INTERIM REPORT 2025

TOYOTA CAETANO PORTUGAL, S. A.

INDEX

1. General
1. Single Management Report
1. Consolidated Accounts
1. Other information

01. GENERAL

INTERIM REPORT 2025

GOVERNING BODIES

SHAREHOLDERS ́ GENERAL MEETING

President: Jorge Manuel Coutinho Franco da Quinta

Secretary: António José da Cruz Espinheira Rio

BOARD OF DIRECTORS

President: José Reis da Silva Ramos

Member: Maria Angelina Martins Caetano Ramos

Member: Miguel Pedro Caetano Ramos

Member: Gisela Maria Falcão Sousa Pires Passos

Member: Tomokazu Takeda

Member: Kazunori Takagi

Substitute: Florian Patrice Gregory Aragon

Fiscal Board

President: Maria da Conceição Monteiro da Silva

Member: José Domingos da Silva Fernandes

Member: Daniel Broekhuizen

Substitute: Francelim Costa da Silva Graça

STATUTORY AUDITOR

Effective: Deloitte & Associados, SROC S.A., rep. Miguel Nuno Machado Canavarro Fontes

Substitute: João Carlos Henriques Gomes Ferreira

NOMINATIONS, EVALUATIONS AND REMUNERATION COMMITTEE

President: João António Ferreira de Araújo Sequeira

Member: Rui Manuel Machado de Noronha Mendes

Member: Jorge Manuel Cerqueira Magalhães

02. SINGLE MANAGEMENT REPORT

INTERIM REPORT 2025

INDEX

INTRODUCTION
MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS
KEY GROUP INDICATORS
THE BUSINESS MODEL
THE COMPANIES OF THE TOYOTA CAETANO PORTUGAL GROUP: PRESENTATION, STRATEGY AND PERFORMANCE
THE MACROECONOMIC CONTEXT AND THE PERFORMANCE OF THE TOYOTA CAETANO PORTUGAL GROUP
OTHER INFORMATION
STATEMENT
SUBSEQUENT EVENTS
INFORMATION ON THE PARTICIPATION OF MANAGEMENT AND SUPERVISORY BODIES OF TOYOTA CAETANO PORTUGAL
FORMULAS

INTRODUCTION

In accordance with the provisions of paragraph 1 of article 29-J of the Securities Code, the Interim Management Report presented below was prepared.

For each of the Companies that are part of the consolidation perimeter of Toyota Caetano Portugal, S.A. ("TCAP"), an indication of the main events that occurred in the year and their impact on the financial statements will be presented.

At the same time and albeit in a synthetic way, the main expectations for the second half of the current year are also presented.

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

In this semester, we reinforce the conviction that our activity has a greater purpose: to promote well-being and inclusion through access to mobility. Guided by this purpose, we maintain a firm commitment to excellence, responsible innovation and sustainability, turn ambition into real impact and generate value for partners, customers, employees and communities.

Throughout this period, we have recorded signs of resilience and strategic growth of the business. Toyota saw its passenger vehicle market share rise from 5.2% in the 1st half of 2024 to 5.3% in 2025, a growth resulting from the alignment of Toyota products with the demands and needs of today's customers. At the same time, the Premium market saw a decrease of 1% compared to the same period last year. However, Lexus stood out in the market, with a growth of 13%, going from a market share of 0.9% in the 1st half of 2024 to 1.1% in the 1st half of 2025. These figures reflect our customers' confidence in the quality of our brands, reflect our competitive position and validate the strategy we have followed.

In 2025, a decisive regulatory framework for the automotive sector came into force, with CO₂ emission reduction targets defined by the C.A.F.E. (Corporate Average Fuel Economy) standards. In response to this framework, we reinforced our focus on electrified solutions, which was reflected in a significant increase in sales of these engines. This priority is inextricably integrated into our business strategy. We promote more efficient ranges, responsible operations and technological investments that reduce environmental impact. By adjusting our offer and promoting more sustainable practices, we respond simultaneously to customer expectations and the emergencies of the planet.

Our social responsibility has always been a natural extension of the mission that drives us: "happiness for all". This vision translates not only into the way we adapt our business to a sustainable mobility model, but also in the way we seek to generate a positive impact on the planet and the communities in which we operate. We believe that sustainability is not just a strategic definition, but an ecosystem in which all our stakeholders have an active role in building a better future. We have continued to develop initiatives that bring this commitment to life. The "1 Toyota, 1 Tree" program, which has been running since 2005, has already planted more than 225,000 trees, making a real contribution to environmental conservation and climate change mitigation. Also noteworthy is the "1 Toyota, 1 mission" initiative, which combines the trust of our customers with our social responsibility. This year, the initiative supports the "Associação Salvador".

