Motiva Infraestrutura De Mobilidade SaBMFBOVESPA: MOTV3

Press Release 3Q25

· Issued by Motiva Infraestrutura De Mobilidade SA
3Q25 RESULTS

MOTV

B3 LISTED NM

Bloomberg

MOTV3 BZ

https://ri.motiva.com.br/en

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3Q25 RESULTS

MOTV IGCB3



3Q25 RESULTS

3Q25 Results


Waldo Perez - VP of Finance

and Investor Relations

waldo.perez@motiva.com.br

55 11 3048.5900

Investor Relations

Department

invest@motiva.com.br

Flávia Godoy

flavia.godoy@motiva.com.br

55 11 3048.5900

Douglas Ribeiro

douglas.ribeiro@motiva.com.br

55 11 3048.5900

Cauê Cunha

caue.cunha@motiva.com.br

55 11 3048.5900

Caique Moraes

caique.moraes@motiva.com.br

55 11 3048.5900

Ana Beatriz Bovo

ana.bovo@motiva.com.br

55 11 3048.5900



São Paulo, October 29, 2025

The Parent Company and Consolidated Quarterly Information were prepared and are being presented under the accounting practices adopted in Brazil and International Financial Reporting Standards ("IFRS"), issued by the International Accounting Standards Board ("IASB"), all of which applied in a manner consistent with the main accounting practices described in Note 3 to the Quarterly Information.

Unless otherwise stated, financial and operational information is presented on a consolidated basis, in thousands of Brazilian reais, and comparisons refer to 3Q24.

The consolidated information for jointly-owned subsidiaries includes the proportional data of the jointly-owned subsidiaries. Said information, as well as non-financial information and other operating information, was not audited by independent auditors. The results, by business platform, are already presented net of eliminations related to transactions between related parties.

Due to rounding, the total amounts reported in the tables of this earnings release may vary slightly.

3Q25 RESULTS

Executive Summary


MESSAGE FROM THE CEO 3

CONSOLIDATED OPERATING AND FINANCIAL HIGHLIGHTS 5

MOTIVA CONSOLIDATED 6

FINANCIAL AND OPERATIONAL PERFORMANCE. 7

TOLL ROADS 7

RAILWAYS 11

AIRPORTS 14

CONSOLIDATED FINANCIAL RESULT. 18

INDEBTEDNESS 19

CAPEX AND MAINTENANCE 22

REGULATORY AND ESG THEMES 23

EXHIBIT I - IFRS 26

GROSS REVENUES (EXCLUDING CONSTRUCTION REVENUE) BY ASSET 26

NON-RECURRING EFFECTS 27

REVENUE FROM RAIL ASSETS 28

INCOME STATEMENT 30

BALANCE SHEET 31

CASH FLOW 32

EXHIBIT II - CONSOLIDATED WITH JOINTLY-OWNED SUBSIDIARIES 35

3Q25 RESULTS

Message from the CEO of Motiva - Miguel Setas


It is with great satisfaction that we present the results for the third quarter, which highlight the effectiveness of the pillars of our strategy. We recorded the highest Net Revenue and Adjusted EBITDA in Motiva's history, as well as the best third quarter in terms of statutory net income. Notably, Adjusted EBITDA grew by double digits, reaching R$ 2.5 billion (+16.2%), accompanied by a significant margin expansion of 6.5 percentage points. Adjusted Net Income also showed a strong performance, increasing by 22.0% to R$ 683 million.

Operational management discipline positively impacted our efficiency indicator. In the third quarter of 2025, Cash Opex over Net Revenue reached 38.3%, a result that reinforces the effectiveness of our portfolio optimization and cost control initiatives. These improvements are key levers that enable us to anticipate the efficiency target originally set for 2026, with expectations of achieving it already this year.

We maintained a consistent and accelerated pace of investments, totaling R$ 2.3 billion in the quarter, an 11% increase compared to the same period of the previous year. Highlights include progress in the RioSP concession, with road expansion works in the metropolitan regions of São Paulo and in Serra das Araras (RJ), as well as duplications along ViaSul (RS), which directly contribute to enhancing safety, quality, and comfort levels. On Lines 8 and 9, we continued to invest in the implementation of power networks and substations, modernization of systems, and station renovations, reinforcing our commitment to the continuous improvement of our customers' experience.

On the regulatory front, we celebrated the signing of an Addendum Agreement for ViaQuatro, which provides for additional investments of approximately R$ 4 billion to extend Line 4-Yellow to the municipality of Taboão da Serra (SP). This initiative enables a 20-year extension of the concession term and directly contributes to the advancement of urban mobility, benefiting thousands of people who will gain access to the metro system.

In September, we held Motiva's Capital Markets Day, during which we presented the update of our 2035 Ambition. We raised our target to reach, at a minimum, 28% in the Cash Opex over Net Revenue indicator, driven by investments in innovation and technology aimed at operational excellence and the application of Industry 5.0 concepts in smart infrastructure. We also revisited our commitments related to complementary revenues, setting a double-digit growth target, and increased our social investment to a cumulative R$ 1 billion under our 2035 Ambition. As part of our zero-accident culture, we committed to achieving LTIFR < 1. All these new ambitions have been incorporated into the strategic pillars that guide our operations: Profitable and Selective Growth, Value Creation, Robust Balance Sheet, and Leadership in Sustainability.

3Q25 RESULTS

Lastly, I would like to highlight an important recognition that reinforces our organizational culture

and makes us extremely proud: we ranked among the Top 15 best companies to work for in Brazil,



in the Giant Companies category of the Great Place to Work (GPTW) ranking, underscoring our ongoing commitment to a healthy, collaborative, and high-performance work environment.

I would like to thank all Motiva employees, business partners, and investors, whose trust has been essential to this successful journey. We remain enthusiastic and committed to delivering our strategic plan, aiming to consolidate the Company's leadership in generating sustainable value for all our stakeholders.

  1. Considers consolidated information with jointly-owned subsidiaries. For details of non-recurring effects, please refer to Exhibit I of the earnings release.

    3Q25 RESULTS

    Highlights

    1. On July 04, 2025, the Amendment at SPVias was signed, resulting in the extension of



    the concession term by 73 days;

  2. On August 01, 2025, the Company signed an amendment to modernize the Motiva Pantanal contract;

  3. On September 26, 2025, the Amendment at ViaQuatro was signed, resulting in the extension of the concession term by 20 years;

  4. Cash OPEX/Adjusted Net Revenue LTM was 38.3% in 3Q25.

Consolidated Operating and Financial Highlights

OPERATING AND FINANCIAL HIGHLIGHTS (R$ M)

3Q24

3Q25

Var. %

9M24

9M25

Var. %

Consolidated Adjusted Net Revenue¹

3,782

3,957

4.6%

10,748

11,249

4.7%

Consolidated Adjusted EBITDA¹

2,190

2,547

16.3%

6,265

6,997

11.7%

Adjusted EBITDA - Toll Roads

1,621

1,979

22.1%

4,653

5,222

12.2%

Adjusted EBITDA - Railways

571

588

3.0%

1,561

1,751

12.2%

Adjusted EBITDA - Airports

274

314

14.6%

793

912

15.0%

Adjusted EBITDA - Others

(276)

(334)

21.0%

(742)

(888)

19.7%

Consolidated Adjusted EBITDA Margin²

57.9%

64.4%

6.5 p.p.

58.3%

62.2%

3.9 p.p.

Adjusted Net Income¹

560

683

22.0%

1,420

1,620

14.1%

ROE3

11.4%

18.0%

6.6 p.p.

11.4%

18.0%

6.6 p.p.

ROIC3

6.6%

11.0%

4.3 p.p.

6.6%

11.0%

4.3 p.p.

Net Debt/LTM Adjusted EBITDA (x)

3.1

3.6

0.5

3.1

3.6

0.5

Toll Roads - Vehicle Equivalents (million)

314.0

283.6

-9.7%

909.6

840.5

-7.6%

Railways - Passengers Transported (million)

193.6

194.7

0.5%

560.6

564.9

0.8%

Airports - Boarded Passengers (million) 4

10.4

11.0

5.8%

29.4

31.6

7.6%

CAPEX5

2,101

2,334

11.1%

4,982

5,471

9.8%

  1. Excludes construction revenue and costs. Adjustments are described in the "non-recurring effects" section in Exhibit I (page 26).

  2. The Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Adjusted Net Revenue.

  3. ROE = Net Income/Equity | ROIC = NOPAT (EBIT*1-effective rate) /Invested Capital (Equity + Gross Debt).

  4. As of 1Q25, all operational data for the airport business contained in this Release will be presented as total passengers versus boarded passengers (which only considers passengers that generate revenue).

