4Q25 Results Presentation

Results Presentation

4Q25

Free flow gantry | Ecovias Noroeste Paulista

Agenda 4Q25 Results Highlights

Operational and financial performance

Capex and Debt

Management

Sustainability

2

Comparable traffic

+3.3% in 4Q25

+3.9% in 2025

Heavy vehicles: +3.8% in 4Q25 e +5.1% in 2025

Adjusted Cash Costs

(ex-Ecoporto)

-1.8% in 4Q25

-0.8% in 2025

Inflation (IPCA) on 4.26% in 2025

November-December 2025

Ecovias Imigrantes and Leste Paulista: recognition of economic and financial imbalances resulting from the impacts of the Covid-19 pandemic on toll revenue

March 2026

Ecovias Sul: end of the Ecovias Sul Concession Agreement. Currently, there are recognized credits in favor of the concessionaire amounting to R$107.3 million

3

Adjusted EBITDA

R$1.4 bn in 4Q25 Margin: 74.5%

R$5.6 bn in 2025 Margin: 75.2%

Recurring Net Income

R$242 MM in 4Q25

R$853 MM in 2025

Highlights

Investments

R$1.7 bn in 4Q25

R$5.1 bi in 2025

Agenda 4Q25 Results

Highlights

Operational and financial performance

Capex and Debt

Management

Sustainability

4

OPERATIONAL PERFORMANCE | TRAFFIC

Notably, heavy vehicle traffic grew by 3.8% in 4Q25 and 5.1% in 2025, driven by Ecovias Norte Minas

(+15.5%), Ecovias Minas Goiás (+11.2%) and Ecovias Imigrantes (+9.2%)

Consolidated Traffic (equivalent paying vehicles x million) Comparable Traffic1 (equivalent paying vehicles x million)

+22.0%

+26.5%

626.3

+16.7%

764.2

+3.3%

+3.9%

566.9 589.1

+5.1%

162.1

+18.7%

205.1

+30.4%

147.0

+3.8%

+2.2% 229.3

224.4

151.9

+38.6%

63.8

58.9

+2.6%

60.4

4Q24 4Q25 2024 2025

Light vehicles Heavy vehicles

4Q24 4Q25 2024 2025

Light vehicles Heavy vehicles

5

(1) Excluding Ecovias Noroeste Paulista and Ecovias Raposo Castello.

FINANCIAL PERFORMANCE | REVENUE

Increase in revenue, driven by traffic, tariff adjustments and start of toll collection by Ecovias Noroeste

Paulista and Raposo Castello. Highlight for digital payment toll collection: 93% of toll revenue.

Adjusted Net Revenue¹ - 4Q25 (R$ million)

(2.1)

4.3

(1.1)

245.0

+14.5%

Adjusted Net

Revenue 4Q24

Δ Highway

Concessions Revenue

Δ Ecoporto Revenue Δ Ecopátio Revenue Δ Other² Adjusted Net

Revenue 4Q25

Adjusted Net Revenue¹ - 2025 (R$ million)

+15.0%

926.6

42.0

7.3

(9.3)

Adjusted Net

Revenue 2024

Δ Highway

Concessions Revenue

Δ Ecoporto Revenue

Δ Ecopátio Revenue

Δ Other²

Adjusted Net

Revenue 2025

(1) Excluding Construction Revenue. (2) Considering ECS, the holding company and eliminations.

6

FINANCIAL PERFORMANCE | CASH COSTS

Reduction of 1.8% in adjusted cash costs (ex-Ecoporto) in 4Q25, as a result of efficiency initiatives,

synergies, digital transformation and innovation measures implemented by the Company

Cash Costs / Adjusted Net Revenue2 (%)

-10.0 p.p.

-2.2 p.p.