INTERIM REPORT 2025 TOYOTA CAETANO PORTUGAL, S.A.

In this semester, we also highlight the importance of investing in our people. In this context, we

promoted the internal meeting "Vamos Mais Além", which brought together the teams of the

importer and the distributor of the Toyota and Lexus brands. This moment was an opportunity to

evaluate the course of the semester, align priorities for the future and strengthen the collective

spirit, promoting the sharing of learning and strengthening of ties. Initiatives like this reflect our

culture of proximity, collaboration and commitment to continuous improvement, and are decisive

for us to confidently continue to achieve our mission of "happiness for all".

The results achieved and the initiatives we develop prove that it is possible to reconcile economic

performance with environmental responsibility and social impact – this is the meaning of our

commitment to a sustainable business. We will continue to invest in increasingly sustainable

mobility – through innovation in our products, efficiency in operations and active participation in

a sustainability ecosystem that includes employees, customers and partners.

Thank you very much.

José Ramos

President & CEO Toyota Caetano Portugal

KEY GROUP INDICATORS

The first half of 2025 represented a challenging period for Toyota Caetano Portugal, during which we were intensely dedicated to achieving the proposed goals, always focusing on people and building a more sustainable, inclusive and promising future.

THE BUSINESS MODEL

The Toyota Caetano Group is composed of the operating companies represented in the organizational chart below:

Toyota Caetano Portugal
98,74% Caetano Auto 57,00% Destaque Mourisco 100,00% Salvador Caetano Seguros
100,00% Caetano Renting
81,25% Caetano Auto CV
61,94% Caetano Bus
59,18% Cobus Industries 100% Cobus LLC
100,00% Caetano UK
49,00% Kinto
100,00% Caetano Renting Senegal

The Toyota Caetano Group, through the companies that comprise it, operates in several business areas and, despite individual strategies, all of them converge towards a single purpose:

To be the most progressive and sought-after mobility brand on the market, reason why we are actively working to achieve carbon neutrality by 2040 with affordable and flexible solutions for the benefit of People and the Community.

We intend to operate a sustainable, progressive and profitable business and have a great place to grow and work here.

Our business model follows the Toyota Way Philosophy:

THE COMPANIES OF THE TOYOTA CAETANO GROUP: PRESENTATION, STRATEGY AND PERFORMANCE

This chapter presents a detailed overview of each of the companies of the Toyota Caetano Portugal Group, including their strategy, business evolution, performance in the first half of 2025 and the prospects for the end of the year.

Presentation

Toyota Caetano Portugal, S.A. is the parent company of this Group; This is where the following activities are concentrated:

Toyota and Lexus Division

It is the business unit of Toyota Caetano Portugal, which holds the activity of exclusive import and distribution of the Toyota and Lexus brands, developing the marketing and sale of new and used vehicles of trust, through its exclusive Toyota Used Vehicles and Lexus Select programs, and of original Toyota and Lexus parts and accessories.

For the sale of the above products and the provision of an adequate after-sales service, Toyota Caetano Portugal has a network of Toyota and Lexus Authorized Dealers and Repairers, appointed by it, managed and permanently monitored, always with a spirit of exceeding Customers 'expectations.

Industrial Equipment Division

Business area responsible for the import, marketing and after-sales activity of industrial equipment, namely counterbalanced forklifts and warehouse equipment, as well as presentation of other services and business solutions.

Ovar Manufacturing Division

Manufacturing unit responsible for the manufacture and assembly of Toyota vehicles (specifically the Land Cruiser LC70 model) for export to the South African market. It is also in this unit where all Toyota and Lexus vehicles sold in Portugal are received and prepared.

Strategy

The strategy of Toyota Caetano Portugal, S.A., is distinct, although complementary, in the 3 business areas it develops:

Toyota and Lexus Division

At the level of the Toyota and Lexus Division, the commercial and after-sales activities of these brands aim to be the most progressive and recognized mobility brand in the market.

Our mission is to produce "Happiness for All" through the pursuit of "Mobility for All". In practice, this means applying and sharing our knowledge to benefit people, the community and our planet, in order to build a better tomorrow. Through our commitment to quality, continuous innovation and respect for the planet, we aim to exceed expectations and generate happiness for all. By developing and manufacturing the largest choice of innovative, safe, sustainable, and high-quality mobility products and services, we want to provide universal, inclusive, and affordable mobility solutions for all.

