Slides
Page 1
1 Capital Markets Day | 2025 Agenda 9:00 > 9:40 AM Motiva at a glance, Strategic pillars and 2035 Ambition Miguel Setas 09:40 > 10:20 AM Superior Efficiency, Finance, and Capital Allocation Waldo Perez CAPEX Excellence Flávio Pimentel 11:10 > 11:30 AM Cross-functional Agendas Panel: People Raquel Cardoso Regulatory Roberto Penna 11:30 > 12:00 PM Q&A 12:30 > 03:30 PM Site Visit - Lines 8 and 9 Pre-registration required. Subject to availability 10:20 > 10:30 AM Airports Platform Waldo Perez 10:30 > 10:50 AM Toll Roads Platform Eduardo Camargo 10:50 > 11:10 AM Rails Platform André Salcedo
Page 2
Motiva at a glance Miguel Setas 1
Page 3
Capital Markets Day | 2025 Advisory CommitteesBoard-Motiva Miguel Setas CEO 2 1. Reporting directly to AC- Motiva specifically on compliance issues Executive Board 2024-2026 Term Waldo Perez VP , Finance, Investor Relations and CEO Airport Platform Raquel Cardoso VP , People and Organizational Development André Salcedo CEO, Rail Platform Roberto Penna VP , Legal Affairs, Governance, Compliance¹, and Government Relations Pedro Sutter Innovation, Technology, Risk and Sustainability Eduardo Camargo CEO, Toll Roads Platform
Page 4
Capital Markets Day | 2025 3 ~16 thousand employees Portfolio duration: ~18 years (+9 years vs. 2020) Adjusted EBITDA LTM (Jun/25): BRL 9.3 Bn (+7.0% YOY) CAGR (JUN/25)2 >10% Market CAP3 ~BRL 31 Bn (sep/25) TSR: 53% YTD ~25% since 20233 Rating 4: AAA MSCI: AA 1.3 Bn equivalent axes1 per year Leader in revenue in Brazil 750 Million passengers per year on 189 km of rails managed in Brazil Leader in Brazil and 7th largest private operator worldwide in PAX 43 Million passengers transported per year at airports 3rd largest operator in Brazil in PAX Motiva in numbers 1. One light vehicle equals one heavy vehicle axle | 2. CAGR over the last 24 months| 3.September 19, 2025 vs September 28, 2023 | 4. Fitch and S&P
Page 5
Capital Markets Day | 2025 85 82 91 92 95 67 53 54 50 45 35 36 35 53 49 77 110 128 133 146 146 135 110 106 120 121 124 136 154 173 212 201 195 210 224 239 241 202 164 160 171 165 159 172 189 226 261 278 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (E) Public Private TOTAL 7.7 East Asia and Pacific 6,9 Middle East and North Africa 5.0 Europe and South Asia 4.0 Central Asia 2.8 Latin America 2.2 Brazil Regional average (% of GDP) 500 264 98 89 53 Gap of ~BRL 500 Bn/year Transport/Logistics Energy Telecommunications Sanitation ~52.5% of investment needs relate to transportation/logistics 4 Infrastructure on the rise: record investment outlook of ~BRL 280 Billion in 2025 Source: Cláudio R. Frischtak, 2009; IPEA; Inter.B – Carta de Infraestrutura 2014, 2018 and 2019; IHS Markit; Fay and Others (2017); World Bank; ABDIB
Page 6
What's new? vs 2023 5 Capital Markets Day | 2025 Value creation through more focused and synergistic growth Portfolio simplification unlocking value Acceleration of greater efficiency Investment in innovation towards industry 5.0 Greater ambition for sustainability and social impact Organizational evolution to align with the new strategy
Page 7
Miguel Setas 6 Strategic Pillars Balance since 2023
Page 8
Capital Markets Day | 2025 Recap of strategic pillars defined in 2023 7 1 2 3 4 5 6 Profitable and selective growth Optimized portfolio Superior efficiency Optimized capital structure and attractive returns Leadership in sustainability Distinctive competencies Leading the mobility sector, with focus on creating sustainable value
Page 9
New strategy New culture Value Acceleration Plan with over 20 work fronts New organization 3 Fundamentals of transformation 8 Capital Markets Day | 2025
Page 10
Capital Markets Day | 2025 9 1 CCR acronym associated with the toll roads segment 2 New name Derived from the Latin “motivus” , meaning “that which moves” 3 Visual identity inspired by the curves of Brazilian modernist aesthetics 4 Architecture that brings together the various companies under a single visual identity 5 Rebranding timeline phased over two years Rebranding as a catalyst for transformation
Page 11
Premium concessions awarded: Sorocabana and PRVias Adjusted EBITDA growth: CAGR1 >10% CAGR of ancillary revenues of 17% (1H25 vs 1H23) +2p.p. increase in share of total revenues (8% in 1H25 vs. 6% in 1H23) Disciplined participation in auctions over the last 18 months: Hit Ratio: 30% participation 43% success rate 1. Profitable and selective growth 1. CAGR calculated based on LTM Adjusted EBITDA (as of 1H25), over a 24-month period Capital Markets Day | 2025 10
Page 12
Capital Markets Day | 2025 2. Optimized portfolio 11Capital Markets Day | 2025 Barcas divestment 14 rebalancing and contractual addendum totaling ~BRL 4 Bn since 2023MSVia contract optimization Asset recycling¹ over BRL 600M since 2023 1. Including the sale of SAMM, TAS, and Quicko
Page 13
Digitalization and automation ~10% HC reduction vs. dec/2023 Potential 1-year anticipation of OPEX(Cash)/NR <38% for 2025 CAPEX Assertiveness BRL 7.3 Bn (+18% 2024 vs 2023) Physical execution of 94% (vs ~90% in 2023) ~17% per kWh reduction in energy costs Capital Markets Day | 2025 12 3. Superior efficiency 1. Headcount base jun/25
Page 14
Extension of debt duration 5.6 years (vs. 3.8 years 1H23) Holding company net debt¹ down 23% vs. jun/23 Largest infrastructure debenture (RioSP – BRL 9.4 Bn), spread aligned with business plan ~BRL 560M NPV gains² from liability management Debt cost spread reduced by 1.1 p.p. TSR: 53% YTD ~25% since 2023³ 4. Optimized capital structure with attractive returns 1. Period considered: jun/25¹ | 2. Period under review jan/24 – jun/25 | 3. September 19, 2025 vs September 28, 2023 Capital Markets Day | 2025 13
