Financial Statements: ITR/DFP 3Q25

Docusign Envelope ID: 62A9009A-5469-4C8B-B8EA-E949AA43EE57

Rumo SA

Interim financial statements as of September 30, 2025

Rumo SA

Condensed interim financial statements

on September 30, 2025

Contents

Comments from management 3

Report on the review of parent company and consolidated condensed interim financial statements 19

Condensed interim statements of financial position 21

Condensed statements of profit or loss 23

Condensed statements of comprehensive income 25

Condensed statements of changes in equity 26

Condensed statements of cash flows 28

Value sdded statements 30

Explanatory notes to the interim financial statements 32

In 3Q25, Rumo transported 23.4 billion RTK, an 8% increase compared to the same period last year. The performance was driven by the Northern Operation, with higher volumes of general cargo, particularly pulp, bauxite, and liquid fuels. There was also an increase in sugar and fertilizer volumes, further strengthening the agricultural portfolio. In the Southern Operation, growth reflected higher corn transportation.

Volume - Consolidated and by Operation (Bin RTK)

+7%

+16%

+7%

+8%

Rumo's market share in grain exports through the Port of Santos reached 57% in 3Q25, down 4 percentage points from the previous year. Transported volume remained stable at 8.5 million tons, reflecting the company's ability to maintain a high market share level in a more competitive environment.

Grain Exports in Santos - SP

(Soybeans, corn and soybean meal | Mln tons and %)

61%

57%

18%

-1%

-4 p.p

Source: Orion and Rumo System.

Rumo's market share in grain exports from Mato Grosso reached 37% in 3Q25, 6 percentage points lower than in the same period last year. The result reflects a more competitive environment, with a redistribution of logistics flows among export corridors.

Grain Exports - MT

(Soybeans, corn and soybean meal | Mln tons and %)

43%

37%

-6 p.p

+19%

-4%

Source: Orion and Rumo System.

Rumo's market share in grain exports originating from Goiás reached 28% in 3Q25, stable compared to 3Q24. The performance reflects the strategic positioning of the Central Network, which expands access to markets in Goiás and Tocantins. This broader reach enabled the company to capture additional volume opportunities amid a more competitive environment in other origin regions, such as Mato Grosso.

Grain Exports - GO

(Soybeans, corn and soybean meal | Mln tons and %)

28%

28%

+3%

+33%

+0 p.p

Source: Orion and Rumo System.

In the Southern Operation, Rumo reached a 27% market share in grain transportation to the ports of Paranaguá (PR) and São Francisco do Sul (SC), 1 percentage point higher than in 3Q24. The performance reflects the recovery of agricultural production in the region and reinforces Rumo's competitiveness following its commercial repositioning, demonstrating the company's ability to capture demand growth.

Grain Export through Paranaguá - PR and São Francisco do Sul - SC

(Soybeans, corn and soybean meal | Mls tons and %)

+1 p.p

26%

27%

+28%

+27%

Source: Orion and Rumo System.

Brazil's 2024/25 soybean crop reached 172 million tons, with 107 million tons exported, while corn production totaled 141 million tons, of which 43 million tons expected to be exported. In Mato Grosso, soybean production amounted to 50 million tons, with 31 million tons shipped abroad, and corn production reached 57 million tons, with 27 million tons to be exported. Both results were supported by the expansion of planted area and record productivity, driven by favorable weather conditions and increased use of technology in farming practices.

For the 2025/26 crop year, soybean production is expected to reach 174 million tons, with exports of 113 million tons, representing growth of 1% and 6%, respectively. In Mato Grosso, production is expected to remain stable at around 50 million tons, supported by an expansion of approximately 250 thousand hectares and yields within historical averages. Exports should remain in line with the previous crop, at around 31 million tons.

Corn forecasts for the 2025/26 crop point to a balanced outlook, with production estimated at 139 million tons and exports at 42 million tons. In Mato Grosso, expectations indicate a slight adjustment in yields, partially offset by an expansion of 350 thousand hectares, resulting in continued high production volumes of around 58 million tons and stable exports compared to the prior cycle.

Production and Exports in Brazil Production and Exports in MT

(Mln tons and %) (Mln tons and %)

24/25e 25/26e Chg. % 24/25e 25/26e Chg. % Soybean Soybean

Source: Rumo, AG Rural, Veeries, Orion, Comex Stat, IMEA Note: (e) - estimate.

In 3Q25, net revenue totaled R$3,819 million, a 2% increase compared to the same period last year. Higher transported volumes more than offset the decline in average prices amid a more competitive environment, resulting in positive revenue growth.

Variable costs rose 20% in the quarter, following the increase in transported volume and higher expenses with third-party rolling stock remuneration in the Northern Operation. Meanwhile, fixed costs and selling, general and administrative expenses declined 5% in nominal terms, reflecting discipline and greater efficiency in cost and expense management.

Adjusted EBITDA reached R$ 2,323 million in the quarter, up 5% year over year. The performance was supported by volume growth and cost discipline, ensuring stable margins in a competitive scenario. Adjusted net profit totaled R$733 million, and financial leverage closed the period at 1.9x Net Debt / Adjusted EBITDA, maintaining a balanced level.

¹ Revenue from transportation subcontracted by Rumo using other railways or road transport.

² Includes revenue from right-of-way on other railroads, revenue from contracted but unrealized volumes as per commercial agreements (take or pay), transshipment revenue, among others.

³ For better comparability, the result was adjusted for non-recurring effects, namely: 2024 - Impairment of the Malha Sul, without cash effect R$ 109 million (3Q) | R$ 2,684 million (9M); Price supplement on the sale of Rumo 's 80% stake in terminals T16/T19 R$ 169 million | 2025 - Impairment of the Malha Sul, without cash effect R$ 317 million (3Q) | R$ 1.0 billion (9M)

1. Results by Business Unit

   Business Units

   The business units (reportable segments) are organized as follows:

   1. Northern Operation Network: Malha Norte, Malha Paulista, Malha Central and Malha Oeste

   2. Southern Operation: Malha Sul

• Container Operation: Container Operations, including Brado Logística

  Effective January 1st, 2025, the Company's management restructured its operating segments, with Rumo Malha Oeste being transferred from the Southern Operation to the Northern Operation, following internal adjustments to the organizational structure. As this change is immaterial, comparative figures for 2024 were not restated.

