Earnings release
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0 3Q26 Results 3Q26 Release www.ri.motiva.com.br/en/ Videoconference link Click Here MOTV B3 LISTED NM Bloomberg MOTV3 BZ
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1 3Q26 Results 3Q26 Results São Paulo, October 28, 2026 The Parent Company and Consolidated Quarterly Information were prepared and are being presented under the accounting practices adopted in Brazil and International Financial Reporting Standards (“IFRS”), issued by the International Accounting Standards Board (“IASB”), all of which applied in a manner consistent with the main accounting practices described in Note 3 to the Quarterly Information. Financial and operational information, except where otherwise indicated, is presented on a consolidated basis, in millions of reais, and comparisons refer to 3Q25. The adoption of this presentation unit became effective as of 1Q26 and may result in minor d ifferences compared to data disclosed throughout 2025, due to rounding effects. The data do not include the Airport Platform. The consolidated information for jointly owned subsidiaries includes the proportional data of the jointly owned subsidiaries. Such information, as well as non- financial information and other information, was not audited by independent auditors. The results , by business platform, are already presented net of eliminations related to transactions between related parties. Rodrigo Araujo - VP of Finance, Strategy and Investor Relations rodrigoaraujo.alves@motiva.com.br 55 11 3048.5900 Investor Relations Department invest@motiva.com.br Flávia Godoy flavia.godoy@motiva.com.br 55 11 3048.5900 Douglas Ribeiro douglas.ribeiro@motiva.com.br 55 11 3048.5900 Cauê Cunha caue.cunha@motiva.com.br 55 11 3048.5900 Caique Moraes caique.moraes@motiva.com.br 55 11 3048.5900 Ana Beatriz Bovo ana.bovo@motiva.com.br 55 11 3048.5900
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2 3Q26 Results Executive Summary MESSAGE FROM THE CEO................................................................................................3 CONSOLIDATED OPERATING AND FINANCIAL HIGHLIGHTS....................... .......................6 MOTIVA CONSOLIDATED..................................................................................... 7 FINANCIAL AND OPERATIONAL PERFORMANCE............................................................. ..8 TOLL ROADS....................................................................................................... 8 RAIL..….............................................................................................................. 12 AIRPORTS...........................................................................................................15 CONSOLIDATED FINANCIAL RESULT………....................................................................... 16 INDEBTEDNESS.............................................................................................................. 17 CAPEX AND MAINTENANCE............................................................................................ 19 ESG THEMES...................................................................................................................2 0 EXHIBIT I – IFRS............................................................................................................... 21 GROSS REVENUES (EX-CONSTRUCTION REVENUE) BY ASSET............................. 21 NON-RECURRING EFFECTS................................................................................ 2 2 REVENUE FROM RAIL BUSINESS......................................................................... 2 3 INCOME STATEMENT.......................................................................................... 2 5 BALANCE SHEET.................................................................................................2 6 CASH FLOW……................................................................................................. 27 EXHIBIT II – CONSOLIDATED WITH JOINTLY OWNED SUBSIDIARIES.................................. 30
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3 3Q26 Results Message from the CEO of Motiva - Miguel Setas Motiva reported solid results in the third quarter of 2026, with Adjusted Net Revenue growing 13. 6% and Adjusted EBITDA growing 13.4%, reflecting the operational evolution of the businesses, the continuous capture of efficiencies, and discipline in the execution of its strategy. Adjusted Net Income reached R$750 million, up 9.8% compared to the same period of the previous year. The improvement in results was also reflected in important operational and financial indicators. The efficiency ratio (Opex cash/Net Revenue) reached 34.4%, reflecting the progress of this important strategic objective of the Company. At the same time, leverage was reduced to 3.2x, versus 3.6x in 3Q25, a result of the portfolio simplification strategy and the strengthening of the Company's financial position. We continued executing our investment plan, with R$2.3 billion (+2.9%) invested in the quarter, in line with the commitments assumed in our concessions. These investments drove asset development, capacity expansion, and the improvement of service levels in the Toll Roads and Railways businesses. The quarter was especially significant for the Company's history, marked by the completion of the sale of the Airport Platform for R$12.2 billion (enterprise value). This milestone accelerates Motiva's transformation, enabling an even more focused, integrated operation aligned with the competencies we have developed throughout our history. With greater strategic and operational simplicity, we strengthen our ability to capture growth opportunities, accelerate innovation, enhance the efficiency of our operations, and generate value in a sustainable and consistent manner. Financial discipline, consistent execution, and the quality of our assets were also reflected in the credit market during the quarter. Our rating was upgraded to AAA on the national scale by Moody's, giving us the highest rating from all three major rating agencies, reinforcing the quality of our credit. We also advanced in innovation, sustainability, and new businesses, with particular emphasis on Motiva's entry into the mobility services segment through its first electric bus charging contract in the city of São Paulo. During the period, we were recognized as the most innovative company in the Logistics Infrastructure sector at the Valor Inovação Brasil Award. We also maintained our presence in the B3 ISE index for the 15th consecutive year, in the IDIVERSA index for the second consecutive year, and among the TOP 20 companies in the Giants category of the GPTW ranking for the third consecutive year. This quarter's results reflect the quality of our assets, discipline in strategy execution, and the commitment of our teams. I thank all our employees, clients, investors, and partners for their
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4 3Q26 Results continued trust and support. We remain confident in our long-term outlook and in Motiva's ability to continue generating value sustainably. ___________________________ 1. Considers consolidated data including jointly controlled subsidiaries and excludes non-recurring effects, for comparability purposes.
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5 3Q26 Results Highlights 1. On September 1, 2026, the Company announced the conclusion of the sale of the Airport Platform, for a final amount of approximately R$5.2 billion, in line with its portfolio simplification and capital recycling strategy. 2. On September 1, 2026, the Company announced the full early redemption of the debentures issued under the 17th and 18th issuances, in the aggregate amount of approximately R$3.7 billion. 3. On September 17, 2026, the Company made a payment of approximately R$1.5 billion in interest on equity. 4. On September 29, 2026, the Company announced a strategic partnership, through a new joint venture, for the commercial exploitation of Out-of-Home (OOH) media on highways. 5. The OPEX (cash)/Adjusted Net Revenue LTM ratio reached 34.4% in 3Q26, - 1.5 p.p. vs. 3Q25, excluding the Airport Platform.
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6 3Q26 Results Consolidated Operational and Financial Highlights OPERATIONAL AND FINANCIAL HIGHLIGHTS (R$ MM) 3Q25 3Q26 Var.% 9M25 9M26 Var.% Adjusted Net Revenue¹ 3,350 3,806 13.6% 9,502 10,764 13.3% Adjusted EBITDA¹ 2,224 2,521 13.4% 6,096 7,128 16.9% Adjusted EBITDA – Toll Roads 2,000 2,262 13.1% 5,234 6,192 18.3% Adjusted EBITDA – Rail 591 593 0.3% 1,749 1,876 7.3% Adjusted EBITDA – Other (367) (334) -9.0% (887) (940) 6.0% Adjusted EBITDA Margin² 66.4% 66.2% -0.2 p.p. 64.2% 66.2% 2.0 p.p. Adjusted Net Income¹ 683 750 9.8% 1,620 2,040 25.9% ROE3 LTM 18.0% 31.5% 13.5 p.p. 18.0% 31.5% 13.5 p.p. ROIC3 LTM 11.0% 8.1% -2.9 p.p. 11.0% 8.1% -2.9 p.p. Net Debt/LTM Adjusted EBITDA 3,6 3,2 -0.4x 3,6 3,2 -0.4x Toll Roads - Equivalent Vehicles (million) 283,6 377,9 33.3% 840,5 1,054,7 25.5% Rail - Transported Passengers (million) 194,7 195,6 0.5% 564,9 572,8 1.4% CAPEX4 2,210 2,275 2.9% 5,036 5,579 10.8% 1. Excludes construction revenue and costs. Adjustments are described in the “non -recurring effects” section in Exhibit I (page 22). 2. The Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Adjusted Net Revenue. 3. ROE = Net Income/Equity | ROIC = NOPAT (EBIT*1- effective rate) /Invested Capital (Equity + Gross Debt). 4. Includes improvement works that do not generate future economic benefits for ViaOeste.
