Good morning. Welcome to EcoRodovias' earnings presentation for the first quarter of 2026.

We thank everyone for attending. We start the presentation with the highlights of the quarter.

Consolidated traffic grew 20.6% in the period, while comparable traffic advanced 0.4%. For another quarter, we continued with the growth of adjusted cash costs ex-EcoPorto below inflation, ending the period with an increase of 3.2%.

Operational performance and efficient cost management boosted adjusted EBITDA, which reached 1.4 billion BRL. Due to the termination of the EcoVias Sul concession agreement, we had the full amortization of the remaining balance of the intangible non-cash asset.

As a result of this amortization, we had a net loss of 10 million BRL. Excluding EcoVias Sul's results, net income in the quarter would be 77 million BRL.

Another highlight in the period was the investment of 974 million BRL. We won a new concession, Rota das Gerais, located in the state of Minas Gerais, which has synergies with EcoVias Rio Minas and EcoVias Norte Minas, connecting the Southeast and Northeast regions of the country.

Finally, we highlight the approval of the dividend payment of 210 million BRL related to the 2025 fiscal year, as from June 12, 2026, as well as the comparable performance of vehicle traffic in April, which grew by 5.1%. On slide 5, we present the operational performance driven by the 1.5% growth of heavy vehicles, especially on EcoVias Capixaba, EcoVias Norte Minas, and Rio Minas.

The growth of comparable traffic in the first quarter was influenced by a stronger comparison basis in 2025, the more intense volume of rainfall in the two first months of two first months of this year, and the delay in grain harvesting. Even vis-à-vis this scenario, we already observed the reversal of this trend in the month of April, when we posted an increase of 5.1% in comparable traffic.

Moving on to slide 6, we show adjusted net revenue of 1.8 billion BRL in the quarter, an increase of 8.5%, due to the growth in vehicle traffic, toll tariff adjustments, and the start of collection at EcoVias Raposo Tavares and three new plazas at EcoVias Noroeste Paulista, although affected or reduced by the termination of the concession agreement of EcoVias Sul. For another quarter, the results of our innovation and efficiency initiatives, underpinned by a digital operating model, ensured that the adjusted cash cost growth remained below the inflation of the last 12 months, reaching 3.2%.

This raise is mainly due to the increase in personnel due to the collective bargaining agreement. Finally, the chart on the right shows that the evolution of revenue, combined with efficient cost management, caused adjusted EBITDA to reach 1.4 billion BRL in the quarter, with a margin of almost 78%.

On the next slide, we present the evolution of the quarter's results. Starting from the net income of the first quarter of 2025, we highlight the EBITDA, which was driven by operating performance and cost management.

As mentioned before, in this quarter, we had the full amortization of EcoVias Sul's intangible assets, with a negative effect of 161 million BRL in the results. In addition, the increase in financial expenses due to the funding contracted for the CapEx execution have also contributed to the reduction of results in the period, leading to net loss of 10 million BRL in the first quarter of '26.

Excluding the results of EcoVias Sul, net income for the quarter would have been 77 million BRL. On slide 9, we present some highlights regarding the evolution of our works.

In the quarter, we executed 974 million BRL in investments. Highlights include the progress of approximately works of approximately 45 kilometers of additional lanes in the regions of São Carlos and São José do Rio Preto in the interior of the state of São Paulo by EcoVias Noroeste Paulista and the road-widening works in the states of Goiás and Tocantins by EcoVias Araguaia.

Moving on to slide 10, we ended the quarter with consolidated leverage of 3.9 times. The leverage of EcoRodovias Concessões e Serviços remained stable at 3.7.

We highlight the percentage of gross debt indexed to inflation, which reached 72%, the same index of the tariff adjustments of our concessions, reinforcing the natural hedging effect of results. On the next slide, we present a robust cash balance in the quarter, as well as the gross debt amortization schedule.

We also highlight the lengthening of the debt profile after the conclusion of long-term financings, which resulted in the improvement of the average maturity to 7.9 years. On slide 13, we present the main sustainability highlights of the period.

In May, we were selected for the 15th consecutive year to be part of B3's Corporate Sustainability Index portfolio. In addition, we obtained the preliminary license for the project of the third lane of the Imigrantes Highway, an important step for the delivery of the studies to the state government, reinforcing the environmental feasibility of this project.

Finally, we'd like to highlight the advances in the tests of using B100 biodiesel in the fleet of EcoVias Noroeste Paulista, which reached the mark of 100,000 kilometers driven. This result demonstrates in a preliminary way the technical and operational feasibility of using this biofuel as an alternative to fossil diesel.

We close this presentation by highlighting that the recent win of the Rota das Gerais concession is in line with our strategy of selectivity and capital allocation, prioritizing synergistic assets, adhering to our capital structure, and with the potential to maximize shareholder return. We will continue to focus on the execution of our investments, so that the works delivered contribute to the improvement of fluidity and safety on the highways and boost the growth of vehicle traffic.

We will also remain attentive to the opportunities for contractual amendments within our current portfolio. We would now like to move on to the questions and answers session.

Thank you.

Hello, Guidotti, Andrea. Thank you for taking my question.

On my side, the question's about CapEx. I'd like to know if the execution for the first quarter was in line with your plan, and what we can expect for the coming quarters and the year overall in terms of ramp-up evolution.

Thank you.

Hello, Rafael. Good morning.

