Earnings Release
1Q26
BR-392 - Ecovias Sul
To create paths never before imagined.
This is our purpose.
PRESENTATION OF RESULTS
in Portuguese with simultaneous translation into English
Friday, May 8, 2026
11 a.m. (Brasília) / 10 a.m. (NY)Connection data
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Replay: Results Center (IR website)
For more information:
Marcello Guidotti Andrea Fernandes
Thiago Piffer Gustavo Silva
Fernando Nogueira
invest@ecorodovias.com.br
ecorodovias.com.br/ri
EcoRodovias Infraestrutura e Logística S.A. announces its results for the first quarter of 2026 (1Q26). Except where stated otherwise, comparisons are with the first quarter of 2025 (1Q25).
Operating and Financial Highlights
Consolidated traffic: growth of 20.6% in 1Q26.
Comparable traffic1: increase of 0.4% in 1Q26, due to heavy vehicle traffic: +1.5%. Adjusted net revenue2: R$1,810.4 million in 1Q26 (+8.5%).
Adjusted cash costs3 ex-Ecoporto: increase of 3.2% in 1Q26, lower than inflation (IPCA: +4.14% LTM7). Adjusted EBITDA4: R$1,405.1 million in 1Q26 (+12.0%), with adjusted EBITDA margin of 77.6% (+2.4 p.p.).
Net loss5: R$10.1 million in 1Q26. The operational performance and efficient cost management boosted adjusted EBITDA; however, net income was reduced by the full amortization of the remaining balance of Ecovias Sul's intangible assets (non-cash), as a result of the termination of the concession. Excluding the results from Ecovias Sul, net income for 1Q26 would have been R$77.1 million.
Dividends: in April 2026, the Company's shareholders approved, at the Annual Shareholders Meeting, the declaration of dividends in the amount of R$210.4 million, corresponding to the minimum mandatory dividends. At a meeting on May 7, the Board of Directors approved the distribution and payment as from June 12, 2026.
Consolidated leverage ratio: 3.9x net debt/adjusted EBITDA in March 2026, stable in relation to 1Q25.
Focus on the delivery of capacity expansion works and improvements to highway concessions: capex of R$973.7 million in 1Q26 (+3.2%).
Financial Indicators (R$ million) | 1Q26 | 1Q25 | Chg. |
Adjusted Net Revenue2 | 1,810.4 | 1,668.8 | 8.5% |
Adjusted EBITDA4 | 1,405.1 | 1,254.9 | 12.0% |
Adjusted EBITDA Margin | 77.6% | 75.2% | 2.4 p.p. |
Net (Loss) Income5 | (10.1) | 146.7 | n.m. |
Capex6 | 973.7 | 943.5 | 3.2% |
Net Debt | 22,219.5 | 18,950.9 | 17.2% |
Available Cash | 4,849.3 | 4,069.8 | 19.2% |
Net Debt/Adjusted EBITDA4 LTM7 | 3.9x | 3.9x | 0.0x |
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7) LTM = last 12 months. | |||
Material Events | |||
In February 2026, the toll tariff adjustment for Ecovias Capixaba was applied, with an increase of 47.89% reflecting the IPCA variation - from November 2022 to December 2025 (15.06%) - and the tariff increase of 28.53%, as defined in the contractual amendment, due to the completion of works within the scheduled timeframe.
On March 31, 2026, EcoRodovias won the auction for the BR-251/MG and BR-116/MG Highway System (Rota das Gerais), which presents synergies with Ecovias Rio Minas and Norte Minas. The concession has a 30-year term and a total length of 734.9 km, connecting the Southeast and Northeast regions.
On March 4, 2026, as planned, the concession agreement of Ecovias Sul was terminated and ANTT will carry out the process of determining amounts receivable and payable.
In April, vehicle traffic increased by 5.1% and by 1.5% in the year-to-date period, driven by the performance of commercial vehicles, demonstrating the resilience of our portfolio.
Consolidated Results | |||
Consolidated Gross Revenue by Segment | |||
GROSS REVENUE (R$ million) | 1Q26 | 1Q25 | Chg. |
Highway Concessions | 1,892.2 | 1,721.0 | 9.9% |
Construction Revenue | 748.5 | 757.3 | -1.2% |
Ecoporto Santos | 127.6 | 137.8 | -7.4% |
Ecopátio Cubatão | 15.3 | 11.8 | 29.7% |
Services | 187.6 | 137.7 | 36.2% |
Eliminations | (187.2) | (137.2) | 36.4% |
GROSS REVENUE | 2,784.0 | 2,628.3 | 5.9% |
(-) Construction Revenue | (748.5) | (757.3) | -1.2% |
ADJUSTED GROSS REVENUE | 2,035.5 | 1,871.1 | 8.8% |
Adjusted gross revenue, excluding construction revenue, was R$2,035.5 million in 1Q26 (+8.8%), driven mainly by the growth in vehicle traffic, toll tariff adjustments and start of toll collection on March 4, 2025 by Ecovias Noroeste Paulista (on three toll plazas) and by Ecovias Raposo Castello (partially) on March 30, 2025. Comparable gross revenue, excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul - whose concession agreement ended on March 4, 2026 - increased 4.0% in 1Q26, mainly due to the growth in vehicle traffic and toll tariff adjustments.
Highway concessions: R$1,892.2 million in 1Q26 (+9.9%) due to the growth in vehicle traffic, toll tariff adjustments and start of toll collection by Ecovias Noroeste Paulista (on three toll plazas) and by Ecovias Raposo Castello (partially). Comparable gross revenue, excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul increased 4.9% in 1Q26, due to the growth in vehicle traffic and toll tariff adjustments.
Ecoporto Santos: R$127.6 million in 1Q26 (-7.4%), due to the decrease in spot contracts. Ecopátio Cubatão: R$15.3 million in 1Q26 (+29.7%) due to contractual renegotiations.
Consolidated Operating Costs and Administrative Expenses
OPERATING COSTS AND ADMINISTRATIVE EXPENSES (R$ million) | 1Q26 | 1Q25 | Chg. |
Personnel | 172.0 | 147.6 | 16.5% |
Conservation and Maintenance | 55.8 | 63.7 | -12.4% |
Third-Party Services | 106.9 | 103.7 | 3.1% |
Insurance, Concession Fees and Leasing | 57.0 | 55.8 | 2.2% |
Other | 55.4 | 43.9 | 26.1% |
CASH COSTS | 447.2 | 414.8 | 7.8% |
ADJUSTED CASH COSTS1 | 382.0 | 370.8 | 3.0% |
ADJUSTED CASH COSTS1 ex-Ecoporto Santos | 308.1 | 298.6 | 3.2% |
Construction Costs | 748.5 | 757.3 | -1.2% |
Provision for Maintenance | 20.0 | 21.1 | -5.1% |
Depreciation and Amortization | 549.3 | 303.3 | 81.1% |
OPERATING COSTS AND ADMINISTRATIVE EXPENSES | 1,764.9 | 1,496.5 | 17.9% |
Excluding costs and expenses at Ecocataratas, Ecovia Caminho do Mar, Ecovias Noroeste Paulista, Ecovias Raposo Castello and Ecovias Sul
Operating costs and administrative expenses totaled R$1,764.9 million in 1Q26 (+17.9%), mainly due to the start of toll collection by Ecovias Noroeste Paulista and Raposo Castello, and to the full amortization of the remaining balance of Ecovias Sul's intangible assets (non-cash), as a result of the termination of the concession agreement in March 2026. Excluding construction costs, provision for maintenance, depreciation and amortization, cash costs came to R$447.2 million in 1Q26 (+7.8%).
Adjusted cash costs ex-Ecoporto, excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul, totaled R$308.1 million in 1Q26 (+3.2%), below inflation (IPCA: +4.14% in the last 12 months). In 1Q26, the upswing is mainly due to the hike in Personnel expenses, due to the collective bargaining agreement. Note that the operation of Ecoporto is under a transition agreement.Depreciation and Amortization
In 1Q26, the increase in depreciation and amortization (+R$246.0 million) is mainly due to the full amortization of the remaining balance of Ecovias Sul's intangible assets (non-cash) in March 2026 (R$213.3 million), as a result of the termination of the concession agreement.
