Slides
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2Q25 Results Presentation BR-101/ES highway | Ecovias 101
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Highlights Agenda 2Q25 Results Operational and financial performance Sustainability 2 Capex and debt
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Highlights June 2025 Ecovias 101: bidding process concluded, with new contractual conditions and value creation July 2025 Dividends: payment approved by the Board of Directors and set for August 29 (ex-dividend date: August 5) Adjusted EBITDA Comparable traffic Adjusted Cash Costs (ex-Ecoporto) 3 R$1.4 billion in 2Q25 Margin: 74.9% R$204 million in 2Q25 R$351 million in 1H25 R$1.2 billion in 2Q25 R$2.1 billion in 1H25 Net income R$2.6 billion in 1H25 Margin: 75.1% Investments Projects delivered in 1H25: 34 km of widened roads, additional lanes, frontage roads, 2 overpasses and 11 intersections +5.4% in 2T25 -1.1% in 1H25 Driven by heavy vehicles Inflation (IPCA) of 5.4% in the last 12 months +3.3% in 2Q25 +4.6% in 1H25
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Highlights Agenda 2Q25 Results Operational and financial performance Sustainability 4 Capex and debt
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57.2 80.4 118.5 144.5 95.2 113.4 182.7 208.6 152.4 193.8 301.3 353.1 2Q24 2Q25 1H24 1H25 Light vehicles Heavy vehicles OPERATIONAL PERFORMANCE | TRAFFIC Growth of 3.3% in comparable traffic1 in 2Q25 and 4.6% in 1H25, mainly due to the increase in heavy vehicle traffic, with Ecovias Norte Minas driving such growth (+13.5%) in 2Q25 Consolidated Traffic (equivalent paying vehicles x million) 52.7 53.6 109.4 112.1 85.1 88.7 163.5 173.4 137.8 142.3 272.9 285.6 2Q24 2Q25 1H24 1H25 Light vehicles Heavy vehicles Comparable Traffic1 (equivalent paying vehicles x million) +19.1% +40.7% +14.1% +21.9% +27.2% +17.2% 5 (1) Excluding Ecovias Noroeste Paulista and Ecovias Raposo Castello. +4.2% +1.7% +6.1% +2.5% +3.3% +4.6%
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FINANCIAL PERFORMANCE | NET REVENUE Increase of 17.1% in adjusted net revenue in 2Q25 and 13.4% in 1H25, driven by traffic, toll tariff adjustments and start of toll collection by Ecovias Noroeste Paulista and Ecovias Raposo Castello Adjusted Net Revenue¹ – 2Q25 (R$ million) (1) Excluding Construction Revenue. (2) Considering ECS, the holding company and eliminations. 6 1,553.8 257.9 5.5 3.7 (2.0) 1,818.9 Adjusted Net Revenue 2Q24 Δ Highway Concessions Revenue Δ Ecoporto Revenue Δ Ecopátio Revenue Δ Other² Adjusted Net Revenue 2Q25 6.1% 0.2% 11.8% 8.0% 10.2% 10.8% 71.9% 81.0% 2Q24 2Q25 AVI (Automatic Vehicle Identification) Debit/Credit Cards | Digital Wallets Cash payments Toll payment vouchers and others Distribution - toll collection methods (%) Adjusted Net Revenue¹ – 1H25 (R$ million) 3,075.4 388.4 28.9 (0.3) (4.7) 3,487.7 Adjusted Net Revenue 1H24 Δ Highway Concessions Revenue Δ Ecoporto Revenue Δ Ecopátio Revenue Δ Other² Adjusted Net Revenue 1H25 +17.1% +13.4% 91.8%
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412 458 845 873 2Q24 2Q25 1H24 1H25 Cash costs / Adjusted Net Revenue2 (%) FINANCIAL PERFORMANCE | CASH COSTS Reduction of 1.1% in adjusted cash costs (ex-Ecoporto) in 1H25, as a result of efficiency initiatives, synergies, digital transformation and innovation measures implemented by the Company (1) Excluding costs and expenses at Ecocataratas, Ecovia Caminho do Mar, Ecovias Noroeste Paulista and Ecovias Raposo Castello. (2) Excluding Construction Revenue. 35.3% 28.7% 27.5% 25.0% 2022 2023 2024 1H25 -2.5 p.p. -10.3 p.p. 319 336 658 65165 70 127 143 384 407 785 793 2Q24 2Q25 1H24 1H25 Adjusted Cash Costs ex-Ecoporto Ecoporto Cash Costs Adjusted Cash Costs (R$ million)1 Cash Costs (R$ million) +11.2% ✓ Synergy between organizational structures and Consolidation of Operational Control Centers - São Paulo Operations Center ✓ Automation of toll collection – self-service booths, autonomous booths and free flow gantries ✓ Implementation of MDF-e and HS-WIM (High-Speed Weigh-In-Motion system for trucks) Reduction of 10.3 p.p. compared to 2022, driven by the following initiatives: 7 +3.3% +5.4% -1.1% Inflation (IPCA) of 5.4% in the last 12 months
