Good morning. Welcome to EcoRodovias's second quarter 2026 earnings presentation.

We thank you all for attending. We start the presentation by highlighting some relevant events.

In June, EcoVias das Gerais signed the concession agreement, and in July started operating the stretches of BR-251 and BR-116 in Minas Gerais, starting the 100-day plan, which includes the first infrastructure and road safety improvements. Toll collection is scheduled to begin by January 2027.

As of that date, the new concession will contribute to the company's operational results, recomposing the portfolio after the end of EcoVias Sul concession agreement in March of 2026. I would also like to highlight the 4.72% toll tariff adjustment at EcoVias dos Imigrantes and EcoVias Leste Paulista, applied on July 1st.

In addition, the concession authority authorized the application of an additional 10 cents per plaza as a precautionary measure to mitigate economic and financial imbalances. In the case of EcoVias dos Imigrantes, the maintenance of the additional 30 cents applied in a phased manner in the previous adjustments was also authorized.

Finally, in June, we concluded the issuance of 2.4 billion in debentures by EcoVias Capixaba, guaranteeing the necessary resources to finance the concession's investment plan through 2030, when its long-term financing is expected to be structured. Moving on to the results, slide 5 presents the operational performance, which registered comparable growth of 3.2% in the quarter and 1.8% in the first half of the year, driven by the increase in heavy vehicles, with emphasis on EcoVias Norte Minas, EcoVias Capixaba, and EcoVias dos Imigrantes.

The quarter's performance is the result of the deliveries of works to improve and expand capacity on our highways, the increase in sugar exports, growth in industrial production, and the pulp cycle in the Espírito Santo region. Moving on to slide 6, we show adjusted net revenue of 1.8 billion BRL in the quarter, up 1%, and of 3.6 billion BRL in the first half, an increase of 4.6%.

The growth of earnings in the quarter is mainly due to the result of toll tariff adjustments, since consolidated traffic decreased due to the termination of EcoVias Sul's concession agreement in March. Comparable net revenue, excluding EcoVias Sul, increased 9.8% in the quarter.

Adjusted cash costs, excluding Ecoporto, grew 4.7% in the quarter, in line with inflation, and 4% year-to-date, below the inflation in the period. In the quarter, this increase is mainly explained by costs with personnel as a result of the collective bargaining agreement and third-party services focused on developing the technology and innovation initiatives to optimize operational and administrative processes and preparation for the expansion of the free flow system, reinforcing the company's operational efficiency agenda.

Finally, in the chart on the right, we can see that the termination of EcoVias Sul's concession agreement in March contributed to a reduction of 1.1% in adjusted EBITDA in the quarter, totaling 1.3 billion BRL, and an increase of 5.2% in the half-year, reaching 2.8 billion BRL. Excluding the effects of the termination of EcoVias Sul, comparable EBITDA increased 9% in the second quarter, reflecting the strong operating performance of EcoRodovias.

On the next slide, recurring net income totaled 52.9 million BRL in the quarter and 43.1 million BRL in the first half of the year. This reduction in the quarter was mainly due to the decrease in adjusted EBITDA resulting from the termination of EcoVias Sul's concession agreement in March, the increase in indebtedness, and the monetary variation on debentures indexed to the IPCA, which accumulated a variation of 3.5% between December 2025 and May 2026.

In the first half of the year, in addition to these effects, the results reflected the full amortization of the remaining balance of EcoVias Sul's intangible assets, with no cash effect, as a result of the termination of the concession agreement. Excluding the effects related to EcoVias Sul in the first half of the year, recurring net income would have totaled 137 million BRL compared to 278 million BRL in the same period of 2025.

The tariff adjustments applied in July in the São Paulo concessions, combined with the continuous search for operational efficiency and the expectation of lower inflationary pressure on financial expenses, tend to contribute positively to the evolution of the company's results throughout the second half of this year. On slide 9, investments totaled 1.5 billion BRL in the quarter and 2.5 billion BRL year-to-date.