  5. Includes improvement works that do not generate future economic benefits for ViaOeste.

3Q25 RESULTS

Motiva - Consolidated


The main changes in 3Q25 vs. 3Q24 Consolidated Results are as follows:

Adjusted Net Revenue R$3,957M (+ 4.6%)

Adjusted Net Revenue increased by 4.6% in 3Q25, mainly due to tariff adjustments on São Paulo state highways and Motiva Pantanal, as well as positive operational performance. Regarding comparable traffic, Airports, Toll Roads, and Railways recorded growth of 5.8%, 1.1%, and 2.3%, respectively. The improvement was also driven by the growth in ancillary revenues, which increased by 17.2% (+R$44 million) on a consolidated basis.

Adjusted EBITDA R$2,547M (+ 16.3%)

Adjusted EBITDA increased by 16.3%, in the quarter, driven by portfolio optimization and the performance of new assets, such as PRVias and Rota Sorocabana. Adjusted cash cost decreased by 11.4%, with a R$ 31 million reduction in personnel costs, mainly due to the termination of ViaOeste and Barcas, and a R$ 130 million reduction in third-party services, primarily in paving works at Motiva Pantanal, SPVias, and ViaOeste. These factors contributed to a

6.5 p.p. expansion in the adjusted EBITDA margin.

Adjusted Net Income R$683M (+ 22.0%)

Adjusted Net Income increased by 22.0%, reflecting improved operational performance, tariff adjustments, and portfolio optimization, which resulted in cost reductions.

Net Debt/Adjusted EBITDA

3.6x (+ 0.5x)

The Company's leverage increased by 0.5x in 3Q25, reflecting a higher level of debt following the acquisition of new assets (Rota Sorocabana +R$2.1 billion and PRVias +R$1 billion), which have not yet completed one year of cash generation.

Additionally, compared to 2Q25, there was a decrease of 0.1x.

CAPEX

R$2,334 (+ 11.1%)

Investments totaled R$2.3 billion, up 11.1% in 3Q25. This increase follows the construction schedule of our contracts, with the largest investments made in AutoBAn, RioSP, ViaSul, and ViaMobilidade - Lines 8 and 9.

3Q25 RESULTS

Financial and Operational Performance


Toll Roads

Traffic

Average Tariff¹

3Q24 3Q25

Var. %

3Q24

3Q25

Var. %

Toll Roads

Vehicle Equivalents2

Average Tariff¹

AutoBAn

82,939,476 84,285,700

1.6%

11.9

12.6

6.1%

Motiva Pantanal3

14,584,255

14,822,793

1.6%

3.9

8.2

109.1%

RioSP

44,999,079

45,703,149

1.6%

7.8

8.0

2.7%

RodoAnel Oeste

36,867,307

37,650,356

2.1%

3.2

3.5

9.5%

SPVias

18,787,085

19,543,354

4.0%

14.9

15.9

6.2%

CCR ViaCosteira

22,133,911

21,294,925

-3.8%

2.4

2.4

0.2%

ViaLagos

2,185,911

2,158,188

-1.3%

23.4

24.3

3.8%

ViaOeste

33,374,296

-

n.m.

9.6

-

n.m.

ViaSul

24,757,682

24,515,916

-1.0%

5.5

5.5

0.1%

Rota Sorocabana

-

15,456,994

n.m.

-

8.4

n.m.

PRVias

-

18,153,922

n.m.

-

11.7

n.m.

Consolidated IFRS4

314,003,297

283,585,297

-9.7%

7.5

9.1

20.9%

Total Comparable5

247,254,706

249,974,380

1.1%

8.2

8.9

8.5%

Traffic

Average Tariff2

9M24

9M25

Var. %

9M24

9M25

Var. %

Toll Roads

Equivalent Vehicles1

Average Tariff2

AutoBAn

238,211,391

241,610,940

1.4%

11.5

12.2

6.1%

Motiva Pantanal3

41,583,081

41,092,532

-1.2%

4.1

8.1

97.6%

RioSP

129,638,612

132,226,997

2.0%

7.6

7.9

3.9%

RodoAnel Oeste

108,071,005

108,590,934

0.5%

3.1

3.3

6.5%

SPVias

54,635,159

56,114,380

2.7%

14.5

15.3

5.5%

CCR ViaCosteira

64,406,731

65,643,330

1.9%

2.5

2.4

-4.0%

ViaLagos

6,977,433

7,124,327

2.1%

22.9

24.1

5.2%

ViaOeste

97,188,452

30,869,313

n.m.

9.4

9.7

3.2%

ViaSul

71,737,320

77,097,880

7.5%

5.4

5.5

1.9%

Rota Sorocabana

-

30,613,023

n.m.

-

8.4

n.m.

PRVias

-

18,627,076

n.m.

-

11.7

n.m.

Consolidated IFRS4

909,637,636

840,480,041

-7.6%

7.3

8.4

15.1%

Total Comparable5

715,260,732

729,501,320

2.0%

8.0

8.6

7.5%

  1. Equivalent vehicles is a measure calculated by adding heavy vehicles (commercial vehicles such as trucks and buses) to light vehicles, multiplied by the number of axles charged. One light vehicle is equivalent to one axle of a heavy vehicle.

  2. The average tariff for the toll road business is calculated by dividing toll revenue by the number of equivalent vehicles of each concessionaire.

  3. Due to the signing of the amendment to hold a new bidding process for Motiva Pantanal in June 2021, revenue now accounts for 47.3% of the collected amount, impacting both revenue and the calculation of the average tariff. After the signing of the Self-Composition Agreement on December 18, 2024, the revenue considered became 100% of the collected amount.



    3Q25 RESULTS

  4. In the consolidated figures, traffic volume for ViaOeste, which only collects one-way tolls, is doubled to adjust it according to the concessionaires that have bidirectional toll collections. This procedure is based on the fact that one-way tolls already include round-trip costs.

  5. For comparability purposes, the following concessions were excluded: (i) ViaOeste, whose contract ended on March 29, 2025; (ii) Rota Sorocabana, which began toll collection on March 30, 2025; and (iii) PRVias, which began toll collection on June 28, 2025.

3Q24

3Q25

Var. %

9M24

9M25

Var. %

Gross Revenue

3,077,532

3,793,099

23.3%

8,585,634

9,741,578

13.5%

Toll Revenue

2,355,068

2,572,153

9.2%

6,649,303

7,067,908

6.3%

Other Revenues

42,662

110,023

157.9%

167,933

163,737

-2.5%

(-) Construction Revenue

679,802

1,110,923

63.4%

1,768,398

2,509,933

41.9%

Deductions from Revenue

(216,147)

(226,444)

4.8%

(618,218)

(626,561)

1.3%

Net Revenue excluding Construction (a)

Total Costs and Expenses (b+c+d)

2,181,583

(1,791,065)

2,455,732

(1,913,806)

12.6%

6.9%

6,199,018

(4,929,821)

6,605,084

(4,996,063)

6.6%

1.3%

Cash Costs (b)

(748,463)

(413,042)

-44.8%

(2,113,411)

(1,407,149)

-33.4%

Personnel

(124,091)

(80,864)

-34.8%

(368,141)

(272,764)

-25.9%

Third-Party Services

(264,835)

(153,924)

-41.9%

(650,848)

(557,933)

-14.3%

Concession Fees

(35,576)

(31,722)

-10.8%

(99,858)

(93,957)

-5.9%

Other Costs and Expenses

(323,961)

(146,532)

-54.8%

(994,564)

(482,495)

-51.5%

Non-Cash Costs (c)

(362,800)

(389,841)

7.5%

(1,048,012)

(1,078,981)

3.0%

Depreciation and Amortization

(225,164)

(258,335)

14.7%

(653,637)

(700,292)

7.1%

Provision for Maintenance

(104,360)

(100,142)

-4.0%

(294,546)

(282,684)

-4.0%

Prepaid Concession Fees

(33,276)

(31,364)

-5.7%

(99,829)

(96,005)

-3.8%

Construction Costs (d)

(679,802)

(1,110,923)

63.4%

(1,768,398)

(2,509,933)

41.9%

Non-Recurring (e)

187,918

(63,296)

n.m.

567,672

23,691

-95.8%

Adjusted EBITDA (a+b+e)

1,621,038

1,979,394

22.1%

4,653,279

5,221,626

12.2%

Adjusted EBITDA Margin¹

74.3%

80.6%

6.3 p.p.

