Simpar SaBMFBOVESPA: SIMH3

4Q25 Results Release

Mar 30, 2026 at 11:25 PM UTC · MarketScreener

‌Market Cap (03/30): R$ 4.6 billion Average daily liquidity (90 days): R$ 41 million

Conference Call and Webcast

Portuguese (with simultaneous translation into English) Tuesday, March 31, 2026 | 09:00 am (São Paulo) | 08:00 am (NY)

CLICK HERE to join the webcast Webinar ID: 819 5088 9509 | Access code: 851298

‌GROSS REVENUE

4Q25

R$ 12.4 bn +5.9% y/y

A LL - TI M E H I GH

2025

R$ 47.8 bn +6.8% y/y

A LL - TI M E H I GH

EBITDA¹ R$ 4.1 bn

+55.4% y/y

A LL - TI M E H I GH

R$ 12.8 bn +24.2% y/y

A LL - TI M E H I GH

NET INCOME¹

PRODUCTIVE ROIC² (ex-BBC)

R$ 543 mn vs. -R$224 mn in 4Q24 - R$ 213 mn +127% y/y 16.6% +2.9 p.p. above cost of third-party capital

CONSISTENT AND DIVERSIFIED

ORGANIC GROWTH

Record Net Revenue (+7% y/y) to R$43.5 bn in 2025

Strong growth in Asset Sales of 29.8% y/y in 4Q25

IMPROVEMENT IN OPERATIONAL EFFICIENCY

EBITDA up 24.2% y/y to R$ 12.8 bn in 2025 EBITDA per Employee up 24% to R$224 K in 2025

OPTIMIZED INVESTMENTS

AND STRONGER CASH GENERATION

Lowest Net CAPEX in the past 5 years (-35% y/y)

BROAD ACCESS TO LONG-TERM CAPITAL SOURCES

R$4.6 bn raised in 4Q25 and R$4.2 bn in 1Q26

4Q2 25: Average cost of CDI + 2.8% | Average term of 5.0 years 1Q26: Average cost of CDI + 1.9% | Average term of 5.1 years

LEVERAGE REDUCTION ON A YEAR-OVER-YEAR BASIS

Lowest leverage in the past 15 years (3.0x)

VALUE UNLOCK OF AN UNLISTED SUBSIDIARY

Sale of 100% of Ciclus Rio for R$1.8 bn (Enterprise Value), in line with SIMPAR's strategic plan for active management of an independent company portfolio

Notes: (1) Excluding the positive impact from the sale of Ciclus Rio, EBITDA totaled R$3.1 billion in 4Q25 and R$11.8 billion in 2025, while Net Income (Loss) was -R$69 million in 4Q25 and

-R$400 million in 2025; (2) Excludes invested capital in operations that have not yet contributed to revenue generation; for further details, see the ROIC section. Excluding the positive impact from the sale of Ciclus Rio, ROIC would have been 14.8%, an increase of 2.6 p.p. y/y.

SIMH

B3 LISTED NM

4Q25 RESULTS

2025

Net income of R$213 million

Record EBITDA of R$12.8 billion, up 24% y/y

‌MESSAGE FROM MANAGEMENT

We are pleased to report SIMPAR's 2025 results. They reflect the trust of our clients, the execution of the strategic plan defined by the Board of Directors and, the dedication of our more than 56 thousand employees, who deliver services with efficiency and quality across each of our companies: JSL, MOVIDA, VAMOS, AUTOMOB, CS Infra, Ciclus Ambiental, CS Brasil and BBC - businesses that are part of the real economy and that have PEOPLE as their main differentiating factor. We also thank our suppliers and investors for their trust and for building long-term relationships.

2025 marks an important milestone in the execution of SIMPAR's strategic plan, with advances in cash generation and profitability. Following the completion of our operational foundation, including fleet, store network and branches, systems and teams and improvement of pricing models, we are now consistently capturing gains from scale, synergies, operational efficiency and the potential of our portfolio across the sectors in which we operate.

We achieved Net Revenue of R$43.5 billion (+7% y/y) and EBITDA of R$12.8 billion (+24% y/y) - both annual records - while net Capex was reduced by 35%, totaling R$6.6 billion. As a result, the EBITDA/net CAPEX ratio increased to 1.9x, above the averages of 0.6x for the 2019-2022 period and 1.1x in 2023 and 2024.

The results reflect the strength of our Management Model with the strategic planning defined by the Boards of Directors and strategic direction from SIMPAR that ensures a unique Culture and Values, with a focus on discipline, agility, and efficiency in executing business plans across each of its companies.

The expansion of profitability, combined with lower investment requirements, demonstrates the value to be captured by the companies, as seen in the monetization of Ciclus Rio, with a return of 27% per year, proving the value of an asset that had not yet been recognized by the market. These indicators contribute to the reduction of leverage - Net Debt/EBITDA decreased from 3.6x to 3.0x in 4Q25, the lowest level in the past 15 years. We ended 4Q25 with a cash position of R$3.6 billion at SIMPAR, sufficient to cover maturities through mid-2031. On a consolidated basis, cash totaled R$12.7 billion, excluding R$1.3 billion in available and undrawn committed credit lines, in addition to floor plan financing. During the quarter, we raised R$4.6 billion in debt, at an average cost of CDI + 2.8% per year and an average tenor of 5.0 years. In 1Q26, debt issuances totaled R$4.2 billion, with emphasis on MOVIDA, which raised R$3.5 billion in February at an average cost of CDI + 2.2% per year and an average tenor of 4.5 years, an amount sufficient to extend all debt maturing in 2026.

JSL delivered results that reflect relevant structural moves in 2025: 1) greater use of leased assets with lower capital intensity; and 2) operational reorganization with the creation of INTRALOG - the largest warehousing and intralogistics company in Brazil, positioned to capture opportunities in a high-growth market - as well as JSL Digital (cargo transportation) and JSL Dedicated Services. In the latter, approximately 29% of EBITDA is generated from operations with independent drivers and third parties, and approximately 71% from owned fleet utilization. This was supported by operating cash generation of R$392 million (~21% of market capitalization in 2025), reflecting the strategic decision to increase the leasing of new assets to provide services to our clients. As a result, leverage decreased to 2.9x Net Debt/EBITDA (-0.4x y/y).

At MOVIDA, ROIC reached a record 16.6%, 5.8 p.p. above the cost of third-party capital, reflecting consistent execution of its customer-centric strategy. Pricing improved, with a 13% increase in RAC average daily rates, the addition of 676 thousand new customers and a 0.3 p.p. increase in market share1. GTF yield reached 3.5% in 4Q25 (+0.2 p.p. y/y). In addition, execution of the strategic plan resulted in the achievement of all guidance targets over the last two years, with highlights including the outperformance of Net Income and leverage guidance in 4Q25: (i) Net Income reached R$102 million, the highest quarterly result in the past three years and up 65% y/y, exceeding guidance by 24%; and (ii) Net Debt/EBITDA reached 2.6x, the lowest level in the past five years, hitting the lower end of the guidance range. Continued operational improvement is expected to be reflected in quarterly results, as indicated by the 1Q26 Net Income guidance of R$110-130 million.

Note: (1) Based on fleet data from the ABLA 2026 Yearbook;

‌VAMOS reported 4Q25 results that indicate an inflection point in profitability, highlighted by: (i) an 85% increase in Used Vehicles Net Revenue, reaching a record R$1.3 billion, with performance 4.0x above the market2; (ii) a significant reduction in delinquency (allowance for doubtful accounts of 0.8% in 2H25 vs. 3.6% in 1H25); (iii) a 3 p.p. improvement in fleet utilization (87%); and (iv) a reduction in leverage to 3.16x, the lowest level since 2022. VAMOS exceeded all 2025 guidance targets: (i) deployed CAPEX of R$4.2 billion, above R$4.1 billion; (ii) gross revenue from Asset Sales of R$1.4 billion, above R$1.3 billion; (iii) net CAPEX of R$1.6 billion, within the R$1.3-1.8 billion range; (iv) EBITDA of R$3.6 billion, above R$3.5 billion; and (v) Net Income of R$319 million, above the expected R$300 million. The 2026 guidance: (i) gross revenue from asset sales of R$1.6-1.8 billion, (ii) net CAPEX of R$1.2-

1.9 billion, and (iii) EBITDA of R$3.75-4.0 billion, supports continued earnings expansion.

AUTOMOB held its first Investor Day in November 2025 and presented its plan to reach EBITDA of R$980 million in 2027 (+85% versus 2025). The Company advanced in modernizing its dealerships, with 92% of its 197 stores renovated over the past 2.5 years, and completed systems integration in the light vehicles division, with initial gains in productivity and sales per location of 32 new cars per dealership (+5% y/y), 21 used light vehicles per dealership (+21%), and an increase in the used-to-new sales ratio to 0.7x (+17% y/y). 2026 is expected to mark the beginning of returns from these investments, such as store renovations and systems integration, forming the foundation for delivering the 2027 guidance.

CS Infra reported Net Revenue from Services of R$283 million (+45% y/y) and EBITDA of R$62 million (+89% y/y) in 2025, which do not yet reflect the full ramp-up of CS Portos Aratu and CS Grãos do Piauí, nor the three new concessions added in 2025, which are still in the early stages of development (CS Rodovias Mercosul, CS Rodovias Rota da Integração and CS Mobi Leste SP).

Furthermore, in February 2026, CS Infra won the auction for terminal MCP01 at the Port of Santana in the State of Amapá (CS Portos Amapá). In addition, in March 2026, CS Infra expanded its scope of operations with the creation of the CS Infrasocial business through the addition of two concessions, North and South lots, for the construction, maintenance, conservation and operation of 40 new educational units serving 29,000 students in the State of Paraná. The results from these new concessions, as well as the maturation of existing assets, are expected to contribute materially to CS Infra's growth in 2026. CS Portos' 2026 guidance is for EBITDA of R$180-250 million, compared to EBITDA of -R$19.5 million in 2025.

Ciclus Ambiental completed the monetization of Ciclus Rio for a total enterprise value of R$1.8 billion, representing a 2.0x return on invested capital (27% per year). Ciclus Amazônia continued to grow steadily, and Ciclus Centroeste, with the construction of a new landfill, scheduled to begin operations in 2Q26.

CS Brasil expanded its contract portfolio, adding more than R$60 million in future revenue, with EBITDA increasing by 44%, driven by operational gains and cost efficiencies.

BBC Digital ended 2025 with a credit portfolio of R$2.2 billion (+17% y/y), continuing to grow sustainably, with delinquency below the market average. In addition, Financial Intermediation Revenue reached a record R$397 million, up 69% compared to the previous year.

SIMPAR approved, in March of this year, a capital increase of R$1.4 billion (minimum) to R$2.0 billion (maximum), anchored by the controlling shareholder JSP Holding, BNDES Participações (BNDESPar) and institutional investors; an increase of R$500 million (minimum) to R$750 million (maximum) at MOVIDA; and an increase of R$400 million (minimum) to R$600 million (maximum) at VAMOS. In the two controlled companies, the capital increases were anchored by SIMPAR and BNDESPar, but they are subject to the participation of a portion of the minority shareholders in order to be completed. BNDESPar has the option to acquire from SIMPAR a 5% stake in JSL. Minority shareholders are granted preemptive rights to participate in all transactions under the same terms and conditions as anchor investors.

Note: (2) According to Fenauto data, used truck sales grew by approximately 28% in 2025, while VAMOS recorded a 111% increase over the same period;

‌These transactions are aligned with the long-term strategic plan and are a recognition of the quality of execution, highlighting the strength of the Group's governance, management model, and sustainable development strategy. In addition, they strengthen the capital structure, reduce the cost of capital, increase share liquidity. Operating in strategic segments of the economy, SIMPAR's ecosystem positions itself as a relevant platform for the development of the logistics, mobility, and infrastructure chains, driving innovation and efficiency and enhancing the country's competitiveness.

