Slides
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Release 3Q26 Earnings
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Message from Miguel Setas CEO of Motiva the CEO
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Main Highlights 3Q26 vs. 3Q25 1. Excluding the Airport Platform 2. Excluding non-recurring effects. For further information, please refer to the “Non-Recurring Effects” section of the results release Adj. EBITDA² of R$ 2.5 B (+13.4%) Consolidated Net Income of R$ 3.4 B (+177.9%) and Adjusted Net Income of R$ 750 MM (+9.8%) Great Place to Work (GPTW) ranked among the TOP 20 for the 3rd consecutive year “Giants” category, companies with more than 10,000 employees Conclusion of the sale of the Airport Platform for R$ 12.2 B (EV) | R$ 5.2 B equity Cash Opex /Adjusted¹ Net Revenue ratio (LTM) of 34.4% (−1.5 p.p.) Upgrade of the national scale rating by Moody's to AAA Highest rating across the three main credit rating agencies 3 Payment of ~R$ 1.5 B in Interest on Equity
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Highlights 3Q26 Rodrigo Araujo Vice-President of Finance, Strategy and Investor Relations of Motiva
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Título Subtítulo Título Subtítulo New assets and tariff adjustments drive EBITDA growth 1. Comparable basis. Excluding: (i) ViaOeste (ended on March 29, 2025); (ii) Sorocabana (started on March 30, 2025); (iii) Paraná (started on June 28, 2025); and (iv) Minas_SP (traffic data considered since April 1, 2026) Equivalent Vehicles¹ +1.6% Average Toll Rate¹ +6.1% +13.1% Adjusted EBITDA −2.0 p.p. in Adjusted EBITDA Margin Adjusted EBITDA R$ 2.3 B EBITDA Margin 82% TOLL ROADS 5 Demand • Commercial −0.6%: increase in road freight rates and fuel prices (Pantanal), crop failure in GO (AutoBAn and RodoAnel), and lower outflow via the Port of Paranaguá (Paraná) • Passenger +4.9%: tourist traffic in the SP state concessions Revenues • Toll Revenue +17% • Ordinary tariff adjustments applied • Increase of R$ 0.10 at AutoBAn and SPVias (COVID-19 precautionary rebalancing) • Application of tariff steps at Pantanal (33.64%) and Minas_SP (40%) Costs • Pavement, signage, and maintenance costs • Start of Minas_SP: concession in ramp-up phase • Wage adjustment
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Título Subtítulo Título Subtítulo Costs • Higher rolling stock maintenance (Line 5) • Wage adjustment Ancillary Revenues +18.3% +0.3% Adjusted EBITDA −3.5 p.p. in Adjusted EBITDA Margin Demand advances with station ramp-up Passengers Transported +0.5% RAIL 6 Demand • 0.5% growth • Events calendar in Rio de Janeiro • São Paulo units: integration at Santo Amaro station (Line 5 and Line 9) and start of operations at Varginha station (Line 9) Revenues • Tariff (+3.9%): increase in passenger flow • Ordinary tariff adjustments applied • Mitigation (+173%) and Financial Asset (−83%): non-recurring effects at ViaQuatro in 3Q25 (TAM Nº 10 and COVID-19) • Real Estate and Commercial (+18.3%): media revenue, lower vacancy, commercial renegotiations, and naming rights Adjusted EBITDA R$ 593 MM EBITDA Margin 57%