Page 15
5. Sustainability leadership Culture of Integrity and safety Positive Impact on Society Sustainable management of value chain Reducing climate risk and environmental footprint Valuing people • 55% reduction in Scope 1 and Scope 2 estimated for 2025 (2019 baseline) • 100% renewable energy reached in 2024, one year ahead of target • Climate resilience plans defined for critical assets (~5 thousand plans) • 56% of suppliers aligned with the Sustainable Procurement Program by jun/25 surpassing the 50% target for the year • Investments of R$172 million by jun/25 (since 2023) • In 2025, engagement above 75 points • 35% women in leadership positions and 47% representation of multiracial groups in the company by jun/25 • LTIFR for employees at 1.1 by jun/25 (vs. 2.4 in 2023) • LTIFR for as a third parties at 2,8 by jun/25 (vs. 10.1 in 2023) 14 Capital Markets Day | 2025
Page 16
Capital Markets Day | 2025 6. Distinctive competencies • BRL 1 Bn in TOTEX over the last two years • Innovation Center created • Digital Hub launched • 12 Gen AI use cases being implemented Technology • Strengthening of C-LEVEL and talents • Leadership development • Cultural Transformation • Trainee Program People 15 Strategy Enablers Capital Markets Day | 2025
Page 17
VALUE GENERATION LEADERSHIP IN SUSTAIN - ABILITY STRONG BALANCE SHEET PROFITABLE AND SELECTIVE GROWTH >10% in 1H25 vs. 1H23 Potential one-year anticipation to 2025 of ratio <38% ~25 since strategy launch 8%(+2 p.p. 1H25 vs. 1H23 23% reduction Early delivery 2035 Ambition Key Advances since 2023 16 Early delivery Minimum High Single Digit CAGR of adjusted EBITDA Revenues from Adjacent Businesses > 10% of total revenue vs. ~6% currently TSR greater than the Cost of Capital 50% payout target Superior efficiency 1st quartile international benchmark OPEX (CASH) / NR ratio <35% Target leverage 2.5x – 3.5x Capital Recycling potential BRL 5 Bn - BRL 10 Bn Zero net debt at holding company AAA credit rating 100% renewable energy (2024) Climate Resilience (100% of assets)¹ Carbon Neutrality with positive NPV (Scopes 1 and 2) ~55% reduction (2019 baseline) Delivered In progress 3,7x 2Q25 1. Considering only critical assets
Page 18
17 Miguel Setas 2035 Ambition Revisited
Page 19
Capital Markets Day | 2025 Value creation and controlled risk Strategy Pipeline of opportunities Focus on premium assets in strategic geographies Focused and synergistic growth within current footprint Value unlocking and portfolio simplification Toll Roads ~BRL 100 Bn¹ Rails ~BRL 60 Bn Airports Contractual investments Growth strategy evolution Portfolio simplification with more focused profitable growth, ensuring value creation and controlled risk 18 1. Contract optimizations Toll Roads Rails Airports
Page 20
VALUE GENERATION LEADERSHIP IN SUSTAIN - ABILITY STRONG BALANCE SHEET PROFITABLE AND SELECTIVE GROWTH Main levers in the context of portfolio simplification Strengthening the 2035 ambition 19 100% renewable energy (2024) Target leverage 2.5x - 3.5x Minimum High Single Digit CAGR of adjusted EBITDA Potential capital recycling BRL 5 Bn – BRL 10 Bn Climate Resilience (100% of assets)¹ AAA credit rating Zero net debt at holding company TSR greater than the Cost of Capital 50% payout target Double-digit ancillary revenues CAGR Carbon neutrality with positive NPV (Scope 1 and 2) In 2030 Cash OPEX / NR <30% In 2035 OPEX (cash) / NR <28% Cumulative investment of > BRL 1 Bn in innovation Zero accident culture TFCA <1 Social investment ~BRL 1 Bn 1. Considering only critical assets Maintained New
Page 21
Ancillary revenues >10% of total revenue in 2035 2023 Plan: 2025 Plan: 2035 ambition update Value creation through ancillary revenues Double-digit ancillary revenue CAGR in 2035 Simplified Portfolio 20 Capital Markets Day | 2025 Ongoing: Under evaluation: • Portfolio-wide energy strategy • E-tolling • Growth outpacing core business • Media and retail Enablers
Page 22
Capital Markets Day | 2025 2035 ambition upgrade Enablers: Operational efficiency Portfolio optimization and simplification Investment in innovation and technology Scale benefits Acceleration of efficiency goals OPEX (cash)/Net Revenue 21 <38% <35%<38% <30% <28% 25% 27% 29% 31% 33% 35% 37% 39% 41% 43% 45% 2025 2026 2030 2035 > BRL 1Bn accumulated in innovation (~ 0.5% of NR) >20% IRR projects <28% One year ahead of schedule NEWPREVIOUS
Page 23
Capital Markets Day | 2025 22 Master plan for innovation and technology focused on operational excellence (OPEX and CAPEX) Robotization/Automation IoTs and sensorization Big data & analytics AI & Gen AI > BRL 1 Bn in investments by 2035 (~0.5% NR) with IRR > 20% Energy transition New Materials 5.0 Industry Applied to smart infrastructure
Page 24
7.1 4.4 2.4 1.8 1.1 <1 2021 2022 2023 2024 YTD AMBIÇÃO EVOLUÇÃO TFCA AMBITIONJUN/25 Inclusion of LTIFR¹ <1 ambition (direct employees and third parties) Commitment to a zero-accident culture 23 Capital Markets Day | 2025 1. Lost Time Injury Frequency Rate 10.1 7.1 2.8 <1 2023 2024 JUN/25 AMBITION 2035 ambition upgrade LTIFR evolution Third partiesDirect Employees
Page 25
2035 ambition update Leading role in social impact through the Instituto Motiva 24 Capital Markets Day | 2025 2023 Plan: 2025 Plan: Enabled by incentive laws Social investment BRL 750M by 2035 Social investment ~BRL 1Bn by 2035 New strategy INSTITUTO MOTIVA Catalyst for more resilient, sustainable and inclusive cities
Page 26