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FINANCIAL PERFORMANCE | ADJUSTED EBITDA Increase of 19.0% in adjusted EBITDA in 2Q25 and 17.2% in 1H25, driven by traffic growth, toll tariff adjustments and start of toll collection by Ecovias Noroeste Paulista and Ecovias Raposo Castello (1) Excluding Construction Revenue and Costs and Provision for Maintenance. 8 1,145.9 1,363.2 2,234.7 2,618.2 2Q24 2Q25 1H24 1H25 72.7% 75.1% 73.8% 74.9% Adjusted EBITDA¹ (R$ million) Adjusted EBITDA | Highway concessions¹ (R$ million) +19.0% +17.2% Adjusted EBITDA Adjusted EBITDA Margin 1,099.6 1,306.9 2,152.9 2,505.0 2Q24 2Q25 1H24 1H25 Adjusted EBITDA Adjusted EBITDA Margin 74.0% 75.9% 75.0% 75.8% +18.8% +16.4%
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FINANCIAL PERFORMANCE | NET INCOME Operational performance drives EBITDA, while investments in expansion and the high interest rate environment are reflected in profit (1) Considering net income attributable to controlling shareholders. (2) Excluding Construction Revenue and Costs and Provision for Maintenance. 9 Net Income¹ – 2Q25 (R$ million) Net Income¹ – 1H25 (R$ million) -23.9% -29.8% 268.1 217.3 (99.2) 3.2 (211.7) 17.7 9.1 (0.5) 203.9 2Q24 Net Income Δ Adjusted EBITDA¹ Δ Depreciation and Amortization Δ Provision for Maintenance Δ Financial Result Δ Income Tax/ Social Contribution Δ Minority interests Δ Discontinued operations 2Q25 Net Income 499.4 383.5 (185.7) 7.9 (422.8) 43.4 25.3 (0.5) 350.6 1H24 Net Income Δ Adjusted EBITDA¹ Δ Depreciation and Amortization Δ Provision for Maintenance Δ Financial Result Δ Income Tax/ Social Contribution Δ Minority interests Δ Discontinued operations 1H25 Net Income
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Highlights Agenda 2Q25 Results Operational and financial performance Sustainability 10 Capex and debt
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1,023.6 1,171.9 1,828.6 2,115.4 2Q24 2Q25 1H24 1H25 Capex1 (R$ million) Capex per concession (2Q) CAPEX Investments of R$1.2 billion in 2Q25 and R$2.1 billion in 1H25. In 1H25, the Company delivered 34 km of widened roads, additional lanes and frontage roads, and implemented two overpasses and 11 intersections (including access ramps, turnaround roads, roundabouts, etc.). +15.7% 11 (1) Excluding the fixed concession fee of R$2,268.2 million paid by Ecovias Raposo Castello to the concession authority. +14.5% 22 4 16 21 28 55 57 63 67 82 91 145 163 373 Other Ecoporto | Ecopátio Ecovias Raposo Castello Ecovias Ponte Ecovias Sul Ecovias Minas Goiás Ecovias Araguaia Ecovias Leste Paulista Ecovias 101 Ecovias Cerrado Ecovias Imigrantes Ecovias Norte Minas Ecovias Noroeste Paulista Ecovias Rio Minas 58% of capex
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CAPEX 12 Investments in road widening and the addition of third lanes continue progressing in the new concessions, ensuring smoother traffic flow and greater safety for users Ecovias Noroeste Paulista Expansion works for third lanes on the Washington Luís highway in São José do Rio Preto/SP Ecovias Rio Minas Construction of a vehicular underpass and Mechanically Stabilized Earth (MSE) structure on Presidente Dutra highway Ecovias Minas Goiás Road widening works on BR-050 highway in Catalão/GO Ecovias Norte Minas Road widening works on BR-135 highway in São José da Lagoa/MG