  Results by Business Unit North South Container Consolidated 3Q25 Operation Operations Operation
  Transported volumes (million RTK)	18,671	3,636	1,121	23,428
  Net operating revenue	3,024	578	217	3,820
  Cost of services	(1,477)	(344)	(159)	(1,979)
  Gross profit	1,548	235	58	1,840
  Gross margin (%)	51.2%	40.7%	26.7%	48.2%
  Sales, general and administrative expenses	(119)	(29)	(19)	(168)
  Other operating revenue (expenses) & eq. pick-up	13	60	1	74
  Impairment Malha Sul	-	(317)	-	(317)
  Depreciation and amortization	479	64	24	567
  EBITDA	1,920	12	64	1,996
  EBITDA margin (%)	63.5%	2.1%	29.7%	52.3%
  Non-recurring adjustments	-	317	-	317
  Adjusted EBITDA	1,920	329	64	2,313
  Adjusted EBITDA margin (%)	63.5%	56.9%	29.7%	60.6%

  Results by Business Unit North South Container Consolidated 9M25 Operation Operations Operation
  Transported volumes (million RTK)	49,658	8,578	3,110	61,346
  Net operating revenue	8,450	1,469	579	10,497
  Cost of services	(4,107)	(979)	(463)	(5,549)
  Gross profit	4,343	490	116	4,949
  Gross margin (%)	51.4%	33.4%	20.0%	47.1%
  Sales, general and administrative expenses	(380)	(82)	(51)	(514)
  Other operating revenue (expenses) & eq. pick-up	-	98	1	99
  Impairment Malha Sul	-	(1,000)	-	(1,000)
  Depreciation and amortization	1,415	200	80	1,694
  EBITDA	5,377	(295)	145	5,228
  EBITDA margin (%)	63.6%	-20.1%	25.1%	49.8%
  Non-recurring adjustments	-	1,000	-	1,000
  Adjusted EBITDA	5,377	706	145	6,228
  Adjusted EBITDA margin (%)	63.6%	48.0%	25.1%	59.3%

  North Operation

  3Q25	3Q24	Chg.%	Operational data	9M25	9M24	Chg. %
  18,671	17,446	7.0%	Total transported volume (millions RTK)	49,658	47,384	4.8%
  15,564	15,310	1.7%	Agricultural products	41,112	41,770	-1.6%
  2,760	726	>100%	Soybean	20,128	17,503	15.0%
  2,577	2,673	-3.6%	Soybean meal	7,834	8,012	-2.2%
  7,513	9,811	-23.4%	Corn	7,569	10,754	-29.6%
  1,108	686	61.5%	Sugar	1,961	1,766	11.0 %
  1,606	1,415	13.5%	Fertilizers	3,621	3,735	-3.1%
  3,107	2,136	45.5%	Industrial products	8,546	5,614	52.2%
  1,417	1,284	10.3%	Fuel	3,914	3,621	8.1%
  1,690	852	98.5%	Industrial	4,632	1,993	>100%
  149.3	160.3	-6.9%	Average transportation yield	156.5	161.5	-3.1%

  In the Northern Operation, transported volume totaled 18.7 billion RTK in 3Q25, a 7% increase compared to the same period last year. The performance was driven by higher industrial product transportation, with growth in the pulp, bauxite, and liquid fuels segments. In agricultural products, higher sugar volumes reflected increased export demand, additional port capacity, and better rail network utilization. In grains, lower producer profitability led to a slower commercialization pace, shifting the typical export seasonality. As a result, corn volumes declined, offset by higher soybean volumes during the quarter. Additionally, the greater contribution of Central Network terminals to cargo origination reduced the average distance traveled, resulting in an equivalent transported volume in tons, but 2% lower in RTK.

  3Q25	3Q24	Chg.%	Financial Data (Amounts in BRL mln)	9M25	9M24	Chg.%
  3,024	3,016	0.3%	Net revenue	8,450	8,266	2.2%
  2,788	2,797	-0.3%	Transportation	7,770	7,652	1.5%
  165	170	-2.8%	Logistics solution	396	543	-27.1%
  71	49	44.5%	Other revenues¹	284	72	>100%
  (1,477)	(1,349)	9.5%	Cost of services	(4,107)	(3,853)	6.6%
  (689)	(575)	19.8%	Variable cost	(1,749)	(1,609)	8.7%
  (310)	(340)	-8.8%	Fixed Cost	(945)	(989)	-4.4%
  (478)	(434)	10.0%	Depreciation and amortization	(1,413)	(1,255)	12.6%
  1,548	1,667	-7.2%	Gross profit	4,343	4,413	-1.6%
  51.2%	55.3%	-4 p.p.	Gross margin (%)	51.4%	53.4%	-2 p.p.
  (119)	(124)	-4.0%	Sales, general and administrative expenses	(380)	(362)	5.0%
  13	(7)	>100%	Other op. revenue (expenses) and eq. pick-up	-	128	-
  479	435	10%	Depreciation and amortization	1,415	1,258	12.5%
  1,920	1,972	-2.7%	EBITDA	5,377	5,438	-1.1%
  63.5%	65.4%	-2 p.p.	EBITDA margin (%)	63.6%	65.8%	-2 p.p.
  - - -Non-recurring adjustments² - (169) -
  1,920	1,972	-2.7% Adjusted EBITDA		5,377	5,269	2.0%
  63.5%	65.4%	-2 p.p.Adjusted EBITDA margin (%)		63.6%	63.7%	-0 p.p.

  ¹ Includes revenue from right-of-way on other railroads, revenue from contracted but unrealized volumes under commercial agreements (take or pay), intercompany operations, and transshipment volume.