Capital Markets Day | 2025 Evolution of the organizational model Holding company Strategic Architect Customer experience Innovation Technology and Digital Procurement Platforms Focus and autonomy Shared Services Center (SSC) Scale and competitiveness CAPEX Assertiveness and excellence Motiva businesses Value-add in adjacencies 25 New
Page 27
Capital Markets Day | 2025 Holding company Strategic Architect Customer experience Technology and Digital Procurement Platforms Focus and autonomy Shared Services Center (SSC) Scale and competitiveness 26 Evolution of the organizational model Innovation CAPEX Assertiveness and excellence Motiva businesses Value-add in adjacencies New
Page 28
Capital Markets Day | 2025 Why invest in Motiva? • One of the world's leading infrastructure concession programs • Stable and robust regulatory framework • Moderate competition Attractive sector • Financial discipline in capital allocation • Focus on superior efficiency (OPEX and CAPEX) • Multiple value creation options • Clear and predictable dividend policy • Aligned incentives Value creation • Premium assets in strategic locations • Resilient portfolio indexed to inflation • Reference shareholders • World-class governance • Excellence Team Leading platform 27
Page 29
Superior efficiency Waldo Perez 1
Page 30
Capital Markets Day | 2025 2 Back office Use of AI in legal processes and partnerships for on-site fleet refueling with cashback Contract management Contract redesign and process automation using AI (security, registration and customer service) Conservation Mechanized mowing and cleaning of artwork structures using drones Maintenance Maintenance monitoring technology tailored to actual asset condition Payments New payment methods (cashless), self-service, app and website-based payments Energy Self-production of wind energy towards decarbonization and cost reduction per MWh Implementation of efficiency levers in 2025 PhysicalProgress
Page 31
Capital Markets Day | 2025 OPEX (cash) / NR¹ 2022 2025(E) Potential early achievement of the 38% target in 2025 Cash cost (BRL Million) Total portfolio, excluding non-recurring effects -43 (-1%) 2.991 2.948 1H24 1H25 3 ~BRL 200 Million reduction in real terms 42.6% <38.0% 1. Last 12 months
Page 32
Finance Waldo Perez 4
Page 33
Maintained position with major Rating agencies Enabling broad access to credit Financial position under control and within company guidelines KPI’S GUIDELINES JUN/25 Duration (years) > 5 5,6 Debt / equity 60/40 61/39 Net Debt /EBITDA Adjusted LTM 2,5x a 3,5x¹ 3,7x AA+.Br / Stable AAA / Stable AAA / Stable 5 1. Self-imposed covenant Capital Markets Day | 2025
Page 34
Capital Markets Day | 2025 Acquisition of new assets Acquisition of new assets 2,7x 3,6x 2,9x 3,0x 3,3x 3,6x 3,7x Concessions awarded and their impact on leverage Net debt¹ (BRL Bn) Net Debt/ Adjusted EBITDA² LTMHolding Company net debt 2020 2021 2022 2023 2024 1Q25 2Q25 6 Sorocabana, Motiva Pantanal and PRVias EBITDA 1st Year (E) ~BRL 1.1 Bn Grant + contributions ~BRL 4.0 Bn 1 Net debt: loans and debentures – cash and cash equivalents – SWAPS | 2. Does not consider non-recurring effects (amendments and rebalancing) 13.6 20.9 20.8 23.3 27.3 31.2 32.3 17% 30% 27% 14% 12% 15% 16%
Page 35
Capital Markets Day | 2025 45% 40% 14% 1% Debt composition (with Hedge) 2Q25 TJLP IPCA USDCDI Debt cost 2Q25² CDI - 0.02% 6,6 1,0 1,0 3,3 4,0 3,6 4,7 2,3 1,7 18,0 0 2 4 6 8 10 12 14 16 18 20 Cash 2Q25 2025 2026 2027 2028 2029 2030 2031 2032 From 2033 Longer debt profile with refinancing risk under control ~BRL 560 Million NPV gain from liability management operations (jan/24 - jun/25) Cash Amortizations Amortization schedule¹ (BRL Bn) 2Q25 7 46% 1. Hedged amortization | 2. Considers only onshore debts
Page 36
Capital Markets Day | 2025 Clear and predictable dividend policy BRL Million Capital Markets Day | 2025 8 665 852 624 16% 50% 50% 2022² 2023 2024 Dividends¹ Payout DIVIDEND POLICY Div. Yield 2.6% 3.3% 2.6% 1. Dividend payments related to the end of each fiscal year | 2. Does not consider extraordinary profit reserves
Page 37
Capital allocation Waldo Perez 9
Page 38
Capital Markets Day | 2025 Robust governance Enhanced capital allocation framework Risk pricing 10 Core pillars of the capital allocation process focused on value creation
Page 39
Capital Markets Day | 2025 Capital Allocation Process CEO and CFO (platforms) New businesses team CFO Legal Officer Risk Officer Multidisciplinary holding team CEO and VPs 5 Board members NEW BUSINESSES INVESTMENTS COMMITTEE EXECUTIVE BOARD STRATEGY COMMITTEE BOARD OF DIRECTORS 11 FEL¹ Methodology 1. FEL (Front End Loading) methodology: Structured planning process for pre-implementation stages, focused on more assertive decision-making, risk reduction, and increased predictability of value and timeline. Robust governance backed by thorough assessment at each stage
Page 40
Consolidated view Impacts on CAPEX profile, leverage, and dividends Cash generation Payback e Time to Dividend Risk Analysis Risk quantification through probabilistic modeling Value generation and return NPV and IRR Sustainability Alignment with ESG criteria Strategic alignment Market, geography, Granting Authority, and synergies Capital Markets Day | 2025 12 Objective capital allocation criteria with an integrated business view
Page 41
Capital Markets Day | 2025 HIT RATIO (SUCCESS): 43% ACQUISITION OF PREMIUM ASSETS PIPELINE PRIORITIZATION AND STUDIES HIT RATIO (BID): 30% History over the last 18 monthsFEL 0 FEL 1 FEL 2 FEL 3 Over 25 projects 15 7 3 13 Selective process and focused on value generation FEL (Front End Loading) methodology: Structured planning process for pre-implementation stages, focused on more assertive decision-making, risk reduction, and increased predictability of value and timeline.