Thank you for the question. CapEx in the first quarter was slightly below our forecast for the first two months of the year, especially in the region of Tocantins, Goiás.

In the center of Brazil, there were a lot of rainfalls, the volume was high. That delayed some worksites.

Because of the type of works being done, rainfall doesn't allow us to do that. This has already been recovered.

We aligned the guidance given of 5 B to the end of the year, and the worksites now getting into the dry season will be able to recover for lost time.

Thank you.

Hello, Marcello, Andrea. Good morning.

Thank you for taking my question. I have two.

First, we saw a very strong trend of traffic in April. When we look at the year-on-year growth among all the months, it was the strongest.

What do you see improving for the platforms to be stronger in April, and what should we expect going forward? The second question was just to understand the progress on the discussions of the amendment for the third lane at Imigrantes.

These are my two questions. Thank you.

Matheus, about traffic, January and February, we had more rainfall, the comparison base for last year was strong. Last year, '25 compared to '24 had grew for 6%, and still we remained at positive levels.

There were a lot of rainfall in the region, and it's recovering. April was a month with some important holidays.

May, we're seeing as well that started well with light vehicles, heavy vehicles as well. We maintain a trend very much aligned to the history, needing of a 1.5, 1.8 depending on the period.

We expect that during the year, we'll be around that: 2.5% consolidated growth. The other question about the third lane: Something new that Andrea mentioned that's extremely important, that's obtaining the preliminary license.

That's an essential landmark, because starting from that, meeting all the conditions, they issue the permanent license. The projects and pricing are at the later stages.

We have until June to turning everything. We may be able to turn in ahead of time.

The first part is concluded. All the obligations of the projects, environmental license, conditions are met.

Starting from that, we'll discuss the way to execute it and how this investment will be rebalanced.

Thank you.

Hello, Andrea, Guidotti. Good morning.

I have two points. First, a CapEx follow-up.

We've been seeing an increase in recent years in the price of diesel and CAP, which is CapEx. We'd like to understand a little how much of your CapEx contracted for this year, what would be the exposure for these two lines.

If there's any estimation of an impact in the balance for this year considering the increase on these two inputs. Another point is a follow-up about the rebalancing.

In addition to the third lane, I understand that there are other discussions that are occurring in parallel. Can you give us more details about these processes, thinking about the size of these projects as well?

Thank you.

Hello, Julia. Thank you for the question.

About CapEx, this year, I think we have everything almost pretty much contracted. Around 80% of our CapEx is already contracted.

The inputs that are affected by the price increases are CAP, the petroleum asphalt cement, and diesel that represent about 9% each of our total CapEx. They had an increase, and the impact we estimate for these two already considering the adjustments that happened now, as if they remained stable until the end of the year, that would be an impact of around 100 million BRL until the end of the years of these two increases in the CapEx of 5.4 billion.

These outstanding increases due to geopolitical aspects that already occurred in the past and will be analyzed by the granting authority for potential discussions of rebalancing. About the question on contractual rebalancing, we have the ones here in São Paulo that have already been informed, the rebalancing due to the pandemic, to COVID.

We also have Araguaia, a rebalancing to be received this year on the inputs that impacted the Araguaia contract. It was an agreement that started right on the pandemic, it was more affected.

We are already at the end stages of negotiating the rebalancing package to receive this rebalancing. Araguaia has an escrow account that is the protection of the contract, it's hypothetically a cash rebalancing.

São Paulo, Araguaia, and I don't think we have any other rebalancings being discussed. In addition to the contractual amendments, the third lane obviously is a study that will be rebalanced, and there are other discussions of small investments in EcoVias and other places that will be objective to contract amendments and rebalancing, yes.

Thank you. Very clear.

Have a good day.

Good morning. Thank you for the opportunity here.

I have a question about the evolution of CapEx to realize, especially in two concessions, EcoVias Norte Minas and EcoVias Imigrantes. We noticed an increase in this CapEx to be realized at Norte Minas close to 400 million and a drop in Imigrantes close to 360 million already excluding the amount dispersed in the quarter.

If we could hear from you if these adjustments reflect any adjustment to inflation or if it was just a mismatch of this CapEx, is it the write-off of those investments in the obligations like the grantor when ITR, that would be my question.

Thank you for the question. You are correct.

These are two moves that are unrelated, although they are happening in the same quarter. We've been monitoring at EcoVias dos Imigrantes, they've updated in the last few years all of the IPCA balance, and that ended up creating an additional buffer.

We reviewed the CapEx and readjusted the flows at EcoVias dos Imigrantes. There's almost 10 years of concession, and the CapEx is well-known.

We made this adjustment of the balance at Imigrantes. At Norte Minas, it's a different situation.

We were monitoring. Norte Minas concluded all its contractual obligations, but the CapEx at Norte Minas was delayed in recent years.

We've had discussions of rebalancing and adjustment of CapEx that have been concluded, and we got it right with this leap in CapEx by Norte Minas until the end of the concession in terms of repayment. It's a relatively small amount because it's spread out throughout the lifetime of Norte Minas.

We understand that the investment balance at Norte Minas is that. It's two separate moves that are not related, but yes, there have been adjustments in these two concessions this quarter.

Great, Guidotti. Thank you.

That's very clear.

I would like to thank everyone for attending. The team and myself remain available for any questions you may have.

Have a great weekend.