  ² For better comparability, the result was adjusted for non-recurring effects, namely: 2024: Price supplement in the sale of Rumo 's 80% stake in terminals T16/T19 R$ 169 million.

  Net operating revenue totaled R$ 3,024 million in 3Q25, stable year over year. The atypical export seasonality, with lower logistics pressure throughout the quarter, intensified competition among export corridors. In this context, Rumo adjusted its prices competitively, reinforcing the railway's positioning as an efficient alternative and seeking to preserve its fair share of the market. The cargo mix transported during the period also contributed to the reduction in average yields. The "Other Revenues" line increased, mainly reflecting pass through fees paid by other railway operators accessing the Company's network.

  The increase in variable costs primarily reflects higher expenses with third-party rolling stock remuneration, amounting to approximately R$ 80 million in the quarter. Fixed costs and general and administrative expenses, net of depreciation, decreased 10% in nominal terms, reaffirming the Company's commitment to cost discipline. On a unit basis, fixed costs and expenses represented R$ 23 per thousand RTK, a 15% efficiency gain compared to 3Q24.

  EBITDA for the Northern Operation reached R$ 1,920 million in the quarter, with a stable margin of 64%. The result reflects the balance between higher transported volumes and efficient cost management, which offset a 7% decline in average prices. This combination allowed the Company to sustain margins in a more competitive environment, reinforcing its ability to perform across different market conditions.

  South Operation

  3Q25	3Q24	Chg.%	Operational data	9M25	9M24	Chg. %
  3,636	3,155	15.3%	Transported volume (million RTK)	8,578	9,512	-9.8%
  3,224	2,800	15.2%	Agricultural products	7,484	8,022	-6.7%
  1,074	1,381	-22.2%	Soybean	3,242	4,436	-26.9%
  229	224	2.5%	Soybean meal	652	616	5.8%
  1,019	195	>100%	Corn	1,205	456	>100%
  779	898	-13.2%	Sugar	1,957	2,129	-8.1%
  123	102	20.2%	Fertilizers	273	210	30.0%
  -	-	-	Others	157	177	-11.3 %
  412	355	16.0%	Industrial products	1,094	1,490	-26.6%
  204	168	21.0%	Fuel	524	821	-36.2%
  208	187	11.0 %	Industrial	570	669	-14.8%
  156.2	176.8	-11.6 %	Average transportation yield	165.0	178.8	-7.7%

  The Southern Operation recorded 3.6 billion RTK in 3Q25, a 15% increase year over year. The result was mainly driven by higher grain volumes, reflecting the commercial repositioning strategy and the recovery of corn production in the region after the shortfall observed in the previous year. In the industrial segment, the Company pursued new transportation opportunities, partially offsetting the discontinuation of Tronco Sul operations. Overall, the quarter was marked by greater operational efficiency, which enhanced the utilization level of the network's existing capacity.

  3Q25	3Q24	Chg.%	Financial data (Amounts in BRL mln)	9M25	9M24	Chg.%
  578	565	2.4%	Net operating revenue	1,469	1,730	-15.1%
  568	558	1.8%	Transportation	1,415	1,700	-16.7%
  10	7	47.1%	Other revenues¹	54	30	79.0%
  (344)	(379)	-9.4%	Cost of services	(979)	(1,239)	-21.0%
  (131)	(114)	15.3%	Variable cost	(340)	(353)	-3.8%
  (148)	(165)	-10.3%	Fixed cost	(440)	(490)	-10.3%
  (64)	(99)	-35.2%	Depreciation and amortization	(199)	(397)	-49.8%
  235	186	26.0%	Gross profit	490	491	-0.2%
  40.7%	33.0%	8 p.p.	Gross margin (%)	33.4%	28.4%	5 p.p.
  (29)	(21)	39.1%	Sales, general and administrative expenses	(82)	(66)	23.1%
  60	(55)	>100%	Other op. revenue (expenses) and equity pick-up	98	(133)	>100%
  (317)	(109)	>100%	Impairment Rumo Malha Sul	(1,000)	(2,684)	-62.7%
  64	99	-35.0%	Depreciation and amortization	200	397	-49.7%
  12	101	-88.2%	EBITDA	(295)	(1,995)	-85.2%
  2.1%	17.8%	-16 p.p.	EBITDA margin (%)	-20.1%	-	-
  317	109	>100%	Non-recurring adjustments²	1,000	2,684	-62.7%
  329	210	56.3%	Adjusted EBITDA	706	689	2.5%
  56.9%	37.1%	20 p.p.	Adjusted EBITDA margin (%)	48.0%	39.8%	8 p.p.

  ¹ Includes revenue from contracted but unrealized volumes as per commercial agreements (take or pay).

  ² For better comparability, the result was adjusted for non-recurring effects, namely: 2024 - Impairment of the Southern Network, without cash effect R$ 109 million (3Q) | R$ 2,684 million (9M); 2025 - Impairment of the Malha Sul, without cash effect R$ 317 million (3Q) | R$ 1.0 billion (9M)

  Net operating revenue totaled R$ 578 million. Higher transported volumes partially offset a 12% decline in average freight tariffs.

  Variable costs increased 17% in 3Q25. Fuel expenses rose 5% compared to 3Q24, reflecting energy efficiency gains and a lower unit diesel cost. Other costs mirrored higher operational intensity and rail-related service activities. Fixed costs and general and administrative expenses declined 6%, reflecting initiatives focused on cost discipline and improved operational efficiency.

  Rumo Malha Sul recorded R$ 55 million in indemnification for loss of profit, related to weather events in Rio Grande do Sul, recorded under "Other Operating Income". In addition, the Company booked a non-cash impairment provision totaling R$ 317 million. As a result, Adjusted EBITDA reached R$329 million, a 56% increase compared to 3Q24.

