Good morning. Welcome to EcoRodovias's fourth quarter 2025 earnings presentation.

We thank everyone for attending. We begin the presentation with the highlights of the period.

Comparable traffic grew 3.3% in the quarter and 3.9% in 2025. In comparison, the ABCR index registered an increase of 3.2% in the quarter and 2.5% in the year.

Adjusted cash costs decreased 1.8% in the quarter and 0.8% in 2025, excluding Ecoporto, whose operation is under a transition agreement, and other non-recurring effects. It is worth mentioning that inflation for the year was of 4.26%, which demonstrates EcoRodovias's efficient cost management.

Adjusted EBITDA reached 1.4 billion BRL in the quarter and 5.6 billion BRL in the year, with a margin of 74.5% in the quarter and 75.2% in the year. Recurring net income reached 242 million BRL in the quarter and 853 million in 2025.

This quarter, after obtaining the environmental licenses, we accelerated the execution of our works, with investments of 1.7 billion BRL in the fourth quarter. Thus, we reached 5.1 billion BRL invested in 2025.

Finally, we highlight that throughout the fourth quarter, economic and financial imbalances were recognized in the Ecovias dos Imigrantes and Ecovias Leste Paulista concessions due to the impacts of the COVID-19 pandemic, reinforcing the regulatory evolution of the sector. In March of 2026, the Ecovias Sul concession agreement was terminated.

Now, the ANTT will carry out the process of determining assets and liabilities. Note that there are recognized credits in favor of the concessionaire in the amount of 107.3 million BRL.

We thank everyone who contributed to this trajectory over the 27 years of Ecovias Sul. On slide 5, we present the operational performance, highlighting the increase of 3.8% in comparable heavy vehicle traffic in the quarter and 5.1% in 2025.

This performance mainly reflects the growth at EcoRodovias Norte Minas, influenced by the traffic increase resulting from the delivery of capacity expansion works. At EcoRodovias Minas Goiás and EcoRodovias dos Imigrantes, the increase in heavy vehicle traffic is associated with the advance of soybean exports.

Moving on to slide 6, we show adjusted net revenue of 1.9 billion BRL in the quarter and 7.4 billion BRL in 2025 due to the growth in vehicle traffic, tariff adjustments, and the start of toll collection at EcoRodovias Raposo Castello and three new toll plazas at EcoRodovias Noroeste Paulista. It should be noted that collection by electronic means, self-service, and digital means reached 93% of toll revenue in the quarter.

On slide 7, we present cash costs. We delivered another quarter of efficient management, with a 1.8% reduction in adjusted cash costs ex-Ecoporto and provisions for contingencies.

The reduction in the quarter is mainly due to the costs of conservation and maintenance, considering the schedule of services on the highways due to the higher volume of rainfall in the period. In 2025, adjusted cash costs decreased 0.8%, below the inflation rate of 4.26% recorded in the period.

In addition, the cash costs over adjusted net revenue reached 25.3% in 2025, down 2.2 percentage points compared to 2024 and 10 percentage points when compared to 2022, reflecting the various efficiency and innovation initiatives adopted by the company. On slide 8, consolidated adjusted EBITDA reached 1.4 billion BRL in the quarter and 5.6 billion BRL in 2025, up 17% and 19%, respectively, with an adjusted EBITDA margin of 74.5% in the quarter and 75% in 2025.

Note the adjusted EBITDA margin of highway concessions at 77%. On the next slide, we show the recurring net income of 242 million BRL in the quarter and 853 million BRL in the year as a result of strong operating performance and efficient cost management evidenced by the increase in EBITDA.

The result was also impacted by the increase in financial expenses due to the higher level of debt required to carry out the investments to expand and improve highway concessions, as well as by the increase in interest rates. On slide 11, we demonstrate the acceleration of investments in the last quarter of the year, which totaled 1.7 billion BRL, and in 2025, they were 5.1 billion BRL.

Highlight for the progress of the works in the concessions: EcoRodovias Rio-Minas, EcoRodovias Noroeste Paulista, EcoRodovias Araguaia, and EcoRodovias Capixaba. On the right, we highlight the evolution of investments made in the last 5 years.