75.1%

79.1%

4.0 p.p.

1. The Adjusted EBITDA Margin was calculated over the Adjusted Net Revenue of R$2,181,583 thousand in 3Q24, R$2,392,436 thousand in 3Q25, R$6,199,018 thousand in 9M24, and R$6,541,788 thousand in 9M25, reflecting the non-recurring effects described at the end of this section.

Comparable consolidated traffic for the quarter increased by 1.1% year-over-year. No significant calendar effects were identified, as the number of business days in the national calendar remained consistent between periods. The positive performance was mainly driven by RioSP, Motiva Pantanal, and São Paulo state concessions, which together recorded a 1.9% increase in the quarter.

3Q25 RESULTS

Comparable commercial vehicle traffic grew by 1.1% in the period. Overall, performance was

positive, with notable contributions from Motiva Pantanal and São Paulo state units, supported by



strong soybean and corn flows through the Port of Santos. RioSP's strong performance resulted from the completion of works in the São Paulo Metropolitan Region. In contrast, ViaSul and ViaCosteira experienced declines, influenced by a high comparative base in the previous year when traffic was boosted by recovery following climatic events in the region.

Comparable passenger vehicle traffic grew by 1.0% in the period. The results were primarily sustained by the São Paulo state concessions, which maintained the positive trend observed throughout the year. On the other hand, ViaLagos, ViaCosteira, and ViaSul saw reductions due to weather conditions that negatively affected seasonal traffic. For ViaSul and ViaCosteira, performance also reflects a high comparative base following increased traffic after climatic events in May 2024.

Toll Revenue grew by 9.2%, due to improved operational performance, tariff adjustments applied during the period, and a R$0.10 increase resulting from the COVID precautionary rebalancing applied at AutoBAn, RodoAnel Oeste, and SPVias. Other Revenues grew by 157.9%, mainly reflecting the recognition of rebalancing: R$63 million at SPVias, related to TAM 22/2025, and R$20 million at RioSP, related to the annual reimbursement for exempt vehicles. In this cycle, revenue was received in cash, replacing the previous tariff-based recovery model. Accordingly, Net Revenue excluding Construction increased by 12.6% during the period.

The main variations in Cash Costs are described below:

  • Personnel: The reduction was mainly due to the personnel demobilization at ViaOeste (R$28 million), following the expiration of the concession agreement in March 2025. Labor costs were also capitalized at RioSP (R$8 million) and ViaSul (R$4 million). These effects were partially offset by the average annual collective bargaining agreement of 5.19% (R$6 million) applied in 2Q25.

  • Third-Party Services: The reduction was mainly due to pavement maintenance costs of approximately R$44 million in 3Q24, which are now accounted for as investments, following the contractual solution at Motiva Pantanal. ViaOeste, in turn, no longer contributed approximately R$67 million, mainly in pavement maintenance and signage services, due to the expiration of the concession agreement.

  • Concession Fees: The R$4 million reduction was largely due to the expiration of the ViaOeste agreement (R$12 million), partially offset by the start of the Rota Sorocabana concession (R$7 million).

    3Q25 RESULTS

    o

    Other Costs and Expenses: The decrease was mainly related to construction costs at

    ViaOeste, which totaled R$188 million in 3Q24 and did not recur in 3Q25, as those works



    are now being capitalized due to the expected future economic benefits in the highway stretches formerly operated by ViaOeste and currently under Rota Sorocabana.

    The main variations in Non-Cash Costs are described below:

  • Depreciation and Amortization: The increase was due to the addition to PP&E and intangible assets at SPVias, AutoBAn, and RioSP, as a result of the works delivered during the period.

  • Provision for Maintenance: The reduction was mainly explained by a lower provision volume at AutoBAn, in the amount of R$43 million in 3Q25, versus R$62 million in 3Q24, partially offset by the increase at SPVias, in the amount of R$38 million, versus R$27 million in 3Q24.

  • Construction Costs: The increase resulted from the investment schedule, featuring the increase of approximately (i) R$107 million at Rota Sorocabana, (ii) R$94 million at ViaSul, (iii) R$87 million at RioSP, and (iv) R$78 million at PRVias.

Additionally, we provide a breakdown of the Non-Recurring line: under Other Revenues, R$63 million was recognized in 3Q25, due to the extension of SPVias' concession term. In Other Costs and Expenses, ViaOeste contributed R$188 million in 3Q24, allocated to improvement works that did not generate future economic benefits.

The breakdown, per concession, is provided in Exhibit I of the earnings release.

Traffic / Passengers

Average Tariff¹

3Q24

3Q25

Var. %

3Q24

3Q25

Var. %

Railways

Passengers Transported

Average Tariff

Barcas

3,351,646

-

n.m.

7.7 -

n.m.

Metrô Bahia

30,877,849

30,448,509

-1.4%

3.5

3.6

4.6%

ViaMobilidade - Lines 5 and 17

42,786,734

43,620,770

1.9%

2.5

2.6

3.1%

ViaMobilidade - Lines 8 and 9

59,402,000

61,821,237

4.1%

3.7

3.9

4.7%

ViaQuatro

50,875,338

52,200,804

2.6%

3.6

3.8

6.4%

Integrated

43,308,367

44,102,884

1.8%

-

-

n.m.

Exclusive

7,566,971

8,097,920

7.0%

-

-

n.m.

VLT Carioca

6,310,883

6,561,382

4.0%

4.1

4.3

4.1%

Consolidated IFRS

193,604,450

194,652,702

0.5%

Total Comparable²

190,252,804

194,652,702

2.3%

Traffic / Passengers

Average Tariff¹

9M24

9M25

Var. %

9M24

9M25

Var. %

Railways

Passengers Transported

Average Tariff

Barcas

9,964,276

1,473,655

-85.2%

7.8

8.9

14.7%

Metrô Bahia

87,765,926

87,891,753

0.1%

3.4

3.6

5.0%

ViaMobilidade - Lines 5 and 17

124,663,294

126,632,738

1.6%

2.5

2.6

3.0%

ViaMobilidade - Lines 8 and 9

173,439,896

178,054,729

2.7%

3.7

3.9

4.6%

ViaQuatro

148,132,378

151,884,714

2.5%

3.6

3.8

5.8%

Integrated

126,021,779

127,989,159

1.6%

-

-

n.m.

Exclusive

22,110,599

23,895,555

8.1%

-

-

n.m.

VLT Carioca

16,676,352

18,996,328

13.9%

4.0

4.2

3.2%

Consolidated IFRS

560,642,122

564,933,917

0.8%

3Q25 RESULTS

Railways



Total Comparable²

550,677,846 563,460,262 2.3%

  1. The average tariff for the railway business considers only tariff revenues and the number of passengers transported.

  2. For comparability purposes, the effect of Barcas was excluded, as the contract ended on February 11, 2025.

3Q24

3Q25

Var. %

9M24

9M25

Var. %

Gross Revenue

1,683,937

2,137,350

26.9%

4,987,509

4,538,218

-9.0%

Tariff Revenue

668,273

688,895

3.1%

1,919,780

1,985,696

3.4%

Mitigation Revenue

133,252

34,496

-74.1%

357,436

290,976

-18.6%

Financial Asset Revenue

218,903

1,107,618

406.0%

625,921

1,489,462

138.0%

Real Estate Revenue¹

17,023

25,256

48.4%

47,988

68,013

41.7%

Other²

24,683

25,001

1.3%

71,218

68,678

-3.6%

(-) Construction Revenue

621,803

256,084

-58.8%

1,965,166

635,393

-67.7%

Deductions from Revenue

Net Revenue excluding Construction

(8,820)

1,053,314

(12,009)

1,869,257

36.2%

77.5%

(25,808)

2,996,535

(35,836)

3,866,989

38.9%

29.0%

(a)

Total Costs and Expenses (b+c+d)

(1,206,731)

(650,719)

-46.1%

(3,679,602)

(2,036,070)

-44.7%

Cash Costs (b)

(482,666)

(265,200)

-45.1%

(1,435,673)

(1,030,962)

-28.2%

Personnel

(218,766)

(169,120)

-22.7%

(621,051)

(533,593)

-14.1%

Third-Party Services

(108,195)

(97,203)

-10.2%

(316,547)

(301,363)

-4.8%

Concession Fees

(203)

(2,597)

n.m.

(4,334)

(5,685)

31.2%

Other Costs and Expenses

(155,502)

3,720

n.m.