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7 3Q26 Results Motiva Consolidated The main changes in 3Q26 vs. 3Q25 Consolidated Results are as follows : Adjusted Net Revenue R$ 3,806 MM (+ 13.6%) Adjusted Net Revenue grew by 13.6 %, mainly driven by the start of operations at Minas_SP, the commencement of gantry (free flow) operations at RioSP, Paraná and Sorocabana , in addition to tariff adjustments and the positive evolution of operations. During the period, comparable traffic at the Toll Roads and Railways businesses grew by 1.6% and 0.5%, respectively. Complementary Revenues reached R$92 million, an increase of 23% (R$17 million), mainly due to the start of operations at Minas_SP (R$6 million) and the improved performance of ViaQuatro (R$3 million). Adjusted EBITDA R$ 2,521 MM (+ 13.4%) Adjusted EBITDA increased by 13.4%, driven by portfolio optimization and the strong performance of new assets, particularly the start of operations at Minas_SP (+R$72 million). Despite the start of new operations with lower margins than mature projects, the EBITDA Margin remained stable. Adjusted Net Income R$ 750 MM (+ 9.8%) Adjusted Net Income increased by 9.8%, driven by the combination of improved operating performance, tariff adjustments applied during the period, portfolio optimization, and the contribution of new operations. Net Debt / Adjusted EBITDA 3.2x (- 0.4x) Net Debt / Adjusted EBITDA decreased by 0.4x in 3Q26, resulting from the completion of the Airport Platform transaction. The R$5.2 billion proceeds received enabled the early redemption of the debentures issued under Motiva's 17th and 18th issuances, in the aggregate amount of approximately R$3.7 billion. CAPEX R$ 2,275 MM (+ 2.9%) Investments totaled R$2.3 billion, 2.9% higher than in 3Q25. This increase follows the construction schedule of our contracts, with the largest investments occurring at RioSP, Pantanal, SPVias and Sorocabana.
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8 3Q26 Results Financial and Operational Performance Toll Roads Traffic Average Tariff¹ 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 Toll Roads Equivalent Vehicles² Average Tariff¹ AutoBAn 84,285,700 83,938,630 -0.4% 12.6 13.3 5.6% Pantanal 14,822,793 13,662,153 -7.8% 8.2 10.0 21.5% RioSP 45,703,149 51,863,964 13.5% 8.0 7.6 -4.2% RodoAnel Oeste 37,650,356 37,163,308 -1.3% 3.5 3.7 4.8% SPVias 19,543,354 20,007,944 2.4% 15.9 16.8 6.1% ViaCosteira 21,294,925 20,813,257 -2.3% 2.4 3.0 25.6% ViaLagos 2,158,188 2,194,910 1.7% 24.3 24.1 -0.7% ViaSul 24,515,916 24,416,874 -0.4% 5.5 6.8 23.1% Sorocabana 15,456,994 54,217,303 n.m. 8.4 3.8 n.m. Paraná 18,153,922 19,840,863 9.3% 11.7 11.4 -2.2% Minas_SP - 49,758,894 n.m. - 3.4 n.m. Consolidated IFRS 283,585,295 377,878,099 33.3% 9.1 8.0 -12.2% Total Comparable4 249,974,380 254,061,038 1.6% 8.9 9.5 6.1% Traffic Average Tariff¹ 9M25 9M26 9M25 9M26 9M25 9M26 Toll Roads Equivalent Vehicles² Average Tariff¹ AutoBAn 241,610,940 244,580,466 1.2% 12.2 12.9 5.7% Pantanal 41,092,532 39,102,009 -4.8% 8.1 8.7 7.4% RioSP 132,226,997 149,468,533 13.0% 7.9 7.6 -3.8% RodoAnel Oeste 108,590,934 108,774,147 0.2% 3.3 3.6 9.1% SPVias 56,114,380 57,884,865 3.2% 15.3 16.3 6.5% ViaCosteira 65,643,330 64,969,483 -1.0% 2.4 2.8 16.7% ViaLagos 7,124,327 7,111,796 -0.2% 24.1 24.5 1.7% ViaOeste 30,869,313 - n.m. 9.7 - n.m. ViaSul 77,097,880 76,921,194 -0.2% 5.5 5.9 7.3% Sorocabana 30,613,023 154,312,427 n.m. 8.4 3.8 n.m. Paraná 18,627,076 54,385,550 n.m. 11.7 11.5 -1.7% Minas_SP - 97,204,443 n.m. - 3.4 n.m. Consolidated IFRS3 840,480,041 1,054,714,911 25.5% 8.4 7.9 -6.0% Total Comparable4 729,501,317 748,812,492 2.6% 8.6 9.0 4.7% 1. The average tariff for the toll road business is calculated by dividing toll revenue by the number of equivalent vehicles of each concessionaire. 2. Equivalent Vehicles is a measure calculated by adding heavy vehicles (commercial vehicles such as trucks and buses) to light vehicles, multiplied by the number of axles charged. One light vehicle is equivalent to one axle of a heavy vehicle . 3. In the consolidated figures, traffic volume for ViaOeste, which only collects one- way tolls, is doubled to adjust it according to the concessionaires that have bidirectional toll collections. This procedure is based on the fact that one-way tolls already include round-trip costs. 4. F or comparability purposes, the following concessions were excluded: (i) ViaOeste, whose contract ended on March 29, 2025; (ii ) Sorocabana, which began toll collection on March 30, 2025; and (iii) Paraná, which began toll collection on June 28, 2025 and (iv) Minas_SP, demand data considered as of 04/01/2026.
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9 3Q26 Results 3Q25 3Q26 Var.% 9M25 9M26 Var.% Gross Revenue 3,792 4,456 17.5% 9,740 11,725 20.4% Toll Revenue 2,570 3,008 17.0% 7,067 8,310 17.6% Other Revenues - (29) n.m. - (45) n.m. (-) Construction Revenue 110 60 -45.5% 162 121 -25.3% Deductions from Revenue 1,112 1,417 27.4% 2,511 3,339 33.0% Net Revenue excluding Construction (a) (226) (268) 18.6% (626) (735) 17.4% Total Costs and Expenses (b+c+d) 2,454 2,771 12.9% 6,603 7,651 15.9% Cash Costs (b) (1,896) (2,439) 28.6% (4,985) (6,320) 26.8% Personnel (391) (509) 30.2% (1,393) (1,459) 4.7% Third-Party Services (60) (83) 38.3% (256) (267) 4.3% Concession Fees (151) (218) 44.4% (558) (598) 7.2% Other Costs and Expenses (31) (37) 19.4% (94) (105) 11.7% Non-Cash Costs (c) (149) (171) 14.8% (485) (489) 0.8% Depreciation, Amortization and Impairment (393) (513) 30.5% (1,081) (1,522) 40.8% Provision for Maintenance (259) (345) 33.2% (702) (934) 33.0% Prepaid Concession Fees (101) (136) 34.7% (283) (494) 74.6% Construction Costs (d) (33) (32) -3.0% (96) (94) -2.1% Non-Recurring (e) (1,112) (1,417) 27.4% (2,511) (3,339) 33.0% Adjusted EBITDA (a+b+e) (63) - n.m. 24 - n.m. Adjusted EBITDA Margin 2,000 2,262 13.1% 5,234 6,192 18.3% Gross Revenue 83.6% 81.6% -2.0 p.p. 80.0% 80.9% 0.9 p.p. Consolidated comparable traffic increased by 1.6% (stable, excluding the free- flow effect in the São Paulo Metropolitan Region – RMSP) in 3Q26. RioSP stood out with a 13.5% increase, driven by the start of free- flow operations in the São Paulo Metropolitan Region (RMSP), which began in December 2025, and by the delivery of works in the Guarulhos region. Excluding the effects of free flow, traffic growth at the concession reached 4.7% in the period . As additional information, the Sorocabana and Paraná concessions also showed progress throughout the quarter, in line with the start of their operations. At Sorocabana, toll collection began in March 2025, followed by the implementation of eight gantries in October 2025 and nine additional gantries between February and March 2026, increasing the number of equivalent axles, albeit with a lower average toll rate, as provided for under the concession agreement. At Paraná, toll collection began on June 28, 2025, and two additional gantries were added on June 1, 2026 . Comparable commercial vehicle traffic decreased by 0.6% (-1.4% excluding the free- flow effect in the RMSP) in the period. The main variations were: (i) Pantanal recorded a decline, mainly due to higher road freight costs and fuel prices; (ii) a decrease in commercial traffic at RodoAnel Oeste and AutoBAn, reflecting lower corn outflow due to the crop failure in the state of Goiás; and (iii) Paraná showed a reduction, due to lower outflow via the Port of Paranaguá, caused by a delay in the corn harvest.
