additionally, EBITDA growth also occurred in (i) Santos Brasil Logística (+21.7% YoY), mainly driven by better cost and expense management and the maintenance of a healthy average ticket, despite the lower warehousing volumes at the Bonded Warehouses and Distribution Centers, and (ii) Liquid Bulk Terminals, which completed their first year of operation and contributed with R$ 5.2 million (vs. - R$ 3.2 million in 4Q22). In 4Q23, only TEV showed drop in EBITDA (-6.7% YoY), reflecting the lower volume of vehicle exports and imports. Compared to 3Q23, consolidated EBITDA grew 42.3%, with an increase of 6.7 p.p. QoQ in EBITDA margin.

Evolution of EBITDA (R$ million) and EBITDA margin (%)

					55%
				42%							47%
									42%
			36%						37%		1,000
	31%	31%								810
23%						21%	23%	23%	569
					367
			160		189	222	212
	71	81	198
50
4Q18	4Q19	4Q20	4Q21¹	4Q22¹	4Q23¹	2018	2019	2020	2021¹	2022¹	2023¹

¹ Data for 2021, 2022, and 2023 consider the new accounting methodology due to the adoption of CPC 06.

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4Q23 | EARNINGS RELEASE

Net Income (Loss)

R$ million	4Q23	4Q22	Δ (%)	2023	2022	Δ (%)
EBITDA	366.8	198.3	85.0%	1,000.1	809.9	23.5%
Depreciation and Amortization	66.9	54.7	22.3%	247.9	207.1	19.7%
EBIT	299.9	143.6	108.8%	752.2	602.8	24.8%
Financial Result	-21.2	-11.7	82.1%	-86.4	-22.3	286.9%
Financial Revenues	16.2	25.6	-36.5%	65.7	127.9	-48.6%
Financial Expenses	-37.7	-35.8	5.3%	-150.8	-144.3	4.5%
Interest on loans and debentures	-0.9	-1.7	-49.2%	-6.8	-8.1	-16.0%
Leases and rents	-33.9	-32.1	5.8%	-134.1	-122.9	9.1%
Other financial expenses	-2.9	-2.0	46.0%	-10.0	-13.4	-25.3%
Monetary and foreign-exchange variations	0.3	-1.4		-1.3	-5.9
-36.9%	-78.8%
Income and social contribution taxes	-80.5	3.6	-2,354.1%	-188.4	-151.0	24.8%
Net income (loss)	225.0	135.5	66.0%	504.3	429.5	17.4%
Net margin	33.7%	28.9%	4.8 p.p.	23.6%	22.2%	1.4 p.p.

Santos Brasil's Net Profit had another consecutive growth in 4Q23, which totaled R$ 225.0 million, up 66% YoY, and up 62% when compared to 3Q23. In turn, net margin reached 33.7% (vs. 28.9% in 4Q22 and 26.1% in 3Q23), demonstrating the solid growth in the Company's economic and financial 2023 results. In 2023, Net Profit reached R$ 504.3 million, with net margin of 23.6%.

Debt, cash, and cash equivalents

R$ million	Currency	12/31/2023	12/31/2022		Δ (%)
Short-term	Local	48.9	48.8		0.3%
Foreign	2.1	4.4		-51.8%
Long-term	Local	372.9	279.8		33.3%
Foreign	0.0	2.1		-100.0%
Total indebtedness		423.9	335.1		26.5%
Cash and investments		367.5	614.6		-40.2%
Net debt		56.4	-279.6		-120.2%
Net Debt / Proforma EBITDA LTM2		0.07x	-0.43x

Santos Brasil ended 2023 with R$ 367.5 million in cash and financial investments and a total debt of R$ 423.9 million. The Company raised R$ 535.8 million from Banco do Nordeste (BNB) in 2023, which will fund 80% of the investments3 in the Liquid Bulk Terminals. At the end of 4Q23, the Company recorded a Net Debt of R$ 56.4 million, which resulted in an leverage ratio of 0.07x - calculated by the ratio of Net Debt divided by the Proforma EBITDA of the last twelve months, which is an inflexion point on the Company's capital structure. In line with the capital allocation strategy, the Company continued to remunerate its shareholders' capital through the payment of dividends and Interest on Equity, also keeping the investments in the expansion and modernization of its current port and logistics assets. Based on 2023 results, Santos Brasil announced the distribution of R$ 479.1 million to its shareholders, being (i) R$ 337.0 million as dividends, and (ii) R$ 142.1 million as Interest on Capital (IOC), which represents a payment of R$ 0.55 per share, and a dividend yield of 6.53%4.