Page 42
CAPEX Excellence Flávio Pimentel 1
Page 43
Capital Markets Day | 2025 1,7 2,7 6,4 7,4 8,6 2021 2022 2023 2024 2025 (E)¹ CAPEX excellence through integration of Engineering, New businesses, Procurement, Risk, and Technology CAPEX expansion driven by premium concessions awarded 2 Physical vs. Planned Progress <80% <80% 90% 94% <95% 5X 1. Considering the BRL 362M renegotiation of Motiva Pantanal in 2025 BRL BN
Page 44
Capital Markets Day | 2025 Governance in the Pre-Bid Process Investment assertiveness with an integrated and strategic approach 3 Multidisciplinary team • Integration of diverse expertise • Strategic collaboration • Assertive Decision-Making • Lessons learned Engineering • Highly experienced team • Optimized solutions • Competitiveness and reliability in studies • Expert consulting partners Procurement • Integration with engineering • Project-aligned solutions • Strategic partnerships • Added value (value gain) Risk • Rigorous evaluation • Precise contingency planning • Quantification using models • Systematic monitoring Legal • Customized contracts • Detailed guarantee structures • Appropriate risk allocation
Page 45
Capital Markets Day | 2025 4 • FEL¹ Methodology • Integrated multidisciplinary team • PMO and risk management throughout the project lifecycle • Optimizing through alternatives studies and value engineering • Predictive CAPEX committee focused on efficiency and innovation • Ensured contractual compliance • Traceable and auditable processes • Digital Engineering & Construction 4.0 • AI-driven design layouts • Conditions Based Maintenance • Pavement laboratory for research on more sustainable materials • Integrated with engineering • Development of strategic partnerships • Early-stage and qualified negotiations • Management of strategic suppliers ProcurementInnovation and technology Contract management governance Engineering 1. FEL Methodology (Front-End Loading): Structured planning process for pre-implementation stages, focused on more assertive decision-making, risk reduction, and increased predictability of value and timeline. Capital Markets Day | 2025 Excellence throughout the entire CAPEX management process
Page 46
Capital Markets Day | 2025 Excellence in CAPEX management implements value-creation levers PN FEL 1 FEL 2 FEL 3 CONSTRUCTION OPERATION PMO & RISK MANAGEMENT Cumulative cost Influence on value 5 1st Cycle Emphasis on field studies and optimized solutions 2nd Cycle Emphasis on contract management with a focus on efficiency
Page 47
Capital Markets Day | 2025 100% 28% 70% 30% Value capture case with an integrated approach in airports First version of the project Optimized project Technical and operational adjustments (17%) • Modifications to flexible pavement solutions • Removal of service road Procurement (6%) • Direct billing Planning and organization of services (7%) • Material reuse Capital Markets Day | 2025 Levers 6
Page 48
Capital Markets Day | 2025 Scope optimization case in toll roads 8% Project with initial solutions Optimized Project 100% 92% Potential reduction through engineering solutions 23% reduction in soil treatment requirements 38% reduction in bridge length 34% reduction through removal of retaining structures Capital Markets Day | 2025 Levers 7
Page 49
Capital Markets Day | 2025 Platform-based contracting 67% 65% 51% 60% 70% 72% 48% 71% 64% 2026 2027 2028 Strategy focused on the assertiveness of CAPEX 8 55% 54%65%CURRENT¹ ~80% of 2026 CAPEX contracted by Dec 2025 1. Base: July 2025 | Airports considers only South Block, Central Block and Pampulha Toll Roads Rails Airports
Page 50
Capital Markets Day | 2025 Operational performance Financial health Health and safety Tax compliance Joint documentation Environmental compliance Sustainability assessment Supplier management program Monitoring supplier SQI¹ performance to ensure compliance with Motiva’s commitments and mitigate risks Over 400 CAPEX suppliers monitored, covering more than 1,000 contractsMonitored CAPEX: Target: 70% of the balance to be monitored 9 1. Supplier Quality Indicators
Page 51
Airports Platform Waldo Perez 1
Page 52
Capital Markets Day | 2025 Airports Platform in figures Brazil MG BA SP MS PR RJ SC RS GO TO PI MA PE 2.1 2.2 2.5 2.4 2.3 2.6 3 4 Costa Rica6 Ecuador5 Curaçao7 1.1 1.31.2 1.4 1.7 1.8 1.9 1.5 1.6 1 South Block 1.1 Curitiba 1.2 Foz do Iguaçu 1.3 Londrina 1.4 Bacacheri 1.5 Joinville 1.6 Navegantes 1.7 Bagé 1.8 Pelotas 1.9 Uruguaiana 2 Central Block 2.1 Goiânia 2.2 Imperatriz 2.3 São Luís 2.4 Petrolina 2.5 Palmas 2.6 Teresina 3 Pampulha 4 Belo Horizonte Airport - BHA 5 Quito Airport - Quiport 6 San Jose Costa Rica Airport - Aeris 7 Curaçao Airport Partners - CAP ~23 Million PAX +7% vs 1H24~84 K ATM¹ 1H25 20 airports 17 Brazil | 3 abroad ~213 scheduled routes 2 ~1.8 K employees in Brazil and abroad Platform Duration¹ 18 years 1. EBITDA-weighted Duration | 2. Air Traffic Movement
Page 53
Domestic airports International airports Capital Markets Day | 2025 Strategic initiatives • Expansion of the domestic network to key markets • Implementation of direct routes to major international hubs • Development of regional routes to enhance connectivity • Increase in routes and frequencies alongside with a higher load factor in Latin American, North American, and European markets • Expansion of direct services from Curaçao to generate demand from new geographic areas 3 +16% 13,9 14,8 16,1 1H23 1H24 1H25 6,5 7,0 7,1 1H23 1H24 1H25 Strategic initiatives drive demand growth Total PAX (M) 16% CAGR 10% CAGR
Page 54
