Santos Brasil Participações S A : Dados Econômico-Financeiros

Quarterly Financial Information - ITR

Santos Brasil Participações S.A.

March 31, 2024

with Independent Auditor's Review Report

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.	Version: 2
Contents
Company Information
Capital Composition	1
Individual Financial Statements
Statement of Financial Position - Assets	2
Statement of Financial Position - Liabilities	3
Statement of Profit or Loss	5
Statement of Comprehensive Income (Loss)	6
Statement of Cash Flows (Indirect Method)	7
Statement of Changes in Shareholders' Equity
Statement of Changes in Shareholders' Equity - 01/01/2024 to 03/31/2024	8
Statement of Changes in Shareholders' Equity - 01/01/2023 to 03/31/2023	9
Statement of Value Added	10
Consolidated Financial Statements
Statement of Financial Position - Assets	11
Statement of Financial Position - Liabilities	12
Statement of Profit or Loss	14
Statement of Comprehensive Income (Loss)	15
Statement of Cash Flows (Indirect Method)	16
Statement of Changes in Shareholders' Equity
Statement of Changes in Shareholders' Equity - 01/01/2024 to 03/31/2024	17
Statement of Changes in Shareholders' Equity - 01/01/2023 to 03/31/2023	18
Statement of Value Added	19
Performance comment	20
Notes	37
Comments on the Behavior of Business Projections	83
Other Information that the Company Deems to be Relevant	84
Opinions and Statements
Special Review Report - Unqualified	85
Opinion of the Fiscal Council or Equivalent Body	87
Statement of the Executive Officers on the Interim Financial Statements	88
Statement of the Executive Board on the Independent Auditor's Report	89

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.

Version: 2

Company Information / Capital Composition

Number of Shares	Current Quarter
(Thousand)	03/31/2024
Paid-in Capital
Common	864,170
Preferred	0
Total	864,170
Treasury
Common	755
Preferred	0
Total	755

Page 1 of 89

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.

Version: 2

Individual Financial Statements / Statement of Financial Position - Assets

(In thousands of Reais)

		Current Quarter	Prior Year
Account Code	Account Description	03/31/2024	12/31/2023
1	Total assets	4,514,893	4,338,584
1.01	Current assets	517,929	448,699
1.01.01	Cash and cash equivalents	210,947	178,046
1.01.03	Accounts receivable	237,625	205,426
1.01.03.01	Trade accounts receivable	237,625	205,426
1.01.04	Inventories	23,411	23,570
1.01.06	Recoverable taxes	1,445	905
1.01.06.01	Current recoverable taxes	1,445	905
1.01.08	Other current assets	44,501	40,752
1.01.08.03	Others	44,501	40,752
1.01.08.03.01	Dividends receivable / proposed	30,794	30,794
1.01.08.03.03	Other accounts receivable	13,707	9,958
1.02	Non-current assets	3,996,964	3,889,885
1.02.01	Long-term assets	438,474	425,715
1.02.01.01	Marketable securities measured at fair value through profit or loss	8,900	4,136
1.02.01.01.01	Securities at fair value	8,900	4,136
1.02.01.07	Deferred taxes	78,172	73,359
1.02.01.07.01	Deferred income and social contribution taxes	78,172	73,359
1.02.01.10	Other non-current assets	351,402	348,220
1.02.01.10.04	Judicial deposits	330,103	326,689
1.02.01.10.05	Other assets	21,299	21,531
1.02.02	Investments	549,538	520,619
1.02.02.01	Equity interest	549,538	520,619
1.02.02.01.02	Interest in subsidiaries	549,538	520,619
1.02.03	Property, plant and equipment	2,893,793	2,825,133
1.02.03.01	Property, plant and equipment in use	1,253,317	1,073,212
1.02.03.02	Right of use - Leases	1,102,466	1,120,655
1.02.03.03	Construction in progress	538,010	631,266
1.02.04	Intangible assets	115,159	118,418
1.02.04.01	Intangible assets	115,159	118,418
1.02.04.01.01	Concession agreement	1,302	5,209
1.02.04.01.02	Other intangible assets	113,857	113,209

Page 2 of 89

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.