To achieve this goal, the strategy is to lead in electrification, offering a wide range of technologies – hybrid vehicles (HEV), plug-in hybrid (PHEV), battery electric (BEV) and hydrogen fuel cell electric (FCEV) – presenting solutions for all types and profiles of users, in order to achieve carbon neutrality by 2040. In common efforts with our business partners Toyota Kreditbank GmbH – Sucursal em Portugal (Toyota Financial Services / Lexus Financial Services) and the mobility company KINTO Portugal, S.A. we offer our customers a wide range of affordable and flexible mobility solutions.

Based on the Best Retailer in Town (BRiT) Program promoted by Toyota Motor Europe, Toyota Caetano Portugal wants to ensure that we offer an excellent customer experience and subsequent recommendations from the customer. This program was launched in 2019 for the entire dealer network, where everyone aims to be the best dealer in the area where they are installed and carry out their operations.

In addition to this program, the Company has invested in digital channels (Omni-channel), connectivity and associated services and the One Stop Shop concept, where the customers will find everything they need, such as, for example, a wide range of light passenger and commercial vehicles, new and used, sale of genuine parts and accessories, maintenance contracts, sale of branded insurance, offer of flexible mobility solutions, among others.

Despite being an ambitious goal, Toyota Caetano Portugal does not neglect the contribution it wants to leave to society, proposing an offer of sustainable mobility solutions, underlying a perspective of total decarbonization, leaving no one behind, also through the development and testing of new technologies in the extreme context of motor racing and always being at the forefront of innovation.

Our long-term commitment to society and the environment is also reflected in the "One Toyota, One Tree" initiative, which began in 2005, and aims to plant one tree for each new Toyota vehicle sold, having renovated areas affected by forest fires, contributing to the preservation of the environment and biodiversity. Over the last 20 years, Toyota Caetano Portugal has carried out more than 40 plantations, carried out in mainland Portugal and the islands, allowing the forest to grow with more than 225,000 trees planted. In 2021, the "One Toyota, One Mission" initiative was born as a way to combine the trust of our customers with the brand's social responsibility, increasing our contribution to the community. In 2025, this initiative will continue, and the selected institution was Associação Salvador.

All these strategies and policies are in line with those of the manufacturer, Toyota Motor Corporation and Toyota Motor Europe, and seek to capitalize on the value of vehicles throughout their life cycle, as well as recognize the unique value of customers, providing them with a personalized and rewarding experience, which strengthens their loyalty and relationship with the brand.

Industrial Equipment Division

The development of the Industrial Equipment Division's activity, its strategy and objectives are in line with the values of the Salvador Caetano Auto Group and aligned with the stakeholder and represented, Toyota Material Handling Europe.

Toyota Material Handling Europe has set its own vision, aiming to achieve "Zero Muda", i.e. to eliminate all inefficiencies and waste along the various production, supply and supply chains to customers. The "Zero Muda" vision is therefore the fundamental approach of the strategy: quality in everything we do, always putting the customer first and at the center of the activity. Enhancing the quality of our products and services and providing excellent customer experience are, therefore, the pillars of this strategy whose implementation includes:

• Customer Focus: constantly listening to the customer, understanding their needs and offering flexible and customized solutions, corresponding, and if possible, exceeding their expectations.

Transformation and adequacy of the offer: (i) availability of premium products and services of excellence: more technology, greater ergonomics, greater sustainability; (ii) diversified offer not only in terms of product, but also in terms of how to operate the business: sale, medium-term rental or short-term rental; (iii) solutions capable of responding to current challenges: automation, connectivity and productivity; more efficient and sustainable energy solutions.
Lean Thinking: seeking continuous improvement (Kaizen) in everything we do, in product development and in the provision of services, both in terms of reducing costs for the customer and improving productivity.
Competence as a competitive advantage: strong brand image, product quality and reliability, continuous commitment to innovation, high know-how and experience of resources (both in sales and after-sales), always imbued with the strong culture of the Toyota Way.

Toyota equipment contributes to a world that is more efficient for customers and sustainable for society. Faithful to this strategy, Toyota Caetano Portugal intends to maintain its positioning as a leading brand in the market. From a perspective of sustainability and orientation towards the future, and with full respect for environmental preservation, Toyota Material Handling Europe has invested heavily in the development of new technologies and aims to keep the brand at the forefront of development, helping to build a more sustainable future for generations to come.