We operate resilient businesses across essential and diversified sectors, enabling a balanced revenue mix and consistent results amid cyclical and seasonal market conditions.

For 2026, as we mark our 70th anniversary, amid a more volatile environment, we remain focused on capturing value from the asset base built in recent years, with continued progress in cash generation and profitability. We also reaffirm our commitment to sustainable development and value creation, disciplined capital allocation, operational efficiency and a focus on consistent returns.

Thank you,

Adalberto Calil - Chairman of the Board of Directors of SIMPAR S.A. Fernando Antonio Simões - Chief Executive Officer, SIMPAR S.A.

‌SIMPAR CONSOLIDATED - FINANCIAL HIGHLIGHTS

Disclaimer: The consolidated quarterly and annual 2024 and 2025 results presented in this release reflect the accounting reclassification of Ciclus Rio as a discontinued operation

SIMPAR - Consolidated

Financial Highlights (R$ million)

4Q24

3Q25

4Q25 ▲Y o Y ▲Q o Q 2024

2025

▲Y o Y

Net Revenue 10,653.8 11,293.0 11,277.4 +5.9% -0.1% 40,738.1 43,528.4 +6.8%

Net Revenue excluding Construction 10,444.6 11,189.2 11,176.6 +7.0% -0.1% 40,019.9 43,147.1 +7.8%

Net Revenue from Construction 209.2 103.8 100.8 -51.8% -2.9% 718.2 381.3 -46.9%

Net Revenue from Services 8,796.8 9,085.8 9,038.5 +2.7% -0.5% 32,256.5 34,841.1 +8.0%

Net Revenue from Asset Sales 1,647.8 2,103.3 2,138.1 +29.8% +1.7% 7,763.4 8,306.0 +7.0%

EBIT 1,640.6 1,722.1 2,923.2 +78.2% +69.7% 6,581.3 8,170.2 +24.1%

Margin (% Net Revenue ex-Construction) 15.7% 15.4% 26.2% +10.5 p.p. +10.8 p.p. 16.4% 18.9% +2.5 p.p.

Net Financial Result (1,696.5) (2,079.2) (2,113.7) +24.6% +1.7% (6,176.6) (7,916.1) +28.2%

Net Income (223.7) (265.0) 543.4 - - 93.8 212.6 +126.7%

Margin (% Net Revenue ex-Construction) -2.1% -2.4% 4.9% +7.0 p.p. +7.3 p.p. 0.2% 0.5% +0.3 p.p.

Net Income (controllers) (245.2) (246.2) 432.9 - - (198.2) 39.5 -119.9%

Margin (% Net Revenue ex-Construction) -2.3% -2.2% 3.9% +6.2 p.p. +6.1 p.p. -0.5% 0.1% +0.6 p.p.

EBITDA 2,614.9 2,933.8 4,063.6 +55.4% +38.5% 10,272.4 12,754.3 +24.2%

Margin (% Net Revenue ex-Construction) 25.0% 26.2% 36.4% +11.4 p.p. +10.2 p.p. 25.7% 29.6% +3.9 p.p.

(+) Cost of Asset Sales 1,533.9 2,103.4 1,814.9 +18.3% -13.7% 7,186.6 7,696.6 +7.1%

Margin (% Net Revenue ex-Construction) 16.9% 16.7% 18.3% +1.4 p.p. +1.6 p.p. 16.9% 17.3% +0.4 p.p.

Margin (% Net Revenue ex-Construction) 1.3% -1.3% -0.5% -1.8 p.p. +0.8 p.p. 1.4% -0.6% -2.0 p.p.

Margin (% NR) -0.1% -1.4% -1.5% -1.4 p.p. -0.1 p.p. 0.2% -1.1% -1.3 p.p.

Margin (% Net Revenue ex-Construction) 25.9% 27.2% 28.2% +2.3 p.p. +1.0 p.p. 25.8% 27.7% +1.9 p.p.

Gross Capex 5,167.9 3,296.1 4,994.1 -3.4% +51.5% 18,184.7 15,081.2 -17.1%

Adjusted EBITDA 2,703.8 3,046.3 3,151.2 +16.5% +3.4% 10,321.3 11,936.9 +15.7%

Adjusted Net Income (controllers) (15.4) (160.9) (169.6) - +5.4% 84.6 (455.5) -

Adjusted Net Income 138.1 (146.3) (55.4) -140.1% -62.1% 548.1 (246.6) -145.0%

Adjusted EBIT 1,760.7 1,863.1 2,040.9 +15.9% +9.5% 6,759.7 7,462.0 +10.4%

Added-EBITDA 4,148.8 5,037.1 5,878.5 +41.7% +16.7% 17,459.0 20,450.9 +17.1%

Renewal and others 2,424.0 2,320.0 2,543.9 +4.9% +9.7% 9,197.6 8,950.4 -2.7%

Expansion 2,744.0 976.0 2,450.3 -10.7% +151.1% 8,987.1 6,130.8 -31.8%

Net Capex	3,476.9	1,063.0	2,924.9	-15.9%	+175.2%	10,261.2	6,627.8	-35.4%
Net Debt - ex BBC	39,047.7	41,428.0	39,577.0	+1.4%	-4.5%	39,047.7	39,577.0	+1.4%

4Q25

Financial Highlights¹ (R$ million)	JSL	Vamos	Movida	Automob	CS Infra	Ciclus Ambiental	CS Brasil	BBC
Net Revenue	2,454.0	1,483.0	3,659.0	3,354.7	198.1	93.9	174.0	1.5
Net Revenue from Services	2,354.7	1,184.8	2,096.4	3,317.7	101.9	89.3	134.0	1.5
Net Revenue from Construction	-	-	-	-	96.2	4.6	-	-
Net Revenue of Asset Sales	99.3	326.9	1,562.6	36.9	-	-	40.0	-
Eliminations -		(28.7)	-	-	-	-	-	-
EBIT 304.2		693.0	850.7	88.2	40.4	14.3	20.7	(45.6)
Margin (% NR from Services) 12.9%		58.5%	40.6%	2.7%	39.7%	16.0%	15.4%	-
Financial Result (283.6)		(591.6)	(763.9)	(138.3)	(28.8)	(1.2)	(57.1)	45.7
Net Income 29.8		77.7	102.3	(61.6)	11.5	8.7	(26.7)	0.0
Margin (% NR) 1.2%		5.2%	2.8%	-1.8%	5.8%	9.2%	-15.3%	0.0%
EBITDA	505.0	956.9	1,490.1	134.1	42.1	21.4	30.6	(43.9)
Margin (% NR from Services) 21.4%		80.8%	71.1%	4.0%	41.3%	24.0%	22.9%	-

Net Capex 14.5		254.1	2,510.2	29.9	81.9	7.2	(33.4)	-
Net Debt 5,639.8		11,808.0	15,541.7	1,982.9	1,404.5	(11.6)	886.4	1,962.9

4Q24

Financial Highlights (R$ million)	JSL	Vamos	Movida	Automob	CS Infra	Ciclus Ambiental	CS Brasil	BBC
Net Revenue	2,491.0	1,193.2	3,248.2	3,144.7	278.5	83.2	144.9	2.9
Net Revenue from Services	2,411.3	1,041.5	1,791.1	3,126.1	69.3	83.2	128.8	2.9
Net Revenue from Construction	-	-	-	-	209.2	-	-	-
Net Revenue of Asset Sales	79.6	164.8	1,457.1	18.6	-	-	16.1	-
Eliminations -		(13.1)	-	-	-	-	-	-
EBIT 286.1		634.7	684.9	77.1	36.7	18.6	15.5	(22.3)
Margin (% NR from Services) 11.9%		60.9%	38.2%	2.5%	52.9%	22.4%	12.0%	-
Financial Result (242.6)		(444.4)	(606.7)	(120.9)	(11.5)	(1.6)	(45.9)	20.0
Net Income 35.7		164.0	62.2	(13.7)	16.1	11.0	(20.2)	(1.2)
Margin (% NR) 1.4%		13.7%	1.9%	-0.4%	5.8%	13.3%	-13.9%	-1.5%
EBITDA 434.0		845.5	1,244.3	128.4	33.1	24.5	25.2	(21.3)
Margin (% NR from Services) 18.0%		81.2%	69.5%	4.1%	47.7%	29.4%	19.6%	-734.7%

Net Capex 108.6		410.0	2,511.6	154.6	210.3	4.0	8.3	-
Net Debt 5,534.7		11,605.1	14,724.9	1,866.3	882.0	(0.8)	857.7	1,612.2

Note: (1) Includes adjusted figures for JSL, Automob, and CS Brasil

‌in 4Q24, a Net Revenue from Services increased by 3% y/y (+R$242 million). The main highlights were MOVIDA, with growth of 17% y/y (+R$305 million), AUTOMOB, with an increase of 7% y/y (+R$192 million), and VAMOS, with growth of 11% y/y (+R$154 million). For full-year 2025, Net Revenue from Services increased by 8% y/y, with an addition of R$2.6 billion. The main contributors were MOVIDA, with growth of 19% y/y (+R$1.2 billion), AUTOMOB, with an increase of 7% y/y (+R$829 million), JSL with growth of 5% y/y (+R$466 million), and VAMOS, with growth of 12% y/y (+R$423 million). Growth in both 4Q25 and the full year 2025 reflects: (i) ramp-up of contracts added over the last twelve months and (ii) price adjustments.

Net Revenue from Asset Sales totaled R$2.1 billion in 4Q25, up 30% y/y, driven by strong growth at VAMOS and JSL, which increased by 98% and 25% y/y, respectively, partially offset by a 7% y/y decline at MOVIDA as a result of the strategy of maintaining a larger operational fleet during the high season (+5% q/q). In 2025, Net Revenue from Asset Sales increased by 7% y/y to R$8.3 billion, driven by strong growth at VAMOS and JSL, of 84% and 40% y/y, respectively, partially offset by a 1% y/y decline at MOVIDA, which accounted for approximately 78% of total asset sales for the year.

EBITDA reached a record R$4.1 billion in 4Q25 and R$12.8 billion in 2025, up 55% and 24%, respectively, compared to the same periods of the previous year. EBITDA margin increased by 11.4 p.p. in 4Q25 and 3.9 p.p. in 2025 y/y, reaching 36.4%¹ and 29.6%¹, respectively. The improvement in these indicators reflects the combined efforts of the companies to achieve execute their strategic plans, including repricing of existing contracts, appropriate pricing of new contracts, strict cost and expense control and value creation from the divestment of Ciclus Rio.

SIMPAR's Consolidated Net Income totaled R$543.4 million in 4Q25 and R$212.6 million in 2025, reversing a loss of R$223.7 million in 4Q24 and increasing by 127% in 2025, reflecting gains in operational efficiency and the completion of the sale of Ciclus Rio.

The expansion of profitability, combined with lower investment requirements (the lowest in the past five years) and the divestment of Ciclus Rio, contributed to deleveraging, with Net Debt/EBITDA decreasing from

3.6x in 4Q24 to 3.0x in 4Q25, the lowest level in the past 15 years.

We reaffirm our commitment to sustainable value creation, with disciplined capital allocation, operational efficiency and a focus on consistent returns.

Note: Note: (1) Excludes Net Construction Revenue.