1. Last-twelve-monthEBITDA, excluding effects of IFRS 16.
2. The financing in question has cost of IPCA (CPI) +2.3875%, with a term of 17 years and a grace period of five years for amortization of the principal, with quarterly interest payments.
3. Considers STBP3 2023 average closing price of R$ 8.49

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4Q23 | EARNINGS RELEASE

Capex

R$ million	4Q23	4Q22	Δ (%)	2023	2022	Δ (%)
CONTAINER AND GENERAL CARGO TERMINALS	170.6	97.4	75.2%	370.2	283.0	30.8%
Tecon Santos	161.0	84.5	90.5%	302.3	242.1	24.8%
Tecon/TCG Imbituba	0.5	0.7	-26.4%	2.2	2.3	-1.4%
Tecon Vila do Conde	9.2	12.2	-24.7%	65.7	38.6	70.4%
Saboó Terminal	0.0	0.0	-100.0%	0.0	0.0	-100.0%
LOGISTICS	7.4	10.0	-26.1%	24.2	16.0	51.0%
VEHICLE TERMINAL	0.4	0.3	38.5%	0.8	0.4	96.1%
LIQUID BULK TERMINALS	127.3	57.9	119.9%	236.0	100.7	134.4%
CORPORATE	0.1	0.0	n.a.	0.0	6.3	-99.0%
GROSS INVESTMENTS	305.7	165.5	84.7%	631.3	406.4	55.3%
Write-offs	-4.5	-23.5	-80.9%	-7.4	-28.9	-74.4%
NET INVESTMENTS	301.2	142.0	112.2%	623.9	377.5	65.3%

In 4Q23, Santos Brasil carried out the investment strategy in its current port and logistics assets, with the aim of maximizing value creation of each business unit and positioning the Company to capture demand and ensure capacity in its operating markets, reinforcing its competitive advantages. In the quarter, R$ 305.7 million were invested, with emphasis on (i) expansion and modernization projects of Container and General Cargo Terminals, mainly Tecon Santos and Tecon Vila do Conde, and (iii) the expansion and development of the Liquid Bulk Terminals.

At the Container and General Cargo Terminals, R$ 170.6 million were invested in 4Q23, of which R$ 161.0 million in Tecon Santos, represented mainly by the acquisition of two ship-to-shore (STS) cranes and eight electric RTGs, delivered in November 2023, in addition to the acquisition of yard vehicles (terminal tractors). It is worth noting that, in 4Q23, investments in equipment represented around 76% of the total invested, with the remainder distributed among projects of: (i) dredging the terminal berths to standardize the operational draft at 14.5 meters; (ii) expansion of the refrigerated container (reefer) platform, primarily aiming to meet the demand for frozen meat; and (iii) preparation of the terminal's electrical and data network for the operation of new electrical equipment, which features automation modules. Lastly, investments in technology and innovation continued, such as the implementation of a new Terminal Operating System (TOS) in September 2023, and the necessary adjustments to meet new electrical equipment with potential automation, in addition to investments in cybersecurity.

At Tecon Vila do Conde, an amount of R$ 9.2 million was invested in 4Q23, with the payment of the new Mobile Harbor Crane (MHC) and new reach stackers for removal and container stacking, already operational. As with Tecon Santos, investments in equipment were the most representative for Tecon Vila do Conde and accounted for 82% of the total amount invested in 4Q23. The investments are part of the terminal expansion and modernization project, with a total Capex of R$ 120 million expected until 2025, which will increase the terminal's annual capacity from 217,000 TEU to 300,000 TEU.

Regarding the Liquid Bulk Terminals, R$ 127.3 million were invested in 4Q23, earmarked for: (i) the expansion works of the brownfield terminals (TGL 01 and TGL 03), which - by the end of 2024 - will add 59,000 cubic meters (m³) of capacity to the current 50,000 m³; and (ii) the construction work of the greenfield terminal (TGL 02), which will add 81,000 m³ of capacity by the end of 2025, when Santos Brasil will start offering 190,000 m³ of tanking capacity, representing a third of the total capacity expected for liquid bulk storage at the Port of Itaqui - MA.