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10 3Q26 Results Comparable passenger vehicle traffic increased by 4.9% (2.2% excluding the free -flow effect in the RMSP), with positive performance driven mainly by tourist traffic on the São Paulo state concessions during the extended July 9th state holiday (Constitutionalist Revolution) . Toll Revenue grew by 17.0% in the period, with the following main highlights: • Ordinary annual tariff adjustments; • At AutoBAn and SPVias, a R$0.10 increase resulting from the COVID -19 precautionary rebalancing, applied in 3Q26; • The start of Minas_SP , considering the application of the 1st tariff step of 40% on May 11, 2026, in addition to the accumulated IPCA from Jan/23 to Mar/26, corresponding to 15.94%, and the discount of 17.05%, as set forth in the competitive bidding process ; • At RioSP, the effect of free-flow toll collection in the São Paulo Metropolitan Region (RMSP), which contributed 2.5% to the concession's growth in the quarter; • At Pantanal, in Aug/26, the 1st tariff step of 33.64% was applied, in addition to a 5.2% adjustment; • At ViaCosteira, a 7.8% tariff adjustment, in addition to the application of Factor C of R$0.27, resulting from the postponement of tariff correction; • At ViaSul, the 8.0% tariff adjustment was applied in Jun/2026, in addition to Factor C of R$0.29 resulting from the postponement of tariff correction. In Aug/26, the ordinary adjustment of 4.6% was applied, maintaining Factor C . Under the Demand Risk Mitigation line, at Paraná, as provided for under the concession agreement, demand-sharing with the Granting Authority began, with the recognition of approximately R$19 million in the period. Additionally, Minas_SP also recognized R$10 million in demand -sharing with the Granting Authority. The Other Revenues line decreased by 45.5% , mainly due to the recognition of R$63 million at SPVias in 3Q25, related to TAM 22/2025. As a result, Net Revenue excluding Construction grew by 12.9% in the period. The main variations in Cash Costs were: o Personnel: growth driven by the average annual wage adjustment ("dissídio") of 3.36% (R$3 million), applied in 2Q26, and by the start of Minas_SP's operations (R$15 million) .
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11 3Q26 Results o Third-Party Services : the variance resulted mainly from a higher volume of pavement conservation, right -of-way, and signage works at RioSP (R$18 million), AutoBAn (R$16 million), Sorocabana (R$16 million), Paraná (R$14 million), SPVias (R$10 million), and RodoAnel Oeste (R$7 million). Additionally, there was an increase due to the start of Minas_SP's operations (R$11 million). o Concession Fees : the increase is explained by higher toll revenue at AutoBAn and Sorocabana. o Other Costs and Expenses: increase associated with the consolidation of Minas_SP (R$41 million), partially offset by the reversal of contingencies at ViaLagos (R$7 million) and AutoBAn (R$5 million). The main variations in Non-Cash Costs were: o Depreciation and Amortization : increase resulting from the growth in intangible and fixed asset balances, mainly at RioSP, Paraná, and Sorocabana, reflecting works delivered in the period, in addition to the start of Minas_SP's operations. o Maintenance Provision: the line's performance was largely driven by AutoBAn, with R$67 million in 3Q26, compared to R$43 million in 3Q25, due to the completion of the current maintenance cycle. o Construction Cost: in line with the investment schedule, there was an increase due to the start of Minas_SP (R$162 million) and an increment of approximately R$272 million at Pantanal, partially offset by a reduction at ViaSul (R$145 million) . The breakdown by concession is available in Appendix I of the earnings release.
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12 3Q26 Results Rail Traffic / Passengers Average Tariff ¹ 3Q25 3Q26 Var.% 3Q25 3Q26 Var.% Rail Transported Passengers Average Tariff Metrô Bahia 30,448,509 30,480,223 0.1% 3.6 3.8 3.6% ViaMobilidade – Lines 5 and 17 43,620,770 43,973,510 0.8% 2.6 2.7 5.5% ViaMobilidade – Lines 8 and 9 61,821,237 62,406,580 0.9% 3.9 4.1 4.6% ViaQuatro 52,200,804 51,996,407 -0.4% 3.8 4.0 4.7% Integrated 44,102,884 43,311,294 -1.8% - - n.m. Exclusive 8,097,920 8,685,113 7.3% - - n.m. VLT Carioca 6,561,382 6,697,584 2.1% 4.3 4.4 3.7% Consolidated IFRS 194,652,702 195,554,304 0.5% Traffic / Passengers Average Tariff ¹ 9M25 9M26 Var.% 9M25 9M26 Var.% Rail Transported Passengers Average Tariff Barcas 1,473,655 - n.m. 8.9 - n.m. Metrô Bahia 87,891,753 88,148,705 0.3% 3.6 3.7 3.7% ViaMobilidade – Lines 5 and 17 126,632,738 129,703,717 2.4% 2.6 2.7 5.4% ViaMobilidade – Lines 8 and 9 178,054,729 183,675,685 3.2% 3.9 4.1 5.8% ViaQuatro 151,884,714 152,755,307 0.6% 3.8 4.0 4.7% Integrated 127,989,159 127,566,587 -0.3% - - n.m. Exclusive 23,895,555 25,188,720 5.4% - - n.m. VLT Carioca 18,996,328 18,542,843 -2.4% 4.2 4.3 4.3% Consolidated IFRS 564,933,917 572,826,257 1.4% Total Comparable² 563,460,262 572,826,257 1.7% 1. The average tariff for the rail businesses considers only tariff revenues and transported passengers. 2. For comparability purposes, the effect of Barcas was excluded, as the contract ended on February 11, 2025.