Consolidated Operating Costs and Administrative Expenses by Segment
OPERATING COSTS AND ADMINISTRATIVE EXPENSES (R$ million) | 1Q26 | 1Q25 | Chg. |
Highway Concessions | 447.5 | 376.7 | 18.8% |
Ecoporto Santos | 73.9 | 72.2 | 2.4% |
Ecopátio Cubatão | 5.9 | 5.9 | -0.4% |
Services and Holding Company | 96.8 | 89.0 | 8.7% |
Eliminations | (176.9) | (129.1) | 37.1% |
CASH COSTS | 447.2 | 414.8 | 7.8% |
ADJUSTED CASH COSTS1 | 382.0 | 370.8 | 3.0% |
ADJUSTED CASH COSTS1 ex-Ecoporto Santos | 308.1 | 298.6 | 3.2% |
Construction Costs | 748.5 | 757.3 | -1.2% |
Provision for Maintenance | 20.0 | 21.1 | -5.1% |
Depreciation and Amortization | 549.3 | 303.3 | 81.1% |
OPERATING COSTS AND ADMINISTRATIVE EXPENSES | 1,764.9 | 1,496.5 | 17.9% |
Excluding costs and expenses at Ecocataratas, Ecovia Caminho do Mar, Ecovias Noroeste Paulista, Ecovias Raposo Castello and Ecovias Sul.
Cash costs of highway concessions totaled R$447.5 million in 1Q26 (+18.8%). Adjusted cash costs, excluding Ecovias Sul due to the termination of the concession agreement in March 2026, as well as Ecovias Noroeste Paulista and Raposo Castello, totaled R$346.7 million in 1Q26 (+8.5%), mainly due to intercompany services provided by ECS.
Cash costs of Ecoporto totaled R$73.9 million in 1Q26 (+2.4%), mainly due to the increase in Personnel, as a result of the collective labor agreement.
Cash costs of Ecopátio totaled R$5.9 million in 1Q26, stable in relation to 1Q25.
Cash costs of Services and Holding Company came to R$96.8 million in 1Q26 (+8.7%). Adjusted cash costs, excluding services provided to Ecovias Noroeste Paulista and Raposo Castello, totaled R$92.9 million in 1Q26 (+6.8%), mainly due to the increase in Personnel, as a result of the collective labor agreement.
Adjusted EBITDA
Adjusted EBITDA totaled R$1,405.1 million in 1Q26 (+12.0%), mainly due to the growth in vehicle traffic, toll tariff adjustments, the start of toll collection by Ecovias Noroeste Paulista (at three plazas) and by Ecovias Raposo Castello (partially), as well as other operating revenues (+R$41.0 million). Adjusted EBITDA margin was 77.6% in 1Q26 (+2.4 p.p.). Comparable EBITDA, excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul, increased 6.4% in 1Q26, reflecting the growth in vehicle traffic and toll tariff adjustments.EBITDA (R$ million)
1Q26
1Q25
Chg.
Net (Loss) Income - Excluding minority interests
(10.1)
146.7
-106.9%
Net (Loss) Income - Minority interests
(12.0)
(10.0)
20.7%
Net Income
(22.1)
136.7
n.m.
(+) Discontinued Operations
0.2
-
n.m.
Net (Loss) Income from Continuing Operations
(21.9)
136.7
-116.0%
(+) Depreciation and Amortization
549.3
303.3
81.1%
(+) Financial Result
763.1
623.6
22.4%
(+) Income and Social Contribution Taxes
93.2
170.2
-45.2%
(+/-) Equity Income
1.3
-
n.m.
EBITDA1
1,385.0
1,233.8
12.3%
(+) Provision for Maintenance
20.0
21.1
-5.1%
ADJUSTED EBITDA2
1,405.1
1,254.9
12.0%
ADJUSTED EBITDA MARGIN2
77.6%
75.2%
2.4 p.p.
1) EBITDA calculated according to the Resolution CVM 156 of June 23, 2022.
2) Excluding Construction Revenue and Costs and provision for maintenance.
Other Operating Income
In 1Q26, as a result of the termination of the Ecovias Sul concession agreement, the Company recognized R$38.6 million under other operating income. This amount represents the Company's best estimate of account settlements, considering the balance of amounts receivable and payable with the concession authority, with the primary component being the reconstruction and elevation of three bridges for climate adaptation purposes. Previously, in 2025, the Company recognized R$59.0 million related to a toll tariff adjustment that was not implemented in January 2025. Therefore, in 1Q26, the balance amounts payable and receivable totaled R$97.6 million.
Adjusted EBITDA by Segment
EBITDA (R$ million)
1Q26
Margin
1Q25
Margin
Chg.
Highway Concessions1
1,319.9
76.4%
1,198.1
76.1%
10.2%
Ecoporto Santos
15.2
17.1%
25.7
26.3%
-41.1%
Services and Holding Company
62.7
37.0%
26.9
21.8%
133.3%
Ecopátio Cubatão
7.3
55.7%
4.2
41.7%
73.2%
ADJUSTED EBITDA1
1,405.1
77.6%
1,254.9
75.2%
12.0%
ADJUSTED NET REVENUE2
1,810.4
1,668.8
8.5%
1) Excluding Construction Revenue and Costs and provision for maintenance. 2) Excluding Construction Revenue.
Consolidated Financial Result
FINANCIAL RESULT (R$ million)
1Q26
1Q25
Chg.
Interest on Debentures
(534.5)
(437.6)
22.1%
Monetary Variation on Debentures
(255.8)
(227.0)
12.7%
Interest on Financing
(72.1)
(55.5)
29.9%
Financial effects on Concession Fee
(44.2)
(47.2)
-6.4%
Exchange and Monetary Variation on Financing
(31.0)
(28.4)
9.2%
Financial Revenues
171.6
125.8
36.4%
Adjustment to Present Value
(7.7)
(7.8)
-1.3%
Other Financial Effects
5.8
50.6
-88.5%
Inflation adjustment on assets subject to indemnity
4.8
3.4
41.2%
FINANCIAL RESULT
(763.1)
(623.6)
22.4%
Financial result increased by R$139.5 million in 1Q26 (+22.4%). The main variations between the quarters are:
Interest on debentures: increase of R$96.9 million due to the higher CDI.
Inflation variation on debentures: increase of R$28.8 million due to higher balance of debentures payable indexed to the IPCA.
Interest on financing: increase of R$16.6 million due to higher BNDES loan balances.
Financial effects on concession fee: decrease of R$3.0 million (non-cash) due to lower IPCA.
Financial revenues: increase of R$45.8 million mainly due to the higher average cash balance.
Other financial effects: decrease of R$44.8 million due to the lower capitalized interest.
Inflation adjustment on assets subject to indemnity: refers to the rebalancing of investments concluded and operational investments in portainers and other assets at Ecoporto.
Interest paid totaled R$547.7 million in 1Q26 (+13.8%), as per the Cash Flow Statement in Exhibit IV, on page 21.
Income Tax and Social Contribution
Income tax and social contribution totaled R$93.2 million in 1Q26, down 45.2%. For more information on the effective rate of income tax and social contribution, see Note 14.2 of the Quarterly Financial Information (3/31/2026).
Taxes paid totaled R$199.3 million in 1Q26 (+42.5%), per the Cash Flow Statement in Exhibit IV, on page 21.
Net (Loss) Income
NET INCOME (R$ million)
1Q26
1Q25
Chg.
Net (Loss) Income
(22.1)
136.7
n.m.
Net (Loss) Income - Excluding minority interests
(10.1)
146.7
n.m.
Net (Loss) Income - Ecovias Sul
(87.2)
37.6
n.m.
NET (LOSS) INCOME - Excluding minority interest ex-Ecovias Sul¹
77.1
109.1
-29.3%
1) Excluding net (loss) income of Ecovias Sul
Net (Loss) Income (R$ million)
1.1
87.2
(139.5)
0.6
(10.1)
77.1
146.7
77.0
150.1
(94.8)
(151.1)
Ecovias
Sul
1Q25 Net Income Δ Adjusted
Δ Depreciation
Δ Provision for
Δ Financial
Δ Income Tax/
Δ Other effects² 1Q26 Net
Net Loss Ecovias Net income 1Q26
EBITDA¹
and Amortization
Maintenance
Result
Social Contrib.
Loss
Sul 1Q26
ex-Ecovias Sul
1) Excluding Construction Revenue and Costs, as well as Provision for Maintenance. 2) Considering the variation in net income of non-controlling shareholders, discontinued operation, and equity income.
The net loss attributable to controlling shareholders totaled R$10.1 million in 1Q26. The operational performance and efficient cost management boosted adjusted EBITDA; however, net income was reduced by the full amortization of the remaining balance of Ecovias Sul's intangible assets (non-cash), as a result of the termination of the concession agreement, as well as by the financial result, which reflected investments in capacity expansion and improvements to the highway concessions. Excluding the results from Ecovias Sul, net income for 1Q26 would have been R$77.1 million.
Debt, Cash and Cash Equivalents
In March 2026, gross debt reached R$27,068.8 million, an increase of 2.7% (R$705.2 million) compared to December 2025, mainly due to the 4th issuance (2nd series) of debentures by Ecovias Rio Minas, in the amount of R$540.0 million.