Capital Markets Day | 2025 Main levers Capital Markets Day | 2025 Master contracts (parking, advertising, etc.) Efficient management of commercial contracts Adjustment of the commercial mix Internal Benchmark Expansion of new revenue sources 4 15% CAGR 352 425 499 777 1.022 1.129 1.337 1.521 Airport revenue Commercial revenue 1H23 1H24 1H25 Adjusted EBITDA (BRL Million) OPEX (cash) / NR2 541 704 814 0 100 200 300 400 500 600 700 800 900 1.000 1.100 1.200 1.300 1.400 1.500 53% 47% 46% 1H23 1H24 1H25 23% CAGR Strengthening operational and commercial performance Adjusted gross revenue¹ (BRL Million) Adjusted EBITDA and OPEX (cash)/NR² 16% CAGR 1. Excludes non-recurring effects 2. Last 12 months 912
Page 55
Capital Markets Day | 2025 Opening of logistics warehouses as levers for commercial revenue growth Central Block Goiânia São Luís South Block Navegantes Curitiba More than 822 K m² of GLA¹ 45-year agreements AAA Standard 5 1. Gross leasable area
Page 56
Capital Markets Day | 2025 International Motiva 7,5 7,8 8,3 9,7 10,4 14,0 21,2 WorldAfrica Europe Middle East Asia-Pacific North America Latin America- Caribbean 3,8 6,6 Motiva Airports Domestic Motiva Cost per PAX (USD 2024)¹ 6 Operational excellence and safety-focused management -29% 1,41 1,07 0 1,00 2022 2023 2024 1S25 LTIFR² in-house employees 1. Average monthly USD for 2024 = BRL 5.3895 | Source: ACI – Airports Council International 2. Lost Time Injury Frequency Rate
Page 57
Capital Markets Day | 2025 Efficiency gains through digitalization and innovation 576 tons of metallic materials and other components preserved Circular economy SLA¹ unifying outsourced scopes, generating efficiency and synergy New opportunity: improve parameters with a focus on quality and continuous improvement Consolidation of outsourced suppliers Centralized operations and standardized processes New opportunity: expanding the security model to all airports Centralized operations Updated systems with AI support in accreditation processes New opportunity: 100% remote auditing with AI integration and chatbot Operations digitization 1. Service Level Agreement 7 New opportunity: establish a circular economy program for the entire company
Page 58
Capital Markets Day | 2025 Airports with multiple awards Southern Block Curitiba Airport Best airport in Brazil according to ANAC in 2024² Central Block Domestic airports International airports Best airport in Central America and the Caribbean¹ since 2021 The only Latin American airport with a 5-Star Skytrax Award since 2020 Best airport in Latin America and the Caribbean¹ Multi-award airportMulti-award airport 1. Category: 5 to 15 million passengers | 2. Category: 5 to 10 million passengers Most punctual airport in Brazil according to ANAC in 2024² Goiânia Airport Best service quality in Brazil according to ANAC in 2024 8
Page 59
Capital Markets Day | 2025 • Expansion of terminals • New boarding bridges installed • Expansion of parking lots • Expansion of aircraft aprons, increasing airport capacity • Construction of a cargo terminal for goods Goiânia | Pharmaceutical cargo terminal Londrina | New passenger terminal BRL 2.1 Bn invested over the past 18 months Foz do Iguaçu | New apron 9 Full compliance with all service quality indicators after completion of Phase 1Bn works 98% approved by ANAC CAPEX de-risking with excellence in service delivery
Page 60
Toll Roads Platform Eduardo Camargo 1
Page 61
Capital Markets Day | 2025 SP MS PR RJ RS SC 1 AutoBAn 2 Sorocabana 3 RioSP 4 SPVias 5 RodoAnel 6 ViaLagos 7 Motiva Pantanal 8 ViaSul 9 ViaCosteira 10 ViaRio 11 Renovias 12 PRVias 1 2 3 4 5 11 6 10 7 12 8 9 2 Toll Roads Platform in numbers 12 concessionaires 4,475 km in length vs 3.615 km in 2023 ~1.7 Mn AADT¹ Diversified and resilient demand 50% of the national fleet Commercial vehicles 6,7K direct employees ~8,2K indirect and outsourced employees Operating in 230 cities across 6 states Portfolio Duration² ~20 years in 2026 vs ~15 years in 2023 1. Average Annual Daily Traffic (April/23 to Mar/24) | 2. EBITDA-weighted portfolio duration
Page 62
3 Capital Markets Day | 2025 At Motiva, technology and innovation have always been our driving force and will remain a cornerstone as we shape the future of mobility
Page 63
Capital Markets Day | 2025 Smart Roads 2035 4 Capital Markets Day | 2025 Smart operation Automated traffic management • AI-powered control center • Dynamic traffic signal control • Digital twin simulations • Demand and risk intelligence
Page 64
Capital Markets Day | 2025 Smart Roads 2035 5 Capital Markets Day | 2025 Sustainability and new materials Reduced use of virgin materials • Road surface with alternative materials • Reuse of asphalt layers and aggregates • Eco-friendly asphalts
Page 65
Capital Markets Day | 2025 Smart Roads 2035 6 Capital Markets Day | 2025 Safety Reduction in the number and severity of accidents • Monitoring in real time • Driver behavior assessment AI • Automated incident response • Connected PPE (Personal Protective Equipment) • Drones for first aid support • Smart employee protection
Page 66
Capital Markets Day | 2025 Smart Roads 2035 7 Capital Markets Day | 2025 Connectivity Connected and intelligent infrastructure • Freeflow • Vehicle-to-everything infrastructure • Automated asset digitalization
Page 67