Version: 2

Individual Financial Statements / Statement of Financial Position - Liabilities

(In thousands of Reais)

		Current Quarter	Prior Year
Account Code	Account Description	03/31/2024	12/31/2023
2	Total liabilities	4,514,893	4,338,584
2.01	Current liabilities	782,767	655,395
2.01.01	Social and labor obligations	52,384	55,778
2.01.01.01	Social obligations	7,418	8,079
2.01.01.02	Labor obligations	44,966	47,699
2.01.02	Suppliers	95,624	110,426
2.01.02.01	Domestic suppliers	86,033	93,718
2.01.02.01.02	Other domestic suppliers	86,033	93,718
2.01.02.02	Foreign suppliers	9,591	16,708
2.01.03	Tax obligations	44,998	39,999
2.01.03.01	Federal tax obligations	34,330	28,882
2.01.03.01.01	Income and social contribution taxes payable	20,479	13,784
2.01.03.01.02	Other federal tax obligations	13,851	15,098
2.01.03.02	State tax obligations	80	267
2.01.03.03	Municipal tax obligations	10,588	10,850
2.01.04	Loans and financing	103,817	42,423
2.01.04.01	Loans and financing	4,062	2,017
2.01.04.01.01	In local currency	4,062	2,017
2.01.04.02	Debentures	99,755	40,406
2.01.05	Other obligations	485,944	406,769
2.01.05.02	Others	485,944	406,769
2.01.05.02.01	Dividends and interest on equity payable	141,754	69,776
2.01.05.02.05	Obligations with the concession grantor	1,552	6,159
2.01.05.02.06	Leases	342,592	330,787
2.01.05.02.07	Other obligations	46	47
2.02	Non-current liabilities	1,513,633	1,466,171
2.02.01	Loans and financing	380,439	329,123
2.02.01.01	Loans and financing	280,948	129,760
2.02.01.01.01	In local currency	280,948	129,760
2.02.01.02	Debentures	99,491	199,363
2.02.02	Other obligations	1,103,253	1,106,793
2.02.02.02	Others	1,103,253	1,106,793

Page 3 of 89

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.

Version: 2

Individual Financial Statements / Statement of Financial Position - Liabilities

(In thousands of Reais)

		Current Quarter	Prior Year
Account Code	Account Description	03/31/2024	12/31/2023
2.02.02.02.04	Actuarial liabilities - supplementary health care plan	11,328	11,203
2.02.02.02.05	Suppliers	28,049	27,586
2.02.02.02.06	Taxes on billing - bonded warehouses	67,845	66,790
2.02.02.02.08	Leases	996,031	1,001,214
2.02.04	Provisions	29,941	30,255
2.02.04.01	Tax, social security, labor and civil provisions	29,941	30,255
2.02.04.01.01	Tax provisions	12,434	12,258
2.02.04.01.02	Social security and labor provisions	16,271	16,069
2.02.04.01.04	Civil provisions	337	329
2.02.04.01.05	Other provisions	899	1,599
2.03	Shareholders' equity	2,218,493	2,217,018
2.03.01	Paid-in capital	1,879,484	1,879,484
2.03.02	Capital reserves	59,383	63,047
2.03.02.02	Special goodwill reserve upon merger	18,897	18,897
2.03.02.04	Options granted	83,850	83,026
2.03.02.07	Income (loss) from disposal of treasury shares	-18,611	-14,123
2.03.02.08	Cost of issue of new shares	-24,753	-24,753
2.03.04	Profit reserves	108,509	251,143
2.03.04.01	Legal reserve	115,638	115,638
2.03.04.08	Proposed additional dividend	0	141,371
2.03.04.10	Profit reserve for investments	123	123
2.03.04.11	Repurchase of shares	-7,246	-5,984
2.03.04.12	Costs of repurchase of shares	-6	-5
2.03.05	Retained earnings/accumulated losses	147,773	0
2.03.08	Other comprehensive income	23,344	23,344

Page 4 of 89

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.