The balance of cash, cash equivalents and short- and long-term financial investments totaled R$4,849.3 million in March 2026, down 3.0% from December 2025. The cash balance is 2.9x short-term debt and 1.3x debt between 2026 and 2028.
Leverage, measured by the ratio of net debt to adjusted EBITDA, ended March 2026 at 3.9x, up 0.1x from December 2025.
Leverage at EcoRodovias Concessões e Serviços (ECS), measured by the ratio of net debt to adjusted EBITDA, ended March 2026 at 3.7x, stable in relation to December 2025.
DEBT (R$ million) | 03/31/2026 | 12/31/2025 | Chg. |
Short-term | 1,667.1 | 1,769.1 | -5.8% |
Long-term | 25,401.7 | 24,594.6 | 3.3% |
Total Gross Debt1 | 27,068.8 | 26,363.6 | 2.7% |
(-) Cash and Cash Equivalents | 4,849.3 | 4,999.2 | -3.0% |
Net Debt | 22,219.5 | 21,364.4 | 4.0% |
NET DEBT/Adjus ted EBITDA2 LTM3 | 3.9x | 3.8x | 0.1x |
1) Does not consider obligations with Concession Authority and Leases Payable. |
Excluding Construction Revenue and Costs, provision for maintenance, reversal for impairment at Ecovias Capixaba (3Q25) and provisions for contingencies. 3) Last 12 Months.
Gross debt amortization schedule on March 31, 2026 (R$ million):
In 2026, maturities total R$1,542.0 million as follows: R$508.8 million in 2Q26 and R$1,033.2 million in 2H26. In 2Q26, maturities are distributed among the highway concessions: R$146.7 million; and among the holding/subholding companies: R$362.1 million and in 2H26: R$936.3 million among the highway concessions, of which R$725.5 million in Ecovias Capixaba; and R$96.9 million among the holding/subholding companies. In March 2026, the average debt maturity was 7.9 years.14% of maturities 86% of maturities
4.849
509
3.981
3.562
1.033
930
1.032
1.360
1.557
2.262
2.344
8.498
Cash 2Q26 2H26 2027 2028 2029 2030 2031 2032 2033 2034 2035 to
2051
Gross Debt - 3/31/2026 by index (R$ million and %) | Gross Debt - 3/31/2026 by instrument (R$ million and %) |
1,162 4% 6,342 24% 19,565 76% 72% IPCA/TLP CDI/Fixed-rate TJLP | 1,153 2,787 4% 10% 23,128 86% Debentures BNDES Other |
Financing, to be disbursed in accordance with the capex plan - On 3/31/2026 (R$ million)
Financing contracted by concession (R$ million) | Contract Amount | Disbursed Amount | Amount to be disbursed |
Ecovias Norte Minas - BNDES | 996.4 | 946.5 | 49.8 |
Ecovias Minas Goiás - BNDES | 432.7 | 418.0 | 14.7 |
Ecovias Minas Goiás - FINISA | 350.0 | 350.0 | - |
Ecovias Minas Goiás - FDCO | 200.0 | 186.5 | 13.5 |
Ecovias Minas Goiás - BNDES (debentures) | 550.0 | 450.0 | 100.0 |
Ecovias Araguaia - BNDES | 3,160.0 | 870.0 | 2,290.0 |
Ecovias Araguaia - Banco da Amazônia | 461.0 | 315.1 | 145.8 |
Ecovias Rio Minas - BNDES (Finem) | 663.4 | 60.0 | 603.4 |
Ecovias Rio Minas - BNDES (debentures) | 7,320.6 | 1,890.0 | 5,430.6 |
Ecovias Rio Minas - Banco do Nordeste | 500.0 | 350.0 | 150.0 |
Ecovias Noroeste Paulista - BNDES (Finem) | 178.3 | - | 178.3 |
Ecovias Noroeste Paulista - BNDES (debentures) | 3,955.0 | 2,350.0 | 1,605.0 |
Total | 18,767.3 | 8,186.1 | 10,581.2 |
Consolidated Capex by Segment:
CAPEX1 (R$ million) | Intangible assets / | 1Q26 Costs/Prov. for | Total |
PP&E | Cons. Works | ||
Highway Concessions | 920.4 | 37.7 | 958.1 |
Ecovias Imigrantes | 66.9 | 1.6 | 68.6 |
Ecovias Leste Paulista | 39.7 | 2.8 | 42.5 |
Ecovias Sul | 26.1 | 8.3 | 34.4 |
Ecovias Capixaba | 155.2 | - | 155.2 |
Ecovias Ponte | 6.7 | 0.6 | 7.3 |
Ecovias Norte Minas | 33.2 | 6.8 | 40.0 |
Ecovias Minas Goiás | 36.6 | 5.3 | 41.9 |
Ecovias Cerrado | 23.8 | 11.0 | 34.8 |
Ecovias Araguaia | 77.1 | - | 77.1 |
Ecovias Rio Minas | 287.9 | - | 287.9 |
Ecovias Noroeste Paulista | 111.3 | - | 111.3 |
Ecovias Raposo Castello | 56.0 | 1.2 | 57.2 |
Ecoporto Santos and Ecopátio Cubatão | 9.7 | - | 9.7 |
Other2 | 16.1 | - | 16.1 |
Eliminations | (10.1) | - | (10.1) |
CAPEX | 936.0 | 37.7 | 973.7 |
Including contractual investments, non-contractual investments (claims and improvements) and capitalization of financial charges
Including Services and Holding.
Additionally, the Company highlights the ongoing works at Ecovias Rio Minas, through the construction of the bridge over the Doce river, in Governador Valadares/MG, as well as the expansions of the Presidente Dutra Highway (RJ) and the Magé-Manilha (RJ) section (BR-493). At Ecovias Capixaba, road widening and improvement works are underway in the southern section of the concession. At Ecovias Noroeste Paulista, approximately 45 km of additional lanes are currently under construction in the regions of São Carlos and São José do Rio Preto (SP), in addition to pavement maintenance interventions. Finally, at Ecovias Araguaia, road widening works and the implementation of devices are underway in Goiás and Tocantins.
Contractual capex to be incurred in highway concessions (R$ million)
50,869
51,154
964
(678)
Capex commitments 12/31/2025 1Q26 Accomplished Inflation Adjustment
(IPCA)
Capex commitments 03/31/2026
Note: Excluding capitalized interest, advances to suppliers, other non-contractual investments (object of rebalancing), and the highway system Rota das Gerais.
In 1Q26, contractual capex to be incurred totaled R$51,154.4 million, up 0.6% from the previous quarter.Works underway:
Road widening works and improvements in Uruaçu (GO)
Implementation of third lanes in São José do Rio Preto (SP)
Road widening works on the section between Anchieta (ES) and Iconha (ES)
Implementation of third lanes in São Carlos (SP)
Expansion works and improvements on the section between Magé (RJ) and Itaboraí (RJ) (Magé-Manilha)
Construction of a bridge over the Doce river in Governador Valadares (MG)
Projects to improve access to the Presidente Dutra highway (RJ)
Sustainability
Governance | Ethics, Transparency and Integrity:
Corporate Sustainability Index (ISE)
In May 2026, EcoRodovias' shares were selected, for the 15th straight year, as a component of B3's Corporate Sustainability Index (ISE), effective until April 2027.
2025 Integrated Report
EcoRodovias released its 2025 Integrated Report, which consolidates the Company's strategic vision and demonstrates the alignment between business operations and the responsible management of environmental and social impacts. The report presents the progress of the Company's ESG 2030 Agenda, highlighting the development of the Climate Adaptation and Biodiversity Conservation Plans, the expansion of innovative practices in infrastructure and sustainable mobility, and advances in occupational safety. The publication reinforces EcoRodovias' commitment to transparency and the creation of long-term value for its stakeholders.
Environmental | Biodiversity and Ecosystem
Environmental licensing of the third lane of the Imigrantes highway
Ecovias Imigrantes obtained the Preliminary Environmental License for the project of the third lane of the Imigrantes highway, after approval by the State Environmental Council (Consema), based on a favorable technical opinion issued by CETESB, which attested to the environmental feasibility of the project. The project route crosses the Serra do Mar mountains and was based on environmental impact studies. In this conte xt, 22 Environmental Mitigation Programs have been proposed, incorporating engineering solutions, waste management, and monitoring initiatives aimed at minimizing impacts on the Atlantic Forest ecosystem. The project aims to expand the logistical capacity of the Anchieta-Imigrantes highway system, contributing to cargo flow, regional mobility, and the economic development of the São Paulo state.