Capital Markets Day | 2025 Smart Roads 2035 8 Capital Markets Day | 2025 Smart maintenance Inspection digitalization and extended lifespan • Sensor-equipped infrastructure • Fully digital and autonomous inspection • Predictive maintenance AI • Autonomous paving operations Sensor-equipped infrastructure Fully digital and autonomous inspection Predictive maintenance AI Autonomous paving operations AI-powered control center Dynamic traffic signal control Digital twin simulations Demand and risk intelligence Road surface with materials Reuse of asphalt layers and aggregates Eco-friendly asphalts Monitoring in real time Driver behavior assessment AI Automated incident response Connected PPE (Personal Protective Equipment) Drones for first aid support Smart employee protection Freeflow Vehicle-to-everything infrastructure Automated asset digitalization Smart operation Automated traffic management Smart maintenance Inspection digitalization and extended lifespan Sustainability and new materials Reduced use of virgin materials Safety Reduction in the number and severity of accidents Connectivity Connected and intelligent infrastructure
Page 68
Capital Markets Day | 2025 Smart Roads 2035 9 Capital Markets Day | 2025 Sensor-equipped infrastructure Fully digital and autonomous inspection Predictive maintenance AI Autonomous paving operations AI-powered control center Dynamic traffic signal control Digital twin simulations Demand and risk intelligence Road surface with materials Reuse of asphalt layers and aggregates Eco-friendly asphalts Monitoring in real time Driver behavior assessment AI Automated incident response Connected PPE (Personal Protective Equipment) Drones for first aid support Smart employee protection Freeflow Vehicle-to-everything infrastructure Automated asset digitalization Smart operation Automated traffic management Smart maintenance Inspection digitalization and extended lifespan Sustainability and new materials Reduced use of virgin materials Safety Reduction in the number and severity of accidents Connectivity Connected and intelligent infrastructure
Page 69
Capital Markets Day | 2025 Efficiency levers enable margin improvement Equivalent vehicles¹ ² (Mn) 10 52% Operation 48% Maintenance Adjusted EBITDA3 (BRL Mn) and OPEX (cash)/NR4 +5% CAGR Over 80 Efficiency levers 25 implemented 26 being implemented 6 in testing 23 in qualification 464 488 500 15 1H23 1H24 1H25 Same base PRVias and Sorocabana 515 1. Does not consider ViaOeste | 2. One light vehicle equals one heavy vehicle axle | 3. Does not consider non-recurring effects| 4. Last 12 months 2,948 3,166 3,385 29,4% 24,6% 24,1% 1H23 1H24 1H25 Adjusted EBITDA OPEX (cash) / NR +7% CAGR
Page 70
Capital Markets Day | 2025 Araçariguama São Paulo Cotia Juquiá S. Miguel Arcanjo Araçoiaba da Serra Sorocaba 11 Traffic adhering to the business plan forecast Cost of debt¹ at CDI + 0.026% bellow the business plan forecast 43% of CAPEX already contracted² Sorocabana Premium asset located in the State of São Paulo 460 km 1. Swap cost | 2. Considering the period from 2025 to 2029 12 state highways 17 municipalities
Page 71
12 Capital Markets Day | 2025 Sorocabana Free Flow Gantries
Page 72
Capital Markets Day | 2025 13 Traffic above the business plan forecast Cost of debt¹ at CDI+0.075% below the business plan forecast 69% of CAPEX already contracted² PRVias Premium asset located in the State of Paraná Ponta Grossa Londrina Ibiporã Sertaneja Arapongas Mandaguari Balsa Nova Use of electric/hybrid vehicles in towing operations 569 km 1. Swap cost | 2. Considering the period from 2025 to 2029 7 state and federal highways 21 municipalities
Page 73
Capital Markets Day | 2025 14 First contractual optimization in the country Demand mitigation mechanism Toll with a staggered adjustment of ~80% by the 37th month of the concession Motiva Pantanal Premium asset located in the State of Mato Grosso do Sul Partnerships already established for 100% of the main construction projects for the first three years of the concession Rio Brilhante Caarapó São Gabriel do Oeste / Camapuã Bandeirantes / Rochedo / Jaguari Rio Verde de Mato Grosso Mundo Novo Campo Grande Itaquiraí /Naviraí Pedro Gomes/ Sonora 845 km BR-163 MS Highway 21 municipalities 1. The contract provides for three tariff increases, in addition to IPCA adjustment, triggered by the delivery of civil engineering works: 33.64% (13th month), 25.17% (25th month), and 20.09% (37th month)
Page 74
Capital Markets Day | 2025 67% 65% 51% 69% 2026 2027 2028 2029 Efficiency and impact through strategic partnerships 15 Capital Markets Day | 2025 CAPEX contracting for major concessions (2025-2029) Toll Roads 66% Per year Per highway Sorocabana ~43% Motiva Pantanal ~72% PRVias ~69% RioSP ~75%
Page 75
2024 2025 SPVias Itapeva duplication SP-258 16
Page 76
AutoBAn Asphalt overlay Use of 68% of the RAP1 generated Rubberized asphalt2 17 1. Reuse of milled asphalt 2. Asphalt mix modified with recycled rubber from non-reusable tires
Page 77
RioSP Serra das Araras 18
Page 78
RioSP Fernão Dias highway access roads 19
Page 79
RioSP Helio Smidt highway access roads 20
Page 80
ViaSul BR-386 duplication 21
Page 81
ViaCosteira Marginal roads 22
Page 82
Capital Markets Day | 2025 Fleet Decarbonization 99% of the gasoline used by the fleet replaced by ethanol1 Decarbonization levers: Using biofuel and an electric fleet By 2029 130 diesel vehicles will be replaced by 82 electric, 36 hybrid, and 12 ethanol vehicles CO2 emissions will be reduced by 18% Integrated CCO / 0800 23 Commitment to efficiency Innovation and process transformation 1. Period considered: august, 2025 We reassessed our maintenance contract model
Page 83
Capital Markets Day | 2025 Partnerships for Service/Rest Areas 24 Commitment to efficiency Innovation and process transformation Pindamonhangaba Itatiaia Pindamonhangaba