  3Q25	3Q24	Chg.%	Operational data	9M25	9M24	Chg. %
  31,523	29,893	5.5%	Total volume (Containers '000)	88,580	86,611	2.3%
  187.7	154.9	21.2%	Intermodal average yield (R$/000 RTK)	179.3	148.0	21.1%
  1,121	1,050	6.8%	Total volume (million RTK)	3,110	3,052	1.9%

  Brado's operations transported 31,523 containers in 3Q25, a 6% increase compared to the previous year. The performance was driven by higher volumes in the cotton lint, meat exports, and domestic corn markets. In addition to the increase in transported volume, the longer average distance traveled, mainly due to the start of operations at the Davinópolis terminal in Maranhão, also contributed to RTK growth during the quarter.

  3Q25	3Q24	Chg.%	Financial data (Amounts in BRL mln)	9M25	9M24	Chg. %
  217	171	26.7%	Net operating revenue	579	476	21.5%
  211	163	29.1%	Transportation	558	452	23.4%
  6	8	-21.3%	Other revenues¹	21	25	-16.4%
  (159)	(158)	0.4%	Cost of service	(463)	(427)	8.3%
  (100)	(98)	2.9%	Variable cost	(284)	(252)	12.9%
  (34)	(33)	5.2%	Fixed cost	(99)	(92)	8.2%
  (24)	(28)	-14.2%	Depreciation and amortization	(79)	(84)	-5.3%
  58	12	>100%	Gross profit	116	49	>100%
  26.7%	7.3%	19 p.p.	Gross margin (%)	20.0%	10.3%	10 p.p.
  (19)	(14)	37.6%	Sales, general and administrative expenses	(51)	(48)	6.4%
  1	5	-81.1%	Other op. revenues (expenses) and equity pick-up	1	3	-60.4%
  24	28	-14.1%	Depreciation and amortization	80	84	-5.3%
  64	32	98.2%	EBITDA	145	88	66.0%
  29.7%	18.7%	11 p.p.	EBITDA margin (%)	25.1%	18.4%	7 p.p.

  ¹ Includes revenue from service units.

  Net operating revenue from the Container Operation totaled R$217 million in 3Q25, a 27% increase compared to 3Q24. The result reflects a strengthened portfolio with higher value-added products, supporting the Company's strategy to focus on more profitable markets, along with tariff repositioning implemented during the period.

  Variable costs increased by R$2 million in the quarter, consistent with the growth in transported volume. Fixed costs and selling, general, and administrative expenses totaled R$53 million, up 12%, mainly due to the incorporation of operating costs from the Davinópolis (MA) terminal.

  As a result, EBITDA for the operation reached R$64 million in the quarter, twice the result recorded in 3Q24.

  Breakdown of Costs of Services General and Administrative Expenses

  2Q25	3Q24	Chg. %	Consolidated Costs and Expenses (Amounts in BRL mln)	9M25	9M24	Chg. %
  (2,148)	(2,044)	5.1%	Consolidated costs, general and administrative	(6,062)	(5,996)	1.1%
  (920)	(786)	17.1%	Variable costs	(2,373)	(2,214)	7.2%
  (783)	(672)	16.6%	Variable cost of rail transport	(2,053)	(1,863)	10.2%
  (481)	(495)	-2.8%	Fuel and lubricants	(1,333)	(1,356)	-1.7%
  (302)	(178)	69.8%	Other variable costs¹	(721)	(507)	42.2%
  (137)	(114)	19.8%	Variable cost Logistics Solution²	(319)	(351)	-9.2%
  (659)	(695)	-5.1%	Fixed costs and general and administrative	(1,995)	(2,043)	-2.3%
  (289)	(268)	7.9%	Payroll expenses	(857)	(781)	9.7%
  (203)	(270)	-24.6%	Others operating costs³	(627)	(789)	-20.5%
  (167)	(157)	6.2%	General and administrative expenses	(511)	(472)	8.2%
  (567)	(563)	0.8%	Depreciation and Amortization	(1,694)	(1,739)	-2.6%

  ¹ Costs for rental of rolling stock, road transport in Container Operation, owned logistics costs, take or pay, intercompany operation and others.

  ² Freight costs with third parties, include road and rail freight contracts with other concessionaires.

  ³ Other operating costs include maintenance, third-party services, safety and facilities, among other fixed costs.

  Variable costs totaled R$ 920 million in 3Q25, a 17% increase compared to the same period last year. The performance mainly reflects higher expenses with third-party rolling stock remuneration, as well as other operational costs associated with increased rail activity. In contrast, fuel and lubricants expenses decreased 3%, despite higher transported volumes, supported by continued improvements in energy efficiency and a lower unit cost of diesel.

  Fixed costs and selling, general, and administrative expenses totaled R$ 659 million in the quarter, a 5% nominal reduction versus 3Q24. This result reflects ongoing expense control and efficiency gains in personnel and operational management, consistent with the Company's operational discipline and cost-optimization strategy. On a unit basis, fixed costs and expenses amounted to R$ 28 per thousand RTK, representing a 12% decrease.

  3Q25	3Q24	Chg. %	Financial Result (Amounts in BRL mln)	9M25	9M24	Chg. %
  (850)	(585)	45.2%	Cost of comprehensive bank debt1	(2,399)	(1,712)	40.1%
  (4)	(5)	-23.4%	Charges over leasing	(14)	(15)	-4.6%
  238	242	-1.7%	Financial income from investments	747	701	6.6%
  (616)	(349)	76.7%	(=) Cost of debt of comprehensive net debt	(1,666)	(1,026)	62.3%
  (136)	(94)	45.0%	Monetary variation on concession liabilities	(381)	(293)	30.2%
  (111)	(110)	1.4%	Operating lease2	(321)	(313)	2.7%
  (53)	(29)	86.0%	Rates on contingencies and contracts	(207)	(207)	0.1%
  80	6	>100%	Other financial revenue	272	(3)	>100%
  (837)	(575)	45.5%	(=) Financial result	(2,303)	(1,843)	25.0%

  ¹ Includes interest rates, monetary variation, net results of derivatives and other debt charges.

  ² Includes adjustments under IFRS 16.

