Mills Locacao Servicos E Logistica SA
BOVESPA:MILS3
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Mills Locacao Servicos E Logistica SA
BOVESPA:MILS3
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BR |
Mills Locacao Servicos E Logistica SA
Mills Locação, Serviços e Logística SA engages in the provision of infrastructure and construction solutions. The company is headquartered in Rio De Janeiro, Rio De Janeiro. The company went IPO on 2010-05-20. The firm's activities are divided into two business units: Construction and Rental. The Construction division operates in the heavy construction market and offers construction works and services, including formworks and props, as well as access to non-mechanized equipment, mast climbing platforms and scaffolds for the residential and office building construction sector. The Rental division provides leasing and sale of scissor lifts and telescope handlers for construction, trade and manufacturing markets, among others. The firm operates numerous branches across Brazil.
Mills Locação, Serviços e Logística SA engages in the provision of infrastructure and construction solutions. The company is headquartered in Rio De Janeiro, Rio De Janeiro. The company went IPO on 2010-05-20. The firm's activities are divided into two business units: Construction and Rental. The Construction division operates in the heavy construction market and offers construction works and services, including formworks and props, as well as access to non-mechanized equipment, mast climbing platforms and scaffolds for the residential and office building construction sector. The Rental division provides leasing and sale of scissor lifts and telescope handlers for construction, trade and manufacturing markets, among others. The firm operates numerous branches across Brazil.
Revenue: Full-year net revenue of BRL 1.8 billion, up 15.7% (Q4 net revenue BRL 493 million, up 14% YoY) — record quarterly and annual results.
Margins & Profitability: Adjusted EBIT reached BRL 941 million (+24% YoY) with margin expansion to 51.2%; adjusted EBITDA for Q4 BRL 253 million (51% margin).
Cash & Dividends: Strong cash generation — adjusted operating cash flow BRL 786 million for the year (cash conversion ~87% of EBITDA) — company announced record dividends BRL 255 million (payout 85%, BRL 150 million to be paid in April).
Leverage & Funding: Net debt / EBITDA at 1.3x (lowest in five quarters); gross debt BRL 1.7 billion after prepaying a debenture and reducing debt by BRL 443 million; average cost of debt lowered to CDI + 1.8% p.a.; average maturity ~4 years.
Business mix & operations: Rental unit and formwork/shoring both recorded strong growth (rental Q4 revenue BRL 415 million; formwork Q4 revenue BRL 78 million). Long-term contracts now represent 55% of rental revenue (up 11 pp YoY), improving revenue visibility.
M&A & integration: NEXT Rental (acquired August) contributed to growth (BRL 180 million of acquisitions included in 2025); management reports integration progressing as planned with commercial cross-selling opportunities.
Outlook / CapEx: 2026 focus on recurring revenues and resilient sectors; full-year investments in 2026 expected to prioritize heavy equipment (60%) and intralogistics/forklifts (40%) with part of light-equipment CapEx split ~40% fleet renovation and ~50% growth for that unit.