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13 3Q26 Results 3Q25 3Q26 Var.% 9M25 9M26 Var.% Gross Revenue 2,135 1,387 -35.0% 4,539 3,819 -15.9% Tariff Revenue 689 716 3.9% 1,986 2,095 5.5% Mitigation Revenue 34 93 173.5% 290 271 -6.6% Financial Asset Revenue 1,107 183 -83.5% 1,489 636 -57.3% Real Estate Revenue¹ 24 29 20.8% 67 80 19.4% Commercial Revenues 25 29 16.0% 69 78 13.0% (-) Construction Revenue 255 336 31.8% 635 659 3.8% Deductions from Revenue (11) (14) 27.3% (34) (42) 23.5% Net Revenue excluding Construction (a) 1,868 1,037 -44.5% 3,867 3,118 -19.4% Total Costs and Expenses (b+c+d) (645) (908) 40.8% (2,038) (2,271) 11.4% Cash Costs (b) (261) (444) 70.1% (1,033) (1,242) 20.2% Personnel (164) (185) 12.8% (533) (526) -1.3% Third-Party Services (97) (126) 29.9% (300) (330) 10.0% Concession Fees / Obligations with the Granting Authority (3) (1) -66.7% (6) (4) -33.3% Energy² (31) (41) 32.3% (128) (124) -3.1% Other Costs and Expenses 34 (91) n.m. (66) (258) 290.9% Non-Cash Costs (c) (129) (128) -0.8% (370) (370) 0.0% Depreciation, Amortization and Impairment (129) (128) -0.8% (370) (370) 0.0% Construction Costs (d) (255) (336) 31.8% (635) (659) 3.8% Non-Recurring (e) (1,016) - n.m. (1,085) - n.m. Adjusted EBITDA (a+b+e) 591 593 0.3% 1,749 1,876 7.3% Adjusted EBITDA Margin 60.7% 57.2% -3.5 p.p. 58.8% 60.2% 1.4 p.p. 1. Considers revenue from real estate development of the remaining areas and retrofitting in the stations. 2. The energy amount corresponds to the net cost of electricity, already deducted from revenue generated from the sale of surplus energy. As presented in the demand table above, rail assets recorded a 0.5% increase in demand compared to the same quarter of the previous year. VLT Carioca posted a 2.1% increase, favored by the city's events calendar, in addition to a lower comparison base in 2025. In the units located in São Paulo, demand grew by 0.5%, mainly supported by higher demand following the integration of Santo Amaro station on Lines 5-Lilac and 9-Emerald, and by the start of operations of Varginha station on Line 9 - Emerald. These factors offset the unfavorable calendar effect and heavy rainfall during the period . As a result of the increase in passenger flow and the tariff adjustments implemented, Tariff Revenue grew by 3.9%. Mitigation Revenue increased by 173%, due to the reclassification of R$47 million at ViaQuatro in 3Q25, reflecting the execution of Amendment No. 10 (TAM No. 10) . Financial Asset Revenue decreased by 83% in the period, mainly reflecting the effects recorded at ViaQuatro in 3Q25. The variation is due to extraordinary events in 3Q25 related to the signing of Amendment No. 10 (TAM No. 10), which generated a positive impact of approximately R$894 million in the comparable period. Additionally, in 3Q25, there was an early receipt of R$483 million related
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14 3Q26 Results to the COVID-19 rebalancing, reducing the financial asset balance and impacting the indexation of the associated balance. Ancillary Revenues ( Real Estate and Commercial) grew by 18.3% , driven by better media revenue performance, lower vacancy rates, and retail commercial renegotiations. Performance was also boosted by growth in naming rights revenue, supported by contractual adjustments and the recognition of revenue from new contracts. As a result, Net Revenue excluding Construction showed a negative variation of 44.5% in the quarter. The main variations in Cash Costs were: o Personnel: growth driven by the average annual collective bargaining adjustment of approximately 4.00% in 3Q26 (R$7 million), which included the retroactive period from March to June 2026, and by the lower volume of labor capitalization (R$12 million), mainly at ViaMobilidade - Lines 8 and 9, ViaMobilidade - Lines 5 and 17, and Metrô Bahia. o Third-Party Services: the increase is explained by a higher volume of maintenance services across several assets (R$14 million), mainly at ViaMobilidade - Lines 5 and 17, due to: (i) the outsourcing of rolling stock maintenance, which brings greater cost predictability and operational efficiency; and (ii) the comparison base in 3Q25, which included an insurance claim reimbursement (R$5 million). o Energy: the variation reflects the lower surplus of electricity available for sale in 2026 (R$11 million), with emphasis on ViaQuatro, ViaMobilidade - Lines 5 and 17, and ViaMobilidade - Lines 8 and 9. o Other Costs and Expenses: the behavior of this line was largely due to the comparison base in 3Q25, which included an indemnification in favor of ViaMobilidade - Lines 8 and 9 for the delay in the delivery of rolling stock (R$122 million). The main variations in Non-Cash Costs were: o Depreciation and Amortization : the effect of the 20 -year extension of the ViaQuatro concession term was practically offset by the increase in the intangible asset balance at ViaMobilidade - Lines 8 and 9, mainly related to the new rolling stock (new trains) and systems added in 2025.
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15 3Q26 Results o Construction Cost: the increase observed in this line is mainly associated with progress at ViaQuatro (R$150 million), in line with the investment curve agreed under Amendment No. 10 (TAM No. 10), signed in 3Q25, partially offset by the lower volume of investments at ViaMobilidade - Lines 8 and 9 (R$46 million). The breakdown by concession is available in Appendix I of the earnings release. Airports As part of the execution of the Company's strategic plan, focused on portfolio simplification and value unlocking of its assets, on September 1, 2026, the divestment of 100% of the shares issued by Companhia de Participações em Concessões (CPC) held by Mot iva was completed, in continuity with the Material Fact disclosed on November 18, 2025. As a result of the transaction, ASUR began to hold direct control of CPC, the holding company that concentrates the Company's equity interests in its airport assets in Brazil and abroad. The Transaction value, after applicable adjustments, resulted in an equity value of R$5.2 billion, which contributed to strengthening the Company's financial capacity for investments in new infrastructure projects . With the completion of the transaction, the Result from Discontinued Operations line reflected the recognition of the capital gain from the sale of the Airport Platform, with a positive effect of approximately R$1.8 billion, and R$871 million from CPC's Cu mulative Translation Adjustment (CTA). Other – Holdings and CSC At Holdings, the main variations occurred: (i) in the Personnel line, an increase due to the application of the average annual wage adjustment ("dissídio ") of 3.36% (R$7 million) in 3Q26, including the retroactive period from March to June 2026; (ii) in the Third -Party Services line, an increase of approximately R$12 million, resulting from new business studies, digital transformation, and rebranding; (iii) in the Other Costs and Expenses line, a decrease of R$10 million related to events and space rentals; and (iv) an increase in the non-controlling interests' result of R$35 million, due to the cumulative reclassification of the discontinued operations line.
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16 3Q26 Results Consolidated Adjusted EBITDA Adjusted EBITDA¹ (R$ million) 3Q25 3Q26 Var.% 9M25 9M26 Var.% Toll Roads 2,000 2,262 13.1% 5,234 6,192 18.3% Adjusted EBITDA Margin - Toll Roads 83.6% 81.6% -2.0 p.p. 80.0% 80.9% 0.9 p.p. Rail 591 593 0.3% 1,749 1,876 7.3% Adjusted EBITDA Margin - Rail 60.7% 57.2% -3.5 p.p. 58.8% 60.2% 1.4 p.p. Other (367) (334) -9.0% (887) (940) 6.0% Adjusted EBITDA 2,224 2,521 13.4% 6,096 7,128 16.9% Adjusted EBITDA Margin 66.4% 66.2% -0.2 p.p. 64.2% 66.2% 2.0 p.p. 1. Excludes non-recurring effects. Consolidated Net Financial Result Financial Result (R$ million) 3Q25 3Q26 Var.% 9M25 9M26 Var.% Net Financial Result (816) (775) -4.9% (2,299) (2,362) 2.7% Income on Financial Investments and Other Revenues 228 375 64.5% 609 1,024 68.1% Capitalization of Costs on Loans 161 130 -19.3% 498 775 55.6% Interest on Loans, Financing and Debentures (872) (1,005) 15.3% (2,361) (2,879) 21.9% Result from Hedge Operation and Fair Value (91) (198) 117.6% (128) (164) 28.1% Monetary Variation (109) (27) -75.2% (615) (920) 49.6% Other Financial Income and Expenses¹ (132) (50) -62.1% (302) (198) -34.2% 1. Other includes: commissions, fees, taxes, fines, interest on taxes, exchange rate variations, and others . The main reasons for the variations reported in 3Q26 are: Income on Financial Investments and Other Revenues increased, mainly due to a 29.4% higher average cash balance between the compared periods . The Capitalization of Costs on Loans line decreased, mainly due to lower capitalization at Sorocabana (R$22 million) and Paraná (R$9 million), resulting from investments in the assets . Interest on Loans, Financing, Debentures, and Commercial Notes increased, mainly due to the Company's higher gross debt (+18.3%), the impact of which outweighed the effect of the 0.93 p.p. reduction in the average annual CDI rate between the compared periods. The variation in the Income from Hedge Operations and Fair Value line reflects the fair value of financing obtained by: (i) ViaMobilidade - Lines 5 and 17 in April 2020; (ii) the Holding Company in December 2020, June 2021, February 2022, and October 2025; (iii) Sorocabana in March 2025 and
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17 3Q26 Results March 2026; (iv) Paraná in February 2025; (v) AutoBAn in July 2025; (vi) Pantanal in January 2026; and (vii) SPVias in April 2026, as well as the fair value calculation of the related swaps . The reduction in the Monetary Variations line mainly reflected the lower IPCA between the compared periods, partially offset by a 23.4% increase in IPCA -linked debt. The reduction in Other Financial Income and Expenses is mainly explained by the recognition of approximately R$70 million in 3Q25 of fees and commissions related to the liability management of approximately R$2.5 billion at AutoBAn, which allowed for refinancing and a reduction in the debt cost spread of approximately 2.02 p.p.. Indebtedness Disbursements in the Quarter In 3Q26, disbursements occurred as shown in the table below Company Issue Amount (R$ MM) Debt Cost Maturity VLT Carioca sep/26 70 6th Commercial Note Issue CDI + 0.41% sep/29 Total 70 o The R$70 million raised by VLT Carioca was used to repay the 2nd issuance and to reinforce cash position. Indebtedness Performance (R$ MM) sep/25 jun/26 sep/26 Gross Debt¹ - Consolidated 34,145 43,522 40,382 Toll Roads 15,815 21,849 22,186 Rail 11,772 13,213 13,367 Other² 6,557 8,460 4,829 Cash, Cash Equivalents, and Financial Investments³ - Consolidated 6,314 10,677 10,343 Toll Roads 3,873 8,062 7,077 Rail 1,449 994 952 Other² 991 1,621 2,314 Net Balance of Derivatives Receivable (Payable) – Consolidated (156) (260) (39) Net Debt – Consolidated 27,987 33,105 30,078 Net Debt – Holding 5,609 6,829 2,444 1. Gross debt excludes transaction costs incurred during the structuring of the respective financial instruments, when measured at amortized cost. 2. Unallocated (Holding Companies). 3. Only current asset amounts are considered. The Debt Evolution reflects the disbursements made in the period, the R$1.4 billion in contributions to the Company's investees, in addition to prepayments totaling R$5.3 billion (including the prepayment of Motiva's 17th and 18th issuances, totaling R$3.7 billion).