INVESTMENTS

Consolidated EBITDA / Net CAPEX¹ Trend (R$ billion)

EBITDA / Net CAPEX

EBITDA Net Capex

1.9x

0.8x 0.5x 0.5x 1.1x 1.0x

13.5

12.8 2.3

2.9

8.8

10.310.3 7.0 8.0 7.0

6.6

4.2

2020 2021 2022 2023 2024 2025

Note: (1) Excludes acquisitions

The 2025 EBITDA / Net CAPEX ratio was 1.9x, a significant increase compared to 1.0x in the prior year, resulting in higher cash generation.

2025 reflects the current phase of the strategic plan, focused on extracting value from the asset base built over the 2020-2024 period.

Net Debt 4Q25: R$ 2.7 bn (Gross Debt: R$ 6.3 bn | Cash: R$ 3.6 bn), down by 16.9% vs. 3Q25
Average Term of Net Debt: 5.5 years
Coverage of short-term gross debt1: 14.2x
Strong cash position covers the gross debt amortization schedule through mid-2031
R$191 million debt repurchases in 2025, including ~R$81 million in Dec/25:

JSMLB3

~R$ 9 mn

Jan/25

JSMLB5

~R$ 81 mn

Dec/25

SIMH14

~R$ 102 mn

1Q25 and 2Q25

Completion of the divestment of Ciclus Rio: R$615 million4 received in Dec/25

‌CAPITAL STRUCTURE - HOLDING Evolution of cash and indebtedness - Holding (R$ million)

Indebtedness - SIMPAR Holding (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q
Cash and Investments	3,531.5	2,939.5	3,641.1	+3.1%	+23.9%
Gross debt	6,225.1	6,133.1	6,296.4	+1.1%	+2.7%
Loans and financing	3,158.8	3,070.3	2,068.3	-34.5%	-32.6%
Local Bonds	3,531.1	3,203.7	3,200.0	-9.4%	-0.1%
Confirming payable	-	-	-	-	-
Derivative financial instruments on the contracted curve²	(464.8)	(141.0)	1,028.1	-	-
Net Debt³	2,693.6	3,193.6	2,655.3	-1.4%	-16.9%

Short-term gross debt Long-term gross debt	654.0 5,571.1	588.4 5,544.7	677.7 5,618.7	+3.6% +0.9%	+15.2% +1.3%

Average Cost of Gross Debt (p.a.)	16.0%	19.6%	19.5%	+3.5 p.p.	-0.1 p.p.
Average term of gross debt (years)	5.3	4.9	4.5	-0.8	-0.4
Average term of net debt (years)	6.3	5.7	5.5	-0.9	-0.2

Notes: (1) Excluding derivative financial instruments; (2) Derivative financial instruments at contracted terms include derivative financial instruments recognized on the balance sheet (assets and liabilities); (3) As of 4Q25, derivatives previously designated as cash flow hedges, whose MTM variations were recognized in Other Comprehensive Income (OCI), are now accounted for as fair value hedges, with MTM effects reflected directly in the balance of the hedged debt. It is worth noting that this change does not affect gross debt or net debt, as MTM of derivatives was already considered regardless of their accounting classification; (4) Amount corresponding to 80% of the total R$769 million received at the transaction closing. The remaining amount was received through CS Brasil Holding, a wholly owned subsidiary of SIMPAR.

Gross Debt Amortization Schedule 4Q25

Cash fully covers maturities until 2031

Net Debt 4Q25 (ex-BBC): R$ 39.6 bn, down by 4.5% vs. 3Q25
Average Term of Net Debt: 4.0 years
Liquidity: R$ 14.1 bn (Cash, available undrawn lines and floor plan )
Coverage of short-term gross debt: 2.6x (Includes cash and available undrawn committed credit lines, available floor plan financing, and excludes BBC debt)
New long-term debt issuances have extended the debt maturity profile

‌CAPITAL STRUCTURE - CONSOLIDATED

Period	Number	Amount	Average Cost	Term
4Q25	10 issues	R$4.6 bn	CDI + 2.8%	5.0 years
1Q26	9 issues	R$ 4.2 bn	CDI + 1.9%	5.1 years
Total	19 issues	R$ 8.8 bn	CDI + 2.4%	5.0 years

Indebtedness - SIMPAR Consolidated 4Q24		3Q25	4Q25	▲Y o Y	▲Q o Q
Cash and Investments 13,158.4		12,643.8	12,749.0	-3.1%	+0.8%
Cash and Investments - Book value 13,158.4		12,643.8	17,095.6	+29.9%	+35.2%
Credit note - CLN ¹	-	-	(4,346.6)	-	-
Gross debt	53,818.3	55,920.3	54,288.9	+0.9%	-2.9%
Credit note - CLN ¹	-	-	(4,346.6)	-	-
Loans and financing	30,120.6	31,643.2	31,228.7	+3.7%	-1.3%
Local Bonds	24,931.3	23,294.8	25,440.0	+2.0%	+9.2%
Finance lease payable	223.9	134.7	91.1	-59.3%	-32.4%
Confirming payable	32.9	49.7	17.9	-45.5%	-64.0%
Derivative financial instruments on the contracted curve²	(1,490.3)	797.9	1,857.8	-	-
Net Debt³	40,659.9	43,276.5	41,539.9	+2.2%	-4.0%
BBC Net Debt	1,612.2	1,848.5	1,962.9	+21.8%	+6.2%
Net Debt - ex BBC	39,047.7	41,428.0	39,577.0	+1.4%	-4.5%

Short-term gross debt	7,656.9	8,925.7	10,120.1	+32.2%	+13.4%
Long-term gross debt	46,161.4	46,994.6	44,168.8	-4.3%	-6.0%

Average Cost of Gross Debt (p.a.)	13.6%	17.2%	17.2%	+3.6 p.p.	-
Average term of gross debt (years)	3.6	3.6	3.5	-0.2	-0.1
Average term of net debt (years)	4.3	4.1	4.0	-0.3	-0.1

Cash and Indebtedness - Consolidated (R$ million)

(R$ million)

Notes: (1) The CLN is used to internalize funds and results in a duplication effect on the balance sheet, with simultaneous recognition of the corresponding asset and liability; (2) Derivative financial instruments at contracted terms include derivative financial instruments recognized on the balance sheet (assets and liabilities) and exclude MTM variations recognized in shareholders' equity (hedge accounting); (3) For net debt purposes, the Company excludes MTM variations related to hedges that are recognized in shareholders' equity under Other Comprehensive Income (OCI), as these are unrealized market fluctuations that will not exist at maturity.

Gross Debt Amortization Schedule 4Q25

‌FINANCIAL RESULTS

SIMPAR - Consolidated

Financial Result (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Interest	(1,454.6)	(1,809.5)	(1,771.3)	+21.8%	-2.1%	(5,298.9)	(6,835.4)	+29.0%
Financial Investments	381.0	383.7	376.2	-1.3%	-2.0%	1,242.2	1,462.3	+17.7%
Debt interest expenses	(1,566.0)	(1,788.5)	(1,638.0)	+4.6%	-8.4%	(5,632.1)	(6,708.7)	+19.1%
Exchange variation	(1,274.1)	301.7	(403.6)	-68.3%	-	(2,090.8)	1,200.2	-157.4%
Swap - Portion of interest rate swap	1,004.5	(706.3)	(106.0)	-110.6%	-85.0%	1,181.9	(2,789.2)	-
Interest on right of use (IFRS 16)	(54.7)	(53.2)	(60.5)	+10.6%	+13.7%	(192.4)	(227.5)	+18.2%
Other financial income and expenses	(187.3)	(216.5)	(282.0)	+50.6%	+30.3%	(685.2)	(853.2)	+24.5%
Net Financial Result	(1,696.5)	(2,079.2)	(2,113.7)	+24.6%	+1.7%	(6,176.6)	(7,916.1)	+28.2%

Net Financial Expenses totaled R$ 2.1 billion in 4Q25 and R$ 7.9 billion in 2025. Below are the main explanations for the Net Financial Result:

4Q24 vs. 4Q25: +24.6% or +R$417.1 million Growth was driven by an increase in average gross debt (+3.6% y/y) and a higher average cost of gross debt (+26.5 p.p. y/y), reflecting the rise in Brazil's average interest rate (average Selic) from 11.42% in 4Q24 to 15.0% in 4Q25, partially offset by stable financial investments.

2024 vs 2025: +28.2% or R$1.7 billion Resulting from an 11.8% y/y increase in average gross debt and a 24.7% y/y rise in the average cost of debt, mainly driven by the increase in Brazil's average interest rate (average Selic) from 10.92% in 2024 to 14.56% in 2025, partially offset by a 6.7% y/y increase in average cash for the period.

LEVERAGE INDICATORS (based on Covenant criteria)

Leverage Indicators¹	4Q24	1Q25	2Q25	3Q25	4Q25	Covenants	Event
Net Debt / EBITDA² - Bond	3.6x	3.6x	3.6x	3.5x	3.0x	Max 4.0x	Incurrence
Net Debt / EBITDA-A - Local debts	2.3x	2.3x	2.3x	2.2x	2.0x	Max 3.5x	Maintenance
EBITDA-A / Net interest expenses - Local debts	3.4x	3.4x	3.2x	3.0x	3.1x	Min 2,0x	Maintenance

Notes: (1) For purposes of covenant calculation, EBITDA excludes impairment and includes LTM EBITDA of acquired businesses; (2) Net debt/EBITDA indicator

considers the definition of net debt as set forth in the Bond indentures, which excludes negative amounts resulting from swaps, as reconciled below

Bonds - Net Debt/EBITDA (Incurrence Covenant³):

Reduction to 3.0x in 4Q24 vs. 3.6x in 4Q24. Normalized leverage4 stood at 2.9x, providing a more accurate reflection of the potential reduction following the optimization of approximately R$1.3 bn in invested capital.
Local debt - Net Debt/EBITDA-A (Maintenance Covenant5):
Reduction to 2.0x in 4Q24 vs. 2.3x in 3Q24. We emphasize that the EBITDA-A metric - which adds the residual book cost of asset sales - is the most appropriate measure for assessing the Company's ability to meet its financial obligations.
EBITDA-A or EBITDA Added, is defined as EBITDA plus the residual accounting cost of asset disposals, which does not represent an operating cash outflow as it is merely an accounting representation of the write-down of assets at the time of sale. As such, the Company's management believes that EBITDA-A is a more appropriate practical measure than traditional EBITDA as an approximation of cash generation, in order to gauge the Company's ability to meet its financial obligations.

Net Debt / EBITDA of the subsidiaries: 3.0x6, on average, based on annualized 4Q24 EBITDA, which more accurately reflects the cash generation from recent investments compared to the last twelve months.

Notes: (3) Incurrence Covenant: concept applied exclusively to the bond issuance, which does not trigger acceleration; however, there are pre-established rules that must be complied with. (4) Normalized Net Debt excludes: (i) AUTOMOB - excess paid inventory of R$0.2 billion; (ii) VAMOS - normalization of the utilization rate of R$0.8 billion; and (iii) JSL - assets available for sale of R$0.4 billion. (5) Maintenance Covenant: concept applied to all local issuances - any potential breach of the limit would require negotiations with creditors to avoid potential acceleration. (6) Excludes CS Infra.