Ovar Manufacturing Division

The Ovar Manufacturing Division, in line with the Toyota vision, aims to achieve the Leading manufacturer for compact car profitability, following a long-term competitive industrial strategic approach. This strategy is based on the commitment to product diversity and the optimization of investments, including increasing the competitiveness of production accompanied by the construction of a globally competitive supplier base, digital transformation (I4.0), production flexibility and supply chain optimization. All with the common denominator that is carbon neutrality and with the objective of building a more agile, resilient and qualified organization, capable of self-motivation and retaining talent. Pursuing long-term sustainability and consolidating it as a strategic pillar for the Company's future is an ongoing priority. In this context, we are focused on identifying new business opportunities. With the support of Toyota Motor Corporation and Toyota Motor Europe, we are evaluating several projects aimed at the production and conversion of electric vehicles. With regard to safety, we reaffirm our commitment to keep it as an absolute priority, with an emphasis on the elimination of accidents and the implementation of ergonomic principles adjusted to the requirements of factories with prolonged takt-time. Our vision is to optimize all available resources to generate value in a sustainable way for all stakeholders, contribute to a more balanced society and promote a happy organization. Our main focus is on the development of our People so that each one is able to develop the business.

The Factory is in the process of transformation, with the aim of achieving greater efficiency and environmental sustainability. This process involves strategic projects, essential for its development and market positioning, in line with the Toyota 2040 Environmental Challenge. Launched in 2015, this challenge is underpinned by six key pillars:

1. New vehicles with zero CO2 emissions → reducing CO2 emissions from Toyota cars by 90% by 2050.
1. Product Life Cycle with zero emissions → eliminate CO2 emissions in all vehicle production and driving.
1. Zero CO2 emissions in factories → eliminate CO2 emissions in the factory production process, recycle and reuse as much as possible.
1. Minimize and optimize water use.
1. Establish a recycling system → promote forms of recycling to contribute to an environmentally friendly society.
1. Establish a future society in harmony with nature operationalization of projects that contribute to nature conservation.

Performance

Toyota and Lexus Division

Import and Distribution of Toyota Vehicles

The first half of 2025

Framework of the "mainstream" Light Vehicle Market

According to data provided by ACAP,¹ the evolution of the light vehicle automotive market in the first half of 2025 was marked by a growth of 5%, slightly below the growth in the first half of 2024, which registered a value of 8%.

This performance reflects the continued growth of the light vehicle automotive market, albeit at a lower rate than in the last two years.

This positive variation was based on the good performance in the passenger car segment, which grew by 7%, in contrast to the commercial vehicle segment recorded a decrease of 7%.

¹ Automobile Association of Portugal

ACAP – June 2025 Report

It should also be noted that the year 2025 marks the entry into force of the ambitious CO2 emission targets to which the automotive industry will be subject as a result of the C.A.F.E. standards (Corporate Average Fuel Economy). In order to meet the objective of substantially reducing emissions levels, during the first half of the year there was a greater focus of brands towards electrified engines, such as HEV, PHEV and BEV, justifying the growth in sales of these engines of 21% in the passenger car market and 18% in the light commercial vehicle market.

Toyota Vehicles

In this context, the Toyota brand also maintained a positive performance by registering a growth of 3%, maintaining 5th place in the ranking of light vehicle sales and achieving a market share value of 6.0%.

Analyzing this performance by segments:

In the Passenger Car, Toyota posted an additional 450 units, which represented 7% growth, contributing to the increase in market share to 5.3%. In this segment, we highlight the contribution of the Yaris Cross HEV, Corolla HEV, C-HR HEV and PHEV models and the bZ4X (BEV), to achieving this result, as well as the stabilization of vehicle supply chains, along with a strong commercial dynamic based on the launch of a set of successful initiatives. It should also be noted that the total number of electrified vehicles already represents 88% of total sales of Toyota passenger cars.
In the Light Commercial Vehicles segment, Toyota's evolution followed the market trend of decreasing sales volume, with a drop of 11%. Despite this drop, the brand maintained the third position in the commercial vehicle sales ranking, with a remarkable market share of 11.4%. This drop is largely explained by a high-volume deal carried out in the first half of 2024 and whose second phase of deliveries will take place in the second half of 2025, with a recovery in annual sales volume expected. It should also be noted that in this segment, electrified versions accounted for 16% of total Toyota sales, in contrast to the light commercial vehicle market in which electrified versions represent only 10% of the total.