During this period, EcoRodovias invested more than 18 billion BRL, showing its execution capacity and readiness for implementing the cycle of expansion and improvement works planned for the coming years. It is worth mentioning that the company has already executed almost 40% of the expansion investments planned for the years 2022 to 2030.

Next slide, we present the evolution of the works throughout the quarter, and the progress of the interventions at EcoRodovias Rio-Minas stand out, a concessionaire that invested more than 500 million BRL in the last quarter of the year, with focus on expanding the capacity of the Presidente Dutra highway in Rio de Janeiro and the Magé-Manilha section, in addition to the construction of the bridge over the Doce River in Governador Valadares. Moving on to slide 13, we show that even with the evolution of the net debt, leverage remained stable in the quarter at 3.8 times, while pro forma leverage calculated based on EcoRodovias Raposo Castello's annualized adjusted EBITDA ended the year at 3.7 times.

We also highlight the increase in the share of inflation-indexed debt, which reinforces the alignment between the debt profile and the toll tariff adjustment index. This trend is expected to intensify in the coming years as financial disbursements are made for the execution of the CAPEX of new concessions.

Finally, we highlight the evolution of the percentage of net debt allocated to highway concessions, which reached 71% in 2025, an increase of 30 percentage points compared to 2022. In the next slide, we highlight the liability management strategy implemented over the last few years and intensified in 2025, with funding of more than 20 billion BRL.

This strategy contributed to expanding the average debt maturity, which went from 5.7 years to 7.9 years at the end of '25. In addition to ensuring alignment between long-term financing disbursements and the execution schedule of the works of the investment cycle.

As a result, we have 11.2 billion BRL already contracted to be disbursed in the coming years. Regarding the maturity profile, we highlight that the main refinancing planned for 2026 is concentrated at EcoRodovias Capixaba in the second half of the year in the amount of 700 701 million BRL.

Finally, on slide 16, we present the main sustainability highlights of the period. EcoRodovias released the 2025 Integrated Report, presenting the company's main advances and its 2030 ESG agenda throughout the year.

We invite everyone to read our report and learn more about how we are working to develop a safe, efficient, and sustainable road infrastructure, contributing to the development of Brazil. Another relevant highlight was the evolution of EcoRodovias's score in CDP's Climate Change questionnaire to the leadership level, positioning the company among organizations with advanced practices in climate management, reflecting the evolution of its governance, emissions management, and decarbonization strategy.

We close this presentation by highlighting that, as we did in 2025, we will maintain in 2026 our focus on maximizing the value of the current highway portfolio by advancing our digital operating model, delivering the works to expand capacity, and the search for contractual improvements. We will also maintain our selective posture regarding the project pipeline, guided by capital discipline and a careful reading of the market environment.

We would like now to move on to the questions-and-answers session. Thank you.

Good morning. Thank you for this opportunity.

I'd like to talk a little bit about the projects recently added to the portfolio, their evolution versus the efficiencies expected, the two main ones. For EcoRodovias Raposo Castello, you reported for the first time the contracted CAPEX included in the total CAPEX to be executed, and it is clear if the amount at the time of the auction and an amount significantly lower, I think you've been communicating this to the market somehow, but we've been routing it to close to 600 million BRL of efficiency versus the numbers at the time of the auction.

It's in line with your recent communications, but I'd like to understand what you already have in terms of additional visibility now with the project already in execution, both in terms of CAPEX, if you can give us more details about this, and other levers, to speak, efficiency levers for this project, so that we can understand it a little bit better. The other is on EcoRodovias Capixaba, the old so-called Eco101, you reported a 28% increase above inflation or the history of inflation, an increase of 28% on tariffs, which indicates that the works are being executed on time and on schedule.

To understand a little bit, considering the very relevant increases of the next 3 years, just as we had this first one, how you see this execution for this 3-year horizon, and how much we could expect in terms of an advance of this execution and the tariff adjustments, if it is something to consider. Those are my points.

Thank you.

Good morning, Pedro. This is Marcello.

Thank you for your question. About Raposo Castello, we confirmed the value that we had provided of CAPEX at the time of the auction, including the efficiencies that we had at the time, and we're confirming now in the project.

This relevant differences are not as much a term of price. São Paulo is an open market in terms of prices.

I think everyone has a lot of knowledge that the prices are aligned. There is a supply of service providers, and the prices are adjusted.