Adjusted Cash Costs ex-Ecoporto (R$ million)1

-0.8%

-1.8%

343

4Q25

337

4Q24

2024

2025

Cash Costs (R$ million)

+5.8%

+8.6%

4Q24

4Q25

2024

2025

Inflation (IPCA) of 4.26% in 2025

2022 2023 2024 2025

7

(1) Excluding costs and expenses at Ecocataratas, Ecovia Caminho do Mar, Ecovias Noroeste Paulista, Ecovias Raposo Castello, provisions for contingencies (non-cash): R$22.4 million in 4Q25, R$30.9 million

in 2025, Ecopátio's Property Tax (IPTU) provision in 4Q24/2024: R$23.3 million and the adjustment of the Phantom Stock Options Plan in 4Q25 (R$17.6 million). (2) Excluding Construction Revenue.

FINANCIAL PERFORMANCE | ADJUSTED EBITDA

Increase of 16.6% in adjusted EBITDA in 4Q25 and 18.6% in 2025. Highlight for the adjusted EBITDA

margin of the highway concessions: 77%

Adjusted EBITDA¹,2 (R$ million) Adjusted EBITDA | Highway concessions¹ (R$ million)

72.9%

75.2%

74.8%

76.7%

+18.6% +18.1%

74.5%

73.1%

+16.6%

75.4%

+18.2%

77.4%

4Q24 4Q25 2024 2025

Adjusted EBITDA Adjusted EBITDA Margin

4Q24 4Q25 2024 2025

Adjusted EBITDA Adjusted EBITDA Margin

8

(1) Excluding Construction Revenue and Costs, provision for maintenance, provision/reversal for impairment at Ecovias Capixaba and provisions for contingencies. (2) Excluding IPTU

provision at Ecopátio.

FINANCIAL PERFORMANCE | NET INCOME

Recurring net income reached R$242 million in 4Q25 and R$853 million in 2025, driven by EBITDA

growth, although it was affected by higher indebtedness and increased interest rates

Recurring Net Income - 4Q25 (R$ million)

(83.6) 7.9

(72.3)

4Q24 Recurring Net Income

Δ Adjusted EBITDA¹ Δ Depreciation

and Amortization

Δ Provision for Maintenance

Δ Financial Result

Δ Income Tax/ Social Contribution

Δ Other effects² 4Q25 Recurring Net

Income

Recurring Net Income - 2025 (R$ million)

22.5

153.9

981.5

(118.9)

852.9

2024 Recurring Net Δ Adjusted EBITDA¹ Income

Δ Depreciation and Amortization

Δ Provision for Maintenance

Δ Financial Result

Δ Income Tax/ Social Contribution

Δ Other effects²

2025 Recurring Net Income

1) Excluding Revenue and Construction Costs, Provision for Maintenance, impairment loss/reversal of impairment of Ecovias Capixaba, provisions for contingencies, and Ecopátio's IPTU provision. 2) Excluding impairment loss/reversal of impairment of Ecovias Capixaba and monetary adjustment, provisions and monetary adjustment for contingencies and write-off of deferred amounts from EcoRodovias Concessões e Serviços and Termares.

9

Agenda 4Q25 Results

Highlights

Operational and financial performance

Capex and Debt Management

Sustainability

10

CAPEX

Investments of R$5.1 billion in 2025. In the last 5 years, the Company invested over R$18 billion,

demonstrating its execution capacity and readiness for implementing its construction projects

Capex 4Q (R$ million) Capex (R$ million)¹

R$18.5 billion

+16.5%

4Q24 4Q25 2021 2022 2023 2024 2025

(1) Excluding the payment of concession fees to the granting authorities. 11

CAPEX

Expansion projects continue to progress, enhancing traffic flow and safety for users, with major

advancements at Ecovias Rio Minas and Ecovias Noroeste Paulista

Expansion and improvement projects on Presidente Dutra highway

Road widening works and improvements on the Magé-Manilha section

Implementation of third lanes on the Washington Luís highway in São José do Rio Preto/SP

Road widening works in Serra (ES)

Road widening works on BR-153 in Alvorada/TO

Completion of road widening works in Catalão/GO

12

FINANCIAL PERFORMANCE | DEBT MANAGEMENT

More efficient capital structure, aligned with cash generation from assets.