‌FREE CASH FLOW

Cash Flow (R$ million)	4Q24	3Q25	4Q25	▲ Y o Y ▲ Q o Q 2024			2025	▲ Y o Y
EBITDA	2,614.9	2,933.8	4,063.6	55.4%	38.5%	10,272.4	12,754.3	24.2%
Change in Working Capital	389.7	648.8	1,740.8	346.7%	168.3%	(1,139.9)	(506.1)	-55.6%
Cost of sale of assets used in lease and services rendered	1,533.9	2,103.4	1,814.9	18.3%	-13.7%	7,186.6	7,696.6	7.1%
Renewal Capex	(2,391.7)	(2,271.7)	(2,484.5)	3.9%	9.4%	(9,061.4)	(8,756.5)	-3.4%
Cash Flow from Operations	2,146.9	3,414.3	5,134.8	139.2%	50.4%	7,257.7	11,188.3	54.2%
(-) Taxes	(144.5)	(17.8)	(122.0)	-15.6%	584.8%	(288.1)	(411.1)	42.7%
(-) Other Capex	(32.3)	(48.4)	(59.4)	83.7%	22.8%	(136.2)	(193.8)	42.3%
Cash Flow Before Expansion	1,970.1	3,348.1	4,953.5	151.4%	47.9%	6,833.4	10,583.3	54.9%
(-) Expansion Capex	(2,744.0)	(976.0)	(2,450.3)	-10.7%	151.0%	(8,987.1)	(6,130.8)	-31.8%
(-) Companies Acquisitions	(65.5)	5.7	10.4	-115.8%	81.5%	(274.1)	(246.2)	-10.2%
Free Cash flow Generated (Consumed) after Growth and before Interest	(839.4)	2,377.8	2,513.6	-	5.7%	(2,427.9)	4,206.3	-

Free cash flow after growth at SIMPAR totaled R$2.5 billion in 4Q25, reversing a negative result of R$0.8 billion in 4Q24. The performance reflects EBITDA growth of 55.4% y/y, which includes the positive impact from the divestment of Ciclus Rio, controlled growth in maintenance CAPEX, and an 18.3% y/y increase in cost of assets sold. In addition, improvements in working capital and lower expansion CAPEX contributed to stronger cash generation.

For full-year 2025, free cash flow after growth totaled R$4.2 billion, reversing a negative level of R$2.4 billion in the prior year. The result was driven by a 54.2% increase in operating cash generation, supported by EBITDA growth of 24% y/y, a 7.1% increase in cost of assets sold and a 3.4% reduction in maintenance CAPEX. The 31.8% decrease in expansion CAPEX and the divestment of Ciclus Rio also contributed to the result for the period.

The positive performance in both 4Q25 and full-year 2025 reflects the Group's lower investment requirements, increased asset sales and continued focus on profitability expansion.

RETURNS

* Excluding the positive impact from the sale of Ciclus Rio, ROIC would have been 14.8%

	Productive	Accounting
ROIC 2025	SIMPAR		SIMPAR	JSL2	Movida	Vamos Automob³ CS Infra4			Ciclus Ambiental	CS Brasil4	BBC
(R$ million)	(ex-BBC)		(ex-BBC)	JSL2	Movida	Vamos Automob³ CS Infra4			Ciclus Ambiental	CS Brasil4	BBC
Adjusted EBIT¹ 2025	8,305.5		8,305.5	1,240.8	3,256.1	2,597.1	344.2	35.9	61.2	90.8	-
Effective rate	-15%		-15%	-22%	-8%	-24%	-34%	-34%	-34%	-34%
Taxes	(1,270.2)		(1,270.2)	(273.0)	(273.9)	(618.4)	(117.0)	(12.2)	(21.0)	(30.9)	-
Noplat	7,035.3		7,035.3	967.8	2,982.3	1,978.8	227.2	23.7	40.2	59.9	-
Average Net Debt¹	36,258.4		39,838.1	4,976.6	15,438.7	11,706.5	1,924.6	1,143.2	-6.2	872.0	-
Average Equity¹	6,036.2		6,220.2	1,545.5	2,517.0	2,502.2	2,160.8	184.0	72.7	-394.4	-
Average Invested Capital¹	42,294.6		46,058.3	6,522.1	17,955.7	14,208.8	4,085.3	1,327.3	66.5	477.7	-
ROIC 2025	16.6%		15.3%	14.8%	16.6%	13.9%	5.6%	1.8%	60.5%	12.5%	Financial
ROIC 2025	16.6%		15.3%								Institution

PRE-OPERATIONAL

Notes: (1) Average of the current period and December 2024; (2) Running-rate ROIC; (3) Based on adjusted EBITand a 34% tax rate; (4) Based on pro forma EBIT and a 34% tax rate.

‌FINANCIAL HIGHLIGHTS - Listed Companies

JSL

For the full Press Release, click here.

JSL

Financial Highlights 4Q24		3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue	2,491.0	2,484.9	2,454.0	-1.5%	-1.2%	9,056.3	9,640.6	+6.5%
Net Revenue from Services	2,411.3	2,369.6	2,354.7	-2.3%	-0.6%	8,762.4	9,228.1	+5.3%
Net Revenue from Asset Sales	79.6	115.2	99.3	+24.7%	-13.8%	293.9	412.5	+40.4%
Gross Profit	386.9	398.5	371.5	-4.0%	-6.8%	1,553.0	1,522.0	-2.0%
Margin (% NR)	16.0%	16.8%	15.8%	-0.2 p.p.	-1.0 p.p.	17.7%	16.5%	-1.2 p.p.
EBIT Adjusted¹	286.1	327.5	304.2	+6.3%	-7.1%	1,159.4	1,240.8	+7.0%
Margin (% NR from Services)	11.9%	13.8%	12.9%	+1.0 p.p.	-0.9 p.p.	13.2%	13.4%	+0.2 p.p.
Financial Result	(242.6)	(294.9)	(283.6)	+16.9%	-3.8%	(942.1)	(1,144.5)	+21.5%
Taxes	(7.8)	3.2	9.2	-217.8%	+185.6%	(61.0)	84.4	-238.4%
Net Income Adjusted¹	35.7	35.8	29.8	-16.5%	-16.8%	190.1	147.0	-22.7%
Margin (% NR)	1.4%	1.4%	1.2%	-0.2 p.p.	-0.2 p.p.	2.1%	1.5%	-0.6 p.p.
EBITDA Adjusted¹	434.0	526.0	505.0	+16.4%	-4.0%	1,701.3	1,981.0	+16.4%
Margin (% NR from Services)	18.0%	22.2%	21.4%	+3.4 p.p.	-0.8 p.p.	19.4%	21.5%	+2.1 p.p.

(R$ million)

Note: (1) Figures adjusted as disclosed by JSL.

In 2025, JSL performed relevant structural moves: 1) greater use of leased assets with lower capital intensity; 2) operational reorganization with the creation of INTRALOG - the largest warehousing and intralogistics company in Brazil, positioned to capture opportunities in a high-growth market, as well as JSL Digital (cargo transportation) and JSL Dedicated Services. Net Revenue from Services decreased 2.3% y/y in 4Q25 and increased 5.3% y/y in 2025, while Adjusted EBITDA grew 16.4% y/y in both periods. EBITDA margin of 21.4% in 4Q25 and 21.5% in 2025 represent expansions of 3.4 p.p. and 2.1 p.p. y/y, respectively, driven by the cost reduction program, improved operational efficiency and contract repricing. Adjusted Net Income totaled R$29.8 million in 4Q25 (-16.5%) and R$147.0 million in 2025 (-22.7%). JSL secured R$2.9 billion in new contracts, and Net CAPEX declined 80% y/y to R$160 million, reflecting the strategy of increasing leasing activity, which resulted in Free Cash Flow of R$392 million in 2025 (~21% of market capitalization in 2025). In addition, financial leverage decreased to 2.9x from 3.3x in 2024 and 3.0x in 3Q25 (Net Debt/EBITDA).

MOVIDA For the full Press Release, click here.

Movida

Financial Highlights (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue	3,248.2	3,765.8	3,659.0	+12.6%	-2.8%	13,481.3	14,672.1	+8.8%
Net Revenue from Services	1,791.1	2,010.8	2,096.4	+17.0%	+4.3%	6,639.0	7,878.7	+18.7%
Net Revenue from Sale of Assets	1,457.1	1,755.0	1,562.6	+7.2%	-11.0%	6,842.2	6,793.3	-0.7%
Gross Profit	1,056.5	1,218.2	1,243.7	+17.7%	+2.1%	4,015.9	4,762.2	+18.6%
Gross Profit	32.5%	32.3%	34.0%	+1.5 p.p.	+1.7 p.p.	29.8%	32.5%	+2.7 p.p.
EBIT	684.9	854.1	850.7	+24.2%	-0.4%	2,620.1	3,256.1	+24.3%
Margin (% NR from Services)	38.2%	42.5%	40.6%	+2.4 p.p.	-1.9 p.p.	39.5%	41.3%	+1.8 p.p.
Financial Result	(606.7)	(795.3)	(763.9)	+25.9%	-3.9%	(2,310.5)	(2,908.5)	+25.9%
Taxes	(16.0)	11.2	15.6	-197.0%	+39.3%	(78.0)	(29.2)	-62.6%
Adjusted Net Income	62.2	70.0	102.3	+64.5%	+46.3%	231.6	318.4	+37.5%
Margin (% NR)	1.9%	1.9%	2.8%	+0.9 p.p.	+0.9 p.p.	1.7%	2.2%	+0.5 p.p.
EBITDA	1,244.3	1,478.7	1,490.1	+19.8%	+0.8%	4,700.6	5,686.2	+21.0%
Margin (% NR from Services)	69.5%	73.5%	71.1%	+1.6 p.p.	-2.4 p.p.	70.8%	72.2%	+1.4 p.p.

MOVIDA delivered consistent improvements in operational metrics in 2025, closing the year with a record ROIC of 16.6%, a value 5.8 p.p. above its cost of third-party capital. Results reflect improved pricing, with RAC average price increasing 7% y/y in 4Q25 and 13% y/y in 2025, the addition of 676 thousand new clients, a 0.3 p.p. market share gain¹, and GTF yield of 3.5% in 4Q25, up 0.2 p.p. y/y. These results reflect our customers' recognition of the quality of services rendered and innovation. In Used Cars, more than 97.3 thousand units were sold in 2025, and EBITDA margin remained stable at 1%. Net Revenue reached R$3.7 billion in 4Q25 (+12.6% y/y) and R$14.7 billion in 2025 (+8.8% y/y). EBITDA reached a record R$1.5 billion in 4Q25, up 19.8% y/y, and R$5.7 billion in the year, representing a 21.0% y/y increase. Net Income totaled R$102 million in 4Q25, up 64.5% y/y, and reached R$318 million in 2025. In addition, Net Debt/EBITDA reached 2.6x, the lowest level in the past five years, highlighting the Company's deleveraging trend.

Note: (1) Based on fleet data from the ABLA 2026 Yearbook.

‌VAMOS For the full Press Release, click here.

Vamos

4Q24

3Q25

4Q25

▲Y o Y

▲Q o Q

2024

2025

▲Y o Y

Financial Highlights (R$ million)

Net Revenue	1,193.2	1,529.0	1,483.0	+24.3%	-3.0%	4,699.3	5,755.7	+22.5%
Net Revenue from Services	1,041.5	1,140.4	1,184.8	+13.8%	+3.9%	4,070.4	4,460.7	9.6%
Net Revenue from Asset Sales	164.8	394.9	326.9	+98.4%	-17.2%	723.7	1,336.7	84.7%
Elimination	(13.1)	(6.4)	(28.7)	+119.3%	+352.2%	(94.8)	(41.7)	-56.0%
Gross Profit	748.6	740.1	793.5	+6.0%	+7.2%	3,005.4	3,017.6	+0.4%
Margin (% NR)	62.7%	48.4%	53.5%	-9.2 p.p.	+5.1 p.p.	64.0%	52.4%	-11.6 p.p.
EBIT Adjusted¹	634.7	621.9	693.0	+9.2%	+11.4%	2,645.3	2,597.1	-1.8%
Margin (% NR from Services)	53.2%	40.7%	46.7%	-6.5 p.p.	+6.0 p.p.	56.3%	45.1%	-11.2 p.p.
Financial Result	(444.4)	(562.1)	(591.6)	+33.1%	+5.2%	(1,620.4)	(2,178.5)	+34.4%
Taxes	(26.3)	(9.3)	(23.7)	-9.8%	+154.6%	(217.7)	(104.7)	-51.9%
Net Income Adjusted¹	164.0	50.4	77.7	-52.6%	+54.0%	779.2	318.9	-59.1%
Margin (% NR)	13.7%	3.3%	5.2%	-8.5 p.p.	+1.9 p.p.	16.6%	5.5%	-11.1 p.p.
EBITDA Adjusted¹	845.5	895.0	956.9	+13.2%	+6.9%	3,395.9	3,635.0	+7.0%
Margin (% NR from Services)	81.2%	78.5%	80.8%	-0.4 p.p.	+2.3 p.p.	72.3%	63.2%	-9.1 p.p.