Page 84
Capital Markets Day | 2025 Asset mapping (green) Mechanization of mowing Integrated Schedule using AI Data-driven management 25 Technology and scale as levers for efficiency Maintenance transformation
Page 86
Capital Markets Day | 2025 28% 24% 19% 13% 6% 5% mar/21 mar/22 mar/23 mar/24 mar/25 jul/25 PAYMENTS IN CASH % REVENUE – ALL HIGHWAYS 27 Technology and scale as levers for efficiency Cashless Project
Page 87
Capital Markets Day | 2025 -86% 7.1 4.4 2.4 1.8 1.0 2021 2022 2023 2024 Aug/25 Reduced LTIFR1 as a result of investments in safety and innovation Direct employees 1. Lost Time Injury Frequency Rate 28
Page 88
Capital Markets Day | 2025 Accident rate 29 Safety drives us - Excellence defines us Road safety rate 2.2 1.4 1.2 1.3 0.9 0.8 0.7 1996 2001 2006 2011 2016 2021 2025 Calculation: Total number of accidents during the period / ADT (Average Daily Traffic) x lenght (km) x days in the period “PLEASE DO NOT TAILGATE”
Page 89
Capital Markets Day | 2025 Rebalances 30 SPVias AutoBAn Amendments Capital Markets Day | 2025 COVID on SP state highways Accident RioSP Federal highway supplies (ViaSul, ViaCosteira, and RioSP) Impacts of climatic events on ViaSul Active contract management (under negotiation)
Page 90
Capital Markets Day | 2025 Among the world’s largest toll road concession programs Project concentration 31 ~BRL 100 billion in CAPEX opportunities Focus on premium assets in strategic locations (agriculture, logistics corridors and major metropolitan areas) New concessions, rebidding, and contract optimizations ~70% federals and ~30% concessions Source: Estimates by Motiva / ANTT / ARTESP / BNDES North Northeast Central-West Southeast South
Page 91
Rails Platform André Salcedo 1
Page 92
Capital Markets Day | 2025 RJ PI MG BA MS PR SC RS GO TO MA PE PAAM RO B.C RR AP CE RN AL SE ES SP MT 4 51 2 3 ViaQuatro – Line 4 ViaMobilidade – Lines 5 and 17 ViaMobilidade – Lines 8 and 9 MetrôBahia VLT Carioca 1 2 3 4 5 7th largest private rail operator in the world 370 Million (1H25) vs 345 Million (1H23) CAGR 4% passengers transported ~ 6.8 K direct employees 124 stations 189 km of railway tracks managed in Brazil 100% renewable energy 2024 The largest private railway operator in Latin America Platform Duration¹ 13 years 2 1. EBITDA-weighted duration Rail Platform in numbers
Page 93
Capital Markets Day | 2025 1,704 1,869 1,910 1H23 1H24 1H25 Operating revenues Ancillary revenues 62 8874 1,943 1,998 1,766 Passengers transported (Million) Operating and ancillary revenues (BRL Million) 6,824 11,696 14,663GLA¹ 3 CAGR 4% Improvement in operational and commercial performance 6% CAGR 1. Gross Leasable Area in m² 20% CAGR +115% Retrofit of strategic stations Maximizing commercial areas Enhancing customer experience 4 Malls under operation Occupancy 67% (+24% vs 1H24) Business diversification Advertising Naming Rights 345 367 370 1S23 1S24 1S251H23 1H24 1H25
Page 94
Capital Markets Day | 2025 Efficiency levers enable margin improvement Adjusted EBITDA (BRL Million) and OPEX (cash) / NR 4 16% CAGR-20% Portfolio Optimization Barcas Turnaround Lines 8 and 9 Maintenance Predictive Reduction in energy costs Cost (BRL) /PAX 1. Last 12 months 2.6 2.6 2.1 1S23 1S24 1S25 Custo Caixa (R$) / PAXCash Cost (BRL)/PAX 1H23 1H24 1H25 870 990 1,163 51.8% 53.8% 42.8% 1S23 1S24 1S25 EBITDA Ajustado OPEX (caixa)/RL¹Adjusted EBITDA OPEX (cash)/NR¹ 1H23 1H24 1H25
Page 95
Capital Markets Day | 2025 Energy transition as a lever for efficiency and sustainability • 100% renewable energy • 60% of annual power consumption is self- generated • 20% reduction in energy costs • Scope 2 emissions zeroed in Rail Platform, covering 80% of company total -26 Million 5 Reduction in energy costs (BRL Million) 121 110 11 15 95 0 20 40 60 80 100 120 140 1H23 1H24 1H25 1. Lost Time Injury Frequency Rate – own employees 2.15 2.64 1.67 22% reduction in LTIFR¹ 1H23 1H24 1H25
Page 96
Capital Markets Day | 2025 36 New trains (Lines 8 and 9) Ambuitá Station (Line 8) Santo Amaro (Line 5) 6 CAPEX execution focused on operational excellence ~BRL 2 Bn invested over the last 18 months (through Jun/25) Capital Markets Day | 2025 10 Substations 34 Stations renovated 6 Pedestrian overpasses
Page 97
Capital Markets Day | 2025 Opportunity for creating value - Pernambucanas ViaQuatro 4 2 new stations 3.3 km long Increase of ~50 K PAX/day Underground section 7 Contract Addendum
Page 98
Capital Markets Day | 2025 Opportunity for creating value 2 stations ViaMobilidade Lines e5 4.6 km long Increase of ~55 K PAX/day Underground and elevated sections Contract Addendum 17 8
Page 99
Capital Markets Day | 2025 Smart Rails 2035 9 Capital Markets Day | 2025 Smart operation Robotization and real-time control of assets • Self-driving trains • Automated stations • Digital twin simulations
Page 100
Capital Markets Day | 2025 Smart Rails 2035 • Regenerative braking • Sensor-enabled air conditioning subsystems Sustainability Power reduction and recovery 10
Page 101
Capital Markets Day | 2025 Smart Rails 2035 11 Capital Markets Day | 2025 Safety and Security Accident and incident mitigation • AI facial recognition • Synchronized protective doors • Anti-collision systems
Page 102
Capital Markets Day | 2025 Smart Rails 2035 12 Capital Markets Day | 2025 Customer experience Broadening of services and solutions offered • Multimodal integration • App-based retail solutions • Integrated delivery and locker services
Page 103