(493,741)

(190,321)

-61.5%

Non-Cash Costs (c)

(102,262)

(129,435)

26.6%

(278,763)

(369,715)

32.6%

Depreciation and Amortization

(102,262)

(129,435)

26.6%

(278,763)

(369,715)

32.6%

Construction Costs (d)

(621,803)

(256,084)

-58.8%

(1,965,166)

(635,393)

-67.7%

Non-Recurring (e)

-

(1,015,906)

n.m.

-

(1,084,696)

n.m.

Adjusted EBITDA (a+b+e)

570,648

588,151

3.1%

1,560,862

1,751,331

12.2%

Adjusted EBITDA Margin³

54.2%

60.3%

6.1 p.p.

52.1%

58.9%

6.8 p.p.

3Q25 RESULTS



  1. Considers revenue from real estate development of the remaining areas and retrofitting in the stations.

  2. Ancillary revenue (R$24,650 thousand in 3Q24 and R$24,998 thousand in 3Q25).

  3. The Adjusted EBITDA Margin was calculated over the Adjusted Net Revenue of R$1,053,314 thousand in 3Q24, R$975,439 thousand in 3Q25, R$2,996,535 thousand in 9M24, and R$2,973,171 thousand in 9M25, reflecting the non-recurring effects described at the end of this section.

As presented in the demand chart above, comparable demand for rail assets increased by 2.3% over the same quarter of the previous year, excluding Barcas, following the expiration of the agreement on February 11, 2025.

The main demand variations for the period were: (i) increase of 3.0% in the units located in São Paulo, mainly reflecting higher office occupancy rates in areas served by ViaQuatro and Line 9;

(ii) increase of 4.0% in VLT Carioca, reflecting the ongoing consolidation of demand following the inauguration of the Gentileza Intermodal Terminal (TIG) on February 24, 2024; and (iii) reduction of 1.4% in Metrô Bahia, due to the extended holiday at the beginning of July (Bahia Independency) and to changes in UFBA's academic calendar resulted from the 2024 strike, which led to fewer school days in 3Q25 compared to the previous year.

As a result of the increase in passenger flow and the tariff adjustments implemented, Tariff Revenue grew by 3.1%. Mitigation Revenue fell by 74.1%, mainly due to the reclassification of R$47 million at ViaQuatro referring to 2Q25, a period covered by TAM no. 10, in addition to R$29 million at VLT in 3Q24, which did not recur in 3Q25.

3Q25 RESULTS

Financial Asset Revenue grew by 406%, mainly due to the non-recurring effect of the signing of

TAM no. 10 at ViaQuatro, with an impact of approximately R$894 million. In addition, in 3Q25,



R$483 million related to the COVID rebalancing at ViaQuatro was received in advance, reducing the financial asset balance.

The Real Estate Revenue line grew by 48.4%, due to higher occupancy rates with the opening of the malls at the Vila Sônia station (ViaQuatro), TIG (VLT Carioca), the Acesso Norte station and Acesso Norte Terminal (Metrô Bahia), as well as new commercial spaces at ViaMobilidade Lines - 8 and 9 (for more details, see the ancillary revenues section in Exhibit II). Therefore, the Net Revenue excluding Construction line increased by 77.5% in the period.

The main variations in Cash Costs are described below:

  • Personnel: The reduction was mainly due to the decrease in headcount following the expiration of the Barcas operations contract on February 11, 2025 (R$32 million). There was also a higher capitalization of labor at ViaMobilidade - Lines 8 and 9 (R$11 million), MetrôBahia (R$4 million), and ViaQuatro (R$3 million). These effects were partially offset by the average annual collective bargaining agreement of 4.26% (R$9 million) applied in 2Q25.

  • Third-Party Services: The reduction was mainly due to the expiration of the Barcas operations contract (R$16 million).

  • Other Costs and Expenses: The reduction resulted from lower payments to suppliers due to the indemnification in favor of ViaMobilidade - Lines 8 and 9 for the delay in the delivery of rolling stock, totaling approximately R$122 million. At Barcas, the reduction was R$26 million due to the expiration of the operations contract.

    The main variations in Non-Cash Costs are described below:

  • Depreciation and Amortization: The increase is a result of the balance added to intangible assets, mostly related to the new rolling stock (new trains) and systems at ViaMobilidade - Lines 8 and 9.

  • Construction Costs: The reduction was mainly due to lower investments (R$354 million) at ViaMobilidade - Lines 8 and 9.

As additional information, we provide a breakdown of the Non-Recurring line: In Financial Asset Revenue, the impact of recognizing the signing of Amendment no. 10 at ViaQuatro resulted in the recording of R$894 million and its respective monetary adjustments. In Other Costs and Expenses, the highlight was ViaMobilidade - Lines 8 and 9 in 3Q25, due to the recognition of

3Q25 RESULTS

compensation to the concessionaire for delays in rolling stock delivery led to the reversal of

supplier-related expenses to profit or loss, totaling approximately R$122 million.



The breakdown, per concession, is provided in Exhibit I of the earnings release.

Airports

Traffic / Passengers

Average Tariff¹

3Q24

3Q25

Var. %

3Q24

3Q25

Var. %

Passengers² - Domestic

Passengers Boarded

Average Tariff¹

Central Block (R$)

2,133,959

2,297,357

7.7%

44.4

46.8

5.5%

South Block (R$)

2,837,084

2,991,182

5.4%

43.9

46.5

5.8%

BH Airport (R$)

3,181,421

3,292,302

3.5%

31.7

33.3

5.2%

Curaçao (USD)

Total Domestic

72,634

8,225,098

88,284

8,669,125

21.5%

5.4%

26.3

15.0

-42.8%

Passengers² - International

Passengers Boarded

Average Tariff¹

Aeris (USD)

1,438,088

1,504,808

4.6%

29.7

24.8

-16.4%

Central Block (R$)

-

-

n.m.

-

-

n.m.

South Block (R$)

88,585

64,537

-27.1%

79.3

82.8

4.4%

BH Airport (R$)

155,358

148,932

-4.1%

56,1

59,4

5,9%

Curaçao (USD)

454,222

571,165

25.7%

60.2

47.4

-21.2%

Total International

2,136,253

2,289,442

7.2%

Consolidated

10,361,351

10,958,567

5.8%

Traffic / Passengers

Average Tariff¹

9M24

9M25

Var. %

9M24

9M25

Var. %

Passengers² - Domestic

Passengers Boarded

Average Tariff¹

Central Block (R$)

5,819,605

6,230,566

7.1%

45.1

46.1

2.3%

South Block (R$)

8,184,250

8,648,822

5.7%

44.1

45.6

3.5%

BH Airport (R$)

8,557,604

9,488,556

10.9%

30.9

32.3

4.7%

Curaçao (USD)

Total Domestic

198,281

22,759,740

223,334

24,591,278

12.6%

8.0%

26.4

24.1

-8.6%

Passengers² - International

Passengers Boarded

Average Tariff¹

Aeris (USD)

4,728,272

4,809,940

1.7%

29.5

26.0

-12.2%

Central Block (R$)

164

40

-75.6%

-

-

n.m.

South Block (R$)

193,633

167,380

-13.6%

74.3

81.7

10.1%

BH Airport (R$)

397,595

386,724

-2.7%

54.7

58.5

6.9%

Curaçao (USD)

1,318,012

1,673,545

27.0%

60.4

48.2

-20.3%

Total International

6,637,676

7,037,629

6.0%

Consolidated

29,397,416

31,628,907

7.6%

  1. The average tariff for the airport business considers only tariff revenues and the number of passengers boarded. The average tariffs for BH airports and the Central and South Blocks are stated in Brazilian reais, while tariffs for the other airports are reported in U.S. dollars.

  2. The number of passengers may vary due to the official availability of passenger data provided by the airlines to ANAC.

3Q24

3Q25

Var. %

9M24

9M25

Var. %

Gross Revenue

1,100,969

719,236

-34.7%

2,776,001

2,145,699

-22.7%

Operating Revenue

594,697

653,635

9.9%

1,686,517

1,891,707

12.2%

(-) Construction Revenue

506,272

65,601

-87.0%

1,089,484

253,992

-76.7%

Deductions from Revenue

(47,228)

(54,656)

15.7%

(129,788)

(152,311)

17.4%

Net Revenue excluding Construction (a)

Total Costs and Expenses (b+c+d)

547,469

(877,539)

598,979

(435,772)

9.4%

-50.3%

1,556,729

(2,127,304)

1,739,396

(1,231,419)

11.7%

-42.1%

Cash Costs (b)

(273,305)

(284,741)

4.2%

(763,891)

(827,667)

8.3%

Personnel

(89,495)

(94,250)

5.3%

(258,564)

(274,250)

6.1%

Third-Party Services

(107,078)

(117,517)

9.7%

(295,411)

(323,146)

9.4%

Concession Fees/Obligations with the Granting Authority

(25,747)

(26,914)

4.5%

(74,935)

(82,865)

10.6%

Other Costs and Expenses

(50,985)

(46,060)

-9.7%

(134,981)

(147,406)

9.2%

Non-Cash Costs (c)

(97,962)

(85,430)

-12.8%

(273,929)

(149,760)

-45.3%

Depreciation and Amortization¹

(97,962)

(85,430)

-12.8%

(273,929)

(149,760)

-45.3%

Construction Costs (d)

(506,272)

(65,601)

-87.0%

(1,089,484)

(253,992)

-76.7%

Non-Recurring (e)

-

-

n.m.