Note: (1) Figures adjusted as disclosed by VAMOS

2025 marked a year of operational records for VAMOS and represents an inflection point, driven by ongoing efforts to enhance efficiency, productivity and profitability. Fleet utilization reached 87% in 4Q25, up 3 p.p., while delinquency declined, with allowance for doubtful accounts decreasing from 3.6% in 1H25 to 0.8% in 2H25. VAMOS reported record Net Revenue from Asset Sales of R$1.3 billion in 2025, up 85% y/y and outperforming the market by 4.0x¹. New contracts delivered increasing returns, with IRR of 21.76% in 4Q25 - the highest of the year - and IRR of 21.60% in 2025, representing the highest level since 2022. Total Net Revenue amounted to R$1.5 billion in 4Q25 (+24.3% y/y) and R$5.6 billion in 2025 (+22.5% y/y); EBITDA reached a record R$956.9 million in 4Q25 (+13.2% y/y) and R$3.6 billion in 2025 (+10.1% y/y); and Net Income totaled R$77.7 million in 4Q25 and R$328.7 million in 2025. Improved performance metrics contributed to deleveraging, with leverage closing the period at 3.16x, compared to 3.31x in 4Q24.

Note: (1) According to Fenauto data, used truck sales grew by approximately 28% in 2025, while VAMOS recorded a 111% increase over the same period.

AUTOMOB For the full Press Release, click here.

Automob

Financial Highlights (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue	3,144.7	3,465.5	3,354.7	+6.7%	-3.2%	11,986.6	12,815.4	+6.9%
Gross Profit	417.3	500.4	470.1	+12.7%	-6.1%	1,669.0	1,853.2	+11.0%
Margin (% Total NR)	13.3%	14.4%	14.0%	+0.7 p.p.	-0.4 p.p.	13.9%	14.5%	+0.0 p.p.
EBIT Adjusted¹	77.1	98.6	88.2	+14.4%	-10.5%	321.0	344.2	+7.2%
Margin (% Total NR)	2.5%	2.8%	2.6%	+0.1 p.p.	-0.2 p.p.	2.7%	2.7%	+0.0 p.p.
Financial Result	(120.9)	(155.4)	(138.3)	+14.4%	-11.1%	(355.7)	(554.9)	+56.0%
Taxes	41.0	4.3	10.3	-74.9%	+138.8%	60.2	57.7	-4.2%
Net Income Adjusted¹	(13.7)	(65.7)	(61.6)	+349.6%	-6.2%	8.8	(188.3)	-
Margin (% Total NR)	-0.4%	-1.9%	-1.8%	-1.4 p.p.	+0.1 p.p.	0.1%	-1.5%	-1.6 p.p.
EBITDA Adjusted¹	128.4	144.0	134.1	+4.4%	-6.9%	497.8	528.9	+6.2%
Margin (% Total NR)	4.1%	4.2%	4.0%	-0.1 p.p.	-0.2 p.p.	4.2%	4.1%	-0.1 p.p.
Note: (1) Figures adjusted as disclosed by Automob

AUTOMOB advanced in modernizing its dealerships, with 92% of its 197 stores renovated over the past 2.5 years, and completed systems integration in the light vehicles division, with initial gains in productivity and sales per location; (i) 32 new cars per dealership (+5% y/y), (ii) 21 used light vehicles per dealership (+21%), and (iii) used-to-new sales ratio of 0.7x (+17% y/y). F&I penetration also increased, with growth of 21.1% in 4Q25 and 32% in 2025, reaching revenue per vehicle of R$3.0 thousand in 4Q25 and R$2.7 thousand in 2025. In addition, working capital optimization resulted in a reduction of R$410 million in paid inventory in 2025, a 29% y/y decrease. In the quarter, Net Revenue reached R$3.4 billion (+6.7% y/y), and Adjusted EBITDA totaled R$134 million (+4.4% y/y), with a stable margin of 4.0%. Net Revenue and Adjusted EBITDA reached record levels in 2025, totaling R$12.8 billion (+6.9% y/y) and R$529 million (+6.2% y/y), respectively, with an adjusted EBITDA margin of 4.1%, stable y/y. 2026 is expected to mark the beginning of returns from prior investments (store renovations and systems integration), laying the foundation for the delivery of the R$980 million EBITDA guidance for 2027.

‌FINANCIAL HIGHLIGHTS - Non-Listed Companies

CS BRASIL

CS Brasil - Proforma

Financial Highlights (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue	144.9	186.6	174.0	+20.1%	-6.7%	593.5	690.8	+16.4%
Net Revenue from Services	128.8	134.5	134.0	+4.0%	-0.4%	497.6	519.6	+4.4%
GTF with driver	96.9	96.5	95.1	-1.9%	-1.5%	364.6	371.5	+1.9%
GTF - Light Vehicles	12.4	15.3	16.7	+34.3%	+9.1%	46.9	57.8	+23.2%
GTF - Heavy Vehicles	4.9	3.1	3.0	-38.7%	-3.1%	18.7	14.2	-24.1%
Municipal Passenger Transportation and Ot	14.6	19.6	19.2	+31.6%	-2.0%	67.4	76.1	+12.9%
Net Rev. from Sale of Assets	16.1	52.0	40.0	+148.3%	-23.0%	95.9	171.1	+78.4%
Total Costs	(125.9)	(148.3)	(130.6)	+3.8%	-11.9%	(503.4)	(542.7)	+7.8%
Cost of Services	(114.0)	(99.6)	(102.7)	-9.9%	+3.2%	(422.3)	(403.4)	-4.5%
Cost of Asset Sales	(11.9)	(48.7)	(27.9)	+135.0%	-42.7%	(81.1)	(139.3)	+71.8%
Gross Profit	19.0	38.3	43.3	+128.1%	+13.3%	90.1	148.1	+64.4%
Operational Expenses	(17.0)	(14.2)	162.7	-	-1242.5%	61.6	128.1	+108.0%
Equity Equivalence	14.2	-	-	-	-	65.9	0.0
EBIT	16.1	24.0	206.1	-	-	151.7	276.2	+82.1%
Margin (% NR from Services)	12.5%	17.9%	153.8%	+141.3 p.p.	+135.9 p.p.	30.5%	53.2%	+22.7 p.p.
Financial Result	(79.9)	(98.7)	(103.2)	+29.1%	+4.6%	(273.4)	(382.4)	+39.9%
Taxes	26.4	24.6	(37.6)	-242.8%	-252.8%	62.1	33.3	-46.4%
Net Income	(37.4)	(50.0)	65.3	-274.5%	-230.5%	(59.6)	(73.0)	+22.5%
Margin (% Total NR)	-25.8%	-26.8%	37.5%	+63.3 p.p.	+64.3 p.p.	-10.0%	-10.6%	-0.6 p.p.
EBITDA	25.9	35.1	216.0	-	-	187.4	319.9	+70.7%
Margin (% NR from Services)	20.1%	26.1%	161.3%	+141.2 p.p.	+135.2 p.p.	37.7%	61.6%	+23.9 p.p.
Adjusted EBIT	15.5	24.0	20.7	+33.3%	-13.9%	57.9	90.8	+56.8%
Margin (% NR from Services)	12.0%	17.9%	15.4%	+3.4 p.p.	-2.5 p.p.	11.6%	17.5%	+5.9 p.p.
Adjusted Net Income	(20.2)	(19.8)	(26.7)	+32.2%	+34.4%	(57.9)	(83.4)	+44.0%
Margin (% Total NR)	-13.9%	-10.6%	-15.3%	-1.4 p.p.	-4.7 p.p.	-9.8%	-12.1%	-2.3 p.p.
Adjusted EBITDA	25.2	35.1	30.6	+21.4%	-12.6%	93.6	134.5	+43.7%
Margin (% NR from Services)	19.6%	26.1%	22.9%	+3.3 p.p.	-3.2 p.p.	18.8%	25.9%	+7.1 p.p.

NOTE: CS Brasil figures include only operations related to the management and outsourcing of light and heavy vehicle fleets for the public sector - with or without driver services - and municipal passenger transportation. Equity income refers to the forward share purchase agreements of Movida, JSL, and Vamos.

GTF with driver services: Net Revenue decreased by 1.9% y/y in 4Q25 and increased by 1.9% in 2025 versus 2024, mainly driven by a new contract signed in 2025;
Light GTF: Net Revenue grew 34.3% y/y in 4Q25 and 23.2% in 2025, driven by the implementation of a new contract.
Heavy GTF: Net Revenue decreased both year over year and quarter over quarter, due to the termination of contracts.
Passenger Transportation and other segments: Net Revenue increased by 31.6% y/y in 4Q25 and 12.9% in 2025, mainly
driven by fare adjustments in passenger transportation;
Adjusted EBITDA¹ totaled R$30.6 million in 4Q25 (+21.4% y/y) and R$134.5 million (+43.7% y/y). Adjusted EBITDA Margin increased by 3.3 p.p. y/y in 4Q25 and 7.1 p.p. in 2025, driven by the operational improvements described above and lower operating costs (-9.9% y/y in 4Q25 and -4.5% y/y in 2025);

Adjusted Net Loss¹ was R$26.7 million in 4Q24 and R$83.4 million in 2025. Operational improvements were offset by higher average net debt (+21% y/y) and higher interest rates in Brazil in 2025 (~32% y/y).

Notes: (1) Excludes non-operating effects in 4Q25 and 2025: (i) interest expenses of R$46.1 million (R$30.4 million net of taxes) in 4Q25 related to the transaction involving the sale of shares of SIMPAR's subsidiaries through a synthetic forward agreement, as disclosed in the Notice to the Market dated December 22, 2023; and (ii) positive result from the divestment of Ciclus Rio of R$185 million (R$122 million net of taxes), recognized in operating expenses in the table above. CS Brasil Holding held a 20% equity stake in Ciclus Rio.