The highlights are the progress of our works, the delivery of 14 kilometers of additional lanes by EcoVias Noroeste Paulista, road widening works in Goiás at EcoVias Araguaia, and the expansion of the southern section of BR-101 by EcoVias Capixaba. Moving on to slide 10, we ended the quarter with consolidated leverage of 4.1.

The leverage of EcoRodovias Concessões e Serviços ended the period at 3.9 times. It is worth noting that the percentage of gross debt indexed to inflation reached 77%, the same index as the toll tariff adjustments of the concessions, and the percentage of gross debt allocated to highway concessions reached 72%.

On the next slide, we highlight the evolution of the company's debt profile. With the conclusion of the 2.4 billion BRL issuance in EcoVias Capixaba, the next relevant maturity will be the bridge loan from EcoVias Raposo Tavares, which will occur only in 2029.

The company maintains a solid liquidity position, with a cash balance more than sufficient to cover the amortizations over the next 3 years and an average maturity of 7.6 years. It should be noted that the concessionaires also have 10.6 billion BRL in contracted financing to be disbursed for the execution of the works of the important investment cycle in the coming years.

On slide 13, we present some highlights of our sustainability agenda. The group's federal concessions have joined ANTT's infrastructure sustainability program, which allows for the testing of new technologies, methodologies, and sustainability practices.

This program also provides for financial and regulatory mechanisms to foster the adoption of strategic initiatives related to climate resilience and sustainable innovation. With a focus on road safety, we have expanded the use of artificial intelligence and other technologies in the vehicles of our fleets, helping to identify risky driving behaviors and issue alerts in real time.

These initiatives strengthen accident prevention and contribute to more efficient and safer operations, also strengthening the protection of our employees and highway users. Finally, we highlight some of the awards received by EcoRodovias and EcoVias Noroeste Paulista in recognition of their practices aimed at promoting diversity, equity, and inclusion, and integrity and transparency.

We conclude this presentation by reinforcing that even with the termination of the EcoVias Sul concession agreement, we've maintained strong results supported by the evolution in the expansion and modernization works in our assets and by the ramp-up of our most recent concessions. These investments expand the capacity and fluidity of the highways, foster traffic increase, and contribute to the evolution of revenue, including through tariff reclassifications contractually provided for in the stretches with widened roads and third lanes.

In addition, as of 2027, EcoVias das Gerais will fully contribute to the company's results, reinforcing the recomposition of the portfolio after the end of the EcoVias Sul concession, also expanding the company's operational generation capacity. At the same time, we continue to advance in discussions aimed at improving the regulatory environment and the implementation of potential contractual amendments that may unlock new investments, further raise the quality of the services provided, and expand value generation of our asset portfolio in the long term.

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

Hello, good morning. Thank you for this opportunity.

My question is regarding the amendments, if you can give us an update on the third lane of Imigrantes, the delivery to the government, and the expectation of definition for this project. The second point is last week we saw this notice at Imigrantes with an additional 250 million capex, and I think that was an example that was kind of out of radar, but it's also nice to see this evolution.

Do you have anything else that we should map, though it's a slightly lower level of capex, for us to monitor and follow up with?

Guilherme, good morning. Thank you for your question.

About the studies of the third lane, the executive project is concluded. We are already putting the final dossier together, expecting to deliver this between August and September, the studies, and conclude our obligation, which was basically to deliver the final studies with the executive projects, specifications, and everything.

This will occur in the next coming weeks, between August and September, and then at the same time we'll start to discuss the ways to enable this development. Then we'll bring news, I believe that closer to the second half of the year, before the end of the year, about how this work will be done and how it's going to be rebalanced and how the concession agreement will be amended.

Just be patient for a little bit longer and we will conclude this first phase. The other amendments, there are many.

We have in São Paulo, EcoVias dos Imigrantes, with a lot of opportunities that are being discussed with the concession authority. One is the validation of the Alemoa area, that's an investment that's already being defined.

Other investments, always at EcoVias dos Imigrantes, related to some adjustments of some bridges and overpasses. On Noroeste Paulista, there'll be the access to Itaquaquecetuba.

