Revenue gains for Mills as competition rises

Mills has reported revenue rise of 11.8% in the first quarter of 2026, mainly driven by the Heavy, Intralogistics, and Formwork & Shoring segments, and despite a tough period for the Aerial Platforms division, amid a more competitive environment. 

Revenues in the quarter reached BRL 461.2 million at Brazil’s largest rental company, compared to the same period in 2025, while adjusted EBITDA was 13.8% up year-on-year, amounting to BRL 235.1 million.

Tensions in the aerial platform sector were caused by an increased supply of equipment into the market during the period which also saw weaker demand in certain regions.

In response, the company used its competitive advantages, it said, through its large fleet and geographic reach to implement tactical pricing adjustments and optimised rental volumes in those relevant regions.

Additionally, the company said it benefited from its strategy which has seen it invest in multiple product lines related to infrastructure and construction to provide more revenue streams. 

Operating costs increased during the first quarter following the expansion of rental operations. Costs rose by 14.9% to BRL 128.0 million, partly die t the increased procurement of parts. “Notably, the Rental unit delivered relevant productivity gains, particularly in personnel expenses, reflecting consistent progress in operational leverage initiatives,” said the company.

Mills said it was able to preserve its market share helped by the launch of the asset lifecycle extension project and ongoing cost and expense optimisation, enhancing capital allocation efficiency.

Sergio Kariya Mills CEO, added, “We intensified the implementation of asset life solutions, particularly for aerial platforms. This initiative directly reduces replacement CapEx, lowers maintenance costs over the new cycle, and increases equipment availability, boosting return on invested capital and fleet productivity.”

Fluctuating investments 

In the quarter, investments totalled BRL 96.7 million, reflecting a decrease of 43.6% compared to the same period last year but an increase of 20.4% on the final quarter of 2025. The year-over-year variation mainly reflects the temporary postponement of capital expenditures, said the company, aligned with its investment plan and the delivery timeline of imported equipment.

Of the total invested, approximately 89% was allocated to the acquisition of rental assets, focused on the Heavy, Light Equipment, and Intralogistics segments, in line with.

The integration of recent acquisition Next Rental is in its final stage, with all contracts already transferred to the company. Efforts are now focused on renewing and expanding the client base through cross-sell initiatives and pipeline growth.

Looking forward, the company said it expects a gradual increase in the need for asset sales in the coming quarters, in line with its fleet renewal strategy as it continues to refine its used equipment planning.

“Even in an environment that still shows lower investment momentum, we remain confident in our ability to deliver sustainable growth, margin expansion, and long-term value creation,” said Kariya.