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18 3Q26 Results Consolidated Debt Breakdown¹ Debt Breakdown (R$ MM) Average Cost (% per annum) BNDES TJLP + 0.0% - 4.0% p.a., IPCA + 2.28% - 8.68% Debentures, Commercial Notes and others CDI – 1.30% - + 3.75% p.a. Debentures IPCA + 4.25% + 7.78% p.a. Other 6.14% p.a. – 9.76% p.a. Total Equivalent CDI – 0.34% 1. The amounts are not deducted from transaction costs and are measured at amortized cost. Debt Breakdown by Index¹ 1. Amounts in R$M and as a % of the Company’s total debt . Amortization Schedule¹ 1. The amounts are not deducted from transaction costs and are measured at amortized cost . The Company's debt ended 3Q26 with a duration of 5.3 years and an average cost of CDI - 0.34%, reinforcing the long -term profile of its indebtedness. This profile is evidenced by the consolidated amortization schedule, in which approximately 48% of maturities fall due from 2033 onward, a level approximately 1 p.p. higher than that observed in the same period of the previous year. 5,154 13% 20,327 50% 15,212 37% Hedged 1.0 1.5 1.8 2.8 6.1 4.7 3.5 19.5 2% 4% 4% 7% 15% 11% 9% 48% 2026 2027 2028 2029 2030 2031 2032 From 2033 R$ MM % Total TJLP, TLP (IPCA) - BNDES CDI - Debentures, CCB and others IPCA - Debentures Fixed 7,091 17% 8,969 22%24,190 59% 568 2% Unhedged
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19 3Q26 Results CAPEX and Maintenance Investments (including those to be received as financial assets) plus maintenance reached R$2,275 million in 3Q26 (+2.9%). Intangible and Fixed Assets Performed Maintenance Total R$ MM (100%) Improvements, Equipment, Financial Assets¹ and Others Maintenance Costs 3Q26 9M26 3Q26 9M26 3Q26 9M26 AutoBAn 39 113 49 240 88 353 ViaLagos 2 2 - - 2 2 RodoAnel Oeste 17 45 15 20 32 65 SPVias 70 174 118 185 188 359 Pantanal 409 773 - - 409 773 ViaSul 126 497 15 44 141 541 ViaCosteira 48 167 1 5 49 172 RioSP 488 1,134 - - 488 1,134 ViaOeste2 108 368 - - 108 368 Sorocabana 169 403 - - 169 403 Paraná 68 467 - - 68 467 Minas_SP 192 308 - - 192 308 Toll Roads 1,736 4,451 198 494 1,934 4,945 ViaQuatro 134 141 - - 134 141 ViaMobilidade - Lines 5 and 17 19 39 - - 19 39 Metrô Bahia 13 45 - - 13 45 VLT Carioca 10 33 - - 10 33 ViaMobilidade - Lines 8 and 9 140 326 - - 140 326 Rail 316 584 - - 316 584 Other3 25 50 - - 25 50 Consolidated 2,077 5,085 198 494 2,275 5,579 1. The investments made by the concessionaires, which will be received by the Granting Authorities as monetary consideration or contribution, are part of the financial assets. 2. Improvement works classified as CAPEX, due to the future economic benefits in the toll roads segments previously managed by V iaOeste and currently by Sorocabana. 3. Includes Holding Company and Eliminations.
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20 3Q26 Results The concessionaires that invested the most in the quarter were: RioSP , Pantanal, SPVias, and Sorocabana. At RioSP, investments were focused 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. At Pantanal, investments were related to pavement restoration, expropriations, implementation works, additional lanes, and duplications across several sections. At SPVias , highlights included pavement interventions along the road network. Lastly, at Sorocabana, highlights included duplication works, the implementation of 2 rest stops, and pavement restoration. At ViaMobilidade - Lines 8 and 9, investments were directed toward the expansion and optimization of the European Train Control System (ETCS), the implementation and revitalization of power networks, cabins, and electrical substations, in addition to train revitalizations . As additional information, ViaQuatro received R$54 million in contributions during the period, related to the line extension works to Taboão da Serra. Sustainability Agenda In 3Q26, Motiva launched its first Sustainability Book, expanding transparency on strategic topics and complementing the information disclosed in the 2025 Sustainability Report, prepared in transition to the IFRS S1 and S2 standards. Social Responsibility In 3Q26, Instituto Motiva expanded its cultural activities and, according to the 2024 -2025 GIFE Census, ranks among the largest private social investors in the country, placing 7th among corporate organizations and 16th in the overall ranking. This year, t he Institute increased support for leading cultural venues, such as Pinacoteca de São Paulo, Museu Afro Brasil, MUNCAB, and MAM Rio, and strengthened the Instituto Motiva Cultural Circuit, which promotes guided visits by children and young people to cultural venues. On the literary agenda, Motiva was present at Flip for the fourth consecutive year and at Flipelô for the tenth, with Casa Motiva and Casa Flip+Motiva featured in the official program. The period was also marked by Motiva's Volunteering Program: between August and September, 18 initiatives were carried out across eight states, involving 348 volunteers, directly benefiting 3,800 people and indirectly benefiting more than 19,000, with a fo cus on environmental education, community development, revitalization of public spaces, and clean- up efforts. As a result, 1,885 seedlings were planted and approximately 1,600 kilograms of waste were collected . Learn more about Motiva at: https://www.motiva.com.br/en/