All these investments between 100 and 200 million BRL. The concessions, especially here in São Paulo, are just as in other areas of our portfolio, constantly offering this type of opportunity.

It's hard to have a specific timeline of dates and so on, but it's a very positive agenda, as Andrea said earlier. It's an agenda that we continue on constantly.

Of course, these amendments, we don't have a value or the size that the third road would have, but it's a constant agenda that we have. It's very positive.

About the capex, Guilherme, you also mentioned—this is Andrea now—that we published additional investments at EcoVias related to the dynamic convoy that will be rebalanced. Once the free flow is implemented, today the plaza, the physical toll plaza, works as a barrier, because at EcoVias there's a lot of fog conditions.

Going down the mountain is done accompanied, and once the free flow replaces the physical plaza, we are implementing this dynamic convoy system that will have that volume of investment so that once the plaza is removed, this can be done digitally or through the use of lights, bringing safety to users. I think this is also an additional opportunity that will be rebalanced.

This is already approved.

Yes, that's together. The implementation of the free flow system has its costs and the intelligent monitoring system with cameras and lights that also amount to that number.

Excellent. Thank you, Guidotti and Andrea.

Good morning. Thank you for this opportunity.

I'd also like to understand a little bit more about the free flow system at Imigrantes. You talked about the free flow dividing traffic and the toll tariff equally.

When we look at these moves, we usually see a drop in traffic offsetting the revenue, or vice versa, depending on how this develops, but I'd like to understand how this breakdown will be and the impact it may have on revenue, and also to understand what these investments are in terms of size, timeline, and the rebalance. You talked about the VPL 250 million, 255 million, but if you can provide more details about the conditions of execution, size of investment, and timeline for execution.

Thank you.

Filipe, the amount that is declared is an estimate once the development is concluded, the construction of the free flow gantries and implementation of the dynamic or automatic convoy. These investments are already being developed, and part of it was done because the free flow gantry both in Imigrantes and Anchieta are already being prepared, this is an investment that tends to be concluded by next year.

In the first half of next year, it's already at advanced stages. It's already being executed.

There's a very short VPL. About the impact on traffic and revenue, the impact is null, because any difference that may come of the, for example, trucks going down full and coming back up empty, which will probably happen, the trucks, they go down with full cargo and then they have the opportunity to come back with a raised suspended axle and pay less on the way back, but this will be rebalanced.

The protection escrow, it's hedged, and monthly it will replace or replenish the difference in revenue. Annually, if there's still difference in revenues in the old methodology that was measured in the Imigrantes gantry, it will be rebalanced, but it's a marginal difference.

The impact to net present value is null. There's no impact.

On the other hand, it reduces the weight of a single tariff, breaking it down in two tariffs with a adapted tariff value. It's a signed amendment and we are already advanced and ready to conclude this.

Excellent. If I may, a second question very quickly about traffic.

What would be your expectation with the second half of the year, and if we should see already some normalization in Noroeste Paulista, considering the balancing of traffic compared to the other options there?

Leste Paulista, I'd say, is getting normalized. It already absorbed the resumption of part of traffic in the Dutra corridor that was expected, and it's already becoming normalized.

We estimated a decrease year-on-year about 3%, and starting in 2027, probably EcoVias Leste Paulista will start to bring positive signs again. It's an expected decrease and even lower than what we expected in terms of results.

I think that this Leste Paulista corridor remains positive, and overall by the end of the year we are aligned at one time or slightly one more than one time the GDP. We are at around 2% growth or comparable growth in the year 2026.

It's a year of transition, suffering from high interest rates, high inflation, I think that the traffic position is actually positive.

Excellent. Thank you.

It's also important to remember that starting in 2027, we will start with Rota das Gerais that will bring all the new traffic. It's a large, important concession and it will be very important to the comparable numbers.

Excellent. Thank you.

Good morning, Guidotti, Andrea. Thank you for this opportunity.

I got two questions. First, about that capex adjustment that was made in the first quarter in EcoVias Norte Minas, slightly above 400 million, it's something that's not usual, and now in the second quarter was no type of adjustment.