-

-

n.m.

Adjusted EBITDA (a+b+e)

274,164

314,238

14.6%

792,838

911,729

15.0%

Adjusted EBITDA Margin

50.1%

52.5%

2.4 p.p.

50.9%

52.4%

1.5 p.p.

3Q25 RESULTS



1. In 9M25, there was the non-recurring effect from the extension of the amortization period for Aeris' intangible assets to 2036, creating

an impact of R$106 million.

According to the demand table above, the airport modality increased by 5.3%.

At the international airports, the highlight was Curaçao, which recorded a 25,2% increase in total demand (domestic + international), driven by higher flight frequency and connecting passenger flow, reflecting restrictions on direct flights between the USA and Venezuela. Additionally, Aeris showed strong growth momentum, supported by the holiday season and appreciation of the local currency, which contributed to increased passenger traffic and airline capacity.

At the domestic airports, the quarter showed growth, with BH Airport standing out due to a 3.5% increase in domestic traffic driven by flight load factors, in addition to incentives from the state of Minas Gerais for Aviation Fuel (QAV). In the South and Central Blocks, growth reflected higher flight occupancy and increased seat availability, resulting from strategic initiatives led by Motiva, in partnership with airlines, focused on route and destination development.

The strong operational performance contributed positively to the 9.4% increase in Net Revenue excluding Construction.

3Q25 RESULTS

The main variations in Cash Costs are described below:



  • Personnel: The line's growth was mainly driven by salary adjustments, together with the appreciation of the local currency at Aeris, contributing R$4 million, combined with the internationalization of the IT team and salary adjustments at BH Airport, of approximately R$2 million.

    • Third-Party Services: The increase was mainly in BH Airport and Curaçao, with impacts of R$3 million and R$7 million, respectively. This growth was driven by higher demand volumes, leading to an increase in the number of operational and security agents at both airports. At BH Airport, this scenario also resulted in higher maintenance levels, including preventive actions.

    • Concession Fees/Obligations with the Granting Authority: The increase was mainly due to higher airport revenue in BH Airport, with an impact of R$1 million.

    • Other Costs and Expenses: The decrease was due to the write-off of the provision balance for losses of the international airline in Curaçao, contributing R$2 million in 3Q24, which did not recur in 3Q25, in addition to a reduction of approximately R$1 million related to expenses for Phase 1B works in the South and Central Blocks.

      The main variations in Non-Cash Costs are described below:

    • Depreciation and Amortization: The reduction reflects the extension of the amortization period for Aeris's intangible assets to 2036, with a R$20 million impact, offset by the capitalization of investments related to Phase 1B in the South and Central Blocks, of R$7 million and R$3 million, respectively.

    • Construction Costs: The reduction was mainly due to a lower volume of works at the airports in the South and Central Blocks, in the amounts of R$320 million and R$120 million, respectively.

The breakdown, per concession, is provided in Exhibit I of the earnings release.

3Q25 RESULTS

Other - Holding Companies and CSC

At the Holding Companies, the main variations were: (i) in the Personnel line, with an increase



due to the adjustment of the engineering team in response to newly acquired assets (R$27 million), in addition to an average annual collective bargaining agreement of 5.19% (+R$10 million). There was also a higher provision for profit sharing (R$8 million), and (ii) in the Third-Party Services line, with a reduction of approximately R$21 million due to a lower volume of consulting services related to the Value Acceleration Plan (PAV).

Consolidated Adjusted EBITDA

Adjusted EBITDA¹ (R$ M)

3Q24

3Q25

Var. %

9M24

9M25

Var. %

Toll Roads

1,621

1,979

22.1%

4,653

5,222

12.2%

Adjusted EBITDA Margin - Toll Roads

74.3%

80.6%

6.3 p.p.

75.1%

79.1%

4.0 p.p.

Railways

571

588

3.0%

1,561

1,751

12.2%

Adjusted EBITDA Margin - Railways

54.2%

60.3%

6.1 p.p.

52.1%

58.9%

6.8 p.p.

Airports

274

314

14.6%

793

912

15.0%

Adjusted EBITDA Margin - Airports

50.1%

52.5%

2.4 p.p.

50.9%

52.4%

1.5 p.p.

Other

(276)

(334)

21.0%

(742)

(888)

19.7%

Consolidated Adjusted EBITDA

2,190

2,547

16.3%

6,265

6,997

11.7%

Consolidated Adjusted EBITDA Margin

57.9%

64.4%

6.5 p.p.

58.3%

62.2%

3.9 p.p.

1. Excludes non-recurring effects.

Share in Adjusted EBITDA¹ by Platform

Rodovias

Railways

Airports

69%

20%

11%

1. Does not consider the Others - Holding Companies, CSC line.

Financial Result (R$ M)

3Q24

3Q25

Var. %

9M24

9M25

Var. %

Net Financial Result

(746)

(955)

27.7%

(2,284)

(2,959)

29.5%

Income on Financial Investments and Other Revenues

214

257

20.1%

562

687

22.5%

Capitalization of Costs on Loans

111

173

55.9%

339

536

58.1%

Interest on Loans, Financing, Debentures, and Commercial Notes

(785)

(991)

26.2%

(2,202)

(2,691)

22.2%

Result from Hedge Operation and Fair Value

(24)

(95)

295.8%

(10)

(127)

1,170.0%

Monetary Variation

(110)

(156)

41.8%

(563)

(987)

75.3%

Other Financial Income and Expenses¹

(152)

(143)

-5.9%

(410)

(377)

-8.0%

3Q25 RESULTS

Consolidated Net Financial Result


1. Other includes: commissions, fees, taxes, fines, interest on taxes, exchange rate variations, and others.

The main reasons for the variations reported in 3Q25 are:

Income on Financial Investments and Other Income increased 4.47 p.p. during the period due to a higher average annual CDI rate, partially offset by a 25.2% lower average cash balance compared to 3Q24.

The Capitalization of Costs on Loans line increased mainly due to higher capitalization at Rota Sorocabana (R$43 million), RioSP (R$25 million), ViaSul (R$15 million), PRVias (R$9 million), and ViaCosteira (R$9 million), partially offset by lower capitalization at ViaMobilidade - Lines 8 and 9 (R$22 million) and the South Block (R$18 million), following investments in the assets.

Interest on Loans, Financing, Debentures, and Commercial Notes increased mainly due to the Company's gross debt level, which was 17.1% higher than in 3Q24, in addition to the rise in the average annual CDI rate, of 4.47 p.p. compared to 3Q24.

The variation in the Income from Hedge Operation and Fair Value line reflects the fair value of financing obtained by (i) ViaMobilidade - Lines 5 and 17 in April 2020; (ii) the Holding company in December 2020, June 2021, and February 2022; (iii) Rota Sorocabana in March 2025; (iv) PRVias in February 2025, and (v) AutoBAn in July 2025, as well as by the fair value calculation of the related swaps.

The increase in the Monetary Variation line was mainly due to: (i) monetary variations in loans, financing, and debentures, causing an impact of R$51 million and reflecting the 36,8% increase in debt instruments indexed to the IPCA, partially offset by the 0.17 p.p. decrease in the IPCA index in the comparison periods; and (ii) the monetary variation with the Granting Authority at BH

3Q25 RESULTS

Airport, with a reduction of R$6 million in the comparison periods, given the lower IPCA index

applied to the concession fee, of 0,39% versus 0,57% between June and August of each period.



The decrease in Other Financial Income and Expenses is mainly explained by the elimination of the monetary restatement of the tariff surplus at Motiva Pantanal, in the approximate amount of R$24 million in 3Q24, which did not recur in 3Q25 due to the signing of the self-composition agreement in December 2024. This effect was partially offset by the payment of the premium (R$31 million) on the 16th issue at AutoBAn, related to liability management of approximately R$2.5 billion, which enabled refinancing and a reduction of the debt cost spread of approximately

2.02 p.p.