Outlook for the year 2025

Toyota Vehicles

The good sales volumes achieved by the electrified models provide a situation of relative comfort regarding the fulfillment of the CO2 targets set for 2025, which, together with the volume of orders in the portfolio, are indicators of increased sales compared to the previous year, in line with market growth.

The priorities and overall objectives defined also include:

Continue to invest in the brand's image and value, strengthening its leadership in terms of reducing emissions, through a diversified portfolio of vehicles with various electrification technologies: hybrid (HEV), plug-in hybrid (PHEV), battery electric (BEV) and hydrogen fuel cell electric (FCEV).
Capitalize on the offer of an extensive and attractive range of SUVs (Sport Utility Vehicle), covering all market segments and electrification technologies.
Maintain the focus on the commercial vehicle range, continuing the strong position achieved in this segment and exploring new segments and areas of activity, through the new electric versions in the Proace, Proace City and Proace Max ranges.
To continue to expand a wide range of accessible and flexible mobility solutions, in true

³ ACAP – July 2025 Report

communion of efforts with our business partners such as Toyota Financial Services and GSC's Mobility company, Kinto Portugal.

Lexus Vehicle Import and Distribution Activity

The first half of 2025

Framework of the Premium Car Market

The Premium Market, in contrast to the passenger car market, recorded a slight drop of 1%, mainly influenced by the significant drop of two brands present among the five best sellers.

Lexus Vehicles

Lexus has continued its good performance in 2024, recording 13% growth and a corresponding increase in market share to 1.1%.

This result was supported by the improved supply availability of the NX plug-in model and the successful launch of the LBX model, which, by positioning the brand in the B SUV segment, allowed the exploration of a new segment and the corresponding capture of new and younger customers for the brand.

Alongside the success of the LBX model, which is more geared towards the private customer, the NX plug-in model has also strengthened its position within the corporate market, in the D

⁴ ACAP – June 2025 Report

Premium SUV sub-segment. It should also be noted that Lexus sales are already entirely made up of electrified models.

Outlook for the year 2025

Lexus Vehicles

For the second half of the year, the good performance recorded until June is expected to continue, based on the higher number of sales of BEV vehicles, in this case the RZ300e, along with the growth in sales of PHEV vehicles covered by tax benefits.

The priorities and overall objectives defined also include:

Maintaining the strong commitment to offering multiple powertrain solutions, based on HEV, PHEV and BEV technologies.
Continuing to expand a wide range of accessible and flexible mobility solutions, in true communion of efforts with our business partners such as Lexus Financial Services and GSC's Mobility company, Kinto Portugal.

Toyota and Lexus After-Sales Activity

The first half of 2025

The first half of 2025 proved to be very positive in terms of after-sales activity.

⁵ ACAP – June 2025 Report

The sustained growth in the sales of new and used vehicles over the last few years, combined with the various customer retention initiatives carried out by the brands, has resulted in a growth in the entry of customers in the after-sales service of the Dealer Network of approximately 5%, compared to the same period in the previous year.

Collision services have accompanied this growth, which reflects the attention that has been devoted to this aspect of the business, in particular with the promotion of Toyota / Lexus Insurance.

The After-Sales area of Toyota Caetano Portugal earned a total of 27.5 M€ in the first half of 2025.

The commercial activity of parts, excluding parts under warranty and services, totaled 22.7 M€. This figure translates into a growth of 9.2% compared to the same period in 2024.

The 10-year retention rate for Toyota vehicles at the brand's workshops stood at 68.2%, while for Lexus vehicles it reached 88.3%, showing an increase compared to the same period of the previous year. As this is the main axis of the brands' After-Sales strategy, investment in the customer experience has been reinforced, particularly with regard to the treatment of the Voice of the Customer in order to improve recommendation rates and consequently enhance customer loyalty to the brands' services.

The various initiatives carried out during the 1st semester, always focused on improving the service provided to customers, allowed the results already mentioned to be obtained. We highlight the main initiatives:

The 5+ Service, a key tool to ensure the attractiveness of the Toyota service for vehicles over 5 years old, now has a segmentation for vehicles over 10 years old.
Development of the Express Service Fast Track which allows maximizing the sale of service per work bay, providing the customer with greater flexibility in schedules and the possibility of waiting for the service to be performed.
Active promotion of Toyota Relax / Lexus Relax, focusing on the benefit and ease of warranty activation up to 10 years of age.
Promotional campaigns for the replacement of components essential to the proper functioning of vehicles, such as activated carbon filters, wiper blades and rubbers, engine cleaning additive, tires, shims and brake discs.
Carrying out campaigns to boost the sale of pieces over the counter.
Programs to boost tire sales.