‌CS INFRA

CS Infra Consolidated - Proforma

Financial Highlights (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue from Services	69.3	67.0	101.9	+47.0%	+52.1%	195.3	283.2	+45.0%
CS Portos (Ports)	24.8	34.7	29.0	+16.7%	-16.6%	109.1	129.1	+18.3%
CS Rodovias (Highways)	43.2	27.3	45.7	+5.8%	+67.4%	80.1	118.6	+48.1%
CS Mobilidade (Mobility)	1.3	4.9	27.2	-	-	6.1	35.5	-
Cost of Services	(20.0)	(49.0)	(49.4)	+147.5%	+0.7%	(125.4)	(189.7)	+51.3%
Gross Profit	49.4	18.0	52.5	+6.3%	+192.5%	69.8	93.5	+34.0%
Operational Expenses	(12.7)	(15.0)	(12.1)	-5.0%	-19.2%	(53.4)	(57.5)	+7.7%
EBIT	36.7	3.0	40.4	+10.3%	-	16.4	36.0	+119.5%
Margin (% NR from Services)	52.9%	4.5%	39.7%	-13.2 p.p.	+35.2 p.p.	8.4%	12.7%	+4.3 p.p.
Financial Result	(11.5)	(19.9)	(28.8)	+149.9%	+44.3%	(34.2)	(75.9)	+121.9%
Taxes	(9.0)	7.2	(0.2)	-97.9%	-102.6%	9.1	19.9	+118.7%
Net Income (Loss)	16.1	(9.8)	11.5	-28.8%	-217.5%	(8.7)	(20.0)	+129.9%
Margin (% Total NR)	23.2%	-14.6%	11.2%	-12.0 p.p.	+25.8 p.p.	-4.4%	-7.1%	-2.7 p.p.
EBITDA	33.1	11.1	42.1	+27.3%	+278.5%	32.8	62.1	+89.3%
Margin (% NR from Services)	47.7%	16.6%	41.3%	-6.4 p.p.	+24.7 p.p.	16.8%	21.9%	+5.1 p.p.

In addition to CS Portos, CS Rodovias and CS Mobi Leste SP the proforma figures take into account the BRT and CS Mobi Cuiabá operations, which are in the process of being transferred to CS Infra.

Pre-operational concessions with high potential for future cash generation

Net Revenue from Services reached R$101.9 million in 4Q25 (+47% y/y) and R$283.2 million in 2025 (+45.0% y/y), mainly driven by:
- CS Portos: higher handling volume at the ATU-12 terminal, which has operating with modernized
  infrastructure since the end of February 2025;
- CS Rodovias: increase of 7.6% y/y in vehicle traffic in addition to the start of operations of Rodovias Mercosul in 4Q25;
- CS Mobilidade: operations of Mobi Leste SP began in September 2025, with 4Q25 representing the first full quarter of results.
EBITDA totaled R$42.1 million in 4Q25 (+27.3% y/y) and R$62.1 million in 2025 (+89.3% y/y), primarily driven by operational improvements at CS Rodovias and the start of CS Mobi Leste SP's operations;

Net Income totaled R$11.5 million in 4Q25 and -R$20.0 million in 2025. Operational improvements were accompanied by a 65% y/y increase in average net debt in 4Q25, required to support the development of the concessions. The results from these new concessions, as well as the maturation of existing assets, are expected to contribute materially to CS Infra's growth in 2026.

‌CS PORTOS (Ports)

PRE-OPERATIONAL CONCESSION

Highlights - Ports (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue from Services	24.8	34.7	29.0	+16.7%	-16.6%	109.1	129.1	+18.3%
Import	23.2	30.5	23.7	+2.1%	-22.3%	101.3	111.4	+10.0%
Export	0.3	1.3	0.3	-14.6%	-80.4%	6.0	4.3	-28.6%
Storage	0.0	0.2	0.0	-	-100.0%	0.5	0.2	-61.8%
Other revenues	1.3	2.7	5.1	+288.2%	+89.8%	1.3	13.0	+898.5%
EBITDA	2.6	(3.7)	(11.0)	-	+195.3%	(0.5)	(19.5)	-
Margin (% NR from Services)	10.6%	-10.8%	-38.1%	-48.7 p.p.	-27.3 p.p.	-0.5%	-15.1%	-14.6 p.p.
EBIT¹	5.3	(9.9)	(11.2)	-311.9%	+13.2%	(9.2)	(38.6)	-
Margin (% NR from Services)	21.3%	-28.6%	-38.7%	-60.0 p.p.	-10.1 p.p.	-8.5%	-29.9%	-21.4 p.p.
Volume handled - thousand ton	345.0	487.4	419.2	+21.5%	-14.0%	1,586.2	1,826.0	+15.1%
Storage - thousand ton	19.2	57.3	17.8	-7.7%	-69.0%	46.6	201.6	+332.2%

ATU-12: Operations have been running since the end of Feb/25, with modernized infrastructure.
ATU-18:
- Customs clearance completed;
- Dredging completed;
- Draft approval by the Navy in progress;
- Panamax vessel operations expected to begin in 2Q26.
Throughput totaled 419 thousand tons in 4Q25 (+21.5% y/y), with fertilizers accounting for 87% and other minerals for 13%. The increase in volume y/y was driven by higher cargo throughput at ATU-12, which has been operating with modernized infrastructure since late February 2025;
Net Revenue from Services totaled R$29.0 million in 4Q25 (+16.7% y/y) and R$129.1 million in 2025 (+18.3% y/y), reflecting the performance of ATU-12;

EBITDA totaled -R$11.0 million in 4Q25 (vs. R$2.6 million in 4Q24) and -R$19.5 million in 2025 (vs. -R$0.5 million in 2024). Despite throughput at ATU-12, results were still impacted by fixed costs and expenses related to ATU-18, which is undergoing modernization and is awaiting draft approval to begin operations.

‌CS RODOVIAS (Highways)

CS Infra - Highways

Highlights - Highways (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue from Services¹	43.2	27.3	45.7	+5.8%	+67.4%	80.1	118.6	+48.1%
Grãos do Piauí	43.2	27.3	42.2	-2.3%	+54.6%	80.1	115.1	+43.7%
Rota da Integração	-	-	-	-	-	-	-	-
Mercosul	-	-	3.5	-	-	-	3.5	-
EBITDA	35.2	15.1	35.5	+0.8%	+135.8%	50.9	72.5	+42.5%
Margin (% NR from Services)	81.5%	55.1%	77.7%	-3.8 p.p.	+22.6 p.p.	63.5%	61.1%	-2.4 p.p.
EBIT	35.1	13.2	34.1	-2.9%	+158.3%	44.6	65.6	+47.2%
Margin (% NR from Services)	81.2%	48.3%	74.5%	-6.7 p.p.	+26.2 p.p.	55.7%	55.3%	-0.4 p.p.
Traffic - "Equivalent Vehicles" (thousands)	525	744	565	+7.6%	-24.0%	1,998	2,362	18.2%

Notes: (1) Includes a positive impact of R$8.0 million from retroactive revenues related to traffic volume protection under the concession.

NOTE: 4Q24 results were impacted by: (i) a positive impact of R$24.4 million from retroactive revenues related to traffic volume protection under the concession; and (ii) to better reflect asset utilization, CS Rodovias adopted a new depreciation method, linking it to operational volume rather than the previous straight-line method based on the concession term. To adjust the accounting estimate, there was a positive impact of R$2.1 million on depreciation in 4Q24, aligning values with the new methodology.

Net Revenue from Services totaled R$45.7 million in 4Q25 (+5.8% y/y) and R$118.6 million in 2025 (+48.1% y/y), mainly driven by higher vehicle traffic, supported by increased agricultural flow (+7.6% y/y in 4Q25 and
+18.2% y/y in 2025), receipt of payments from Transcerrados II since late 4Q24 and the start of operations of
CS Rodovias Mercosul;
EBITDA reached R$35.5 million in 4Q25 (+0.8% y/y) and R$72.5 million in 2025 (+42.5% y/y), reflecting the operational improvements described above and optimization of certain operating costs.

Transcerrados II (Contractual Amendment): CS Rodovias signed a contract amendment to double the size of its highway network (+307 km and six new toll plazas). Completion of the toll plazas is expected as follows: 3 in 2Q26 and 3 by the end of 2026.
CS MOBILIDADE (Mobility)
CS Infra - Mobility
Highlights - Mobility
(R$ million)
4Q24
3Q25
4Q25
▲Y o Y ▲Q o Q 2024
2025 ▲Y o Y
Net Revenue from Services 1.3 4.9 27.2 - - 6.1 35.5 -
Mobi Cuiabá 1.3 1.8 9.4 - - 6.1 14.6 +140.3%
Mobi Leste SP - 3.1 17.8 - - - 20.9 -
EBITDA 5.0 4.4 20.1 - - 5.8 24.2 -

Margin (% NR from Services) 391.2% 88.9% 73.9% - -15.0 p.p. 96.5% 68.1% -28.4 p.p.

EBIT 5.0 4.3 20.1 - - 5.7 24.6 -

Margin (% NR from Services) 387.0% 87.9% 73.8% - -14.1 p.p. 94.3% 69.3% -25.0 p.p.

Note: (1) Net Services Revenue includes R$5.5 million related to the remuneration of the concession financial asset recognized in the fiscal year (Jan./25 - Dec./25), reclassified from financial income to operating revenue in accordance with ICPC 01. (2) Considers the BRT Sorocaba operation via equity method.

NOTE: As of 1Q25, CS Mobi adjusted its revenue recognition criteria in accordance with the accounting standard for concession contracts (OCPC 05). Revenue is now recorded partly as service revenue and partly as construction revenue, in proportion to the progress of construction works. A portion of this revenue is recognized in exchange for an intangible asset, and the remainder as a financial asset (receivable from the granting authority). This methodology was also applied retroactively to the 2024 figures for comparison purposes.

Net Services Revenue of R$27.2 million in 4Q25 (vs. R$1.3 million in 4Q24) and R$35.5 million in 2025 (vs. R$6.1 million in 2024). The positive performance observed in both periods primarily reflects the start of operations of CS Mobi Leste SP beginning in 3Q25, with 4Q25 being the first quarter in which the company operated fully throughout the entire period;
EBITDA of R$20.1 million in 4Q25 and R$24.6 million in 2025 (vs. R$5.0 million in 4Q24 and R$5.8 million in 2024), driven by the start of CS Mobi Leste SP's operations
The works for the construction of the municipal market continue in progress with completion expected in the
CS Mobi
CS Mobilidade

CS Rodovias

second quarter of 2026. Meanwhile, on-street parking operations remain fully functional;

CS Portos Amapá

Auction won in February 2026
Lease of the MCP01 area at the Organized Port of Santana (Amapá)
Handling and storage of agricultural bulk commodities
Total planned investment of R$138 million

Financial Data - As per Bidding documents

Concession term 25 years

Net Revenue

R$40 million

EBITDA Margin

39%

Total Capex

R$138 million

Avg. annual Capex from the 7thyear onwards

R$1 million

Capex during the first 6 years R$117 million

EBITDA R$16 million

Year 5 (maturity)

‌NEW CONCESSIONS WON IN 2026

North and South Lots

Auction won in March/26
These concessions mark the launch and development of the CS Infrasocial business
Construction, maintenance, conservation and operation of 40 educational units located in the State of Paraná
• +29 thousand elementary, middle and high school students
Provision of non-pedagogical services¹ and limited pedagogical support²
Term of 20 years
The investment plan will be funded 80% through financing and cash generation and 20% through own funds

Financial Data - per the bidding documents North Lot South Lot

Year 4 (maturity) Year 4 (maturity)

Net Revenue	R$173 million	R$199 million
EBITDA	R$101 million	R$116 million
EBITDA Margin	59%	58%

Mandatory equity contribution (3 installments²)	R$140 million	R$159 million
Total Capex	R$697 million	R$797 million
Avg. annual Capex during the first 3 years	R$187 million	R$216 million
Avg. annual Capex from the 4th year onwards	R$8 million	R$9 million

Notes: (1) (i) cleaning and sanitation; (ii) security and surveillance; (iii) maintenance and conservation; (iv) utilities and energy; (v) information technology; (vi) administrative services; and (vii) school meal preparation; (2) (i) inclusion and school support; and (ii) school management; (3) Paid in three equal installments, with the first installment paid upon signing and the remaining two at the end of the first and second years.