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21 3Q26 Results Exhibit 1- IFRS Gross Revenues (excluding Construction Revenue) by Asset Gross Revenue - Tolls (R$ MM) 3Q25 3Q26 Var.% 9M25 9M26 Var.% AutoBAn 1,063 1,118 5.2% 2,939 3,143 6.9% ViaOeste - - n.m. 298 - n.m. RioSP 364 396 8.8% 1,050 1,139 8.5% SPVias 310 337 8.7% 856 941 9.9% ViaSul 135 166 23.0% 425 457 7.5% RodoAnel Oeste 132 137 3.8% 361 389 7.8% ViaCosteira 51 63 23.5% 158 184 16.5% ViaLagos 53 53 0.0% 172 174 1.2% Pantanal 122 136 11.5% 335 342 2.1% Sorocabana 129 205 58.9% 256 584 n.m. Paraná 211 205 -2.8% 217 595 n.m. Minas_SP - 163 n.m. - 317 n.m. Total Gross Revenue - Tolls 2,570 2,979 15.9% 7,067 8,265 17.0% % Total Revenue 43.4% 51.0% 7.6 p.p. 49.5% 53.2% 3.7 p.p. % AVI 85.7% 86.6% 0.9 p.p. 84.4% 85.9% 1.5 p.p. Gross Revenue – Rail/Waterway (R$ MM) 3Q25 3Q26 Var.% 9M25 9M26 Var.% ViaQuatro 153 209 36.6% 624 611 -2.1% Metrô Bahia 157 175 11.5% 453 504 11.3% ViaMobilidade - Lines 8 and 9 241 244 1.2% 691 730 5.6% ViaMobilidade - Lines 5 and 17 144 151 4.9% 418 441 5.5% VLT Carioca 28 30 7.1% 79 80 1.3% Barcas - - n.m. 11 - n.m. Total Gross Revenue – Rail/Waterway 723 809 11.9% 2,276 2,366 4.0% % Total Revenue 12.2% 13.8% 1.6 p.p. 15.9% 15.2% - 0.7 p.p. Gross Revenue - Construction 3Q25 3Q26 Var.% 9M25 9M26 Var.% Total 1,367 1,753 28.2% 3,146 3,998 27.1% % Total Revenue 23.1% 30.0% 6.9 p.p. 22.0% 25.7% 3.7 p.p. Other Gross Revenue 3Q25 3Q26 Var.% 9M25 9M26 Var.% Total Gross Revenue - Other 1,259 303 -75.9% 1,789 919 -48.6% % Total Revenue 21.3% 5.2% - 16.1 p.p. 12.5% 5.9% - 6.6 p.p. Total Gross Revenue 3Q25 3Q26 Var.% 9M25 9M26 Var.% Total (with Construction Revenue) 5,919 5,844 -1.3% 14,278 15,548 8.9%
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22 3Q26 Results Non-Recurring Effects Net Revenue R$ MM 3Q25 3Q26 9M25 9M26 Comments Consolidated Net Revenue 4,307 3,806 10,459 10,764 (-) Non-Recurring (957) - (957) - SPVias (63) - (63) - SPVias Extension ViaQuatro (894) - (894) - ViaQuatro Extension Adjusted Net Revenue 3,350 3,806 9,502 10,764 Adjusted EBITDA R$ MM 3Q25 3Q26 9M25 9M26 Comments EBITDA 3,004 2,353 6,668 7,336 + Provision for Maintenance 101 136 283 494 + Recognition of Prepaid Expenses 33 32 96 94 - Equity Pick-up (21) (23) (68) (74) - Share of Non-controlling Shareholders 186 23 178 28 (-) Non-Recurring (1,079) - (1,061) (750) ViaQuatro 894 - 894 - ViaQuatro Extension SPVias 63 - 63 - SPVias Extension ViaMobilidade - Lines 8 and 9 122 - 122 - Alstom Reimbursement ViaMobilidade - Lines 8 and 9 - - 69 - Reversal - Contingency Provision for Fines ViaOeste - - (87) - Improvement works that do not generate future economic benefits Motiva - - - 750 Bargain Purchase - Fernão Dias Adjusted EBITDA 2,224 2,521 6,096 7,128 Net Income R$ MM 3Q25 3Q26 9M25 9M26 Comments Consolidated Net Income (Loss) 1,232 3,424 2,674 5,464 (-) Non-Recurring¹ (549) (2,674) (1,054) (3,424) ViaQuatro (442) - (442) - ViaQuatro Extension ViaMobilidade - Lines 8 and 9 (64) - (64) - Alstom Reimbursement SPVias (42) - (42) - SPVias Extension BH Airport - - 17 - Renegotiation of Outstanding Installment MSVia - - (480) - Recognition of Deferred Tax (income/profit only) ViaMobilidade - Lines 8 and 9 - - (36) - Reversal - Contingency Provision for Fines ViaOeste - - 57 - Improvement works that do not generate future economic benefits Aeris - - (63) - D&A Adjustment due to the Extension Motiva - - - (750) Bargain Purchase Motiva - (1,803) - (1,803) Capital Gain - Sale of Airport Platform Motiva - (871) - (871) CTA - Airport Platform Adjusted Net Income 683 750 1,620 2,040 1. Non-recurring effects are net of income tax and social contribution (IRPJ and CSLL) .
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23 3Q26 Results Breakdown of Gross Revenue from the Rail Business (excluding Construction Revenue)¹ ViaQuatro Metrô Bahia Gross Revenue 3Q25 3Q26 Var.% 9M25 9M26 Var.% 3Q25 3Q26 Var.% 9M25 9M26 Var.% Rail Revenue 153 209 36.6% 624 611 -2.1% 157 175 11.5% 453 504 11.3% Mitigation Revenue (47) - n.m. 43 - n.m. 46 59 28.3% 138 175 26.8% Tariff Revenue 200 209 4.5% 581 611 5.2% 111 116 4.5% 315 329 4.4% Real Estate Revenue 10 10 0.0% 25 27 8.0% 3 4 33.3% 8 10 25.0% Ancillary Revenue 14 17 21.4% 38 44 15.8% 4 5 25.0% 10 11 10.0% Financial Asset 962 47 -95.1% 1,010 192 -81.0% 102 86 -15.7% 310 278 -10.3% Other - 1 n.m. 1 2 100.0% - - n.m. - - n.m. Total Gross Revenue 1,139 284 -75.1% 1,698 876 -48.4% 266 270 1.5% 781 803 2.8% VLT Carioca ViaMobilidade - Lines 5 and 17 Gross Revenue 3Q25 3Q26 Var.% 9M25 9M26 Var.% 3Q25 3Q26 Var.% 9M25 9M26 Var.% Rail Revenue 28 30 7.1% 79 80 1.3% 144 151 4.9% 418 441 5.5% Mitigation Revenue - - n.m. - - n.m. 31 31 0.0% 93 91 -2.2% Tariff Revenue 28 30 7.1% 79 80 1.3% 113 120 6.2% 325 350 7.7% Real Estate Revenue 4 5 25.0% 13 15 15.4% 5 6 20.0% 14 17 21.4% Ancillary Revenue - - n.m. - - n.m. 5 5 0.0% 15 16 6.7% Financial Asset 49 50 2.0% 172 166 -3.5% (6) - n.m. (3) - n.m. Other - - n.m. - - n.m. 1 2 100.0% 2 2 0.0% Total Gross Revenue 81 85 4.9% 264 261 -1.1% 149 164 10.1% 446 476 6.7% ViaMobilidade - Lines 8 and 9 Barcas Gross Revenue 3Q25 3Q26 Var.% 9M25 9M26 Var.% 3Q25 3Q26 Var.% 9M25 9M26 Var.% Rail/Waterway Revenue 241 244 1.2% 691 730 5.6% - - n.m. 11 - n.m. Mitigation Revenue 4 3 -25.0% 16 5 -68.8% - - n.m. - - n.m. Tariff Revenue 237 241 1.7% 675 725 7.4% - - n.m. 11 - n.m. Real Estate Revenue 2 4 100.0% 7 11 57.1% - - n.m. - - n.m. Ancillary Revenue 2 2 0.0% 5 7 40.0% - - n.m. 1 - n.m. Financial Asset - - n.m. - - n.m. - - n.m. - - n.m. Other - - n.m. - - n.m. - - n.m. - - n.m. Total Gross Revenue 245 250 2.0% 703 748 6.4% - - n.m. 12 - n.m. 1. Does not consider effects from eliminations.