Lastly, R$ 7.4 million were invested in Santos Brasil Logística in 4Q23, mostly in technology and systems projects, related to: (i) strengthening the security and surveillance structure; (ii) implementation of the Warehouse Management System (WMS) at the Distribution Centers; and (iii) improvements to the units' wireless and data networks.

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4Q23 | EARNINGS RELEASE

Container and General Cargo Terminals

Operating data

	4Q23	4Q22	Δ (%)	2023	2022		Δ (%)
Containers (units)
Quay	335,133	296,115	13.2%	1,218,580	1,298,597		-6.2%
Full containers	257,872	218,726	17.9%	883,495	932,458		-5.3%
Empty containers	77,261	77,389	-0.2%	335,085	366,139		-8.5%
Warehousing operations	41,378	33,629	23.0%	130,130	142,211		-8.5%

General Cargo (tons)

17,949

23,079

-22.2%

88,901

123,745

-28.2%

	4Q23	4Q22	Δ (%)	2023	2022	Δ (%)
Tecon Santos	287,839	259,538	10.9%	1,065,965	1,145,030	-6.9%
Full containers	219,553	198,567	10.6%	786,875	846,652	-7.1%
Empty containers	68,286	60,971	12.0%	279,090	298,378	-6.5%
General Cargo (tons)	15,965	13,198	21.0%	52,805	53,033	-0.4%
Tecon Imbituba	12,517	7,637	63.9%	33,212	29,924	11.0%
Full containers	3,448	5,561	-38.0%	19,593	23,109	-15.2%
Empty containers	17,949	23,079	-22.2%	88,901	121,660	-26.9%
General Cargo (tons)	31,329	23,379	34.0%	99,810	100,534	-0.7%
Tecon Vila do Conde	25,802	12,522	106.1%	63,408	55,882	13.5%
Full containers	5,527	10,857	-49.1%	36,402	44,652	-18.5%
Empty containers	-	-	-	-	2,085	-100.0%

Consolidated: in 4Q23, Santos Brasil's Container Terminals handled 335,133 containers (+13.2% YoY), with higher volumes recorded at (i) Tecon Santos (+10.9% YoY); (ii) Tecon Imbituba (+21.0% YoY), boosted by extra calls that omitted the Port of Navegantes, whose operations were suspended for around 17 days in October and restricted throughout November and December, due to heavy rainfall recorded in the region; and (iii) Tecon Vila do Conde (+34.0% YoY), which, through the transshipment of containers on barges, became the best logistics option for the handling of cargo that has its origin and destination at the Port of Manaus after the drought that affected navigation in the Amazon Basin's rivers.

In 4Q23, Long Haul volumes recorded growth of 19.0% YoY, with emphasis on: (i) 34.6% increase YoY in imports, driven by recovery in imported products at Tecon Santos such as electronics, machinery & equipment, ores, and consumer goods, mainly from China, and extraordinary volumes at Tecon Imbituba and Tecon Vila do Conde, as aforementioned; and (ii) 2.0% increase YoY in exports, essentially due to better exports at Tecon Santos, driven by sugar shipments. Long Haul accounted for 83.5% of total container throughput (vs. 79.4% in 4Q22 and 78.8% in 3Q23). Cabotage, in turn, recorded a 9.1% drop YoY in the quarter, reflecting poorer performance at Tecon Vila do Conde and Tecon Imbituba, despite the growth witnessed at Tecon Santos. Lastly, Transshipment operations grew 22.6% YoY, particularly in Long Haul, mainly due to barge operations at Tecon Vila do Conde, and represented 32.1% of total volume (vs. 29.6% in 4Q22 and 34.5% in 3Q23). The positive volume performance in 4Q23, mainly in imports, translated into a significant improvement in the mix of full containers, which accounted for 76.9% of the total volume handled (vs. 73.9% in 4Q22 and 71.8% in 3Q23).

In the quarterly comparison, 4Q23 had another consecutive growth in volumes (+4.0% QoQ), with 10.1% QoQ increase in Long Haul, as a result of: (i) 20.0% higher import volumes compared to 3Q23; and (ii) 6.3% QoQ increase in exports. On the other hand, Cabotage fell 18.9% compared to 3Q23.

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