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FINANCIAL PERFORMANCE | DEBT More efficient capital structure, aligned with cash generation from assets. Pro forma leverage ratio reached 3.6x in 2Q25, in line with expectations, considering the annualized adjusted EBITDA of Ecovias Raposo Castello. 13 14,812 65% 6,891 30% 1,209 5% IPCA/TLP CDI/Fixed-rate TJLP Consolidated Indicators (EcoRodovias Infraestrutura e Logística) Debt 6/30/2025 3/31/2025 Chg. Gross Debt (R$ billion) 22.9 23.0 -0.5% Net Debt (R$ billion) 19.7 19.0 4.2% Net Debt/ Adjusted EBITDA 3.9x 3.9x 0.0x Net Debt / adjusted EBITDA (EcoRodovias Concessões e Serviços) Gross Debt by Indexer (R$ million and % - Jun/25) Breakdown of Net Debt (%) Liability Management: as of 2023, EcoRodovias optimized its capital structure, increasing the share of net debt in highway concessions. In 2Q25, net debt of highway concessions reached 71% of the total (+30 p.p. vs. December 2022) Debt 6/30/2025 3/31/2025 Chg. Net Debt / Adjusted EBITDA 3.9x 3.9x 0.0x 41% 64% 62% 71% 35% 18% 25% 20%9% 6% 3% 1%15% 12% 10% 8% Dec 2022 Dec 2023 Dec 2024 Jun 2025 Holding do Araguaia EcoRodovias Infraestrutura e Logística and Ecoporto EcoRodovias Concessões e Serviços Highway Concessions
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FINANCIAL PERFORMANCE | DEBT AMORTIZATION SCHEDULE 14 Gross Debt Amortization Schedule (R$ million) Borrowings for Ecovias Rio Minas and Ecovias Noroeste Paulista extend the debt maturity profile Ecovias Noroeste Paulista's bridge loan, due in September 2025 (3Q25), will be repaid through a long-term financing, which is currently in an advanced stage of structuring 3,167 481 240 1,315 2,383 885 2,964 1,223 2,305 1,710 1,409 880 4,850 2,267 Cash 3Q25 4Q25 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 to 2051 2,748 Ecovias Noroeste Paulista
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Highlights Agenda 2Q25 Results Operational and financial performance Sustainability 15 Capex and debt
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Sustainability Highlights Score B Rating AA Best of ESG Award 2025 In June 2025, EcoRodovias won the Transportation and Logistics category of the Best of ESG 2025 Award, organized by Exame magazine in partnership with BTG Pactual. The award stands among Brazil's most significant sustainability recognitions. Environmental Performance Index In June 2025, the federal concessions of EcoRodovias once again stood out for their excellence in environmental management, according to the Environmental Performance Index (IDA) of the National Ground Transportation Agency (ANTT): • 1st: Ecovias 101 and Ecovias Cerrado • 2nd: Ecovias Minas Goiás, Ecovias Ponte and Ecovias Rio Minas • 3rd: Ecovias Araguaia • 5th: Ecovias Sul Building the Future Program In June 2025, EcoRodovias completed the Building the Future program – "Black talent in the operation" edition. The program has already shown measurable outcomes, with participants advancing into leadership roles. 16
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Disclaimer This presentation contains forward-looking statements concerning the business prospects, estimates of operating and financial results and growth prospects of EcoRodovias. These are based solely on the current expectations of EcoRodovias management, as well as its awareness of the future of the business and its access to capital to finance the Company's business plan. These statements depend on market conditions, regulatory and governmental measures, competition and performance of both the concession sector and the Brazilian economy, which could differ considerably in relation to the current scenario. Thus, these and other factors, in addition to the risks mentioned in the documents disclosed and filed by EcoRodovias, are subject to change without prior notice. As a result, future events or actual results may differ materially from those described in, or based on, the forward-looking statements contained herein. As such, readers or investors should not place undue reliance on such forward-looking statements. Under no circumstances should this presentation be interpreted as an offer or invitation to sell, buy or subscribe to any security issued by EcoRodovias or its subsidiaries. Rua Gomes de Carvalho, 1.510 3rd floor, São Paulo – SP - Brazil invest@ecorodovias.com.br Website Email www.ecorodovias.com.br/ri Address Telephone +55 11 3787-2683 | +55 11 3787-2612 +55 11 3787-2674 | +55 11 3787-2686 Contact IR