The efficiency we had is more in the value engineering of the project. It's different executions than what was expected.

This is confirmed. We are still developing the project, we don't have a visibility of other potential solutions that may improve CAPEX even further, but the solutions we had at the time of the auction are confirmed.

Now is an important moment at Raposo Castello to define if the schedule and the projects are all in place so that we enter the construction works phase that will be intensified as of 2027 and it will occur. It has its cycle.

I think everything in terms of the CAPEX, everything is aligned with our assumptions. The projects are still being developed, let's see if something else comes up.

The other lines at Raposo OPEX is better than estimated. Traffic is slightly below, but a lot of it is due to our stretch that is urban.

There were some delays in works done by the previous concessionaire that are generating or have generated impasses in the urban section. These works are started to be concluded now recently, and by June, July, we expect it to be fully cleared, and that will resume the attractiveness of the road.

We also have the possibility at Castello to start working with BNDES in anticipating the contracting of long-term financing that's already expected for 20 2029 actually, but maybe we start negotiating the anticipation of the contracting, not disbursement, obviously, but just to maybe have better conditions for the project. Everything is aligned according to what we had foreseen at the time of the bid.

EcoRodovias Capixaba is also doing very well. The works are actually slightly ahead of schedule.

We already contracted the next cycle. There's two development companies already working in the services, more than 90 km of road widening works.

I think everything will go through this 3-year period that's the transition period, and we don't foresee anything different than that on the upside. I think only in the end we'll be able to see if this anticipation's been confirmed, but the first phases have already been advanced, and we're now moving along fast.

Both are very much aligned with our expectations. Thank you.

Excellent, thank you.

Good morning, Marcello, Andrea. I have two questions.

I'd like to first talk about the traffic performance on the year. We saw it starting slightly slower at the beginning of the year, especially at EcoRodovias Oeste Paulista.

I'd like to have an idea of what you're thinking about both for that concession and consolidated for the year. The second question as well, how do you expect the CAPEX execution for 2026, both in terms of size and if the plan you had in '25, if there's going to be anything leftover?

Those are my questions. Thank you.

Matheus, thank you for your question. About traffic, the first two months were basically aligned with last year, just slightly below.

It's not a problem, but it's a matter of seasonality as well. It involves a lot of the moment of where the carnival holidays happened this year.

There were more days, there are more holidays, it's not as positive for EcoRodovias because we have a lot of weight in commercial traffic. There have also been two very rainy months with a comparable base of last year that was quite challenging.

I think the results are still, as Andrea mentioned, are positive. The crops are actually delayed a little bit as well, but we should mention that now in March, we're seeing a resumption of traffic in the main corridors for the flow of the harvest.

I think March, we start to see normalization. Leste Paulista, as completely expected, it grew a lot last year in 20 in 2024 with the impasses in the works and Presidente Dutra that arrives in São Paulo.

Today, it is competing with a much more modernized section with more capacity. Still, we highlight in our communications that looking at the CAGR of January, February and we're going to do that until the end of the year, comparing from 2021 until now, Leste Paulista has been growing 6%, above the GDP increase and so on.

It has been performing. That may also explain or may be explained by the growth of the São Sebastião port and the entry of operation of the Tamoios construction works.

It's all this new traffic that will be on Leste Paulista. Comparing to last year, it goes down because it loses the traffic that CAGR won or the works at the Dutra section, but it is performing well.

About CAPEX, Andrea will be able to detail it to you.

Thank you for the question. The investments expected for this year are of 5.4 billion BRL.

The company continues with the capacity expansion works, the improvement works, also because that brings traffic increase and tariff triggers, as we have been mentioning. As we deliver widened road sections, the tariffs have an increase of 40%, and third lanes as well, additional lanes, also lead to 15% increases.

These, in the contracts with the more relevant investments, for example, EcoRodovias Araguaia, EcoRodovias Rio-Minas, Noroeste Paulista, EcoRodovias Raposo Castello also has this mechanism, and EcoRodovias Capixaba has other tariff levels that are also part of the agreement and the optimization of the adjustments and optimization. All of the adjustments made recently, the first to be applied was of close to 50%, it was 47.9%, but there is still other tariff adjustments to be made as we deliver the investments.

That's why we will work on the coming years to deliver those investments. Of course that often the rainfall somewhat hinders the CAPEX cycle of investments over the years or delays in environmental licenses that may occur.