Pro forma leverage ratio ended the year at 3.7x, considering the annualized EBITDA of Ecovias Raposo Castello

Consolidated Net Debt and Leverage (R$ million)

3.8x 3.8x

Gross Debt by Indexer

(R$ million and % - Dec/25)

Breakdown of Net Debt

(%)

1,178

4%

6,517

25%

18,668

71%

15%

9%

12% 6%

18%

10%

3%

25%

7%

4%

18%

35%

64%

62%

71%

41%

+4.3%

Dec/22 Dec/23 Dec/24 Dec/25

3Q25 4Q25

Net Debt Net Debt/

Adjusted EBITDA

IPCA/TLP

CDI/Fixed-rate

13

TJLP

Holding do Araguaia

EcoRodovias Infraestrutura e Logística and Ecoporto

EcoRodovias Concessões e Serviços

Highway concessions



FINANCIAL PERFORMANCE | DEBT AMORTIZATION SCHEDULE

The R$20.7 billion financing structured in 2025 secure the funds for the Company's investment cycle,

while extending its debt maturity profile, with 85% of maturities scheduled for 2029 onwards

Gross debt amortization schedule on December, 2025 (R$ million)

7,833

15% of maturities 85% of maturities

Pro forma gross debt amortization schedule | pro forma (R$ million)

8,417

5,599

3,510

5

3,505

2,242

1,549

4

Cash

887 883

1H26 2H26

1,325

2027

1,023

5

898

2028

2029

2030

2031

2032

2033

2034

2035 to

2051

2nd Series of the 4th Issuance of Ecovias Rio Minas Debentures + Subcredit V - FINEM (BNDES)

14

Agenda 4Q25 Results

Highlights

Operational and financial performance

Capex and Debt

Management

Sustainability

15

Sustainability highlights

Integrated Report

Score A-

Rating AA

16

We have released our 2025 Integrated Report today, which details how we generate sustainable value and highlights the key advancements made by EcoRodovias and our ESG 2030 Agenda over the past year

CDP

In December 2025, EcoRodovias improved its score on the CDP climate change questionnaire from B (Management) to A- (Leadership).

ICO2 (Carbon Efficient Index)

In January 2026, EcoRodovias shares were selected to be part of B3's Carbon Efficient Index (ICO2) portfolio for the sixth consecutive year.

Reconhece Awards

In November 2025, the 4th edition of the Recognize Award was held. The award was created to reinforce relationships with suppliers by spotlighting best practices and innovations

Contact IR

Email

invest@ecorodovias.com.br

Website

https://www.ecorodovias.com.br/ri

Disclaimer

Address

Rua Gomes de Carvalho, 1.510 3rd floor, São Paulo - SP - Brazil

Telephone

+55 11 3787-2683 | +55 11 3787-2612

+55 11 3787-2674 | +55 11 3787-2686

This presentation contains forward-looking statements concerning the business prospects, estimates of operating and financial results and growth prospects of EcoRodovias. These are based solely on the current expectations of EcoRodovias management, as well as its awareness of the future of the business and its access to capital to finance the Company's business plan. These statements depend on market conditions, regulatory and governmental measures, competition and performance of both the concession sector and the Brazilian economy, which could differ considerably in relation to the current scenario. Thus, these and other factors, in addition to the risks mentioned in the documents disclosed and filed by EcoRodovias, are subject to change without prior notice. As a result, future events or actual results may differ materially from those described in, or based on, the forward-looking statements contained herein. As such, readers or investors should not place undue reliance on such forward-looking statements. Under no circumstances should this presentation be interpreted as an offer or invitation to sell, buy or subscribe to any security issued by EcoRodovias or its subsidiaries.