Version: 2

Individual Financial Statements / Statement of Profit or Loss

(In thousands of Reais)

		Accumulated of the	Accumulated of the
		Current Year	Prior Year
		01/01/2024 to	01/01/2023 to
Account Code	Account Description	03/31/2024	03/31/2023
3.01	Operating revenues from sales of goods and/or services	465,064	264,584
3.02	Costs of goods and/or services sold	-190,654	-169,103
3.03	Gross profit (loss)	274,410	95,481
3.04	Operating income/expenses	-35,327	-11,600
3.04.01	Selling expenses	-12,447	-7,725
3.04.01.01	Allowance for expected credit losses and bad debt losses	-925	1,704
3.04.01.02	Other selling expenses	-11,522	-9,429
3.04.02	General and administrative expenses	-51,858	-39,434
3.04.02.02	Other general and administrative expenses	-51,858	-39,434
3.04.04	Other operating income	537	870
3.04.05	Other operating expenses	-278	-204
3.04.06	Equity in net income of subsidiaries	28,719	34,893
3.05	Income (loss) before financial income (costs) and taxes	239,083	83,881
3.06	Financial income (costs)	-26,520	-29,854
3.06.01	Financial income	9,000	1,898
3.06.02	Financial costs	-35,520	-31,752
3.07	Income (loss) before income taxes	212,563	54,027
3.08	Income and social contribution taxes	-64,790	-8,166
3.08.01	Current	-69,603	-5,952
3.08.02	Deferred	4,813	-2,214
3.09	Net income (loss) from continuing operations	147,773	45,861
3.11	Income/loss for the period	147,773	45,861

3.99 Earnings per share - (Reais/Share)

3.99.01 Basic earnings per share

3.99.01.01

Common shares

0.16913

0.05308

3.99.02 Diluted earnings per share

3.99.02.01

Common shares

0.16821

0.05281

Page 5 of 89

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.

Version: 2

Individual Financial Statements / Statement of Comprehensive Income (Loss)

(In thousands of Reais)

		Accumulated of the	Accumulated of the
		Current Year	Prior Year
Account Code	Account Description	01/01/2024 to 03/31/2024	01/01/2023 to 03/31/2023
4.01	Net income for the period	147,773	45,861
4.03	Comprehensive income (loss) for the period	147,773	45,861

Page 6 of 89

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.

Version: 2

Individual Financial Statements / Statement of Cash Flows - Indirect Method

(In thousands of Reais)