I know you already addressed this topic in the last quarter, but just to try to create some comfort to that point, if you can explain with a little bit more details what explains that adjustment, and looking forward if we would see any type of capex adjustment in this highway or others? That's my first question.

The second question, you talk about contractual investments in the release of about 245 million. Could you share more details about these investments, if it's this rebalancing with the concession authorities already guaranteed or if there's going to be negotiation, and the expected timeline as well?

Thank you.

Hello, Rogério. Thank you for your question.

Yes, last quarter there was an adjustment and we explained it. There were two reviews that coincided in two concessions, Imigrantes and Norte Minas, with completely different natures, but they coincided at the same time and we decided to execute.

One was the inflation adjustment at Imigrantes, we reduced the value because we had a balance that was booked that was higher than what would be effectively necessary, excluding all the amendments that are being discussed, but the contractual capex, since we act with the inflation linearly, IPCA, without getting into many details, but it ended up being higher than the obligations and we decided to adjust it to the reality. On the other hand, at Norte Minas, we had to recalculate and update the capex and the obligations, and that was below the expectations, and these two movements occurred at the same time period, almost offsetting it, although they have different natures.

That's not going to happen again. This quarter we don't have it.

It's already mapped, and we're mapping, and we don't have any movement like those from now on. That was going back to that topic of last quarter.

The second question, Andrea?

Yes. About those investments, Rogério, a lot of that amount is concentrated at EcoVias dos Imigrantes, especially those related to the study of the third road that Guidotti mentioned, the study is being concluded to be delivered to the state government and the concession authority, and there's authorizations in the scope of works at EcoVias Rio-Minas, and the remaining balance is split between different concessions, especially demands of different city halls and public agencies to implement radars, pedestrian crossings, and integration to urban stretches.

These items will be part of contractual rebalancing in EcoVias dos Imigrantes, the studies for this third road, an agreement extension, and the others will be discussed of their characteristics, and there will be negotiations with the concession authority to see if it's going to be on tariffs or duration. It's just to add, it's difficult to have the exact details on federal roads when there's tariff adjustments.

Here in São Paulo, there's also extension of contracts, but there are aspects already being adopted by the agency. In the past, we never had the 5-year plans approved, and now we have different agendas in different concessions already moving forward.

This 5-year program needs to be run through society to hear their demands that could not be expected in the original concession agreement. These are things that happen in the day-to-day to have small amendments.

For that first question, it's important to remember that those updates, the total balance of capex adjusted by the IPCA sometimes it exceeds the needs when there are peaks of the IPCA, as we had in recent months. The buffer that was created at Imigrantes was atypical, but I would say that is a movement that may bring adjustments in the mid-term to other concessions, because sometimes what was planned exceeds the actual need for monetary updates and the capex, that's very complex.

We see it almost as a way to create a safer buffer. We apply the IPCA, and then on coming years, the concessions mature a little bit more and most of the capex will already be realized, we may see adjustments in terms of reducing this buffer that was created simply applying the IPCA linearly.

Thank you. Very clear.

Thank you, Guidotti and Andrea.

Thank you, Rogério.

Hi, can you hear me?

Yes, we can.

Sorry. Thank you, Guidotti.

Thank you, Andrea. I just wanted to follow up on Andrea's comments in the opening remarks about the leverage.

We saw that increase and I understand that there was a natural contraction of EBITDA due to the concessions, but there was also an increase on net debt. I just wanted to understand how the company sees this level of 4.1 times of net debt over EBITDA.

In our math, we had some increases in the company's EBITDA level in coming quarters, but I'd like to understand if this increase we saw in the second quarter is within your timeline or if it's slightly above what you expected? Thank you.

Gabriel, thank you for your question. It was in line with our expectations, and we know that when leaving from one to the other in 12 months of significant EBITDA will make a difference, but we are very much aligned.

The company estimates that the peak of this leverage measured by net debt over EBITDA shall occur by the end of 2026, and then in 2027 to become stable because Gerais will start to contribute, and to start to slow down starting in 2028, '29, '30, '31, to be below 4, getting closer to 3.5. I think we're getting close to the peak of leverage, and we're very comfortable because really we are maintaining what we expected.