	2025	2024	Change (%) 2025 / 2024
Sale of Parts	22 692 641 €	20 779 373 €	9,21%

Outlook for the year 2025

There is a set of initiatives scheduled to start in the second half of the year, aimed at the Dealer Network, which should have a positive impact on customer experience, contributing to reinforcing not only the retention arguments, but also commercial performance:

The new parts ordering and management system will be available to the entire network of authorized Toyota/Lexus Dealers and Repairers between the months of July and September. In the last quarter it will be expected that it will be possible to take advantage of the tool's potential in terms of improving the service rate and saving time and resources in the daily scheduling of the workshop service.
The testing phase of the new active reception tool will start with a new interface and deeper interconnection of systems, which will allow a more accurate diagnosis of needs, as well as the respective monitoring throughout the vehicle's life cycle.
The After-Sales requirements program has been revised in order to adapt to the new demands of the business, namely digitalization. The start of implementation is scheduled for the last quarter and gains are expected in terms of workshop organization and customer experience.

Toyota & Lexus Accessories Activity

The first half of 2025

In the first half of 2025 there was an increase in turnover of around 0.5 Mio€ (+23.8%) compared to the first half of 2024. The increase in sales of electric and light goods vehicles contributed to this growth, vehicles that usually have a high incorporation of accessories. The increased focus on merchandising, as well as the incorporation of accessories in the demonstration and exhibition vehicles also contributed to this improvement in results.

	2025	2024	Change (%) 2025 / 2024
Sale of Accessories	2 584 179 €	2 087 338 €	23,80%

Outlook for the year 2025

Maintain commitment to the new vehicle channel since it produced good results during the first half of the year. The growth of online merchandising sales and the use of new platforms to support the sale of accessories will be points to consider throughout the second half of 2025.

Industrial Equipment Division

The first half of 2025

Market Framework for Cargo Handling Machinery

The Cargo Handling Machinery market, in the first half of 2025, recorded a mixed behavior considering the sources of information. According to available data considering actual values up to March and estimates for June, sourced from global WITS⁶, the market will have grown by about 18% compared to the same period last year.

Regarding FEM data⁷, responsible for the information on the import into Portugal of MMC⁸ of European origin and also considering real values up to March and estimates for June, a drop of 1%, compared to 2024 will have occurred.

		Market C	Orders
Cargo Handling Machines	2025	2024	Units variation (%)
Hadimida	Units	Units	2025 / 2024
FEM Data	2 128	2 144	-1%
WITS Data	3 547	2 998	18%

The sale of Cargo Handling Equipment is being significantly and increasingly influenced by the increasingly aggressive presence of Asian brands, mainly machinery originating in China, whose products have been registering significant qualitative evolutions. This has allowed them to gain

^<sup>6 World Integrated Trade Solutions

^<sup>7 European Material Handling Federation

^<sup>8 Cargo Handling Machines

^<sup>9 Actual to March and estimated to June

market share, particularly in electrical counterbalanced equipment where their sales already represent about 40% of the market.

Toyota Cargo Handling Machinery

For Toyota Caetano Portugal, the first half of 2025 was quite challenging and despite the efforts made, it was not possible to maintain the level of performance. There was a significant decrease in equipment orders from 580 in 2024 to 337 in 2025.

The market share also reflects this decrease, having decreased from 27% to 15.8% (FEM) and from 19% to 9.5% (WITS).

			Market Orders			Toyota Orders
Cargo Handling Machines	2025	2024	Units		2025		2024	Share
	Units	Units	variation (%) 2025	Units	Share	Units	Share	variation (%) 2025 / 2024
FEM Data	2 128	2 144	-1%	337	15,8%	580	27,1%	-11,2%
WITS Data	3 547	2 998	18%	337	9,5%	580	19,3%	-9,8%

This decrease in orders is justified on the one hand by the difficulties already expressed above in relation to competition from Asian brands. On the other hand, in the first half of 2024, several medium-sized fleet deals were completed, which in 2025 took place in much smaller quantities.

Despite this decrease, Toyota positions itself as a premium brand, offering its customers a differentiating shopping experience and quality of service.