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24 3Q26 Results EBITDA Reconciliation EBITDA Reconciliation (R$ MM) 3Q25 3Q26 Var.% 9M25 9M26 Var.% Net Income 1,232 3,424 177.9% 2,674 5,464 104.3% (+) Income Tax and Social Contribution 685 475 -30.7% 818 1,213 48.3% (+) Net Financial Result 816 775 -4.9% 2,299 2,362 2.7% (+) Depreciation and Amortization 407 487 19.7% 1,123 1,339 19.2% EBITDA (1) 3,140 5,161 64.4% 6,914 10,378 50.1% EBITDA Margin (1) 55.3% 92.8% 37.5 p.p. 50.8% 70.3% 19.5 p.p. (+) Prepaid Expenses (2) 33 32 -3.0% 96 94 -2.1% (+) Provision for Maintenance (3) 101 136 34.7% 283 494 74.6% (-) Equity Pick-up (21) (23) 9.5% (68) (74) 8.8% (+) Share of Non-controlling Shareholders 186 23 -87.6% 178 28 -84.3% (-) Net Result from Discontinued Operations (136) (2,808) n.m. (246) (3,042) n.m. Non-Recurring (1,079) - n.m. (1,061) (750) -29.3% Adjusted EBITDA (4) 2,224 2,521 13.4% 6,096 7,128 16.9% Adjusted EBITDA Margin (5) 66.4% 66.2% - 0.2 p.p. 64.2% 66.2% 2.0 p.p. 1. Calculation according to CVM Resolution 156/2022, which consists of net income adjusted for the net financial result, income tax and social contribution expenses over net income, and depreciation and amortization costs and expenses . 2. Refers to the recognition of prepayments related to the concession, which are adjusted for being a non -cash item in the Quarterly Information (ITR). 3. The provision for maintenance is adjusted, as it refers to estimated future expenditures from periodic maintenance in Motiva’ s investees and constitutes a non-cash item in the Quarterly Information (ITR) . 4. Calculated by excluding provision for maintenance, recognition of prepaid concession fees, and non -recurring effects detailed in the “Non-recurring effects” section. 5. The Adjusted EBITDA margin was calculated excluding construction revenues since this revenue is an IFRS requirement, whose corresponding entry impacts total costs.
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25 3Q26 Results INCOME STATEMENT – CONSOLIDATED 3Q25 3Q26 Var.% 9M25 9M26 Var.% Brazilian Corporation Law (R$ MM) Gross Revenue 4,552 4,091 -10.1% 11,132 11,550 3.8% - Toll Revenue 2,570 2,979 15.9% 7,067 8,265 17.0% - Other Revenues 1,982 1,112 -43.9% 4,065 3,285 -19.2% Deductions from Gross Revenue (245) (285) 16.3% (673) (786) 16.8% Net Revenue 4,307 3,806 -11.6% 10,459 10,764 2.9% (+) Construction Revenue 1,367 1,753 28.2% 3,146 3,998 27.1% Cost of Services (2,527) (3,136) 24.1% (6,787) (7,985) 17.7% - Depreciation and Amortization (382) (437) 14.4% (1,056) (1,212) 14.8% - Third-Party Services (197) (292) 48.2% (719) (788) 9.6% - Concession Fees (34) (38) 11.8% (100) (109) 9.0% - Personnel Costs (200) (218) 9.0% (666) (627) -5.9% - Construction Costs (1,367) (1,753) 28.2% (3,146) (3,998) 27.1% - Provision for Maintenance (101) (136) 34.7% (283) (494) 74.6% - Other (213) (230) 8.0% (721) (663) -8.0% - Recognition of Prepaid Concession Fees (33) (32) -3.0% (96) (94) -2.1% Gross Profit 3,147 2,423 -23.0% 6,818 6,777 -0.6% Gross Margin 73.1% 63.7% -9.4 p.p. 65.2% 63.0% -2.2 p.p. Administrative Expenses (385) (557) 44.7% (1,163) (826) -29.0% - Depreciation and Amortization (25) (50) 100.0% (67) (127) 89.6% - Third-Party Services (105) (118) 12.4% (281) (302) 7.5% - Personnel Costs (274) (313) 14.2% (782) (892) 14.1% - Other 19 (76) n.m. (33) 495 n.m. Adjusted EBIT 2,762 1,866 -32.4% 5,655 5,951 5.2% Adjusted EBIT Margin (a) 64.1% 49.0% -15.1 p.p. 54.1% 55.3% 1.2 p.p. + Equity Pick-up 21 23 9.5% 68 74 8.8% + Share of Non-controlling Shareholders (186) (23) -87.6% (178) (28) -84.3% EBIT (b) 2,733 2,000 -26.8% 5,791 6,365 9.9% EBIT Margin 48.2% 36.0% -12.2 p.p. 42.6% 43.1% 0.5 p.p. + Depreciation and Amortization 407 487 19.7% 1,123 1,339 19.2% EBITDA (b) 3,004 2,353 -21.7% 6,668 7,336 10.0% EBITDA Margin 52.9% 42.3% -10.6 p.p. 49.0% 49.7% 0.7 p.p. Net Financial Result (816) (775) -5.0% (2,299) (2,362) 2.7% Financial Expenses (1,270) (1,576) 24.1% (3,478) (4,587) 31.9% Financial Income 454 801 76.4% 1.179 2.225 88.7% Equity Pick-up 21 23 9.5% 68 74 8.8% Profit Before Income Tax and Social Contribution 1,967 1,114 -43.4% 3,424 3,663 7.0% Income Tax and Social Contribution - Current (513) (464) -9.6% (1,154) (1,192) 3.3% Income Tax and Social Contribution - Deferred (172) (11) -93.6% 336 (21) n.m. Result from Discontinued Operations (136) (2,808) n.m. (246) (3,042) n.m. Profit before Minority Interest 1,418 3,447 143.1% 2,852 5,492 92.6% Share of Non-Controlling Shareholders (186) (23) -87.6% (178) (28) -84.3% Net Income 1,232 3,424 177.9% 2,674 5,464 104.3% Earnings per Share (R$) 0.60990 1.69505 183.3% 1.32376 2.70495 107.7%
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26 3Q26 Results CONSOLIDATED BALANCE SHEET 2Q26 3Q26 Brazilian Corporation Law (R$ MM) ASSETS CURRENT Cash and Cash Equivalents 4,812 4,886 Accounts Receivable 2,423 2,615 Accounts Receivable from Related Parties 13 9 Financial Investments and Reserve Account 5,838 5,429 Taxes Recoverable 527 375 Prepaid Concession Fees 126 126 Accounts Receivable from Derivative Operations 16 15 Advances to Suppliers and Related Parties 134 130 Prepaid Expenses and Others 689 671 Assets Held for Sale 12,737 0 Total Current Assets 27,315 14,256 NON-CURRENT Accounts Receivable and Financial Inv. at Fair Value through P&L 5,686 5,709 Receivables from Related Parties 163 168 Taxes and Contributions Receivable 136 143 Deferred Taxes 1,649 1,648 Prepaid Concession Fees 1,351 1,320 Accounts Receivable from Derivative Operations 362 503 Prepaid Expenses and Others 518 527 Total Non-Current 9,865 10,018 Investment Property 277 277 Investments 108 106 Fixed Assets 2,287 2,415 Intangible Assets 39,249 40,790 Ongoing Intangible Assets 0 0 Lease 22 18 Total Non-Current Assets 51,808 53,624 TOTAL ASSETS 79,123 67,880 LIABILITIES AND EQUITY CURRENT Loans and Financing 297 308 Debentures 1,749 2,091 Accounts Payable with Derivative Operations 381 388 Suppliers 935 981 Taxes and Contributions Payable 680 811 Taxes and Contributions Installments 4 3 Labor and Social Obligations 461 576
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27 3Q26 Results Liabilities with Related Parties 22 42 Dividends and Interest on Equity Payable 83 84 Provision for Maintenance 556 569 Obligations with the Granting Authority 11 10 Other Accounts Payable 753 772 Liabilities Held for Sale 9,538 - Contractual Liabilities 1 1 Total Current 15,471 6,636 NON-CURRENT Loans and Financing 6,835 6,812 Debentures 34,643 31,171 Taxes and Contributions Payable 4 4 Taxes and Contributions Installments 10 10 Accounts Payable with Derivative Operations 257 167 Deferred Taxes 2,880 2,883 Provision for Civil, Labor, Tax, and Social Security Risks 245 229 Provision for Maintenance 343 293 Liabilities with Related Parties 1 - Contractual Liabilities 20 19 Other Accounts Payable 362 365 Total Non-Current Liabilities 45,600 41,953 EQUITY Share Capital 6,023 6,023 Adjustments to Equity Valuation and Other Comprehensive Income 855 -24 Profit Reserves 8,431 8,431 Retained Earnings 2,040 4,010 Capital Reserves 395 396 Equity for Controlling Shareholders 17,744 18,836 Share of Non-Controlling Shareholders 308 455 Total Equity 18,052 19,291 TOTAL 79,123 67,880 CONSOLIDATED CASH FLOW STATEMENT Brazilian Corporation Law (R$ MM)) – Indirect Method 3Q25 3Q26 9M25 9M26 Cash flow from operating activities Net cash originating from (used in) operating activities 2,831 1,954 5,884 5,189 Net income for the period 1,418 3,447 2,852 5,492 Adjusted for: Deferred taxes (IR, CS, ISS, PIS and COFINS) 173 12 (334) 23 Recognition of prepaid expenses 31 32 96 94 Depreciation, amortization and impairment 348 470 1,016 1,289 Write-off of fixed and intangible assets 20 (53) 26 37 Amortization of concession rights arising from acquisitions 59 17 107 50