Indebtedness

Disbursements in the Quarter

In 3Q25, disbursements occurred as shown in the table below:

Company

Issue

Amount (R$ M)

Debt

Cost

Maturity

ViaSul

Sep/25

88

FINEM (BNDES)

IPCA + 7.78%

Dec/43

ViaSul

Sep/25

134

FINEM (BNDES)

IPCA + 4.60%

Dec/44

ViaCosteira

Sep/25

370

2ndIssue

CDI + 0.38%

Sep/28

AutoBAn Jul/25 1,100 16thIssue - 2ndSeries IPCA + 7.0457% Jul/37

CDI - 0.8064%¹

AutoBAn Jul/25 1,400 16thIssue - 1stSeries CDI + 0.50% Jul/32

Total 3,092

  1. Post-swap cost.

    Below is a description of the use of proceeds:

    • ViaSul and ViaCosteira: cash reinforcement;

    • AutoBAn (1st Series): prepayment of the 14th debenture issue;

    • AutoBAn (2nd Series): reimbursement of investments made and future project investments.

Indebtedness Performance

(R$ M)

Sep/24

Jun/25

Sep/25

Gross Debt¹ - Consolidated

34,392

38,966

40,263

Toll Roads

11,707

14,639

15,815

Railways

11,750

11,778

11,772

Airports

5,569

5,946

6,119

Other²

5,366

6,603

6,557

Cash, Cash Equivalents, and Financial Investments³ - Consolidated

8,642

6,680

7,709

Toll Roads

3,985

3,206

3,873

Railways

1,491

934

1,449

Airports

1,494

1,035

1,396

Other²

1,672

1,505

991

Net Balance of Derivatives Receivable (Payable) - Consolidated

(10)

(18)

(156)

Net Debt - Consolidated

25,759

32,305

32,710

Net Debt - Holding Company

3,659

5,101

5,609

3Q25 RESULTS



  1. Gross debt excludes transaction costs incurred during the structuring of the respective financial instruments, when measured at amortized cost.

  2. Unallocated (Holding Companies).

  3. Considers current asset values only.

Consolidated Debt Breakdown¹

TJLP + 0.0% - 4.0% p.a., IPCA + 2.28% - 8.25%

BNDES

Average Cost (% per annum)

Debt Breakdown (R$ M)

BNB IPCA + 2.28% - 2.79%

Debentures, CCB, and Others CDI - 0.32% - + 3.75% p.a.

Debentures IPCA + 4.25% - 7.25% p.a.

USD 4.2% p.a. - 12% p.a., SOFR + 3.03% p.a.

Other 6.14% p.a. - 9.76% p.a.

Total Equivalent

CDI - 0.28%

  1. The amounts are not deducted from transaction costs and are measured at amortized cost.

3Q25 RESULTS

Debt Breakdown by Index¹

617

1%

663

2%

617

2%

TJLP, TLP (IPCA) - BNDES

7,376 5,199

18% 13%

CDI - Debentures, CCB, and Others

16,434

40%

20,885

51%

IPCA - Debentures

11,373

28%

18,505

45%

USD

Fixed



Unhedged Hedged

  1. Amounts in R$M and as a % of the Company's total debt.

Amortization Schedule¹

2,773

2,656

3,678

3,280

2,523

923

1,202

1,989

1,561

15,533

2% 3% 7% 10% 9% 12% 8% 6% 5% 4%

38%

4,794

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 A partir

de 2035

R$ MM % Total

  1. The amounts are not deducted from transaction costs and are measured at amortized cost.

The consolidated amortization schedule shows the Company's long-term debt profile. Nearly 53% of amortization will begin to mature in 2032, approximately 4 p.p. higher than in the same period of the previous year. As a result of the debt extension, duration reached 5.7 years in 3Q25, with an average cost equivalent to CDI - 0.28%.

3Q25 RESULTS

CAPEX and Maintenance


Investments (including those to be received as financial assets) plus maintenance reached R$2,334 million in 3Q25 (+11.1%) and R$5,471 million in 9M25 (+9.8%).

PP&E and Intangible Assets

Performed Maintenance

Total

R$ M (100%)

Improvements, Equipment, Financial Assets¹, and Others

Maintenance Costs

3Q25

9M25

3Q25

9M25

3Q25

9M25

AutoBAn

42

83

275

596

317

679

ViaLagos

2

4

-

-

2

4

RodoAnel Oeste

33

58

-

-

33

58

SPVias

9

34

22

58

31

92

Motiva Pantanal

119

147

-

-

119

147

ViaSul

258

741

-

-

258

741

ViaCosteira

122

292

-

-

122

292

RioSP

489

1,212

-

-

489

1,212

ViaOeste2

284

446

-

-

284

446

Rota Sorocabana

148

297

-

-

148

297

PRVias

99

238

-

-

99

238

Toll Roads

1,606

3,552

297

654

1,903

4,206

ViaQuatro

34

52

-

-

34

52

ViaMobilidade -

Lines 5 and 17

22

59

-

-

22

59

MetrôBahia

20

54

-

-

20

54

VLT Carioca

9

28

-

-

9

28

ViaMobilidade -

Lines 8 and 9

207

510

-

-

207

510

Railways

292

703

-

-

292

703

BH Airport3

17

76

-

-

17

76

Aeris

45

96

-

-

45

96

Curaçao

8

32

-

-

8

32

Central Block

14

81

-

-

14

81

South Block

29

122

-

-

29

122

Pampulha

8

19

-

-

8

19

Airports

120

426

-

-

120

426

Other4

18

49

-

-

18

49

Consolidated

2,037

4,730

297

654

2,334

5,384

ViaOeste5

-

87

-

-

-

87

Consolidated + ViaOeste

2,037

4,817

297

654

2,334

5,471



3Q25 RESULTS

  1. The investments made by the concessionaires, which will be received by the Granting Authorities as monetary consideration or contribution, are part of the financial assets.

  2. Improvement works classified as CAPEX, due to the future economic benefits in the highway segments previously managed by ViaOeste and currently by Rota Sorocabana.

  3. In the accumulated amount, it includes the reclassification of R$47 million from accounts receivable to intangible assets, which occurred in 2Q25

  4. Includes Holding Company, CPC, and Eliminations.

  5. Considers improvement works (R$87 million) that do not generate future economic benefit and, therefore, were recorded as costs when incurred.

The concessionaires which most invested in the quarter were RioSP, AutoBAn, and ViaSul.

At RioSP, investments focused on expansion works in the São Paulo and São José dos Campos Metropolitan Regions, as well as progress on works in Serra das Araras. At AutoBAn, we highlight pavement interventions along the Anhanguera-Bandeirantes system roadway network. At ViaSul, disbursements were mainly related to lane and service road interventions, as well as duplications on various stretches of BR-101, BR-290, and BR-386.

At ViaMobilidade - Lines 8 and 9, key projects included the expansion of Imperatriz Leopoldina station and renovations of Domingos de Moraes and Júlio Prestes stations. Energy networks, cabins, and substations were also installed. Additionally, throughout 2025, Ambuitá Station and Varginha Terminal were inaugurated.

Regulatory Matters and Other Material Facts

SPVias - Amendment no. 22

On July 4, 2025, Amendment No. 22 to the SPVias concession agreement was executed, formalizing the incorporation of investments already made into the contractual scope and restoring the economic-financial balance through a 73-day extension of the concession term, allowing the recognition of Rebalancing Revenue in the amount of R$63,296, with a corresponding entry in Intangible Assets.

ViaQuatro - Amendment no. 10

On September 26, 2025, Amendment no. 10 to the ViaQuatro concession agreement was executed, formalizing the assumption of the necessary investments for the extension of Line 4 to Taboão da Serra, totaling R$3,897,964 (base date Feb/2025), which will be carried out through:

(i) a 20-year extension of the concession term; (ii) an increase of R$0.4230 in the tariff; (iii) tariff revenue from additional passenger demand generated by the commercial operation of the extension; and (iv) a capital contribution from the State, totaling R$2,982,399 (base date Feb/2025).

3Q25 RESULTS

Additionally, the Amendment also recognized the economic-financial rebalancing arising from the

shortfall in tariff revenue related to the delay in completing Phase II, totaling R$893,818, plus



taxes (base date Sep/2025), recognized as Rebalancing Revenue, with a corresponding entry in accounts receivable from the Granting Authority. This amount will be realized through a R$0.4230 tariff increase applicable for the period from 00:00:00 on September 01, 2025, to 13:59:19 on August 07, 2036, and through the receipt of demand mitigation.