Environmental | Climate Strategy Pilot project with B100 biodiesel
As part of its innovation and sustainability strategy, EcoRodovias reached the milestone of 100,000 km driven with B100 biodiesel in the operational fleet of Ecovias Noroeste Paulista, within the scope of a pilot project developed in partnership with Volkswagen Truck & Bus. The initiative, conducted under real operating conditions, has shown consistent results, proving the technical and operational feasibility of the biofuel as an alternative to fossil diesel. Aligned with the ESG 2030 Agenda, the project demonstrates the potential of using B100 biodiesel to reduce CO₂ emissions in road transportation, contributing to the energy transition of the infrastructure sector.
Awards:
The 100+ Innovators in IT Usage 2025
EcoRodovias was included in the list of the "Top 100+ Innovators in IT Usage 2025" award, recognition granted by IT Forum, Brazil's leading technology ecosystem, which recognizes organizations that place technology at the center of their strategies to drive innovation, operational efficiency, and positive impact. The award reinforces the Company's commitment to the continuous modernization of its operations and to the evolution of mobility, through a robust agenda of technology, data, and innovation, which includes solutions such as free flow gantries, HS-WIM, Artificial Intelligence, 4G connectivity on highways, and digital payments. Assessed on criteria such as innovation and originality, this recognition highlights EcoRodovias' leadership in strategically leveraging technology to address complex challenges, enhance user experience, strengthen road safety, and create value across ESG pillars.
HIGHWAY CONCESSIONS
Segment consisting of 12 highway concessionaires: Ecovias Imigrantes, Ecovias Leste Paulista, Ecovias Sul, Ecovias Capixaba, Ecovias Ponte, Ecovias Norte Minas, Ecovias Minas Goiás, Ecovias Cerrado, Ecovias Rio Minas, Ecovias Araguaia, Ecovias Noroeste Paulista and Ecovias Raposo Castello.
Operating Performance - Traffic
TRAFFIC VOLUME (equivalent paying vehicles, thousand) Heavy | 1Q26 | 1Q25 | Var. |
Ecovias Imigrantes | 8,794 | 8,610 | 2.1% |
Ecovias Leste Paulista | 9,471 | 10,158 | -6.8% |
Ecovias Capixaba | 11,791 | 10,848 | 8.7% |
Ecovias Ponte | 1,108 | 1,055 | 4.9% |
Ecovias Norte Minas | 9,610 | 9,027 | 6.5% |
Ecovias Minas Goiás | 11,035 | 11,009 | 0.2% |
Ecovias Cerrado | 6,729 | 6,987 | -3.7% |
Ecovias Rio Minas | 12,742 | 12,245 | 4.1% |
Ecovias Araguaia | 9,679 | 9,802 | -1.3% |
Comparable1 | 80,959 | 79,741 | 1.5% |
Ecovias Sul2 | 3,179 | 4,957 | -35.9% |
Ecovias Noroeste Paulista3 | 11,803 | 10,305 | 14.5% |
Ecovias Raposo Castello4 | 12,074 | 205 | n.m. |
TOTAL CONSOLIDATED | 108,014 | 95,208 | 13.4% |
Light | |||
Ecovias Imigrantes | 9,799 | 9,860 | -0.6% |
Ecovias Leste Paulista | 17,176 | 17,903 | -4.1% |
Ecovias Capixaba | 5,446 | 5,407 | 0.7% |
Ecovias Ponte | 6,095 | 6,046 | 0.8% |
Ecovias Norte Minas | 2,230 | 2,102 | 6.1% |
Ecovias Minas Goiás | 4,053 | 3,912 | 3.6% |
Ecovias Cerrado | 2,090 | 2,073 | 0.8% |
Ecovias Rio Minas | 6,593 | 6,812 | -3.2% |
Ecovias Araguaia | 2,280 | 2,276 | 0.2% |
Comparable1 | 55,763 | 56,391 | -1.1% |
Ecovias Sul2 | 1,553 | 2,157 | -28.0% |
Ecovias Noroeste Paulista3 | 5,955 | 5,081 | 17.2% |
Ecovias Raposo Castello4 | 20,751 | 423 | n.m. |
TOTAL CONSOLIDATED | 84,022 | 64,051 | 31.2% |
Heavy + Light | |||
Ecovias Imigrantes | 18,593 | 18,471 | 0.7% |
Ecovias Leste Paulista | 26,648 | 28,061 | -5.0% |
Ecovias Capixaba | 17,236 | 16,255 | 6.0% |
Ecovias Ponte | 7,203 | 7,101 | 1.4% |
Ecovias Norte Minas | 11,840 | 11,129 | 6.4% |
Ecovias Minas Goiás | 15,088 | 14,920 | 1.1% |
Ecovias Cerrado | 8,819 | 9,060 | -2.7% |
Ecovias Rio Minas | 19,335 | 19,057 | 1.5% |
Ecovias Araguaia | 11,959 | 12,079 | -1.0% |
Comparable1 | 136,722 | 136,132 | 0.4% |
Ecovias Sul2 | 4,732 | 7,113 | -33.5% |
Ecovias Noroeste Paulista3 | 17,758 | 15,386 | 15.4% |
Ecovias Raposo Castello4 | 32,825 | 628 | n.m. |
TOTAL CONSOLIDATED | 192,036 | 159,260 | 20.6% |
Note: Equivalent paying vehicle is a basic unit of reference in toll collection statistics on the brazilian market. Light vehicles, such as automobiles, correspond to an equivalent vehicle unit. Heavy vehicles such as trucks and buses are converted to equivalent vehicles by a multiplier applied to the number of axles per vehicle, as established in the terms of each concession agreement.
Excluding toll collection by Ecovias Noroeste Paulista, Ecovias Raposo Castello and Ecovias Sul. 2) Considering the end of the concession agreement on 3/4/2026. 3) Considering the start of toll collection at seven toll plazas on 5/1/2023 and three toll plazas on 3/4/2025. 4) Considering the start of toll collection at three toll plazas on 3/30/2025.
Consolidated monthly traffic in 1Q26 increased by 21.8% in January, 21.6% in February and 18.6% in March, while comparable traffic increased 0.3% in January, decreased 1.2% in February and increased 2.0% in March.
The main reasons for the variations between the quarters are:
Heavy Vehicles: consolidated traffic grew 13.4% in 1Q26, while comparable traffic increased 1.5%. The traffic growth on Ecovias Imigrantes mainly reflects the increase in sugar exports; on Ecovias Capixaba: pulp cycle in the region; on Ecovias Ponte: higher traffic of commercial vehicles; on Ecovias Norte Minas: expansion of highway capacity through newly widened roads and traffic restriction on an alternative highway; and on Ecovias Rio Minas: initial works (improvements in pavement and signage). The decrease in traffic on Ecovias Leste Paulista is attributed to the completion of expansion and improvement works on the alternative highway between São Paulo and Rio de Janeiro; on Ecovias Cerrado: to the delayed soybean harvest in Brazil's Midwestern region; and on Ecovias Araguaia: to the decline in industrial output in the Northern region.Light Vehicles: consolidated traffic grew by 31.2% in 1Q26, while comparable traffic decreased by 1.1%, mainly due to unfavorable weather conditions on weekends and holidays.
Average Toll Tariff
AVERAGE TARIFF (R$ / equivalent paying vehicle) | 1Q26 | 1Q25 | Chg. |
Ecovias Imigrantes | 24.27 | 23.21 | 4.5% |
Ecovias Leste Paulista | 5.54 | 5.24 | 5.8% |
Ecovias Capixaba | 4.18 | 3.80 | 9.8% |
Ecovias Ponte | 6.26 | 6.20 | 1.0% |
Ecovias Norte Minas | 10.20 | 9.60 | 6.3% |
Ecovias Minas Goiás | 7.01 | 6.66 | 5.3% |
Ecovias Cerrado | 5.90 | 5.90 | 0.0% |
Ecovias Rio Minas | 13.89 | 13.51 | 2.8% |
Ecovias Araguaia | 11.22 | 11.05 | 1.6% |
COMPARABLE AVERAGE TARIFF¹ | 10.22 | 9.79 | 4.4% |
Ecovias Sul | 20.50 | 20.54 | -0.2% |
Ecovias Noroeste Paulista | 12.41 | 12.45 | -0.3% |
Ecovias Raposo Castello | 4.47 | 4.44 | 0.7% |
CONSOLIDATED AVERAGE TARIFF | 9.69 | 10.50 | -7.7% |
The calculation of the consolidated average tariff is carried out using the weighted average of the average tariffs of each concessionaire without considering the collection surpluses
Excluding Ecovias Noroeste Paulista, Ecovias Raposo Castello and Ecovias Sul.