‌CICLUS AMBIENTAL

Ciclus Ambiental

Highlights - Ciclus Ambiental (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue	83.2	93.0	89.3	+7.3%	-3.9%	238.2	348.1	+46.1%
Carbon Credits Cost of Services	83.2 (57.7)	93.0 (61.7)	89.3 (66.0)	+7.3% +14.5%	-3.9% +7.0%	238.2 (163.7)	348.1 (255.6)	+46.1% +56.2%
Gross Profit	25.6	31.3	23.3	-8.8%	-25.5%	74.5	92.5	+24.1%
Operational Expenses	(7.0)	(7.9)	(9.0)	+29.1%	+14.3%	(18.7)	(31.3)	+67.4%
EBIT	18.6	23.4	14.3	-23.0%	-38.9%	55.8	61.2	+9.6%
Margin (% NR) Financial Result¹ Taxes	22.4% (1.6) (5.9)	25.2% (1.4) (8.7)	16.0% (1.2) (4.5)	-6.4 p.p. -27.8% -24.4%	-9.2 p.p. -15.3% -48.1%	23.4% (4.5) (17.7)	17.6% (7.3) (18.5)	-5.8 p.p. +64.4% +4.5%
Net Income	11.0	13.4	8.7	-21.6%	-35.3%	33.7	35.4	+4.9%
Margin (% Total NR)	13.3%	14.4%	9.7%	-3.6 p.p.	-4.7 p.p.	14.1%	10.2%	-3.9 p.p.
EBITDA	24.5	30.4	21.4	-12.5%	-29.7%	73.5	88.9	+21.0%
Margin (% NR)	29.4%	32.7%	24.0%	-5.4 p.p.	-8.7 p.p.	30.8%	25.5%	-5.3 p.p.

NOTE: The table above includes the operations of Ciclus Amazônia and Ciclus Centroeste in 4Q25, 2025 and all comparative periods.

Net Revenue from Services totaled R$89.3 million in 4Q25 (+7.3% y/y) and R$348.1 million in 2025 (+46.1% y/y), mainly driven by the annual price adjustment implemented in 3Q25 and full-year operations in 2025, as Ciclus Amazônia has been consolidated since 2Q24;
EBITDA totaled R$21.4 million in 4Q25 (-12.5% y/y), with an EBITDA margin of 24.0% (-5.4 p.p. y/y). Performance was mainly impacted by a one-off increase in service costs related to two major events held in the city of Belém: COP30 and Círio de Nazaré. EBITDA totaled R$88.9 million (+21.0% y/y), with an EBITDA margin of 25.5% (-5.3 p.p. y/y). EBITDA growth was partially impacted by higher service costs, primarily reflecting the expansion of the operational workforce as provided for in the concession plan, which also affected margins during the period;

Net Income totaled R$8.7 million in 4Q25 (-21.6% y/y) and R$35.4 million in 2025 (+4.9% y/y), reflecting the factors described above.

‌BBC Digital

BBC Consolidated

Financial Highlights (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Revenue	2.9	1.9	1.5	-47.2%	-17.3%	9.3	7.2	-22.6%
Total Costs	(0.5)	(1.3)	(1.3)	+161.7%	-1.2%	(6.0)	(5.1)	-15.0%
Gross Profit	2.4	0.6	0.3	-88.4%	-52.0%	3.2	2.1	-34.4%
Operational Expenses Financial Result	(24.7) 20.0	(30.2) 40.4	(46.7) 45.7	+88.7% +128.4%	+54.5% +13.1%	(86.3) 82.7	(137.4) 143.8	+59.2% +73.9%
EBT	(2.3)	10.8	-0.7	-68.8%	-106.7%	(0.4)	8.5	-
Taxes	1.1	(4.7)	(0.0)	-102.0%	-99.5%	1.1	(3.8)	-
Net Income	(1.2)	6.1	-0.7	-37.4%	-112.2%	0.8	4.7	-
Margin¹	-1.5%	5.7%	-0.7%	+1 p.p.	-6 p.p.	0.3%	-1.9%	-2 p.p.
Portfolio Balance	1,886.1	2,122.1	2,214.8	+17.4%	+4.4%	1,886.1	2,214.8	+17.4%
Delinquency over 90 days	2.95%	4.25%	4.81%	+2 p.p.	+1 p.p.	2.95%	4.81%	+2 p.p.
Income from Financial Intermediation	77.1	104.9	109.7	+42.2%	+4.6%	234.8	396.9	+69.0%
Market Funding Expenses	(48.1)	(69.8)	(70.3)	+46.0%	+0.7%	(126.2)	(256.7)	+103.4%
Others	7.5	6.2	6.3	-16.9%	+0.9%	18.1	24.9
Result of Financial Intermediation	36.5	41.3	45.7	+25.1%	+10.5%	126.8	165.2	+30.3%

Notes: (1) Margin calculation = Net Income / (Total Net Revenue + Financial Intermediation Revenue).

Credit Portfolio

+17%

2,215

1,886

2,122

(R$ mn)

Financial Intermediation Income

(R$ million)

Over-90-day Delinquency Rate

+42%

105

110

3.6%

2.9%

4.9% 5.1%

4.2% 4.8%

4Q24 3Q25 4Q25

New Operations: R$350.1 million in 4Q25 (-40% y/y) and R$1,757.3 million in 2025 (+1% y/y);
Portfolio Balance 4Q25: R$2.2 billion (+17% a/a);
Delinquency Rate over 90 days 4Q25: 4.8%, 0.3 p.p. below the market average, demonstrating the high quality of the credit portfolio;
Basel Index 4Q25: 11.9%;
Operating Efficiency Ratio²: 34.6% in 2025, improving by 2.1 p.p. compared to 2024 (36.7%);
Net Income 2025: R$4.7 million (vs. R$0.8 million in 2024), reflecting the sustainable growth strategy, high-quality credit portfolio, and continued improvement in the operating efficiency.

Notes: (2) Operating efficiency ratio = Operating Expenses / Financial Intermediation Revenue.

‌ESG

SUSTAINABILITY

Sustainability is one of SIMPAR's core values and a key pillar of the Group's strategy, supported by its people, more than 56 thousand employees, who share our Culture and Values and drive efficient execution and sustainable results. The Group's companies operate with independent management, which is also reflected in how they promote positive impacts and mitigate negative ones.

SIMPAR and its subsidiaries, JSL, MOVIDA, VAMOS, AUTOMOB, CS Infra, Ciclus, BBC Digital and CS Brasil, are recognized for their inclusion in leading ESG indices and rankings. Key highlights include:

Corporate Sustainability Index (ISE B3): SIMPAR stands out as one of the business groups with the most listed companies included (SIMPAR, JSL, VAMOS and MOVIDA) - with MOVIDA being the only company in its sector included in the index;
CDP (former Carbon Disclosure Project): MOVIDA received an "A" rating and was included among the 28 Brazilian companies on the "A List"; SIMPAR achieved an "A-" rating, while its subsidiaries JSL and VAMOS received a "B" rating These performances position the group's companies among the best placed in the transportation and logistics sectors in the world;
B3 Carbon Efficient Index (ICO2): SIMPAR and its subsidiaries MOVIDA and VAMOS are included in ICO2;
VAMOS was included, for the second consecutive year, in the S&P Global Sustainability Yearbook 2025, in accordance with S&P Global's Corporate Sustainability Assessment (CSA) criteria;
MOVIDA achieved an MSCI ESG "AA" rating for the fourth consecutive year;
MOVIDA is certified as a B Corporation by Sistema B Brasil.

SIMPAR reinforces its commitment to ESG best practices by publishing its Integrated Report annually in accordance with GRI and SASB standards, with independent assurance, and by maintaining continuous inclusion in the B3 Corporate Sustainability Index (ISE) for four consecutive years, recognition driven by robust environmental management, strong governance and the relevance of the ESG agenda across its corporate ecosystem.

For more information, please visit the Company's website to learn more about its initiatives and projects.

‌SOCIAL

Productive Inclusion is one of the four priority pillars of SIMPAR's Sustainability strategy, with a focus on supporting, expanding and enhancing programs aimed at people in situations of social vulnerability and minority groups.

Social initiatives are implemented through the Julio Simões Institute, as well as through incentivized projects and proprietary programs developed by each of the Group's companies, operating in the communities surrounding their operations, with impacts monitored and evaluated to promote continuous improvement.

The Julio Simões Institute strengthens its social impact through three pillars: Quality of life for professional drivers, education and community engagement. In 2025, the Institute reinforced its commitment to productive inclusion and social development. Under its workforce training program, 49 young individuals in situations of vulnerability completed a 50-hour training cycle covering Portuguese, Mathematics, Microsoft Office and life planning, of whom 37 were hired by the SIMPAR Group. Another initiative, aimed at 4th-grade students in the municipal school system of Mogi das Cruzes, engaged 2,300 students in the "If You Want it, You Can!" program, including visits to the Julio Simões Memory and Culture Center and learning about the founder's history. In the areas of education and transportation safety, the Institute acted as a training hub by offering free online courses. The "Direção Certa" financial education program trained approximately 500 independent truck drivers, contributing to improved financial management and well-being. The "Trilha Direção Preventiva" program trained approximately 8,000 drivers, strengthening safe driving practices.

In addition, recurring donations to eight social institutions impacted approximately 1,000 people, while social campaigns mobilized SIMPAR Group employees and benefited more than 15,000 people through targeted initiatives, expanding the Institute's social reach.

Resource allocation is carried out in accordance with the Social Investment Policy, ensuring the implementation of projects aligned with the Company's socio-environmental priorities, focused on generating positive impacts, strengthening public policies and advancing long-term solutions to relevant social and environmental challenges.

Learn more about this and other Group initiatives here Our Projects - SIMPAR

‌EQUALITY

At SIMPAR Group, our People are one of our key competitive advantages. We operate in a structured manner to ensure that our team members are aligned with our Values and Culture, while remaining committed to providing a safe, healthy and inclusive work environment, with concrete opportunities for growth and professional development.

We promote initiatives and programs aimed at creating a stable work environment that fosters engagement and people development, guided by respect, recognition of talent and a commitment to generating a positive impact both for our team members and for society.

Diversity and inclusive practices are essential factors for the long-term sustainable development of our business and ecosystem. We ensure gender diversity among shortlisted candidates, with hiring decisions based on merit and fairness.

Pay equity is also a Group commitment. Our compensation processes are based on role and job complexity, regardless of gender.

Through the Women in Leadership Program, we promote gender equity and strengthen female representation in leadership positions across the Group's companies. Our benefits reinforce this commitment, including six-month maternity leave under the Empresa Cidadã Program, as well as dedicated breastfeeding spaces -Cantinho da Mamãe - available at our administrative headquarters in Mogi das Cruzes, our São Paulo headquarters and the JSL unit in Itaquaquecetuba (SP), ensuring comfort and support for mothers in the workplace. Since 2019, we have been affiliated with the Movimento Mulher 360, an initiative that promotes women's economic empowerment, and we have committed to the Women's Empowerment Principles (WEPs) of UN Women, guiding our corporate practices toward gender equality and respect for fundamental rights. These initiatives strengthen our Culture and contribute to a more equitable, diverse and sustainable corporate environment.

We develop initiatives and projects across multiple fronts, ranging from promoting gender equity and increasing the participation of underrepresented groups to valuing and upskilling our workforce.

Programs are designed based on the specific needs of each business, considering their areas of operation and development opportunities. These programs aim to promote a more inclusive and equitable work environment, in which all individuals, regardless of their personal characteristics, can fully contribute to the Company.

Our diversity and inclusion programs include:

Training and development: to raise employee awareness of the importance of diversity and inclusion, as well as to develop the skills needed to promote an inclusive workplace;
Adoption of recruitment practices: ensuring equal opportunities for all candidates, regardless of background, gender, race, sexual orientation or other characteristics; and
Mentorship and support: for underrepresented groups, helping them develop their careers and reach their full potential within the Company.