Outlook for the year 2025

The brand intends to maintain its strategy of focusing on customer satisfaction, the presentation of innovative and flexible proposals and the provision of an excellent service, consolidating its posture as a reliable partner.

To mitigate the impact of the weight of Asian brands on sales, and with the aim of maintaining market leadership, Toyota's strategy is to strengthen performance in complementary areas such as short-term rental and used/refurbished sales, which has been registering increasing momentum.

¹⁰ Actual to March and estimated to June

With regard to the sale of new equipment, Toyota's strategy is based on the focus on automation, with investment and allocation of resources for this new business area and is already taking the first steps in its development, thus intending to meet the growing market demand.

Sustainability continues to be a central theme for the organization, reinforcing commitment to the People, Planet and Profit trilogy, maintaining the continuous search for the optimization of results, both for the efficiency of processes and for the performance of its teams, always assuming its social responsibilities to all stakeholders.

Ovar Manufacturing Division

Projects Mobilizing/Green Agendas for Business Innovation

Toyota Caetano Portugal, through the Ovar Manufacturing Division, participates in the Mobilizing/Green Agendas for Business Innovation program integrated in Component 5 – Capitalization and Business Innovation of the Recovery and Resilience Plan (PRR), having integrated applications for Phase I "Declaration of Interest" (Notice No. 01/C05-i01/2021) and Phase II "Final Proposal" (Notice No. 02/C05-i01/2022), which were approved by IAPMEI.

In this sense, approval was obtained for two Agendas that, in addition to having a strong orientation towards strengthening the competitiveness and resilience of the Portuguese economy through, namely, the increase in exports of goods and services, the increase in investment in R&D, the change in the specialization profile of the Portuguese economy, through investment in higher value-added and knowledge-intensive activities, oriented towards international markets and the creation of qualified jobs, they also seek to promote the decarbonization of the economy and the energy transition, aiming at carbon neutrality by 2050, as provided for in the National Energy and Climate Plan 2030 (PNEC 2030).

Energy Transition Alliance

Within the scope of this Agenda, TCAP advocated the electrification of the Toyota LC 70, produced at the Ovar plant, with a view to replacing the traditional internal combustion engine and related components with a powertrain and electric batteries. In this sense, the development and prototyping of 2 units of the electric Toyota LC 70 was successfully carried out, followed by testing, which is still ongoing, of one of the prototypes in a real environment at a customer in the mining industry (Somincor). In addition, a set of strategic investments were initiated in order to enable TCAP with the infrastructures and technological means for the efficient and sustainable production of the new electrified vehicle model, involving the installation of photovoltaic panels for energy generation for self-consumption (capacity of 351 Mwh – 1st phase) and electric chargers for charging vehicles, culminating in the production of 5 units of the electric Toyota LC70, of which 2 have already been sold to a mining equipment supplier in Canada.

In this way, TCAP positions itself as the first factory in the world to produce an electric version of the Toyota LC 70, which, in addition to ensuring the high robustness and durability characteristic of this model, configures a more environmentally friendly vehicle. It should be noted that the application of this new vehicle in the mining sector is expected, contributing to the decarbonization of this sector.

This project will involve an estimated investment of around €3.9 million, to be carried out in the period from 2022 to 2025, with an estimated non-refundable incentive of €1.3 million, with the remaining amount being financed with the Company's own resources (self-financing).

The Land Cruiser Electrification project is currently technically consolidated and ready to move on to larger-scale production, depending only on the completion of new orders from the market. Investments are still underway for the decarbonization of the production process, which are expected to be executed by June 30, 2026.

BeNeutral

As part of this Agenda, TCAP completed in the 1st half of the year the development and production of 260 units of the APM11, a small electric utility vehicle for large events (L7E model), which was on display at the Paris 2024 Olympic Games, and which served as a proof of concept for the development of a new commercial vehicle with high potential to support more sustainable urban mobility (L7E Legacy model).

It should be noted that the project has the participation of CEIIA as a co-promoter. In addition, strategic investments were made in order to enable TCAP with the infrastructures and technological means for the industrialization of the new small electric utility vehicle for large events (model L7E) and the new commercial vehicle (model L7E Legacy), still under development.

At this level, it should be noted that there was a significant increase in the development costs of the L7e and L7e Legacy vehicles compared to the initially planned budget, given the greater

¹¹ Accessible People Mover

complexity associated with the development of these vehicles, so TCAP formalized a request for amendment to IAPMEI, which is still under evaluation, in order to reinforce the planned budget.