Consolidated average toll tariff declined 7.7% in 1Q26, mainly due to the start of toll collection by Ecovias Raposo Castello, whose toll tariffs are lower than the average of other highway concessions. Average toll tariff increased by 4.4% in 1Q26, excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul.
The historical data on toll tariff adjustments is available on the Investor Relations website: https://ri.ecorodovias.com.br/en/investor-information/tariff-adjustments/
Gross Revenue
GROSS REVENUE (R$ million) | 1Q26 | 1Q25 | Chg. |
Highway Concessions | |||
Toll Revenue | 1,858.6 | 1,690.1 | 10.0% |
Ecovias Imigrantes | 451.4 | 428.8 | 5.3% |
Ecovias Leste Paulista | 147.7 | 147.0 | 0.4% |
Ecovias Sul1 | 97.0 | 166.0 | -41.5% |
Ecovias Capixaba | 72.2 | 62.0 | 16.5% |
Ecovias Ponte | 45.2 | 44.2 | 2.2% |
Ecovias Norte Minas | 120.8 | 106.9 | 13.0% |
Ecovias Minas Goiás | 105.8 | 96.2 | 10.0% |
Ecovias Cerrado | 52.1 | 53.5 | -2.7% |
Ecovias Rio Minas | 264.9 | 257.5 | 2.9% |
Ecovias Araguaia | 134.3 | 133.6 | 0.5% |
Ecovias Noroeste Paulista | 220.5 | 191.8 | 14.9% |
Ecovias Raposo Castello | 147.0 | 2.8 | n.m. |
Ancillary Revenue | 33.5 | 30.9 | 8.7% |
Construction Revenue | 748.5 | 757.3 | -1.2% |
GROSS REVENUE | 2,640.7 | 2,478.2 | 6.6% |
ADJUSTED GROSS REVENUE2 | 1,892.2 | 1,721.0 | 9.9% |
Concession agreement ended in 3/4/2026
Excluding Construction Revenue.
Toll Revenue: R$1,858.6 million in 1Q26 (+10.0%) due to the growth in vehicle traffic, toll tariff adjustments and start of toll collection by Ecovias Noroeste Paulista and by Ecovias Raposo Castello (partially). Comparable gross revenue, excluding Ecovias Noroeste Paulista, Ecovias Raposo Castello and Ecovias Sul, increased 4.9% in 1Q26, due to the growth in vehicle traffic and toll tariff adjustments.
In 1Q26, electronic toll collection through Automatic Vehicle Identification (AVI) accounted for 81.8% of total toll revenue (78.9% in 1Q25), while self-service and digital means (debit/credit cards and digital wallets) accounted for 11.5% (11.3% in 1Q25), and cash payments, 6.7% (9.7% in 1Q25).Ancillary Revenue: R$33.5 million in 1Q26 (+8.7%) due to the adjustment of area lease agreements. Construction Revenue: R$748.5 million in 1Q26 (-1.2%).
Operating Costs and Administrative Expenses
OPERATING COSTS AND ADMINISTRATIVE EXPENSES (R$ million) | 1Q26 | 1Q25 | Chg. |
Highway Concessions | |||
Personnel | 97.5 | 82.0 | 18.9% |
Conservation and Maintenance | 44.3 | 53.9 | -17.9% |
Third-Party Services | 220.3 | 169.1 | 30.3% |
Insurance, Concession Fees and Leasing | 41.8 | 37.9 | 10.4% |
Other | 43.7 | 33.8 | 29.1% |
CASH COSTS | 447.5 | 376.7 | 18.8% |
ADJUSTED CASH COSTS1 | 346.7 | 319.7 | 8.5% |
Construction Costs | 748.5 | 757.3 | -1.2% |
Provision for Maintenance | 20.0 | 21.1 | -5.1% |
Depreciation and Amortization | 522.3 | 283.4 | 84.3% |
OPERATING COSTS AND ADMINISTRATIVE EXPENSES | 1,738.3 | 1,438.4 | 20.8% |
Excluding costs and expenses from Ecocataratas, Ecovia Caminho do Mar, Ecovias Noroeste Paulista, Ecovias Raposo Castello and Ecovias Sul
Operating costs and administrative expenses totaled R$1,738.3 million in 1Q26 (+20.8%), mainly due to the start of toll collection by Ecovias Noroeste Paulista (on three toll plazas) and Raposo Castello (partially), and to the full amortization of the remaining balance of Ecovias Sul's intangible assets, as a result of the termination of the concession agreement in March 2026. Excluding construction costs, provision for maintenance, depreciation and amortization, cash costs came to R$447.5 million in 1Q26 (+18.8%).
Adjusted cash costs, excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul, totaled R$346.7 million in 1Q26 (+8.5%), mainly due to the increase in Third-party Services, as a result of the intercompany services provided by ECS.Below are the main variations in 1Q26:
Personnel: increase of R$15.5 million. Excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul, expenses increased by R$7.3 million (+10.5%), mainly due to the collective bargaining agreement.
Conservation and Maintenance: decrease of R$9.7 million. Excluding Ecovias Noroeste Paulista, Ecovias Raposo Castello and Ecovias Sul, expenses decreased by R$4.6 million (-10.4%), due to the service schedule on highways, as a result of higher rainfall volume during the period.
Third-Party Services: increase of R$51.2 million. Excluding Ecovias Noroeste Paulista, Raposo Castello and Ecovias Sul, expenses increased by R$19.2 million (+13.4%), mainly due to the intercompany services provided by ECS.
Insurance, Concession Fees and Leasing: increase of R$3.9 million. Excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul, expenses increased by R$2.7 million (+8.1%), mainly due to the increase in the variable concession fee for Ecovias Leste Paulista from 1.5% to 3.0% of toll and ancillary revenues, in accordance with Amendment (TAM) 03/2025, effective as of September 2025.
Others: increase of R$9.8 million. Excluding Ecovias Noroeste Paulista, Raposo Castello, and Ecovias Sul, expenses increased by R$2.3 million (+8.1%), mainly due to provisions for civil contingencies.
Construction Costs: reduction of R$8.8 million (-1.2%).
Provision for Maintenance: reduction of R$1.1 million (-5.1%) due to the maintenance work schedule.
Depreciation and Amortization: increase of R$238.9 million, mainly due to the full amortization of the remaining balance (R$213.3 million) of Ecovias Sul's intangible assets, as a result of the termination of the concession agreement in March 2026.
Adjusted EBITDA
ADJUSTED EBITDA (R$ million) | 1Q26 | 1Q25 | Chg. |
Highway Concessions | |||
Net Income (before minority interest) | 200.5 | 342.1 | -41.4% |
Depreciation and Amortization | 522.3 | 283.4 | 84.3% |
Financial Result | 490.2 | 389.2 | 25.9% |
Income and Social Contribution Taxes | 86.9 | 162.3 | -46.5% |
Construction Revenue | (748.5) | (757.3) | -1.2% |
Construction Costs | 748.5 | 757.3 | -1.2% |
Provision for Maintenance | 20.0 | 21.1 | -5.1% |
ADJUSTED EBITDA1 | 1,319.9 | 1,198.1 | 10.2% |
ADJUSTED NET REVENUE2 | 1,726.6 | 1,574.6 | 9.7% |
ADJUSTED EBITDA MARGIN1 | 76.4% | 76.1% | 0.3 p.p. |
Excluding Construction Revenue and Costs and provision for maintenance.
Excluding Construction Revenue.
ADJUSTED EBITDA (R$ million) | 1Q26 | Margin | 1Q25 | Margin | Chg. |
Highway Concessions | |||||
Ecovias Imigrantes | 333.7 | 77.8% | 323.1 | 79.4% | 3.3% |
Ecovias Leste Paulista | 102.1 | 73.3% | 102.2 | 73.5% | 0.0% |
Ecovias Sul | 82.7 | 96.0% | 127.6 | 83.4% | -35.2% |
Ecovias Capixaba | 35.4 | 52.4% | 29.3 | 50.3% | 21.0% |
Ecovias Ponte | 29.3 | 66.6% | 28.8 | 66.7% | 1.6% |
Ecovias Norte Minas | 89.4 | 81.0% | 79.8 | 81.5% | 12.1% |
Ecovias Minas Goiás | 64.0 | 66.0% | 59.2 | 67.2% | 8.1% |
Ecovias Cerrado | 23.4 | 49.0% | 27.6 | 56.2% | -15.3% |
Ecovias Rio Minas | 188.7 | 77.6% | 180.8 | 76.6% | 4.4% |
Ecovias Araguaia | 90.2 | 72.7% | 91.0 | 74.2% | -0.8% |
Ecovias Noroeste Paulista | 168.1 | 82.6% | 146.8 | 82.6% | 14.5% |
Ecovias Raposo Castello | 113.0 | 84.1% | 2.5 | 99.6% | n.m. |
Other1 | (0.2) | n.m. | (0.6) | n.m. | n.m. |
ADJUSTED EBITDA2 | 1,319.9 | 76.4% | 1,198.1 | 76.1% | 10.2% |
ADJUSTED NET REVENUE3 | 1,726.6 | 1,574.6 | 9.7% |
Considering Ecovia Caminho do Mar (concession agreement ended on 11/28/21) and Ecocataratas (concession agreement ended on 11/27/21).