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Título Subtítulo Título Subtítulo 57 108 17 487 168 3Q26 Total Costs 4 Grant Cost Third-Party Services Other Costs Energy Costs 3Q26 Cash Costs Depreciation and Amortization 3Q25 Cash Costs Personnel Costs Others Non-Cash² 1,126 1,285 1,753 3,693 (27) Construction Cost Portfolio simplification supports efficiency improvement In R$ MM 1. Consolidated with jointly owned subsidiaries 2. Prepaid grant fee expenses (R$ 32 MM) + Maintenance provision (R$ 136 MM) Main Changes in the Period Third-Party Services and Other • Start of Minas_SP • Rolling stock maintenance • Pavement, signage and conservation costs Energy • Lower surplus electricity sales Opex (Cash)/Adjusted Net Revenue (LTM)¹ 7 Personnel • Collective wage adjustment (Toll Roads, Rail and Holdings) • Retroactive collective wage adjustment (Rail and Holdings) • Start of Minas_SP 14%▲ 3Q25 35.9% 3Q26 34.4%
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Título Subtítulo Título Subtítulo 750 Adjusted EBITDA 3Q26 Non-Cash Effects¹ (775) Financial Results (487) D&A (475) IR & CS Consolidated Net Income 3Q26 (2,674) Non-Recurring² Adjusted Net Income 3Q26 2,521 2,640 3,424 1. Includes Prepaid Expenses + Provision for Maintenance + Equity Pick -up + Non-Controlling Interests + Results from discontinued operations 2. For further information, please refer to the “Non-Recurring Effects” section of the results release Operational evolution and portfolio management drive Net Income growth In R$ MM EFFECTIVE TAX RATE 42.6% Consolidated Net Income • Prepayments of R$ 3.7 billion in the period • Average cash +29.4% • Gross debt +18.3% • Average CDI -0.93 p.p. 8 3,424 (+177.9% vs 3Q25) 13.4%▲ 9.8%▲ 4.9%▲
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Título Subtítulo Título Subtítulo 9 The transaction was completed on September 1, 2026 ~R$ 5.2 B Amount received ~R$ 1,8 Bi~R$ 3.7 B Early redemption Motiva’s 17th and 18th debenture issuances Sale of Airports strengthens the balance sheet and enables debt reduction at Holding sep/25 jun/26 sep/26 2.4 5.6 6.8 ~R$ 1.5 B Interest on Equity Holding Net Debt (R$ B) -65%
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Título Subtítulo Título Subtítulo Stronger capital structure following portfolio simplification In R$ MM 1. Net Debt: Balance sheet position (Loans and Debentures – Cash and Cash Equivalents – SWAPS) 2. Amortization with Hedge Net Debt¹ and Leverage (R$ B) Cash Amortization Amortization Schedule2 (R$ B) Debt breakdown (includes Hedge) 48% of debt maturing from 2033 onwards 50% 37% 13% TJLP and TLP CDI IPCA 10 5.6 3Q25 2.4 3Q26 28.0 30.1 22.4 3.6x 27.7 3.2x Net Debt (ex Holding) Holding Net Debt Net Debt/Adjusted EBITDA (LTM) 10.3 1.0 1.5 1.8 2.8 6.1 4.7 3.5 19.5 2% 4% 4% 7% 15% 11% 9% 48% -50% -30% -10% 10% 30% 50% 0,0 5,0 10,0 15,0 20,0 25,0 30,0 Cash 2026 2027 2028 2029 2030 2031 2032 From 2033
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3Q26 Highlights Toll Roads Rail RioSP: Investments concentrated on expansion works in the rural areas of São Paulo and Rio de Janeiro, as well as on the progress of interventions at Serra das Araras SPVias: Pavement interventions along the road network Sorocabana: Duplication works, implementation of 2 rest stops, and pavement restoration Pantanal: Pavement restoration, expropriations, implementation works, additional lanes and duplications ViaMobilidade – Lines 8 and 9: Expansion and optimization of the European Train Control System (ETCS), power networks, cabins, and electrical substations, in addition to train revitalizations CAPEX continues on an upward trajectory In R$ MM 111. Pantanal, Sorocabana, Paraná and Minas_SP 300 133 297 418720 584988 838 766 364 297 3Q25 316 3Q26 9M25 9M26 2,210 2,275 5,036 5,579 1,249 3,253 1,951 2,626 +2.9% +10.8% New Assets¹ Toll Roads Rail Other + ViaOeste
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