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28 3Q26 Results Monetary variation on obligations with the Granting Authorities - 1 - - Interest and monetary variation on debentures, promissory notes, commercial notes, loans, financing and leases 824 901 2,469 3,024 Results from derivative operations 95 198 128 164 Reversal (creation) of provision for maintenance 121 229 353 566 Net establishment of reversals and adjustments to provisions for civil, labor, social security, tax, and contractual risks 14 13 (7) 119 Provision for expected losses - accounts receivable (2) 3 (1) 7 Interest and monetary variation with related parties (6) (7) (13) (15) Additions and remuneration of accounts receivable from the Granting Authorities (1,218) (484) (1,907) (1,505) Present Value Adjustment of Obligations with the Granting Authority - (1) - - Equity pick-up (21) (23) (68) (74) Disposal of Assets / Gain from bargain purchase 1 - - (750) Income from financial investments (80) (219) (193) (535) Reversal of present value adjustment of leases (1) - - - Long-term incentive plan, to be settled in shares 17 8 29 24 Discontinued Operations - Cash Generated from Operations 81 (2,808) 607 (3,042) Variations in assets and liabilities 957 218 724 221 (Increase) decrease in assets Accounts receivable (189) (176) (127) (310) Receivables from related parties 18 7 59 (4) Taxes recoverable 34 170 36 76 Dividends and interest on equity received 90 29 134 62 Prepaid expenses and other (55) 33 (40) (54) Revenue from financial asset 921 452 1,649 1,331 Advances to suppliers (14) 3 (1) (45) Financial asset 4 99 11 230 Inventory (15) (10) (55) (13) Carbon credits - - - - Increase (decrease) in liabilities Suppliers 97 (104) (60) (278) Suppliers - related parties (4) 18 (26) 21 Labor and social obligations 112 104 (43) 23 Taxes and contributions payable, tax installments, and provision for income tax and social contribution 593 256 1,108 890 Income tax and social contribution payments (306) (330) (997) (1,195) Realization of the provision for maintenance (297) (198) (654) (494) Obligations with Granting Authorities (37) (19) (150) 27 Payment of provisions for civil, labor, tax, and social security risks (26) (52) (122) (118) Deferred Revenue (2) - (5) - Other Obligations with Granting Authorities - 52 - 52 Other accounts payable 31 (116) 7 22 Cash flow from investing activities Acquisition of fixed assets (173) (158) (441) (481) Acquisitions to intangible assets (1,866) (2,009) (7,030) (4,829) Other intangible assets 164 49 136 53 Loans with related parties – receivables 57 - 124 - Capital increase in investees and other investment changes - 1 - (6) AFAC - related parties (2) - (2) 2 Sale of investments / net cash acquired from the sale of the stake in TAS - - (67) 288
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29 3Q26 Results Financial investments net of redemptions 92 731 398 (610) Redemption / investments (reserve account) (19) (102) (81) 133 Assets and liabilities held for sale - 160 - - Equity securities - - (24) - Cash Received from the Sale of the Airport Platform - 5,187 - 5,187 Net cash used in investing activities (1,747) 3,859 (6,987) (263) Cash flow from financing activities Delivery of PGLP shares - - - (15) Settlement of derivative operations (18) (70) (65) (226) Loans, financing, debentures, promissory notes, and leases - - - - Funding 3,531 75 12,433 5,826 Principal payments (2,658) (3,736) (7,343) (5,120) Interest payments (631) (882) (2,121) (2,524) Dividends Dividends paid to controlling shareholders (361) (1,252) (681) (1,252) Loans with related parties Funding - - - - Payments - - - - Dividends paid to controlling shareholders - - (36) (532) Share of non-controlling interest 36 134 67 168 Lease (payments) (4) (8) (14) (17) Discontinued Operations - Net Cash from Financing Activities - - - - Net cash used in financing activities (105) (5,739) 2,240 (3,692) Effect from exchange rate variations on cash and cash equivalents 14 - 15 - Increase / decrease in cash and cash equivalents 993 74 1,152 1,234 Statement of reduction in cash and cash equivalents At the beginning of the period 4,347 4,812 4,188 3,652 At the end of the period 5,340 4,886 5,340 4,886
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30 3Q26 Results Exhibit 2 - Consolidated with Jointly Owned Subsidiaries OPERATIONAL AND FINANCIAL HIGHLIGHTS (R$ MM) 3Q25 3Q26 Var.% 9M25 9M26 Var.% Adjusted Net Revenue¹ 3,456 3,895 12.7% 9,795 11,059 12.9% Adjusted EBITDA¹ 2,306 2,581 11.9% 6,316 7,329 16.0% Adjusted EBITDA - Toll Roads 2,085 2,318 11.2% 5,458 6,390 17.1% Adjusted EBITDA - Rail 591 593 0.3% 1,749 1,876 7.3% Adjusted EBITDA - Other (370) (330) -10.8% (891) (937) 5.2% Adjusted EBITDA Margin² 66.7% 66.3% -0.4 p.p. 64.5% 66.3% 1.8 p.p. Adjusted Net Income¹ 683 750 9.8% 1,620 2,040 25.9% ROE3 LTM 18.0% 31.5% 13.5 p.p. 18.0% 31.5% 13.5 p.p. ROIC3 LTM 10.6% 7.7% -2.9 p.p. 10.6% 7.7% -2.9 p.p. Net Debt/LTM Adjusted EBITDA (x) 3.5 3.2 -0.3x 3.5 3.2 -0.3x Toll Roads - Equivalent Vehicles (million) 294.4 389.0 33.3% 871.7 1.086.5 24.6% Rail - Transported Passengers (million) 194.7 195.6 0.5% 564.9 572.8 1.4% CAPEX4 2,236 2,281 2.0% 5,067 5,589 10.3% OPEX (cash) / Adjusted Net Revenue (LTM)5 35.9% 34.4% -1.5 p.p. 35.9% 34.4% -1.5 p.p. 1. Excludes construction revenue and costs, Adjustments are described in the “non -recurring effects” section. 2. The Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Adjusted Net Revenue . 3. ROE = Corporate Net Income/Equity | ROIC = NOPAT (EBIT*1- effective rate) /Invested Capital (Equity + Gross Debt) . 4. Includes improvement works that do not generate future economic benefits for ViaOeste . 5. Excludes the effects from 4Q24: sundry provisions (R$106 million), demobilizations at ViaOeste (R$6 million), and Barcas (R$20 million) .
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31 3Q26 Results Operational Performance Traffic / Passengers Average Tariff¹ 3Q25 3Q26 Var.% 3Q25 3Q26 Var.% Renovias 6,826,604 6,946,590 1.8% 11.4 7.8 -31.6% ViaRio 4,034,350 4,150,369 2.9% 9.1 10.1 11.0% Total 10,860,955 11,096,959 2.2% 9M25 9M26 Var.% 9M25 9M26 Var.% Renovias 19,329,899 19,787,521 2.4% 11.0 10.2 -7.3% ViaRio 11,870,270 11,973,246 0.9% 8.8 9.7 10.2% Proforma total 31,200,170 31,760,767 1.8% 1. The average toll rate for the toll roads businesses is calculated by dividing toll revenue by the number of equivalent vehicl es at each concessionaire. The complete Consolidated tables including jointly owned companies are available on the IR website, in the results section Fundamentals and Sheets, at the link below: https://ri.motiva.com.br/en/results/fundamentals-and-sheets/
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32 3Q26 Results Videoconference Videoconference in Portuguese with simultaneous translation into English: THURSDAY, OCTOBER 29, 2026 9:00 a.m. São Paulo / 8:00 a.m. New York Instructions for participating in these events are on Motiva’s website: https://ri.motiva.com.br/en/ Videoconference link: Click here