Excluding Construction Revenue and Costs and provision for maintenance.
Excluding Construction Revenue.
ECORODOVIAS CONCESSÕES E SERVIÇOS (ECS) AND HOLDING COMPANY
ECS is a subholding company that provides corporate services and other related services, and EcoRodovias Infraestrutura e Logística is the holding company.
Financial Indicators (R$ million) | 1Q26 | 1Q25 | Chg. |
Services and Holding Company | |||
Net Revenue | 169.2 | 123.4 | 37.1% |
Operating Costs and Expenses | (117.5) | (105.8) | 11.0% |
(+) Depreciation and Amortization | 20.7 | 16.8 | 23.3% |
Cash Costs | (96.8) | (89.0) | 8.7% |
Adjusted Cash Costs 1 | (92.9) | (87.0) | 6.8% |
(+) Other operating income and expenses | (9.7) | (7.5) | 30.3% |
EBITDA | 62.7 | 26.9 | 133.3% |
1) Excluding the increase in costs to provide services to Ecovias Noroeste Paulista and Ecovias Raposo Castello concessions. |
Net revenue totaled R$169.2 million in 1Q26 (+37.1%), driven by the increase in revenue from intercompany services provided to highway concessions.
Cash costs totaled R$96.8 million in 1Q26 (+8.7%). Adjusted cash costs , excluding services provided to Ecovias Noroeste Paulista and Raposo Castello, totaled R$92.9 million (+6.8%), mainly due to the variation in Personnel, as a result of the collective labor agreement.
EBITDA stood at R$62.7 million in 1Q26 (+133.3%).
ECOPORTO SANTOS
Segment consisting of the following companies: Ecoporto Santos and Ecoporto Alfandegado.
Operating Performance - Container Handling
HANDLING (containers) | 1Q26 | 1Q25 | Chg. |
Ecoporto Santos | |||
Quay Operations (cntrs) | 3,888 | 4,723 | -17.7% |
Full Containers (cntrs) | 1,940 | 3,325 | -41.7% |
Empty Containers (cntrs) | 1,948 | 1,398 | 39.3% |
General freight (ton.) | 8,972 | 23,209 | -61.3% |
Warehousing Operations | |||
Warehousing Operations (cntrs) | 16,094 | 16,206 | -0.7% |
General freight (ton.) | 6,383 | 7,587 | -15.9% |
In May 2025, Ecoporto entered into a transition agreement with the Port Authority of Santos (APS) for a period of 12 months. If the bidding process for the lease of the area is not completed by the end of this period, APS may authorize the signing of a new agreement.
In 1Q26, operations declined due to a decrease in spot contracts.
Gross Revenue
GROSS REVENUE (R$ million) 1Q26 | 1Q25 | Chg. |
Ecoporto Santos | ||
Quay Operations 15.4 | 19.4 | -20.7% |
Warehousing Operations 112.0 | 117.6 | -4.8% |
Other 0.2 | 0.8 | -78.9% |
TOTAL 127.6 | 137.8 | -7.4% |
Financial Indicators | ||
Financial Indicators (R$ million) 1Q26 | 1Q25 | Chg. |
Ecoporto Santos | ||
Net Revenue 88.6 | 97.9 | -9.5% |
Costs and Expenses (78.9) | (74.3) | 6.2% |
Depreciation and Amortization 5.0 | 2.1 | 141.8% |
Other Revenues (Expenses) 0.5 | 0.0 | n.m. |
EBITDA 15.2 | 25.7 | -41.1% |
EBITDA Margin 17.1% | 26.3% | -9.2 p.p. |
Financial Result 6.2 | 3.3 | 88.2% |
Income and Social Contribution Taxes (5.0) | (7.3) | -31.7% |
Net (Loss) Income 11.4 | 19.6 | -42.1% |
Net revenue reached R$88.6 million in 1Q26 (-9.5%) due to the decline in operations. |
Operating Costs and Administrative Expenses
OPERATING COSTS AND ADMINISTRATIVE EXPENSES (R$ million) | 1Q26 | 1Q25 | Chg. |
Ecoporto Santos | |||
Personnel | 26.3 | 22.4 | 17.0% |
Conservation and Maintenance | 2.7 | 2.0 | 34.6% |
Third-Party Services | 23.8 | 25.3 | -5.7% |
Insurance, Concession Fees and Leasing | 13.5 | 16.4 | -17.5% |
Other | 7.6 | 6.1 | 24.9% |
CASH COSTS | 73.9 | 72.2 | 2.4% |
Depreciation and Amortization | 5.0 | 2.1 | 141.8% |
OPERATING COSTS AND ADMINISTRATIVE EXPENSES | 78.9 | 74.3 | 6.2% |
Operating costs and administrative expenses reached R$78.9 million in 1Q26 (+6.2%), mainly due to the increase in Personnel, as a result of the collective labor agreement.
EBITDA stood at R$15.2 million in 1Q26 (-41.1%). Net income amounted to R$11.4 million in 1Q26.
EXHIBIT I - a | ||||
CONSOLIDATED BALANCE SHEET | 03/31/2026 | 12/31/2025 | CHG. 03/31/2026 vs 12/31/2025 | |
ASSETS (R$ thousand) | ||||
CURRENT | ||||
Cash and cash equivalents | 2,365,368 | 1,186,197 | 99.4% | |
Financial investments | 2,064,082 | 3,370,150 | -38.8% | |
Financial investments - reserve account | 182,627 | 224,146 | -18.5% | |
Clients | 627,196 | 611,060 | 2.6% | |
Related parties | 27 | 18 | 50.0% | |
Taxes recoverable | 242,259 | 214,635 | 12.9% | |
Prepaid expenses | 41,824 | 27,359 | 52.9% | |
Prepaid costs - Loans | 24,316 | 42,251 | -42.4% | |
Other receivables | 193,209 | 152,237 | 26.9% | |
Current assets | 5,740,908 | 5,828,053 | -1.5% | |
NON-CURRENT | ||||
Deferred taxes | 290,738 | 267,331 | 8.8% | |
Judicial deposits | 193,491 | 190,790 | 1.4% | |
Prepaid expenses | 279 | 664 | -58.0% | |
Prepaid costs - Loans | 205,930 | 202,869 | 1.5% | |
Asset subject to indemnity | 346,869 | 342,059 | 1.4% | |
Reserve account - granting authority | 1,830,262 | 1,768,465 | 3.5% | |
Financial investments - reserve account | 237,176 | 218,747 | 8.4% | |
Amounts receivable and payable - granting authority | 97,602 | - | n.m. | |
Other receivables | 70,873 | 92,795 | -23.6% | |
Long-term assets | 3,273,220 | 3,083,720 | 6.1% | |
In subsidiaries and associates | 4,610 | - | n.m. | |
Property, plant and equipment | 783,938 | 793,120 | -1.2% | |
Intangible assets | 27,739,198 | 27,395,585 | 1.3% | |
TOTAL ASSETS | 37,541,874 | 37,100,478 | 1.2% | |
EXHIBIT I - b
CONSOLIDATED BALANCE SHEET
03/31/2026
CHG.