		Accumulated of the	Accumulated of the
		Current Year	Prior Year
		01/01/2024 to	01/01/2023 to
Account Code	Account Description	03/31/2024	03/31/2023
6.01	Net cash from operating activities	142,691	56,978
6.01.01	Cash generated from operations	271,787	99,802
6.01.01.01	Income (loss) before taxes and profit sharing	212,563	54,027
6.01.01.02	Stock option plan / long-term incentive	2,569	2,099
6.01.01.03	Equity in net income of subsidiaries	-28,719	-34,893
6.01.01.05	Depreciation and amortization	48,688	45,326
6.01.01.06	Interest on debentures	2,771	232
6.01.01.07	Interest on loans and financing allocated	71	0
6.01.01.10	Recognition (reversal) of provision for contingencies	2,329	3,482
6.01.01.11	Write-off and income (loss) on the sale of permanent assets	23	81
6.01.01.12	Post-employment benefits - health care plans	125	527
6.01.01.13	Provision /reversal for expected credit losses and bad debt losses	925	-1,704
6.01.01.14	Interest on obligations with the concession grantor	128	86
6.01.01.15	Interest on marketable securities	-222	0
6.01.01.16	Interest on rentals - IFRS 16	30,536	30,539
6.01.02	Changes in assets and liabilities	-58,810	-29,464
6.01.02.01	(Increase) decrease in accounts receivable	-33,124	3,183
6.01.02.02	(Increase) decrease in inventories	159	-1,864
6.01.02.03	(Increase) decrease in current taxes recoverable	-540	-11,536
6.01.02.05	(Increase) decrease in judicial deposits	-3,414	20,447
6.01.02.07	(Increase) decrease in other assets	-3,517	-6,089
6.01.02.08	Increase (decrease) in suppliers	-14,339	167
6.01.02.09	Increase (decrease) in suppliers reverse factoring	0	-7,058
6.01.02.10	Increase (decrease) in wages and social charges	-3,394	-14,257
6.01.02.11	Increase (decrease) in taxes, rates and contributions	-1,696	-1,011
6.01.02.14	Increase (decrease) in taxes on billing - bonded warehouse	1,055	-11,446
6.01.03	Others	-70,286	-13,360
6.01.03.01	Income and social contribution taxes paid	-62,908	-5,953
6.01.03.04	Write-off of payment contingencies	-2,643	-2,896
6.01.03.05	Payments of obligations with the concession grantor	-4,735	-4,511
6.02	Net cash used in/from investing activities	-109,490	-68,440
6.02.01	Acquisition of property, plant and equipment	-113,100	-76,572
6.02.02	Disposal of property, plant and equipment	26	0
6.02.03	Increase in intangible assets	-845	-1,258
6.02.04	Increase in investments in subsidiaries	-200	0
6.02.05	Marketable securities	-4,543	0
6.02.07	Interest on capitalized loans	9,172	9,390
6.03	Net cash used in/from financing activities	-300	-86,074
6.03.01	Borrowings	150,959	-22
6.03.02	Payments of debentures, loans and financing	-33,340	-33,330
6.03.03	Dividends and interest on equity paid	-69,393	-11,576
6.03.04	Receipt of options exercised and shares delivered under long-term incentive plans	-1,745	2,313
6.03.06	Interest paid on debentures, loans and financing	-16,923	-18,775
6.03.07	Payment for repurchase of shares	-5,746	-2,110
6.03.08	Costs of repurchase of shares	-5	-2
6.03.12	Payment of rentals - IFRS 16	-24,107	-22,572
6.05	Increase (decrease) in cash and cash equivalents	32,901	-97,536
6.05.01	Opening balance of cash and cash equivalents	178,046	357,331
6.05.02	Closing balance of cash and cash equivalents	210,947	259,795

Page 7 of 89

Quarterly Information (ITR) - 03/31/2024 - Santos Brasil Participações S.A.

Version: 2

Individual Financial Statements / Statement of Changes in Shareholders' Equity / SCE - 01/01/2024 to 03/31/2024

(In thousands of Reais)

			Capital
			Reserves,
			Options		Retained
			Granted and		Earnings	Other
			Treasury	Profit	(Accumulated	Comprehensive	Shareholders'
Account Code	Account Description	Paid-in Capital	Shares	Reserves	losses)	Income (Loss)	Equity
5.01	Opening balances	1,879,484	63,047	251,143	0	23,344	2,217,018
5.03	Adjusted opening balances	1,879,484	63,047	251,143	0	23,344	2,217,018
5.04	Capital transactions with shareholders	0	-3,664	-142,634	0	0	-146,298
5.04.03	Recognized options granted	0	824	0	0	0	824
5.04.06	Dividends	0	0	-141,371	0	0	-141,371
5.04.08	Options exercised and shares delivered under long-term incentive plans	0	0	4,488	0	0	4,488
5.04.09	Income (loss) from disposal of treasury shares	0	-4,488	0	0	0	-4,488
5.04.10	Repurchase of shares	0	0	-5,746	0	0	-5,746
5.04.11	Costs of repurchase of shares	0	0	-5	0	0	-5
5.05	Total comprehensive income	0	0	0	147,773	0	147,773
5.05.01	Net income for the period	0	0	0	147,773	0	147,773
5.07	Closing balances	1,879,484	59,383	108,509	147,773	23,344	2,218,493

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