  Net financial result was a negative R$ 837 million in 3Q25. Net debt cost increased by R$ 267 million year over year, reflecting the higher level of indebtedness and the impact of a higher average CDI rate. The rise in interest rates also contributed to an increase in the monetary adjustment of concession liabilities. Additionally, other financial income was affected by the growth in capitalized interest related to ongoing investment projects, particularly the Ferrovia do Mato Grosso.

  Income Tax and Social Contribution

  3Q25	3Q24	Income tax (Amounts in BRL mln)	9M25	9M24
  592	967 Income (loss) before IT / SC		1,231	(51)
  34%	34%Theoretical rate IT / SC		34%	34%
  (201)	(329) Theoretical income (expenses) with IT / SC		(418)	17
  	Adjustments to calculate the effective rate
  (108)	(37)		Impairment Rumo Malha Sul	(340)	(912)
  24	(50)		Tax losses and temporary differences not recognized1	(138)	(114)
  91	121		Tax incentives arising from Malha Norte2	276	319
  9	9		Equity pick-up	23	17
  10	3		Others effects	19	34
  (176)	(283) Income (expenses) with IT / SC		(579)	(639)
  -29.8%	29.1%Effective rate (%)		-47.1%	-1250.2%
  (149)	(190) IT/SC current		(425)	(417)
  (28)	(92) IT/SC deferred		(154)	(222)

  ¹ It was not recorded deferred income tax and social contribution on tax losses for certain companies dua to a lack of prospects for future taxable income calculation

  ² Malha Norte has a SUDAM benefit wich entitles a 75% reduction in IRPJ - corporate income tax (25% rate), renewed in 2024.

  Gross comprehensive debt totaled R$22.1 billion at the end of 3Q25, reflecting mainly the new funding raised during the quarter, partially offset by scheduled amortizations.

  In September, Rumo Malha Paulista completed its 9th issuance of Simple Debentures, totaling R$1.0 billion, with a 15-year maturity and a cost equivalent to 90% of the CDI. The transaction aimed to refinance existing liabilities and improve the debt structure by extending debt maturities and reducing financial expenses.

  Rumo's consolidated debt portfolio closed the quarter with a weighted average cost of 103% of the CDI and a duration of 5.7 years.

  Financial leverage, measured by the Net Debt / Comparable EBITDA ratio, stood at 1.9x at the end of the period.

  Total indebtedness 3Q25 2Q25 Chg. % (Amounts in BRL mln)
  Commercial banks	1,154	1,163	-0.8%
  BNDES	1,538	1,646	-6.6%
  Debentures	14,160	13,383	5.8%
  Senior notes 2028 and 2032	4,906	5,039	-2.6%
  Total bank debt	21,758	21,232	2.5%
  Leases ¹	15	19	-20.2%
  Net derivative instruments	352	97	>100%
  Total broad gross debt	22,125	21,348	3.6%
  Cash, cash equivalents and marketable securities	(7,076)	(7,022)	0.8%
  Restricted cash linked to bank debts	(127)	(123)	3.3%
  Total broad net debt	14,922	14,202	5.1%
  Comparable Adjusted EBITDA LTM2	7,895	7,796	1.3%
  Leverage ( Broad net debt / adjusted EBITDA LTM )	1,9x	1,8x	3.8%
  ¹ Does not include IFRS 16 operating leases. ² Adjusted LTM EBITDA refers to the sum of the last 12 months of adjusted EBITDA
  Bank gross indebtedness (Amounts in BRL mln)	3Q25
  Initial balance of broad net debt	14,202
  Cash, cash equivalents and marketable securities	(7,146)
  Initial balance of gross broad debt	21,348
  Items with cash impact	(93)
  Amortization of principal	(235)
  Amortization of interest rates	(364)
  Net derivative instruments	(455)
  Items without cash impact	869
  Provision for interest rates (accrual)	326
  Monetary variation, MTM adjustment of debt and others	(166)
  Net derivative instruments	709
  Closing balance of broad net debt	22,125
  Cash, cash equivalents and marketable securities	(7,076)
  Restricted cash linked to bank debts	(127)
  Closing balance of broad net debt	14,922

  Note: Rumo is subject to certain restrictive contractual clauses referring to the level of leverage in a few contracts. The most restrictive provisions are verified annually at the end of the year and refer to net comprehensive indebtedness. This includes bank debts, debentures, leases considered as finance leases, net of marketable securities, cash, and cash equivalents, financial investments restricted cash linked to loans, and derivative instruments. The covenants are: maximum leverage of 3.5x (comprehensive net debt /Adjusted EBITDA LTM) and minimum interest coverage ratio of 2.0x Adjusted EBITDA /Financial result.

  3Q25	3Q24	Chg. %	Investments (Amounts in BRL mln)	9M25	9M24	Chg. %
  1,474	1,468	0.4%	Total Investments	4,634	3,611	28.3%
  503	455	10.4%	Recurring	1,474	1,264	16.6%
  396	529	-25.0%	Expansion	1,764	1,481	19.1%
  575	484	18.8%	Rumo's Expansion in Mato Grosso	1,396	867	61.1%

  ¹Cash basis amounts.

  Total capex amounted to R$1,474 million in 3Q25. Expansion investments, excluding the Mato Grosso railway project, totaled R$ 396 million in the quarter, reflecting a normalization of disbursement pace after higher concentration in 1Q25, with a focus on capacity expansion and modernization of existing infrastructure.

  In the Mato Grosso Railway Extension project, investments reached R$575 million in the quarter, in line with the planned physical progress for this stage.

  We present below Rumo's consolidated cash flow. Securities and marketable investments have been classified as cash in this statement.