After the requested reformulation, this project will involve an estimated investment of around €21.8 million, to be carried out in the period from 2022 to 2025, with an estimated nonrefundable incentive of €8 million, with the remaining amount being financed with the Company's own resources (self-financing).

The first half of 2025

In the 1st half of 2025, the TCAP EMCnize project began, the result of an evaluation carried out at the Ovar plant by TMC12 and TME13, with the aim of aligning the factory's daily practices with the standards of an EMC14 in the different areas of the organization. In this way, an action plan was prepared, which is already in execution, which provides for a global level up of the factory and is based on two major pillars:

Training Human Resources in order to enable them with Toyota best practices in various areas of management (quality, maintenance, production control, human resources, among others).
Structural investments, namely in the area of painting, will strengthen the production process and prepare the factory for new projects.

This investment supported by TMC is a sign of confidence in the relations between Toyota Caetano Portugal and that company.

Also in the first half of 2025, Toyota Caetano Portugal – Ovar Plant had the honor of organizing the European Convention of QCCs (Quality Control Circles), which was attended by TME's top management, TMC representatives and members of various Toyota manufacturing units from several parts of Europe and South Africa. The QCCs are a continuous improvement practice that aims at the development of its members through structured problem solving. This methodology, in addition to strengthening teamwork, promotes a culture of constant improvement that must be incorporated as an integral part of daily professional life. This event was thus a unique

¹² Toyota Motor Corporation

¹³ Toyota Motor Europe

¹⁴ European Manufacturing Company

opportunity for participants to visit the Company's facilities, share the good practices developed and present their improvement projects; it was also a moment when TCAP had the opportunity to demonstrate its identity, highlighting the work done, the organizational culture and its continuous commitment to the search for excellence and continuous improvement.

Production Indicators

The Ovar Plant produced 1,597 units of the Land Cruiser vehicle (LC70) in the 1st half of 2025, representing an increase of 82.1% compared to the same period of the previous year. This growth is mainly related to the recovery of units that were pending in 2024. It is also important to note that in the 1st half of 2024 there was a drop in the number of orders due to weak demand in the destination market; In 2025 the number of orders is in line with what was anticipated.

In order to cope with the high volume of production and in order to reduce the lead time of delivery of vehicles to the customer, it was necessary to reinforce the production capacity of the line to 16 units per day. In the Toyota vehicle activity, in the areas of Postproduction Options (assembly of options locally) and Pre-Delivery Inspection (preparation for delivery) – PPO / PDI – 7,188 units were transformed and prepared, which represents an increase of 13.3% compared to the same period of the previous year. This growth was driven by the transformations in the Proace City model and by the execution of various technical campaigns.

It is also important to highlight the following events that occurred during the 1st semester:

Visit by Mr. Kazunori Takagi, Vice President Manufacturing at TME, to monitor the ongoing actions, evaluate the implementation of operational improvements and strengthen alignment with the organization's strategic objectives.
Visit by Mr. Imura, Chief Operating Officer of TMC.
Visit by Mr. Kaneda, Deputy General Manager of TMC, Mr. Vimla Govender, representative of the Manufacturing Development Department of TMC, Mr. Yoshikazu Tameike and Mr. Mitsuru Nakamura, representatives of TMC, in order to observe the assembly process and learn about the training practices related to TPS (Toyota Production System). These visits contributed to the reinforcement of continuous improvement and alignment with Toyota's global standards.
APCER Audit of the Integrated Management System for Quality, Environment, Safety and Health at Work, regarding the renewal, maintenance/change of the scope of certification by

the NP EN ISO 9001:2015 (Quality Management System) and NP EN ISO 14001:2015 (Environmental Management System) standards.

Outlook for the year 2025

The expectation for the LC70 activity by the end of 2025 is the consolidation of the process KPIs, to which it is expected that the EMCnize Project will contribute significantly. Several trips of TCAP staff are scheduled throughout Europe, with emphasis on the United Kingdom, as well as Japan, with the aim of acquiring know-how and strengthening the organizational structure.

In relation to the other activities, we do not foresee significant fluctuations that would alter the usual operation.

The Factory's goal is to continue to offer a high-quality product and ensure full satisfaction of our customers, with a constant focus on safety and product excellence. We recognize the challenges ahead, namely the difficulty in hiring skilled labor and the instability of logistics routes, but we believe that we will be able to successfully overcome these obstacles.