What's most important in all this is that the investment agenda and the execution of capex, the deliveries are actually taking place. Thank you, Gabriel.

Very clear. Thank you, Guidotti.

Good morning. I have two questions.

First, I'd like to talk about the 5-year review of EcoVias do Cerrado and Araguaia. I think today is the last day for the contributions.

What are your expectations for the main topics that will be addressed? There may be a change in terms of capex or something that's not included in terms of tariffs.

Also a second point, when you look at the tax line this quarter, there's a considerably high value. Just to understand that line of AVP of the bonus of EcoVias Norte Minas.

These are my questions. Thank you.

Mateus, thank you for the question. You monitor all the public hearings, the 5-year reviews, they're very relevant agendas.

In the case of Araguaia, there's a discussion of an advance of investment in the Tocantins stretch that is being discussed. Again, noting that in Araguaia there's a math and a cash from the escrow that may be used to fund these new works, it's not going to generate more debt or leave the company's cash.

This possibility of advancing some work cycles that were expected. Araguaia has two major cycles, one in the first 10 years and another in the future, may be able to bring it forward, but with neutral impact in the cash because it will use the escrow account.

In Araguaia, it's important, that is being discussed and concluding, formalizing the delays that occurred in the work schedule due to delays in environmental licenses that led to delays in the timeline. To formalize a new timeline that regularizes this is very important because that goes back to the contract and normalizes the contract that suffered a significant delay due to the environmental licenses, it's very relevant for us and we are about to conclude it.

On our side, in the fifth-year revision, it's less of an impact in terms of investments and so on, but it's important because it brings a lot of aspects to modernize the contract of Araguaia. It's a contract in our portfolio that's with the biggest lag in terms of modernization, it is going to bring investments in terms of 4G coverage and other small minor investments, but it's more the HC1 that's also being worked on at Cerrado.

It's a fifth-year review that aims at modernizing the agreement, and it's very important because this is a corridor that starts to compete with others and it's important that it has all of the mechanisms and contracts at the same place. These are the two fifth-year reviews, and Andrea is going to answer your second question.

About the accounting of the AVP at EcoVias Norte Minas, note that the concession model will be paid monthly until the end of the concession. Since the IPCA over this last quarter slowed down somewhat, we ended up considering the value to highlight this point.

Last year, due to a renegotiation of that concession with the concession authority, it was suspended for some time, that monthly payment that was resumed after this negotiation with the concession authority. From here until the end of the concession, if there's no other renegotiation with the concession authority of blending new investments and the occasional suspension of the payment of this AVP, and this will happen, and it is accounted for monthly.

That's clear. Thank you.

Thank you, Mateus.

Good morning, Guidotti, Andrea. Thank you for the opportunity.

You presented this chart of the payment. I think it's one of the biggest concerns of the sectors today, these new financing, and the most comfortable you are until 2029, a lot of investments still to be made, maybe a negative value of EBITDA, capex.

What do you have in guarantees with the BNDES or going forward that makes you more comfortable, and what would be the cost of that debt, and how you could integrate it and the duration of it?

Good morning, Alberto. Thank you for your question.

This investment that we have for 2029 is at EcoVias Raposo Tavares. We had a bridge loan that matures in 2029, and we are already in the advanced process of anticipation of the long-term financing with BNDES that will be concluded by the end of this year, because BNDES has a window where the company may have the choice to contract that debt by the NTN-B at the date of the bid.

Since the NTN-B of the date of the auction of Raposo Tavares is smaller than the current NTN-B, we are already negotiating with BNDES to do this contracting. There will be no disbursement before 2029, because the bridge loan is sufficient to meet the investments that will be made until then, and then starting in 2029 we would start with this contracting with BNDES.

I don't have the amount or the costs, but without a doubt today everything indicates that this is an option that makes sense for the company to work on, and we are already advanced with this in the process with BNDES to conclude by the end of the year. In general terms, Noroeste, EcoVias Araguaia, EcoVias Rio-Minas they're already fully funded.