  3Q25 3Q24 Chg. %

  Managerial cash flow (Values in BRL mln)

  9M25 9M24 Chg. %

  1,996 2,105 -5.2% EBITDA 5,228 3,530 48.1%

  (582) (208) >100% Working capital variations and non-cash effects (1,534) (832) 84.3%

  232 246 -5.5% Operating financial result 717 687 4.4%

  317 109 >100% Impairment Rumo Malha Sul 1,000 2,684 -62.7%

  1. 1,964 2,252 -12.8% (=) Operating cash flow (CFO) 5,412 6,069 -10.8%

     (1,474) (1,468) 0.4% Capex (4,634) (3,611) 28.3%

  2. (503) (455) 10.4% Recurring (1,474) (1,264) 16.6%

     (396) (529) -25.0% Expansion (1,764) (1,481) 19.1%

     (575) (484) 18.8% Rumo's Expansion in Mato Grosso (1,396) (867) 61.0%

     26 - - Capital Reduction in Investments 26 - -

     (26) - - Capital Increase in Investments (15) - -

     3 1 >100% Dividends received 25 25 -

     (4) 2 >100% Restricted cash (52) (1) >100%

  3. (1,476) (1,465) 0.7% (=) Cash flow from investing activities (CFI) (4,650) (3,589) 29.6%

960 884 8.6% Funding 2,926 2,741 6.8%

(477) (1,376) -65.4% Principal amortization (1,511) (2,846) -46.9%

(459) (401) 14.3% Amortization of interest rates (1,122) (1,091) 2.9%

(3) (3) 16.1% Dividends paid (1,506) (174) >100%

(455) (202) >100% Derivative financial instruments (746) (653) 14.2%

(434) (1,100) -60.5% (=) Cash flow from financing activities (FCF) (1,960) (2,024) -3.2%

- - - Forex variation impact on cash balances (2) 1 >100%

53 (313) >100% (=) Net cash generated (1,199) 458 >100%

7,022 9,402 -25.3% (+) Total cash (includes cash + marketable securities)

opening

7,076 9,089 -22.1% (=) Total cash (includes cash + marketable securities)

closing

8,274 8,630 -4.1%

7,076 9,089 -22.1%

Docusign Envelope ID: 62A9009A-5469-4C8B-B8EA-E949AA43EE57

3Q25

1. Operational and Financial Performance Indicators

   The table below presents the historical performance of key operational indicators.

   Operational and Financial Performance 3Q25 3Q24 Chg.% 9M25 9M24 Chg.% Indicators Consolidated
   Operating ratio	56%	54%	2 p.p.			58%	57%	1 p.p.
   Diesel consumption (liters/'000 GTK)	3.29	3.34	-2.0%			3.21	3.42	-3.0%
   Railway accidents (MM AC/train x mile)1	2.25	2.19	2.7%			2.40	2.40	-%
   Employee Safety (accidents/bMM MHW)2	0.75	1.13	-33.6%			0.75	0.89	-15.7%

   Transit time North Operation
   Rondonópolis (MT) to Santos (SP) (hours)	82.9	80.1	3.5%		84.8	82.7	2.5%
   Dwell Time
   Dwell time in Santos (SP) (hours)	17.2	16.1	6.8%	16.5		16.0	3.1%

   ¹ Result in international standards, adopting Federal Railroad Administration (FRA) criteria, which enables international comparisons between railroads. The rate reflects the number of train wrecks that resulted in damages exceeding US$12,400, divided by the total mileage run during the period.

   ² Considers the sum of the values of accidents with lost time (CAF) and without lost time (SAF), of own and third-party employees in the period.

   ³ Includes the time, in hours, between the entry and exit of Rumo wagons carrying grains and sugar at the Port of Santos (SP).

   Operating Ratio: the indicator that expresses the relationship between costs and net revenue, showed a slight increase in the quarter.

   due to the faster growth of operating costs including depreciation (+5%) compared to net revenue (+2%).

   Diesel consumption: Energy efficiency improved by 2% in the quarter, a result of the larger train models implemented in both operations, as well as investments in permanent way modernization and the adoption of operational optimization technologies.

   Rail accidents: The indicator, which follows the FRA (Federal Railroad Administration) criteria for determining the rail accident rate based on distance traveled, showed a slight increase of 3% in the quarter, reflecting a punctual rise in the number of occurrences during the period. The company continues to advance its investment and asset modernization plan, focusing on ensuring increasingly safe and efficient operations.

   Personal accidents: The rate indicating the number of accidents resulting in time off work (CAF) per man-hour worked was 0.41, while the rate for accidents without time off work (SAF) per man-hour worked was 0.34. The 34% improvement in the indicator reflects the strengthening of the culture and the continuous improvement of safety processes throughout the Company.

   Transit Time in the North Operation and railcar turnover in Santos: The indicators showed a slight worsening in the quarter, reflecting the greater operational complexity at the port during the period, which reduces the efficiency in railcar turnover.

   18

   
   
   

   (A free translation of the original in Portuguese)

   Report on review of parent company and consolidated condensed interim financial statements

   To the Board of Directors and Stockholders Rumo S.A.

   Introduction

   We have reviewed the accompanying condensed interim financial position of Rumo S.A. ("Company") as at September 30, 2025 and the related condensed statements of profit or loss and comprehensive income for the quarter and nine-month period then ended, and the condensed statements of changes in equity and cash flows for the nine-month period then ended, as well as the accompanying consolidated condensed interim balance sheet of the Company and its subsidiaries ("Consolidated") as at September 30, 2025 and the related consolidated condensed statements of profit and loss and comprehensive income for the quarter period then ended, and the consolidated condensed statements of changes in equity and cash flows for the nine-month period then ended, and explanatory notes.

   Management is responsible for the preparation and presentation of these parent company and consolidated condensed interim financial statements in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and International Accounting Standard (IAS) 34 - "Interim Financial Reporting", of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

   Scope of review

   We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - "Review of Interim Financial Information Performed by the Independent Auditor" of the Entity, and ISRE 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

   PricewaterhouseCoopers Auditores Independentes Ltda. Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16o, São Paulo, SP, Brasil, 04538-132

   Rumo S.A.

   Conclusion

   Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated condensed interim financial statements referred to above are not prepared, in all material respects, in accordance with CPC 21 and IAS 34.

   Other matters

   Condensed statements of value added

   The interim condensed financial statements referred to above include the parent company and consolidated condensed statements of value added for the nine-month period ended September 30, 2025. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the condensed interim financial statements for the purpose of concluding whether they are reconciled with the condensed interim financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard

   CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these condensed statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated condensed interim financial statements taken as a whole.