12/31/2025 03/31/2026 vs
12/31/2025
LIABILITIES AND SHAREHOLDERS' EQUITY (R$ thousand) | |||
CURRENT | |||
Suppliers | 364,507 | 558,466 | -34.7% |
Suppliers - FIDC | 18,116 | 27,624 | -34.4% |
Loans and financing | 207,205 | 192,303 | 7.7% |
Leasing | 143,434 | 163,717 | -12.4% |
Debentures | 1,459,875 | 1,576,749 | -7.4% |
Taxes, fees and contributions payable | 126,547 | 132,073 | -4.2% |
Payroll and related obligations | 145,991 | 179,251 | -18.6% |
Related parties | 204,406 | 208,430 | -1.9% |
Obligations with granting authority | 143,094 | 137,354 | 4.2% |
Provision for income and social contribution taxes | 123,875 | 188,737 | -34.4% |
Provision for maintenance | 83,314 | 97,166 | -14.3% |
Provision for future construction works | 34,666 | 57,404 | -39.6% |
Dividends to be paid | 210,406 | 210,406 | 0.0% |
Leniency Agreement | 14,461 | 14,119 | 2.4% |
Civil Non-Prosecution Agreement - ANPC | 21,705 | 22,717 | -4.5% |
Other payables | 90,920 | 75,741 | 20.0% |
Current liabilities | 3,392,522 | 3,842,257 | -11.7% |
NON-CURRENT | |||
Loans and financing | 3,733,237 | 3,692,399 | 1.1% |
Debentures | 21,668,478 | 20,902,176 | 3.7% |
Leasing | 145,211 | 129,507 | 12.1% |
Deferred taxes | 157,649 | 175,428 | -10.1% |
Provision for environmental, civil, labor and tax losses | 366,353 | 356,819 | 2.7% |
Obligations with granting authority | 3,016,836 | 2,948,737 | 2.3% |
Provision for maintenance | 221,636 | 214,190 | 3.5% |
Provision for future construction works | 43,540 | 21,632 | 101.3% |
Leniency Agreement | 897 | 898 | -0.1% |
Civil Non-Prosecution Agreement - ANPC | 71,042 | 93,578 | -24.1% |
Other payables | 372,203 | 348,461 | 6.8% |
Non-current liabilities | 29,797,082 | 28,883,825 | 3.2% |
SHAREHOLDERS' EQUITY | |||
Paid-up capital stock | 2,054,305 | 2,054,305 | 0.0% |
Profit reserve - legal | 130,539 | 130,539 | 0.0% |
Capital reserve - options granted | 56,936 | 56,936 | 0.0% |
Captial reserve - sale of non-controlling interest | 14,219 | 14,219 | 0.0% |
Profit reserve - capital budget | 1,856,209 | 1,856,209 | 0.0% |
Treasury shares | (9,387) | (9,387) | 0.0% |
Loss for the period | (10,090) | - | n.m. |
Non-controlling interests in the equity of subsidiaries | 259,539 | 271,575 | -4.4% |
Shareholders' Equity | 4,352,270 | 4,374,396 | -0.5% |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 37,541,874 | 37,100,478 | 1.2% |
EXHIBIT II - a
INCOME STATEMENT (R$ thousand) | 1Q26 | 1Q25 | CHG. 1Q26 vs 1Q25 |
GROSS REVENUE | 2.783.971 | 2.628.347 | 5,9% |
Toll Revenue | 1.858.646 | 1.690.101 | 10,0% |
Revenue from Ecopátio Cubatão | 15.311 | 11.803 | 29,7% |
Ancillary Revenues and Other | 33.976 | 31.366 | 8,3% |
Revenue from Ecoporto Santos | 127.559 | 137.807 | -7,4% |
Construction Revenue | 748.479 | 757.270 | -1,2% |
Deductions from Gross Revenue | (225.096) | (202.228) | 11,3% |
NET OPERATING REVENUE | 2.558.875 | 2.426.119 | 5,5% |
Cost of Services | (1.677.194) | (1.412.702) | 18,7% |
Personnel | (122.470) | (104.175) | 17,6% |
Conservation and Maintenance | (53.227) | (61.888) | -14,0% |
Third-Party Services | (82.215) | (75.595) | 8,8% |
Concession Fees, Insurance and Leasing | (55.350) | (53.836) | 2,8% |
Depreciation and Amortization | (547.470) | (302.093) | 81,2% |
Other | (47.937) | (36.732) | 30,5% |
Provision for Maintenance | (20.046) | (21.113) | -5,1% |
Construction Costs | (748.479) | (757.270) | -1,2% |
GROSS PROFIT | 881.681 | 1.013.417 | -13,0% |
Operating Revenue (Expens es) | (47.172) | (82.902) | -43,1% |
General and Administrative Expenses | (85.952) | (82.554) | 4,1% |
Depreciation and Amortization | (1.784) | (1.203) | 48,3% |
Other Revenue (Expenses) | 41.822 | 855 | n.m. |
Equity Income | (1.258) | - | n.m. |
EBIT | 834.509 | 930.515 | -10,3% |
Financial Result | (763.147) | (623.601) | 22,4% |
OPERATING PROFIT BEFORE INCOME AND SOCIAL CONTR. TAXES | 71.362 | 306.914 | -76,7% |
Income and Social Contribution Taxes | (93.248) | (170.235) | -45,2% |
Net (Loss) income from continuing operations | (21.886) | 136.679 | n.m. |
Net Loss from discontinued operations | (240) | - | n.m. |
NET (LOSS) INCOME | (22.126) | 136.679 | n.m. |
Net (Loss) income - Minority interests | (12.036) | (9.975) | 20,7% |
Net (Loss) income - Excluding minority interests | (10.090) | 146.654 | n.m. |
Number of shares (thousand)1 | 695.621 | 695.621 | - |
EARNINGS PER SHARE (R$) | (0,01) | 0,21 | n.m. |
EBITDA | 1.385.021 | 1.233.811 | 12,3% |
(+) Provision for Maintenance | 20.046 | 21.113 | -5,1% |
ADJUSTED EBITDA | 1.405.067 | 1.254.924 | 12,0% |
1) Excluding treasury shares. Weighted average of the number of common shares issued. |
Booking of concession fee of Ecovias Norte Minas
Accounting concession fee of Ecovias Norte Minas | R$ million |
Concession fee balance adjusted by IPCA 3/31/2026 | 2,634.9 |
Adjustment to Net Present Value Balance 3/31/2026 | 1,319.2 |
Assets and Liabilities | R$ million |
Assets - Intangible Assets 3/31/2026 | 656.8 |
Liabilities - Obligations with Concession Fee 3/31/2026 | 1,315.7 |
Financial Statements 1Q26 | R$ million |
Costs: Amortization of Intangible Assets by traffic curve | 23.7 |
Financial expenses: Concession Fee Financial Effects: (i) + (ii) | 44.2 |
(i) Monetary variation by IPCA of the concession fee balance | 21.2 |
(ii) Adjustment to Net Present Value of the Adjustment to Net Present Value Balance | 23.0 |
EXHIBIT IV
CASH FLOW (R$ thousand) | 1Q26 | 1Q25 |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net Income in the period from continuing operations | (21,886) | 136,679 |
Net Loss in the period from discontinued operations | (240) | - |
Adjustments to reconcile net profit | 1,583,124 | 1,284,783 |
Depreciation and amortization | 549,254 | 303,296 |
Write-off of property, plant and equipment and intangible assets | 7,952 | 33,416 |
Capitalized borrowing costs | (57,777) | (99,525) |
Financial charges and monetary variation of loans, financing, debentures and leasing | 917,150 | 773,973 |
Monetary variation and provision for tax, labor and civil losses | 15,804 | 17,665 |
Provision and monetary variation for maintenance and construction works | 27,777 | 28,873 |
Estimated losses from doubtful accounts | 150 | (312) |
Monetary variation and obligations with granting authority | 85,016 | 84,734 |
Inflation adjustment of judicial deposits | (2,175) | (2,224) |
Deferred taxes | (41,186) | 1,741 |
Provision for income and social contribution taxes payable | 134,434 | 168,494 |
Income from financial securities - reserve account | (14,810) | (8,329) |
Inflation adjustment - acquisition of participation | - | (26) |
Equity Income | 1,258 | - |
Provision and Inflation Adjust. of Leniency Agreement and Civil Non-Prosecution Agreement | 3,160 | 4,392 |
Inflation adjustment on assets subject to indemnity | (4,810) | (3,379) |
Inflation adjustment and provision on other accounts payable | 527 | 1,826 |
Provision for right to contractual rebalancing - Ecovias Sul | - | (19,832) |
Amounts receivable and payable - granting authority - Ecovias Sul | (38,600) | - |