Capital Markets Day | 2025 Smart Rails 2035 • Full digital train and track sensorization • Predictive fault detection • AI and VR-enabled prescriptive maintenance Smart maintenance Maximizing value from rolling stock and rail infrastructure Self-driving trains Automated stations Digital twin simulations Smart operation Robotization and real- time control of assets Regenerative braking Sensor-enabled air conditioning subsystems Sustentability Power reduction and recovery AI facial recognition Synchronized protective doors Anti-collision systems Safety Accident and incident mitigation Full digital train and track sensorization Predictive fault detection AI- and VR-enabled prescriptive maintenance Smart maintenance Maximizing value from rolling stock and rail infrastructure Multimodal integration App-based retail solutions Integrated delivery and locker services Customer experience Broadening of services and solutions offered 13 Capital Markets Day | 2025
Page 104
Capital Markets Day | 2025 Smart Rails 2035 Capital Markets Day | 2025 Self-driving trains Automated stations Digital twin simulations Smart operation Robotization and real- time control of assets Regenerative braking Sensor-enabled air conditioning subsystems Sustentability Power reduction and recovery AI facial recognition Synchronized protective doors Anti-collision systems Safety Accident and incident mitigation Full digital train and track sensorization Predictive fault detection AI and VR-enabled prescriptive maintenance Smart maintenance Maximizing value from rolling stock and rail infrastructure Multimodal integration App-based retail solutions Integrated delivery and locker services Customer experience Broadening of services and solutions offered
Page 105
Capital Markets Day | 2025 Operational excellence leveraged with technology Associated cost reduced | Non-exhaustive initiatives 15 DRIVERLESS TRAIN Real-time access PERMANENT TRACK INTELLIGENCE CENTER Digitization and data intelligence MONITORING OF TRAIN, TRACK, AND STATION COMPONENTS Failure prediction and operational impact mitigation CONDITIONAL OIL CHANGE Extend service life and ensure lubrication efficiency
Page 106
Capital Markets Day | 2025 16 New opportunities Number of projects Source: State Governments, IFC and Motiva Estimates Southeast Northeast Potential demand: > 4 Million pax/day ~ BRL 60 Bn in CAPEX Focused and synergistic growth in the current footprint
Page 107
Capital Markets Day | 2025 INTEGRATIONINTEGRITY IMPACT Guidedbyleadershipandcritical thinking, TOGETHER we buildaculturethatconnectstalentsandstrategy,promotingengagementandlearning,andcreatesvalueacrossallouroperations. Health, Safety and well-being Leadership and Strategic Succession Efficiency, Digitalization and Innovation In People People Function at the Forefront of Organizational Transformation Culture of integrity, Integration and impact People and organizational development Pillars and Objectives Strategic 1
Page 108
Capital Markets Day | 2025 Creation of Regulatory Sandbox Experimental regulatory environment, sector innovation Partial rebalancing at ARTESP Provisional rebalancing before completion of administrative processes In 2024, ANTT approves a similar model Creation of Secex Consensus Forum for consensual resolution of complex issues. Enabled optimization of stressed contracts Covid Demand Rebalancing Restoration of economic balance due to demand shortfall Regulatory WACC update Defined according to project risk classification – 4 levels Contract Optimizations Ministry of Transport ordinance establishes procedures for optimizing federal toll road contracts Ordinance SPI Regulates mitigating factors in fine settlement processes, replicating the ANTT model Restructuration of SP Regulatory Agencies – ARTESP and ARSESP New governance, budgetary, decision-making, and technical independence Completion of Highway Concession Regulations (RCR): 5 standards Standardizes and modernizes the rules for concession contracts regulated by ANTT MSVia Optimization First competitive process for contractual rebalance COVID Rebalancing of Construction Inputs Calculation and rebalancing of COVID-19 impacts on road construction input prices 1st Regulatory Agenda Social participation, improved governance, and regulatory predictability Law 14801/ 24 Establishes infrastructure debentures – new modality Progressive enhancement of the regulatory framework Nov/21 Nov/22 Dec/22 May/23 Aug/23 Jan/24 Sep/24 Feb/25 Apr/25 May/25 Jun/25
Page 109
1 Capital Markets Day | 2025 This presentation may contain certain projections and trends that are not realized financial results or historical information. The information is presented in accordance with accounting practices adopted in Brazil and in accordance with IFRS and IASB standards. These projections and trends are subject to risks and uncertainties, and future results may differ materially from those projected. Many of these risks and uncertainties relate to factors that are beyond Motiva's ability to control or estimate, such as market conditions, currency fluctuations, the behavior of other market participants, the actions of regulatory bodies, the company's ability to continue to obtain financing, changes in the political and social context in which Motiva operates or in economic trends or conditions, including fluctuations in inflation and changes in consumer confidence, on a global, national or regional basis. Readers are advised not to rely entirely on these projections and trends. Motiva is under no obligation to publish any revisions to these projections and trends to reflect new events or circumstances after the date of this presentation. Motiva