   Audit and review of prior-year information

   The individual and consolidated condensed interim financial statements mentioned in the first paragraph include accounting information corresponding to statements of profit or loss and comprehensive income for the quarter and nine-month period ended September 30, 2025 and changes in equity, cash flows, and added value for the nine-month period ended September 30, 2024, obtained from the individual and consolidated condensed interim financial statements for that period, as well as balance sheets as of December 31, 2024, obtained from the financial statements as of December 31, 2024, presented for comparison purposes. The review of the individual and consolidated condensed interim financial statements for the nine-month period ended September 30, 2024, and the audit of the financial statements for the fiscal year ended December 31, 2024, were audited by another firm of auditors whose review and audit reports, dated November 7, 2024, and February 20, 2025, respectively, expressed unqualified opinions on these matters.

   
   
   

   São Paulo, November 14, 2025

   
   
   

   PricewaterhouseCoopers Alessandro Marchesino de Oliveira

   Auditores Independentes Ltda. Contador CRC 1SP265450/O-8 CRC 2SP000160/O-5

   Condensed interim statement of financial position (In thousands of Brazilian Reais - R$)

   Note	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024
   5.2	687,174	2,403,629	5,430,144	7,461,618
   5.3	59,970	95,912	1,645,592	812,795
   5.4	19,198	32,412	715,460	568,577
   5.8	-	-	37,047	706,550
   5.10	3,409	1,556	306,337	282,580
   4.1	79,593	76,002	103,278	102,665
   	55,447	-	190,825	117,416
   5.9	47,615	132,856	475,689	548,807
   	17	567,867	17	17
   	15,930	80,297	195,275	210,742
   	968,353	3,390,531	9,099,664	10,811,767
   4.6	-	60,792	-	60,792
   	968,353	3,451,323	9,099,664	10,872,559
   5.4	-	-	13,675	14,772
   5.3	92	84	168,282	117,885
   	58,724	193,719	63,736	216,614
   5.14	-	-	1,659,783	1,709,521
   4.1	63,941	51,941	22,730	21,452
   5.9	145,120	-	1,309,545	977,285
   5.15	70,987	66,926	329,480	301,726
   5.8	856,601	650,868	1,502,893	941,427
   	9,387	16,887	83,363	76,661
   5.11	19,218,757	19,768,695	440,150	321,985
   5.12.1	3,895,653	2,314,044	22,623,770	20,435,467
   5.12.2	165,770	194,209	6,455,633	6,545,890
   5.12.3	28,389	31,522	7,830,606	8,039,779
   	24,513,421	23,288,895	42,503,646	39,720,464
   	25,481,774	26,740,218	51,603,310	50,593,023

   Parent Company Consolidated

   Assets

   Cash and cash equivalents Marketable securities Trade receivables

   Derivative financial instruments Inventories

   Receivables from related parties Income tax recoverable.

   Other recoverable taxes

   Dividends and interest on capital to receive Other assets

   Assets held for sale

   Current assets

   Trade receivables Restricted cash

   Income tax recoverable.

   Deferred income taxes Receivables from related parties Other recoverable taxes

   Judicial deposits

   Derivative financial instruments Other assets

   Investment in subsidiaries, jointly controlled entities and associates

   Property plant and equipment

   Intangibles

   Right-of-use assets

   Non-current assets Total assets

   21

   
   
   

   The explanatory notes are an integral part of the condensed interim financial statements.

   Condensed interim statement of financial position (In thousands of Brazilian Reais - R$)

   Note	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024
   5.5	131,595	46,912	826,046	1,241,113
   5.6	12,328	11,368	670,880	658,203
   5.8	541,867	515,583	1,688,035	1,362,291
   5.7	278,331	489,845	946,627	1,777,918
   	16,549	19,092	336,342	376,475
   	305	7,461	33,712	49,477
   5.13	36,679	27,648	88,787	84,132
   	1,091	5,440	5,131	11,314
   5.16	-	-	186,155	166,273
   4.1	46,149	38,807	289,043	366,186
   	-	-	2,379	2,540
   5.1	47,790	25,970	188,670	338,759
   	56,441	79,460	235,809	234,121
   	1,169,125	1,267,586	5,497,616	6,668,802
   5.5	7,147,598	6,730,332	20,932,009	17,882,105
   5.6	22,439	25,933	3,459,738	3,373,987
   5.8	24,941	53,639	263,642	555,913
   	3,416	-	3,416	-
   5.13	-	-	3	13
   5.15	111,988	148,541	1,205,852	1,098,418
   5.16	-	-	3,663,704	3,554,917
   5.11	2,836,511	3,507,571	-	-
   4.1	4,733	4,733	-	-
   5.14	352,435	265,014	2,533,606	2,477,267
   	-	-	14,845	16,589
   	3,038	5,625	21,082	29,857
   	10,507,099	10,741,388	32,097,897	28,989,066
   	11,676,224	12,008,974	37,595,513	35,657,868
   5.17
   	12,579,726	12,560,952	12,579,726	12,560,952
   	(67,517)	(92,220)	(67,517)	(92,220)
   	704,324	2,224,225	704,324	2,224,225
   	(49,331)	38,287	(49,331)	38,287
   	638,348	-	638,348	-
   	13,805,550	14,731,244	13,805,550	14,731,244
   	13,805,550	14,731,244	13,805,550	14,731,244
   5.11	-	-	202,247	203,911
   	13,805,550	14,731,244	14,007,797	14,935,155
   	25,481,774	26,740,218	51,603,310	50,593,023

   Parent Company Consolidated

   Liabilities

   Loans, borrowings and debentures Leases

   Derivative financial instruments Trade payables

   Wages and salaries payable Current income tax

   Other taxes payable Dividends payable

   Leases and concessions in dispute and installments

   Related-party payables

   Deferred revenue Other financial liabilities Other trades payable

   Current liabilities

   Loans, borrowings and debentures Leases

   Derivative financial instruments Current income tax

   Other taxes payable

   Provision for legal proceedings

   Leases and concessions in dispute and installments

   Provision for uncovered liabilities

   Related-party payables Deferred income taxes

   Deferred revenue Other trades payable

   Non-current liabilities Total liabilities

   Shareholders' equity Share capital Treasury shares Reservations

   Asset valuation adjustments Cumulative results

   Total shareholders' equity

   Total liabilities and shareholders' equity

   22

   The explanatory notes are an integral part of the condensed interim financial statements.