For more details, see Note 1.1 of the Quarterly Information.

Sustainability Agenda

3Q25 was marked by significant advances in Motiva's sustainability agenda. A key highlight was the "Motiva 2035" week, dedicated to stakeholder engagement, during which the Company presented its sustainability progress, as well as its Climate Transition Plan, emphasizing the achievements already made in its implementation and in estimated emissions reductions.

Motiva partnered with Fundação SOS Mata Atlântica to create an ecological corridor, which will restore 16 hectares and has the potential to capture up to 9,000 tons of carbon, reinforcing its commitment to biodiversity conservation. Also in 3Q25, Motiva became the first mobility infrastructure company in South America to join the Taskforce on Nature-related Financial Disclosures (TNFD), consolidating its leadership in environmental management and transparency practices.

As part of its climate strategy, Motiva acquired 27,000 carbon credits from Reservas Votorantim, supporting the preservation of the Atlantic Forest and the target of carbon neutrality in scopes 1 and 2 by 2035. Participation in Rio Climate Action Week reinforced its commitment to a low-carbon economy. For the second consecutive year, the Company received the Gold Seal from the GHG Protocol, recognizing transparency in emissions management.

Diversity and Inclusion

In 3Q25, Motiva advanced initiatives reaffirming its commitment to a more representative, safe, and inclusive organizational culture. Highlights included the celebration of the Latin American and Caribbean Black Women's Day, recognizing the achievements of Black female employees, and the "Agosto Lilás" campaign, which featured a live session addressing various forms of violence against women.

In September, focus shifted to Disability Awareness Month, including a discussion on ableism, inclusion, and the experiences of people with disabilities. Motiva also continued LGBTQIAPN+ literacy initiatives at Metrô Bahia and on highways, promoting information, empathy, and respect for diverse identities.

3Q25 RESULTS

During the period, two major projects were launched: the Diversity Census, a key tool to

understand employee profiles and guide more effective, strategically aligned initiatives; and the



Impulsione Mentoring Program, which, in its first edition, aims to develop the careers of Black employees, promoting equal opportunities and greater representation in leadership roles.

Social Responsibility

In 3Q25, Instituto Motiva began territorial diagnostics in 19 priority regions to understand local needs, identify key stakeholders, and develop tailored territorial plans.

In August, the Company renewed its participation in the Programa Na Mão Certa by Childhood Brasil, reaffirming its commitment since 2006 to preventing and combating sexual exploitation of children and adolescents, particularly in logistics and transport contexts.

In September, Instituto Motiva launched its new social strategy, structured around three main pillars: Sustainable Solutions, Reducing Inequalities, and Quality of Life, aligned with the UN Sustainable Development Goals. During the event, the commitment to invest R$1 billion by 2025 in private social investment initiatives was announced.

Brief Background

About Motiva: the largest mobility infrastructure company in Brazil, operates in the Toll Road, Railways, and Airport segments. It operates 37 assets in 13 Brazilian states and has more than 16,000 employees. The Company is responsible for the management and maintenance of 4,475 kilometers of toll roads, providing 3,600 services a day. Its railway platform, which manages subways, trains, and VLT, transports 750 million passengers per year. In airports, with 17 units in Brazil and three abroad, it serves roughly 45 million customers every year. The Company has been listed on B3's sustainability index for 14 years.

In 2025, the Company will mark 26 years of operation and is recognized in domestic and international markets mainly for its strict governance and compliance standards. It was the first company to go public in the Novo Mercado listing segment of B3, with 49.43% of its shares floating in the market. In addition to IBOV, the Company's shares are also listed in ISE (Corporate Sustainability Index), ICO2 (Carbon Efficient Index), IGC (Special Corporate Governance Stock Index), IDIVERSA (Diversity Index), IGPTW (Great Place to Work Index), IBrX-50 (Brazil Index 50), IBrX-100 (Brazil Index 100), and MSCI Latin America.

3Q25 RESULTS

Exhibit 1 - IFRS


Gross Revenues (excluding Construction Revenue) by Asset

Gross Revenue - Tolls (R$ M)

3Q24

3Q25

Var.%

9M24

9M25

Var.%

AutoBAn

986,395

1,063,229

7.8%

2,747,096

2,938,760

7.0%

ViaOeste

322,012

-

n.m.

909,268

298,051

-67.2%

RioSP

349,289

364,197

4.3%

989,535

1,050,040

6.1%

SPVias

280,641

310,131

10.5%

792,840

856,233

8.0%

ViaSul

136,585

135,415

-0.9%

390,113

425,367

9.0%

RodoAnel Oeste

118,470

132,498

11.8%

333,121

361,071

8.4%

ViaCosteira

53,267

51,339

-3.6%

158,644

158,168

-0.3%

ViaLagos

51,230

52,505

2.5%

159,632

171,942

7.7%

Motiva Pantanal

57,179

121,492

112.5%

169,054

334,898

98.1%

Rota Sorocabana

-

129,523

n.m.

-

256,044

n.m.

PRVias

-

211,824

n.m.

-

217,334

n.m.

Total Gross Revenue - Tolls

2,355,068

2,572,153

9.2%

6,649,303

7,067,908

6.3%

% Total Revenue

40.2%

38.7%

- 1.5 p.p.

40.7%

43.0%

2.4 p.p.

% AVI

79.6%

85.7%

6.1 p.p.

78.6%

84.4%

5.8 p.p.

Gross Revenue - Railway/Waterway (R$ M)

3Q24

3Q25

Var.%

9M24

9M25

Var.%

ViaQuatro

214,542

153,232

-28.6%

625,535

623,982

-0.2%

Metrô Bahia

141,646

157,009

10.8%

421,553

453,360

7.5%

ViaMobilidade - Lines 8 and 9

226,559

241,775

6.7%

650,436

691,495

6.3%

ViaMobilidade - Lines 5 and 17

138,272

143,358

3.7%

406,485

417,576

2.7%

VLT Carioca

54,666

28,017

-48.7%

95,928

78,950

-17.7%

Barcas

25,840

-

n.m.

77,279

11,309

-85.4%

Total Gross Revenue - Railways

801,525

723,391

-9.7%

2,277,216

2,276,672

0.0%

% Total Revenue

13.7%

10.9%

- 2.8 p.p.

13.9%

13.9%

- 0.1 p.p.

Gross Revenue - Airports (R$ M)

3Q24

3Q25

Var.%

9M24

9M25

Var.%

Curaçao

84,091

70,492

-16.2%

234,096

225,665

-3.6%

BH Airport

126,464

145,225

14.8%

344,782

414,113

20.1%

Aeris

99,762

134,518

34.8%

312,122

352,793

13.0%

South Block

153,109

172,419

12.6%

443,784

515,595

16.2%

Central Block

89,353

98,605

10.4%

239,967

271,096

13.0%

Pampulha

9,122

10,141

11.2%

26,907

28,556

6.1%

Total Gross Revenue - Airports

561,901

631,400

12.4%

1,601,658

1,807,818

12.9%

% Total Revenue

9.6%

9.5%

- 0.1 p.p.

9.8%

11.0%

1.2 p.p.

Gross Revenue - Construction

3Q24

3Q25

Var.%

9M24

9M25

Var.%

Total

1,807,877

1,432,608

-20.8%

4,823,048

3,399,318

-29.5%

% Total Revenue

30.8%

21.6%

- 9.3 p.p.

29.5%

20.7%

- 8.8 p.p.

Other Gross Revenue

3Q24

3Q25

Var.%

9M24

9M25

Var.%

Total Gross Revenue - Other

337,235

1,284,862

281.0%

1,001,369

1,877,343

87.5%

% Total Revenue

5.8%

19.3%

13.6 p.p.

6.1%

11.4%

5.3 p.p.

