Motiva - Results for the 3rd quarter of 2025

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October 29, 2025 7:55 PM EDT

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SÃO PAULO, Oct. 29, 2025 /PRNewswire/ --

Highlights

On July 04, 2025, the Amendment at SPVias was signed, resulting in the extension of the concession term by 73 days;
On August 01, 2025, the Company signed an amendment to modernize the Motiva Pantanal contract;
On September 26, 2025, the Amendment at ViaQuatro was signed, resulting in the extension of the concession term by 20 years;
Cash OPEX/Adjusted Net Revenue LTM was 38.3% in 3Q25.

Consolidated Operational and Financial Highlights

OPERATING AND FINANCIAL HIGHLIGHTS (R$ M)	3Q24	3Q25	Var. %	9M24	9M25	Var. %
Consolidated Adjusted Net Revenue¹	3,782	3,957	4.6 %	10,748	11,249	4.7 %
Consolidated Adjusted EBITDA¹	2,190	2,547	16.3 %	6,265	6,997	11.7 %
Adjusted EBITDA - Toll Roads	1,621	1,979	22.1 %	4,653	5,222	12.2 %
Adjusted EBITDA - Railways	571	588	3.0 %	1,561	1,751	12.2 %
Adjusted EBITDA - Airports	274	314	14.6 %	793	912	15.0 %
Adjusted EBITDA - Others	(276)	(334)	21.0 %	(742)	(888)	19.7 %
Consolidated Adjusted EBITDA Margin²	57.9 %	64.4 %	6.5 p.p.	58.3 %	62.2 %	3.9 p.p.
Adjusted Net Income¹	560	683	22.0 %	1,420	1,620	14.1 %
ROE³	11.4 %	18.0 %	6.6 p.p.	11.4 %	18.0 %	6.6 p.p.
ROIC³	6.6 %	11.0 %	4.3 p.p.	6.6 %	11.0 %	4.3 p.p.
Net Debt/LTM Adjusted EBITDA (x)	3.1	3.6	0.5	3.1	3.6	0.5
Toll Roads - Vehicle Equivalents (million)	314.0	283.6	-9.7 %	909.6	840.5	-7.6 %
Railways - Passengers Transported (million)	193.6	194.7	0.5 %	560.6	564.9	0.8 %
Airports - Boarded Passengers (million)⁴	10.4	11.0	5.8 %	29.4	31.6	7.6 %
CAPEX ⁵	2,101	2,334	11.1 %	4,982	5,471	9.8 %

1. Excludes construction revenue and costs. Adjustments are described in the "non-recurring effects" section in Exhibit I (page 26).
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. As of 1Q25, all operational data for the airport business contained in this Release will be presented as total passengers versus boarded passengers (which only considers passengers that generate revenue).
5. Includes improvement works that do not generate future economic benefits for ViaOeste.

\ Videoconference

Conference call in Portuguese with simultaneous translation into English:

October 30, 2025

10:00 a.m. São Paulo / 9:00 a.m. New York

Videoconference link:

https://motiva-br.zoom.us/webinar/register/WN_hrypxotYSGqDOk9ylPT7-A?_x_zm_rtaid=DyNcTlWbSLyyM66J4OjpQw.1760556932535.74e3045bbe8b4d46bf3bb0ecb92ecb78&_x_zm_rhtaid=342#/registration

\ IR Contacts

Flávia Godoy: (+55 11) 3048-5900 - [email protected]

Douglas Ribeiro: (+55 11) 3048-5900 - [email protected]

Cauê Cunha: (+55 11) 3048-5900 - [email protected]

Caique Moraes: (+55 11) 3048-5900 - [email protected]

Ana Beatriz Bovo:(+55 11) 3048-5900 - [email protected]