The funding has been contracted. Capixaba, we have just issued 2.4 billion, the bridge, it's already equalized.

The deck out will be done when the 3-year transition period, will be done with everything received and the works delivered, will be able to have a competitive new duration. EcoVias das Gerais, remember that its capex is well distributed.

It's distributed throughout from 7 to 10 years. In the first few years, it contributes to the group's leverage, because it generates sufficient cash to meet the investments, and we honestly have a need for funding there which there is no reason for concern for the group, and we've already received indication proposals from banks and options of liability management that we, whenever possible, will work on in the coming months, okay?

The company is comfortable, and I think we've done our homework. We got a good timing of the market in the last 2 years.

We've already contracted the long-term financing for the majority of our concessions, and now we will specifically, case by case, work on opportunities that make sense for the group in the coming years.

Excellent. Just two quick follow-ups.

At Capixaba, remind me, please, if it was the issuance of NTN-B plus 040, 0450 basis?

Yes, that's it. When you talk about that being already contracted, it's already on the P&L, or is it planned to enter?

What debt do you mean?

The others, yes, the 10 close to 11 billion,

no, that goes hand in hand with the realization of the capex. We have that on the page 8 of the release, 8, we break it down, concession by concession, how much we still have to disburse, and we'll realize the capex and make the disbursements one by one.

Not everything is going to come in. It's going to be according to the company's cycle of investments.

It's going to be at market place?

Market price, yes. The contracted price, the price that was contracted in the past.

The contracted price. Oh, okay.

Great. Excellent.

Very clear, thank you.

Good morning, Guidotti, Andrea. We have two questions on our side.

The first, about the auction pipeline. I think with the Régis auction concluded the cycle of major auctions, the major bids in the recent years.

Now we have more regional bids looking forward, I'd like to understand your appetite for this still remaining pipeline or if the main focus should be now the amendments, especially of the third road at EcoVias dos Imigrantes, and what the solutions would be, the capital solutions that would help that, considering the level of leverage you mentioned by 2028? The second is about the capex disbursement, looking a little bit at what's your view of what changed since the beginning of the year, considering the slightly more adverse scenario of the United States-Iran war that changed the price of the Brent, if it changed anything on your capex expectation for the year or not?

Thank you.

Thank you for your questions. The pipeline of new concessions, what you said is correct.

The major assets have already been auctioned, and we are focusing now more in an agenda to improve the current portfolio. The amendments, as we mentioned before, we have a lot of amendments being discussed, including the biggest one, that's the third road.

The third road, the challenge will be to negotiate a contractual amendment to specify what's going to be created, and based on that, we'll have a more defined look and we'll know more about the need for resources to meet those investments. I think there's a lot of discussions to be made, but we understand that it's a great opportunity because it's a transformative amendment.

I think that at the right time, we will have all of the information to structure it, and again, it's an amendment that if it is integrated, there's no upfront payment of everything.

It's a work that will begin and will be executed over 4, 5 years and will start to approximate during this period, we'll have a good window to structure the solutions and what can be supported. We are focused on finalizing the projects, delivering them, and then discuss the best way to enable all of those investments.

The second question was about—is there anything to add? I'm sorry, I wrote down— About the oil price, well— The oil issue, what was mapped, I think—there was an initial shock, but what was mapped initially remains stable.

We do not foresee any worsening of the scenario. I think that we could expect in the medium term to see an improvement, but for now, for the time being, and everything is fully mapped, everything that was mapped in the beginning of the year, we do not expect any changes by the end of the year.

Remember that this whole issue of the war, today, even the most recent agreements already include this event as a force majeure subject to rebalancing. As Guidotti mentioned, nothing has changed in terms of what we talked about in the conference call of the first quarter.

We're based on the same expectations for the second quarter, but no doubt, once the war ends, we will look into the impacts that may have happened, and we will go after rebalancing with the concession authorities at the concessions that may have had additional expenses due to the war.

Thank you. Excellent.

Thank you very much.

I'd like to thank everyone for participating, and my team and I remain available for any questions you may have. Thank you.

Have a great weekend.