Changes in operating assets | (64,610) | (124,614) |
Clients | (16,286) | (65,251) |
Related parties | (9) | (9) |
Taxes recoverable | (27,624) | (31,637) |
Prepaid expenses | (14,080) | (17,152) |
Payment of judicial deposits | (526) | 127 |
Other receivables | (6,085) | (10,692) |
Changes in operating liabilities | (517,626) | (368,506) |
Suppliers, Forfaiting and FIDC | (203,467) | (92,167) |
Payroll and related obligations | (33,260) | (24,559) |
Taxes, fees and contributions payable | (5,526) | (1,457) |
Related parties | (4,024) | (44,890) |
Payment of provision for civil, labor and tax losses | (6,270) | (5,821) |
Payment of provision for maintenance and construction works | (37,715) | (28,591) |
Payment of obligations with granting authority | (40,094) | (37,337) |
Other accounts payable | 38,393 | 31,538 |
Payment of income and contribution taxes | (199,296) | (139,892) |
Payment related to Leniency Agreement and Agreements with Former Executives | (26,367) | (25,330) |
Cash provided by operating activities | 978,762 | 928,342 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Acquisition of property, plant and equipment | (44,335) | (33,977) |
Acquisition of intangible assets | (833,909) | (3,049,617) |
Financial investments | 1,306,068 | 965,032 |
Financial investments - Reserve account | 37,900 | 29,455 |
Investment in subsidiaries - Capital contributions | (5,868) | - |
Effect of receipt by sale of participation | - | 3,635 |
Net cash provided by (used in) investment activities | 459,856 | (2,085,472) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Payment of loans, financing, debentures and leasing | (293,343) | (2,061,953) |
Interest paid on loans, financing, debentures and leasing | (547,735) | (481,372) |
Funding through loans, financing and debentures | 581,631 | 4,727,121 |
Payment of obligations with Concession Fee | - | (9,122) |
Cash provided by (used in) financing activities | (259,447) | 2,174,674 |
Cash and cash equivalents - at end of period
NET INCREASE IN CASH AND CASH EQUIVALENTS
2,365,368
1,179,171
3,355,146
1,017,544
Cash and cash equivalents - at start of period 1,186,197 2,337,602
EXHIBIT V
DEBT (R$ million) | 03/31/2026 | 12/31/2025 | Chg. | Rate | Maturity |
Highway Concessions | 18.800,3 | 18.244,4 | 3,0% | ||
Debentures of the 1st Issue - Ecovias Raposo Castello | 2.472,7 | 2.385,0 | 3,7% | IPCA + 8.1773% p.a. | March-29 |
Debentures of the 3rd Issue - Ecovias Noroeste Paulista (1st serie) | 2.129,9 | 2.055,7 | 4,6% | IPCA + 8.3702% p.a. | December-47 |
Debentures of the 3rd Issue - Ecovias Noroeste Paulista (2nd serie) | 311,7 | 300,8 | 4,6% | IPCA + 8.3702% p.a. | December-47 |
Debentures of the 1st Issue - Ecovias Ponte | 292,4 | 284,5 | 2,8% | IPCA + 4.4% p.a. | October-34 |
Debentures of the 2nd Issue - Ecovias Cerrado | 834,8 | 808,4 | 3,3% | IPCA + 6.35% p.a | September-27 |
Debentures of the 2nd Issue - Ecovias Capixaba | 699,7 | 674,9 | 3,7% | CDI + 0.75% p.a. | September-26 |
Debentures of the 6th Issue - Ecovias Imigrantes | 1.768,0 | 1.766,9 | 0,1% | IPCA + 6.095% p.a. | February-33 |
Debentures of the 7th Issue - Ecovias Imigrantes | 1.416,2 | 1.473,5 | -3,9% | CDI + 1.25% p.a. | February-32 |
Debentures of the 1st Issue - Ecovias Araguaia | 678,5 | 679,1 | -0,1% | IPCA + 6.66% p.a. | July-51 |
Debentures of the 6th Issue - Ecovias Sul | - | 81,9 | n.m. | CDI + 0.70% p.a. | February-26 |
Debentures of the 7th Issue - Ecovias Sul | - | 77,0 | n.m. | CDI + 0.80% p.a. | February-26 |
Debentures of the 3rd Issue - Ecovias Leste Paulista (1st serie) | 437,2 | 466,0 | -6,2% | IPCA + 7.55% p.a. | March-30 |
Debentures of the 3rd Issue - Ecovias Leste Paulista (2nd serie) | 784,8 | 787,6 | -0,4% | IPCA + 8.15% p.a. | March-35 |
Debentures of the 1st Issue - Ecovias Minas Goiás | 104,3 | 100,2 | 4,1% | IPCA + 9% p.a. | December-29 |
Debentures of the 2nd Issue - Ecovias Minas Goiás (1st serie) | 474,2 | 457,3 | 3,7% | IPCA + 8.59% p.a. | December-38 |
Debentures of the 4th Issue - Ecovias Rio Minas (1st serie) | 1.392,6 | 1.399,2 | -0,5% | IPCA + 8.3939% | September-47 |
Debentures of the 4th Issue - Ecovias Rio Minas (2nd serie) | 538,4 | - | n.m. | IPCA + 7.65% | September-47 |
Debentures of the 2nd Issue - Ecovias Norte Minas | 524,4 | 562,0 | -6,7% | IPCA + 7.10% a.a | March-43 |
Finem BNDES - Ecovias Ponte | 43,8 | 44,7 | -1,9% | TJLP + 3.48% p.a. | August-32 |
Finem BNDES - Ecovias Ponte | 95,8 | 97,6 | -1,8% | TJLP + 3.48% p.a. | December-32 |
Finem BNDES - Ecovias Ponte | 55,7 | 56,4 | -1,2% | TJLP + 3.48% p.a. | June-34 |
Finem BNDES - Ecovias Capixaba | 133,7 | 139,0 | -3,8% | TJLP + 3.84% p.a. | June-30 |
Finem BNDES - Ecovias Capixaba | 73,0 | 78,2 | -6,6% | TJLP + 3.84% p.a. | December-28 |
Finame - Ecovias Norte Minas | 5,2 | 5,1 | 2,0% | IPCA+6.52% p.a. to IPCA+8.10% p.a | December-26 |
Finem BNDES - Ecovias Norte Minas | 1.023,7 | 1.021,4 | 0,2% | IPCA + 5.23% p.a. | June-43 |
Finem BNDES - Ecovias Minas Goiás | 370,8 | 372,2 | -0,4% | TJLP + 2% p.a. | December-38 |
BDMG - Ecovias Minas Goiás | 104,8 | 105,2 | -0,3% | TJLP + 2% p.a. | December-38 |
FINISA - Ecovias Minas Goiás | 284,1 | 285,1 | -0,4% | TJLP + 2% p.a. | December-38 |
FDCO - Ecovias Minas Goiás | 116,6 | 114,5 | 1,9% | 7.5% p.a. | April-36 |
Banco da Amazônia (BASA) - Ecovias Araguaia | 296,9 | 300,3 | -1,1% | IPCA + 2.51% p.a. | July-46 |
Finem BNDES - Ecovias Araguaia | 926,8 | 914,5 | 1,3% | IPCA + 7.70% p.a. | September-51 |
Banco do Nordeste (BNB) - Ecovias Rio Minas | 350,8 | 350,7 | 0,0% | IPCA + 2.93% p.a.¹ | July-47 |
Finem BNDES - Ecovias Rio Minas | 58,8 | - | n.m. | IPCA + 9.60% p.a. | September-47 |
EcoRodovias Concessões e Serviços | 5.314,0 | 5.265,2 | 0,9% | ||
Debentures of the 8th Issue (3rd serie) | 50,2 | 48,6 | 3,3% | IPCA + 5.5% p.a. | April-26 |
Debentures of the 12th Issue | 48,0 | 46,1 | 4,1% | CDI + 2.65% p.a. | June-26 |
Debentures of the 13th Issue (1st serie) | 66,0 | 63,4 | 4,1% | CDI + 1.85% p.a. | October-28 |
Debentures of the 13th Issue (2nd serie) | 640,7 | 615,5 | 4,1% | CDI + 2.35% p.a. | October-30 |
Debentures of the 13th Issue (3rd serie) | 205,6 | 199,0 | 3,3% | IPCA + 6.8285% p.a. | October-33 |
Debentures of the 14th Issue (1st serie) | 967,9 | 936,1 | 3,4% | IPCA + 6.82% p.a. | June-31 |
Debentures of the 14th Issue (2nd serie) | 907,6 | 877,4 | 3,4% | IPCA + 7.11% p.a. | June-34 |
Debentures of the 14th Issue (3rd serie) | 387,9 | 374,9 | 3,5% | IPCA + 7.31% p.a. | June-39 |
Debentures of the 16th Issue | 2.040,1 | 2.104,2 | -3,0% | CDI + 1.20% p.a. | July-31 |
EcoRodovias Infraestrutura e Logística | 1.314,8 | 1.266,5 | 3,8% | ||
Debentures of the 7th Issue | 1.314,8 | 1.266,5 | 3,8% | CDI + 1.35% p.a. | October-32 |
Holding do Araguaia | 1.639,8 | 1.587,5 | 3,3% | ||
Debentures of the 1st Issue | 1.639,8 | 1.587,5 | 3,3% | IPCA + 6.66% p.a. | October-36 |
GROSS DEBT2 | 27.068,9 | 26.363,6 | 2,7% | ||
1) Considering an on-time payment bonus of 0.85 applied to the spread (IPCA + 3.45% p.a.). | |||||
2) It does not take into account Obligations with Concession Fees and Leasing. |