Total Gross Revenue

3Q24

3Q25

Var.%

9M24

9M25

Var.%

Total (with Construction Revenue)

5,863,606

6,644,414

13.3%

16,352,594

16,429,059

0.5%

3Q25 RESULTS



Airport Revenue Mix in the Quarter

Quito

San Jose

Curaçao

BH Airport

Bloco Sul

Bloco Central

Pampulha

26%

74%

30%

70%

27%

73%

51%

49%

27%

73%

32%

68%

39%

61%

Airport Revenue

Non-Recurring Effects
Commercial Revenue

Net Revenue

R$ M

3Q24

3Q25

9M24

9M25

Comments

Cash Effect

Consolidated Net Revenue

3,782

4,915

10,748

12,206

(-) Non-Recurring

-

(957)

-

(957)

SPVias

-

(63)

-

(63)

SPVias - Extension

No

ViaQuatro

-

(894)

-

(894)

ViaQuatro - Amendment and Monetary Adjustments

No

Adjusted Net Revenue

3,782

3,957

10,748

11,249

Adjusted EBITDA

R$ M

3Q24

3Q25

9M24

9M25

Comments

Cash Effect

EBITDA

1,889

3,384

5,430

7,722

(+) Provision for Maintenance

104

100

295

283

(+) Recognition of Prepaid Expenses

33

31

100

96

(-) Equity Pick-up

(61)

(77)

(178)

(221)

(-) Share of Non-controlling Shareholders

36

188

51

179

(-) Non-Recurring

188

(1,079)

568

(1,061)

ViaQuatro

-

894

-

894

ViaQuatro - Amendment and Monetary Adjustments

No

SPVias

-

63

-

63

SPVias - Extension

No

ViaMobilidade - Lines 8 and 9

-

122

-

122

Compensation for delays in the delivery of rolling stock

No

ViaMobilidade - Lines 8 and 9

-

-

-

69

Reversal - provision for fines contingencies

No

ViaOeste

(188)

-

(568)

(87)

Improvement works that do not generate future economic benefit

Yes

Adjusted EBITDA

2,190

2,547

6,265

6,997

Net Income

R$ M

3Q24

3Q25

9M24

9M25

Comments

Cash Effect

Consolidated Net Income (Loss)

422

1,232

1,031

2,674

(-) Non-Recurring¹ 138 (549) 389 (1,054)

ViaQuatro - (442) - (442) ViaQuatro - Amendment and No

Monetary Adjustments

ViaMobilidade - Lines 8 and 9 - (64) - (64) Compensation for delays in the No

delivery of rolling stock

SPVias - (42) - (42) SPVias - Extension No

BH Airport - - - 17 Concession fee reprofiling No

Motiva Pantanal - - - (480) Creation of Deferred No

ViaMobilidade - Lines 8 and 9 - - - (36) Reversal - contingency for fines No

ViaOeste 138 - 389 57 Improvement works that do not Yes

generate future economic benefit

Aeris - - - (63) D&A adjustment due to extension No

Adjusted Net Income 560 683 1,420 1,620

3Q25 RESULTS



1. Non-recurring effects are net of income tax and social contribution (IRPJ and CSLL).

Breakdown of Other Gross Revenue from the Railways Business (excluding Construction Revenue)¹


ViaQuatro

Metrô Bahia

Gross Revenue

3Q24

3Q25 Var.%

9M24

9M25

Var.%

3Q24

3Q25 Var.% 9M24

9M25

Var.%

Railway Revenue

214,542

153,232

-28.6%

625,535

623,982

-0.2%

141,646

157,009

10.8%

421,553

453,360

7.5%

Mitigation Revenue

30,975

(47,043)

n.m.

90,468

43,319

-52.1%

34,299

46,238

34.8%

121,539

138,202

13.7%

Tariff Revenue

183,567

200,275

9.1%

535,067

580,663

8.5%

107,347

110,771

3.2%

300,014

315,158

5.0%

Ancillary Revenue

21,095

24,138

14.4%

56,065

63,448

13.2%

5,166

6,472

25.3%

14,490

17,611

21.5%

Financial Asset

53,208

961,841

1707.7%

145,066

1,009,572

595.9%

112,116

102,157

-8.9%

311,175

310,062

-0.4%

Other

354

374

5.6%

846

1,101

30.1%

3

3

0.0%

3

3

0.0%

Total Gross Revenue

289,199

1,139,585

294.0%

827,512

1,698,103

105.2%

258,931

265,641

2.6%

747,221

781,036

4.5%

VLT Carioca

ViaMobilidade - Lines 5 and 17

Gross Revenue

3Q24

3Q25 Var.%

9M24

9M25

Var.%

3Q24

3Q25

Var.%

9M24

9M25

Var.%

Railway Revenue

54,666

28,017 -48.7%

95,928

78,950

-17.7%

138,272

143,358

3.7%

406,485

417,576

2.7%

Mitigation Revenue

28,918

- n.m.

28,918

-

n.m.

31,708

31,305

-1.3%

96,404

93,315

-3.2%

Tariff Revenue

25,748

28,017 8.8%

67,010

78,950

17.8%

106,564

112,053

5.2%

310,081

324,261

4.6%

Ancillary Revenue

3,225

4,413 36.8%

10,260

13,371

30.3%

8,478

9,883

16.6%

25,814

28,525

10.5%

Financial Asset

51,844

49,458 -4.6%

151,654

172,364

13.7%

1,851

(5,838)

n.m.

12,418

-2,536

n.m.

Other

-

- n.m.

-

-

n.m.

636

717

12.7%

1,104

1,902

72.3%

Total Gross Revenue

109,735

81,888 -25.4%

257,842

264,685

2.7%

149,237

148,120

-0.7%

445,821

445,467

-0.1%

ViaMobilidade - Lines 8 and 9

Barcas

IGCB3



28







MOTV

Gross Revenue

3Q24

3Q25

Var.%

9M24

9M25

Var.%

3Q24

3Q25

Var.%

9M24

9M25

Var.%

Railway Revenue

226,559

241,775

6.7%

650,436

691,495

6.3%

25,840

-

n.m.

77,279

11,309

-85.4%

Mitigation Revenue

7,352

3,996

-45.6%

20,107

16,140

-19.7%

-

-

n.m.

-

0

n.m.

Tariff Revenue

219,207

237,779

8.5%

630,329

675,355

7.1%

25,840

-

n.m.

77,279

11,309

-85.4%

Ancillary Revenue

2,615

5,348

104.5%

7,188

12,957

80.3%

1,094

- n.m.

5,306

559

-89.5%

Financial Asset

-

-

n.m.

-

-

n.m.

(116)

- n.m.

5,608

0

n.m.

Other

105

92

-12.4%

105

288

174.3%

457

- n.m.

1,424

217

-84.8%

Total Gross Revenue

229,279

247,215

7.8%

657,729

704,740

7.1%

27,275

- n.m.

89,617

12,085

-86.5%

3Q25 RESULTS



1. Does not consider effects from eliminations.

EBITDA Reconciliation

EBITDA Reconciliation (R$ M)

3Q24

3Q25

Var.%

9M24

9M25

Var.%

Net Income

422

1,232

191.8%

1,031

2,674

159.4%

(+) Income Tax and Social Contribution

281

709

152.5%

862

820

-4.8%

(+) Net Financial Result 746 953 27.7% 2,284 2,957 29.5%

(+) Depreciation and Amortization

440

491

11.5%

1,254

1,270

1.3%

EBITDA (1)

1,889

3,384

79.1%

5,430

7,722

42.2%

EBITDA Margin (1)

33.8%

53.3%

19.5 p.p.

34.9%

49.5%

14.6 p.p.

(+) Prepaid Expenses (2)

33

31

-5.7%

100

96

-3.8%

(+) Provision for Maintenance (3)

104

100

-4.1%

295

283

-4.0%

Equity Pick-up

(61)

(77)

25.6%

(178)

(221)

24.1%

(+) Share of Non-controlling Shareholders

36

188

415.4%

51

179

252.4%

(-) Non-Recurring

188

(1,079)

n.m.

568

(1,061)

n.m.

Adjusted EBITDA (4)

2,190

2,547

16.3%

6,265

6,997

11.7%

Adjusted EBITDA Margin (5)

57.9%

64.4%

6.5 p.p.

58.3%

62.2%

3.9 p.p.

  1. Calculation according to CVM Resolution 156/2022, which consists of net income adjusted for the net financial result, income tax and social contribution expenses over net income, and depreciation and amortization costs and expenses.

  2. Refers to the recognition of prepayments related to the concession, which are adjusted for being a non-cash item in the Quarterly Information (ITR).

  3. The provision for maintenance is adjusted, as it refers to estimated future expenditures from periodic maintenance in Motiva's investees

    and constitutes a non-cash item in the Quarterly Information (ITR).

  4. Calculated by excluding provision for maintenance, recognition of prepaid concession fees, and non-recurring effects detailed in the

    "Non-recurring effects" section.

  5. The adjusted EBITDA margin was calculated excluding non-recurring effects and construction revenue, given that this revenue is an IFRS requirement, with the corresponding entry impacting total costs.

29









MOTV

IGCB3

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