Equity attributable to: Controlling shareholders Non-controlling shareholders

Parent Company

Net sales

Cost of services provided

Gross profit

Selling expenses

General and administrative expenses Other operating income (expenses), net

Operating expenses

Profit before equity accounting, net financial result, and income tax and social contribution.

Interest in earnings

Interest in earnings of investees

Profit before net financial result and income tax and social contribution.

Finance expense Finance income

Net foreign exchange Derivatives and fair value

Finance results net

Profit before income tax Income tax

Deferred

Result of the period

The explanatory notes are an integral part of the condensed interim financial statements.

Consolidated

Net sales

Cost of services provided

Gross profit

Selling expenses

General and administrative expenses Other operating income (expenses), net

Impairment loss

Operating expenses

Profit before equity accounting, net financial result, and income tax and social contribution.

Interest in earnings

Interest in earnings of investees

Profit before net financial result and income tax and social contribution.

Finance expenses Finance income

Net foreign exchange Derivatives and fair value

Finance results net

Profit before income tax Income tax

Current Deferred

Result of the period Result attributed to:

Controlling shareholders Non-controlling shareholders

Earnings per share:

Basic Diluted

The explanatory notes are an integral part of the condensed interim financial statements.

Parent Company

Result of the period

Items that will not be subsequently reclassified for the result.

Fair value of financial liabilities attributable to changes

in credit risk

Deferred income taxes and social contribution on the fair value of financial liabilities attributable to changes in credit risk.

Items that are or may be reclassified subsequently to profit or loss.

Results from cash flow hedge accounting

Deferred income taxes and social contribution on hedge cash flow accounting

Foreign currency translation differences

Other comprehensive income, net of income tax and social security contributions.

Total comprehensive income

Consolidated

Result of the period

Items that will not be subsequently reclassified for the result.

Fair value of financial liabilities attributable to changes

in credit risk

Deferred income taxes and social contribution on the fair value of financial liabilities attributable to changes in credit risk.

Items that are or may be reclassified subsequently to profit or loss.

Results from cash flow hedge accounting

Deferred income taxes and social contribution on hedge cash flow accounting

Foreign currency translation differences

Other comprehensive income, net of income tax and social security contributions.

Total comprehensive income

Comprehensive income(loss) attributable to:

Controlling shareholders Non-controlling shareholders

The explanatory notes are an integral part of the condensed interim financial statements.

Attributable to the Company's shareholders

The explanatory notes are an integral part of the condensed interim financial statements.

Attributable to the Company's shareholders

Share capital

Treasury shares

Capital reserve

Profit reserve

Asset valuation adjustment

Cumulative

Total

results

Non-controlling interest in subsidiaries

Total shareholder s' equity

The explanatory notes are an integral part of the condensed interim financial statements.

Cash flows from operating activities

Profit before income tax

Note

Parent Company Consolidated

Adjustments for:

Depreciation and amortization 6.2

Impairment loss 4.2

Interest in earnings in subsidiaries and associates 5.11

Provision for profit sharing and bonuses

Loss (gain) on disposed assets. 6.3

Provision for legal claims 6.3

Impairment loss on accounts receivable Transactions with shared-based payment

Tax credits 6.3

Take or pay provision

Interest, monetary and foreign exchange variations, net Other

Variation in:

Trade receivables Related parties, net Other taxes, net Inventories

Wages and salaries payable Trade payables

Leases and concessions in dispute and installments Provision for legal proceedings

Derivative financial instruments Other financial liabilities

Other assets and liabilities, net

Net cash generated from operating activities Cash flow from investing activities

Capital increase in subsidiary and affiliates 5.11

Capital reduction in subsidiaries 5.11

Marketable securities Restricted cash

Dividends received from subsidiaries and affiliates Additions to fixed and intangible assets

Net flow (used in) generated by investing activities Cash flows from financing activities

Raising loans, borrowings and debentures 5.5

Principal amortization on loans, borrowings and debentures. 5.5

Interest payment on loans, borrowings and debentures. 5.5

Principal amortization on a lease. 5.6

Interest payment 5.6

Payment of derivative financial instruments Receipt of derivative financial instruments Dividends paid

Net used in financing activities

(Decrease) net in cash and cash equivalents

Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

Additional information:

Income tax paid.

The explanatory notes are an integral part of the condensed interim financial statements.

29

Effect of the foreign exchange variation on the cash balance and cash

1. Non-cash transactions (consolidated)

   The Company presents its cash flow statements using the indirect method. During the period ended September 30, 2025, the Company carried out the following transactions that did not involve cash and, therefore, are not reflected in the condensed cash flow statements of the parent company or in the consolidated statements:

   1. Recognition of rights of use against lease liabilities in the amount of R$ 433,216 (R$ 911,309 as of September 30, 2024), relating to contractual adjustments and new contracts falling under the commercial lease regulations (note 5.12.3).

   2. Fixed assets acquired for which payment is made in installments amounting to R$ 506,004 (R$ 1,092,136 as of December 31, 2024).

   3. Subscription of capital through the contribution of assets to the jointly controlled company Terminal Multimodal de Grãos e Fertilizantes S.A. in the amount of R$ 25,805 (note 5.11).

• Presentation of interest and dividends

The Company classifies dividends and interest on equity received as cash flow from investing activities, in order to avoid distortions in its operating cash flows due to cash from these operations.

30

Interest paid is classified as cash flow in financing activities, as it represents the costs of obtaining financial resources for investment in fixed and intangible assets.