Then in the end, in terms of the budget planned for the year, there may be some deviation of 10% to 15%, but that's what we have expected for this year, 5.4 billion BRL, which include the CAPEX that was delayed from 2025. Thank you.

Thank you. That's very clear.

Good morning. Thank you for taking our questions very quickly.

I'd like to understand how you see the impacts on the volume of traffic, considering that we're seeing some pass-throughs in diesel prices that may have an impact in the economy. The second point, we are now getting to March 31st to see your mindset about the next bid.

Thank you.

About the impacts, we are looking into it. We have varied traffic.

There's different types of cargo, various types of corridors of outflow. We are looking at the details, what type of impact we may see with an increase in diesel and gasoline in the year.

That happened last year, and we had hikes and ups and downs, and just all of our corridors have proven to be resilient at different occasions, and I think it's not going to be different now. About the exports and the regions affected by conflicts, we are not highly exposed to that, but we are monitoring it.

I think that looking at our wide base of traffic and resilience, we are not very concerned with those aspects.

In any case, now Andrea speaking, some newer contracts have ranges of the protection of traffic demand. As Guidotti already mentioned, it's not the first time that we have these ups and downs due to geopolitical aspects and other items in terms of gasoline and diesel prices, and our traffic really is very resilient.

About the Rota das Gerais, have been some weeks, and we are finalizing. We made a clear indication that it could be a corridor of our interest a lot because it is something that leads to increase of traffic in two of our assets that are behaving well.

The final stages of the engineering studies is what determines and proves the quality of the assets, and we don't have this input yet. This is a factor for decision-making.

I don't get ahead of anything. Last year, we already faced variations that were significant in CAPEX and other contracted items.

We need to have all of the information at hand to make a decision. I believe that, considering the answers received, we detect clearly that there will be competition, there will be other operators participating, and that's also good.

That's good for us because, at the end of the day, it's always important that this asset is granted and receives investments. EcoRodovias is still at the late stages of studying.

It has not made any decision, but the fact that there are competitors and there are operators that may participate, at the end of the day, is positive. Thank you.

Thank you.

Good morning. Thank you for this opportunity at the call.

I have a question about the negotiations of amendments and rebalancing with the government, if you can share with us the state of the negotiation of the amendment for the third lane at Imigrantes, if you have an idea as well about the rebalancing of COVID in São Paulo, if it's going to be reimbursed via duration or through tariffs that are already in place right now. Finally, if you can remind us of the other rebalancing and amendments you're discussing now, it'd be very good.

Thank you.

About the amendments, we have a long agenda in all of the concessions that include 5-year reviews, contract amendments, and so on. The main ones you mentioned are the discussion of an amendment at Ecovias dos Imigrantes related to the third lane.

At Imigrantes, we're still in the stage of delivering the final projects. That's an obligation that we have.

The concessionaire must, by contract, do the studies, and we are getting to the conclusion now for the deliveries of that in May and June to be able to start discussions about either an amendment that allow the concession to start doing the works starting in 2027. This is going according to schedule.

We have other amendments at Ecovias Leste Paulista with some investments and smaller investments that are being authorized, also at Ecovias dos Imigrantes, investments of around 100 150 million BRL in the Santista region for improvements in the port access are being negotiated, others at Norte Minas, there's different ones, nothing of major values. The main ones would be the future third lane, and at Leste Paulista and Imigrantes, we have about two amendments of around 100 million BRL that are being discussed.

The rebalancing of COVID depends, and Imigrantes, it's probably going to be via tariffs. We're going to discuss that maybe in the tariff adjustment in July, and Leste Paulista as well.

At the time of the tariff adjustment, we will look into how to rebalance that COVID rebalancing. It's a very wide-scope agenda with medium and small values and, of course, with the highlight of the third lane.

The stage we're at now is the project. We're on the project.

The discussion of the amendment will be after the project is concluded, in the second half of the year. That's when we're going to have more information about the nature of the amendment and how it's going to be done.

Thank you.

Excellent. Thank you, Guidotti.

Very clear.

I thank you all for attending, and myself and the team remain available for any doubts you may have. Have a great day.

EcoRodovias's earnings conference call is concluded. We thank you all for attending.

Have a great day.