‌In accordance with Law 15.177/25, which amended Law 6404/76 to include Paragraph 6 of Article 133, the Company hereby informs:

Number and proportion of women hired, by hierarchical level within the Company

		2024			2025
Hierarchical Level	Total Employees	Women	% Women	Total Employees	Women	% Women	▲ Y o Y
Executive Board	9	4	44.4%	8	5	62.5%	+18.1 p.p.
Senior Management	7	3	42.9%	5	2	40.0%	-2.9 p.p.
Department Management	31	13	41.9%	31	12	38.7%	-3.2 p.p.
Store Management	0%	0%	-	0%	0%	-	-
Coordination (Junior Mgmt.)	33	17	51.5%	29	16	55.2%	+3.7 p.p.
Supervisory Roles	3	1	33.3%	4	2	50.0%	+16.7 p.p.
Administrative Staff	254	150	59.1%	268	165	61.6%	+2.5 p.p.
Operational Staff	44	25	56.8%	44	24	54.5%	-2.3 p.p.
Apprentices	7	4	57.1%	7	3	42.9%	-14.3 p.p.
Interns	3	0	-	0	0	-	-
Trainees	0	0	-	0%	0%	-	-
Total	391	217	55.5%	396	229	57.8%	+2.3 p.p.

Number and proportion of women holding management positions within the Company

		2024			2025
Administrative Body	Total members	Women	% Women	Total Employees	Women	% Women	▲ Y o Y
Board of Directors	5	0	0.0%	5	0	0.0%	+0.0 p.p.
Executive Board (Statutory)	6	1	16.7%	5	1	20.0%	+3.3 p.p.
Total	11	1	9.1%	10	1	10.0%	+0.9 p.p.

Breakdown of fixed, variable and occasional compensation by gender, for comparable positions or roles within the Company.¹

2024			2025
Female-to-Male Ratio			Female-to-Male Ratio		▲ A / A
Hierarchical Level	Fixed	Variable	Fixed	Variable	Fixed	Variable
Executive Board	48.5%	10.4%	42.7%	12.1%	-5.7 p.p.	+1.7 p.p.
Senior Management	76.9%	87.4%	81.5%	126.2%	+4.5 p.p.	+38.8 p.p.
Department Management	76.9%	27.9%	87.1%	48.7%	+10.2 p.p.	+20.8 p.p.
Store Management	-	-	-	-	-	-
Coordination (Junior Mgmt.)	96.5%	97.3%	95.9%	180.3%	-0.7 p.p.	+83.1 p.p.
Supervisory Roles	76.4%	0.0%	113.6%	68.8%	+37.2 p.p.	+68.8 p.p.
Administrative Staff	72.5%	166.7%	76.9%	70.2%	+4.3 p.p.	-96.4 p.p.
Operational Staff	14.7%	10.0%	18.6%	14.2%	+4.0 p.p.	+4.2 p.p.
Apprentices	97.3%	-	100.1%	0.0%	+2.8 p.p.	-
Interns	101.6%	-	-	-	+0.0 p.p.	-
Trainees	-	-	-	-	-	-

Notes: (1): Fixed compensation refers to base salary; variable compensation includes commissions, incentives and bonuses. Statutory officers are included under the Executive Management category.

‌EXHIBITS CONSOLIDATED INCOME STATEMENT

SIMPAR - Consolidated

Income Statement (R$ million)	4Q24	3Q25	4Q25	▲ Y o Y	▲ Q o Q	2024	2025	▲ Y o Y
Gross Revenue	11,717.8	12,399.4	12,405.0	5.9%	0.0%	44,723.1	47,765.6	6.8%
(-) Deductions from Revenue	(1,064.0)	(1,106.4)	(1,127.6)	6.0%	1.9%	(3,985.0)	(4,237.2)	6.3%
(=) Net Revenue	10,653.8	11,293.0	11,277.4	5.9%	-0.1%	40,738.1	43,528.4	6.8%
Net Revenue from Services	8,796.8	9,085.8	9,038.5	2.7%	-0.5%	32,256.5	34,841.1	8.0%
Net Revenue from Construction	209.2	103.8	100.8	-51.8%	-2.9%	718.2	381.3	-46.9%
Net Revenue of Asset Sales	1,647.8	2,103.3	2,138.1	29.8%	1.7%	7,763.4	8,306.0	7.0%
(-) Total Costs	(7,947.3)	(8,376.6)	(8,305.3)	4.5%	-0.9%	(30,310.6)	(32,136.0)	6.0%
(=) Gross Profit	2,706.5	2,916.4	2,972.1	9.8%	1.9%	10,427.4	11,392.3	9.3%
Gross Margin	25.4%	25.8%	26.4%	+1.0 p.p.	+0.6 p.p.	25.6%	26.2%	+0.6 p.p.
(-) Operating expenses	(1,065.9)	(1,194.3)	(48.9)	-95.4%	-95.9%	(3,846.2)	(3,222.2)	-16.2%
Administrative and Sales Expenses	(907.6)	(1,013.5)	(988.9)	9.0%	-2.4%	(3,451.1)	(3,843.3)	11.4%
Tax Expenses	(24.6)	(26.4)	(21.2)	-13.8%	-19.7%	(80.9)	(82.1)	1.5%
Other Operating Revenues (Expenses)	(133.7)	(154.3)	961.1	-	-	(314.2)	703.3	-
EBIT	1,640.6	1,722.1	2,923.2	78.2%	69.7%	6,581.3	8,170.2	24.1%
Margin (% NR from Services)	18.7%	19.0%	32.3%	+13.6 p.p.	+13.3 p.p.	20.4%	23.4%	+3.0 p.p.
(+-) Financial Results	(1,696.5)	(2,079.2)	(2,113.7)	24.6%	1.7%	(6,176.6)	(7,916.1)	28.2%
(=) Income before tax	(55.9)	(357.1)	809.5	-	-	404.7	254.1	-37.2%
Provision for income tax and social contribution	(178.8)	82.4	(234.5)	31.2%	-	(315.6)	(38.9)	-87.7%
Net income (Loss) from discontinued operations	11.0	9.7	(31.6)	-	-	4.8	(2.6)	-154.2%
(=) Net income	(223.7)	(265.0)	543.4	-	-	93.8	212.6	126.7%
Margin	-2.1%	-2.3%	4.8%	+6.9 p.p.	+7.1 p.p.	0.2%	0.5%	+0.3 p.p.
EBITDA	2,614.9	2,933.8	4,063.6	55.4%	38.5%	10,272.4	12,754.3	24.2%
Margin (% NR from Services)	29.7%	32.3%	45.0%	+15.3 p.p.	+12.7 p.p.	31.8%	36.6%	+4.8 p.p.
EBITDA-A	4,148.8	5,037.1	5,878.5	41.7%	16.7%	17,459.0	20,450.9	17.1%
Margin (% NR from Services)	38.9%	44.6%	52.1%	+13.2 p.p.	+7.5 p.p.	42.9%	47.0%	+4.1 p.p.

‌EXHIBITS RECONCILIATION OF EBITDA, EBIT, AND NET INCOME

SIMPAR - Consolidated

EBITDA and EBITDA-Added Reconciliation (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Net Income	(223.7)	(265.0)	543.4	-	-	93.8	212.6	+126.6%
Net income (Loss) from discontinued operations	(11.0)	(9.7)	31.6	-	-	(4.8)	2.6	-
Financial Result	1,696.5	2,079.2	2,113.7	+24.6%	+1.7%	6,176.6	7,916.1	+28.2%
Income tax and Social contribution	178.8	(82.4)	234.5	+31.1%	-	315.6	38.9	-87.7%
Depreciation and Amortization	826.2	1,058.6	974.0	+17.9%	-8.0%	3,214.9	3,979.5	+23.8%
Amortization (IFRS 16)	148.1	153.0	166.3	+12.3%	+8.7%	476.2	604.7	+27.0%
EBITDA	2,614.9	2,933.8	4,063.6	+55.4%	+38.5%	10,272.4	12,754.3	+24.2%
Cost from Asset Sales	1,533.9	2,103.4	1,814.9	+18.3%	-13.7%	7,186.6	7,696.6	+7.1%
EBITDA-Added	4,148.8	5,037.1	5,878.5	+41.7%	+16.7%	17,459.0	20,450.9	+17.1%

SIMPAR - Consolidated

EBITDA Reconciliation (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
EBITDA	2,614.9	2,933.8	4,063.6	+55.4%	+38.5%	10,272.4	12,754.3	+24.2%
JSL - Additional value from acquisitions	3.9	7.1	7.1	-	-	21.7	21.9	-
JSL - Extemporaneous Tax Credits	-	-	-	-	-	(151.7)	-	-
JSL - Payment of retroactive contingent liability	-	-	-	-	-	11.9	-	-
Vamos - Rio Grande do Sul Impact	-	-	-	-	-	19.3	-	-
Vamos - Extraordinary provision increase	-	-	-	-	-	78.6	-	-
Vamos - Strategic reorganization costs	32.7	-	-	-	-	32.7	-	-
Vamos - Non-recurring reversal provision	-	-	-	-	-	-	(14.8)	-
Automob - Extemporaneous tax credits	-2.2	-	-	-	-	(13.4)	-	-
Automob - Administrative expenses	(1.5)	-	4.1	-	-	(5.3)	(0.7)	-
Automob - Adjustment of accounting provisions	-	-	3.9	-	-	(0.7)	3.9	-
Automob - Impairment: Taxes and judicial deposits	-	23.9	-	-	-	-	23.9	-
Automob - Impairment: Inventory	31.8	71.1	-	-	-	31.8	65.5	-
Automob - Impairment: Accounts receivable	24.2	10.5	-	-	-	24.2	10.5	-
Ciclus Rio - Positive impact from the sale of Ciclus Rio	-	-	(927.5)	-	-	-	(927.5)	-
Adjusted EBITDA	2,703.8	3,046.3	3,151.2	+16.5%	+3.4%	10,321.3	11,936.9	+15.7%
SIMPAR - Consolidated
EBIT Reconciliation (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
EBIT	1,640.6	1,722.1	2,923.2	+78.2%	+69.7%	6,581.3	8,170.2	+24.1%
JSL - PPA amortization	15.8	19.8	22.5	-	-	67.1	77.1	-
JSL - Additional value from acquisitions	3.9	7.1	7.1	-	-	21.7	21.9	-
JSL - Extemporaneous Tax Credits	-	-	-	-	-	(151.7)	-	-
JSL - Payment of retroactive contingent liability	-	-	-	-	-	11.9	-	-
Movida - Rio Grande do Sul Impact	-	-	-	-	-	31.6	-	-
Vamos - Rio Grande do Sul Impact	-	-	-	-	-	19.3	-	-
Vamos - Extraordinary impairment of accounts receivable	-	-	-	-	-	78.6	-	-
Vamos - Strategic reorganization costs	32.7	-	-	-	-	32.7	-	-
Vamos - Non-recurring reversal provision	-	-	-	-	-	-	(14.8)	-
Automob - PPA amortization	15.4	8.7	7.6	-	-	30.8	32.2	-
Automob - Extemporaneous tax credits	(2.2)	-	-	-	-	(13.4)	-	-
Automob - Administrative expenses	(1.5)	-	4.1	-	-	(5.3)	(0.7)	-
Automob - Adjustment of accounting provisions	-	-	3.9	-	-	(0.7)	3.9	-
Automob - Impairment: Taxes and judicial deposits	-	23.9	-	-	-	-	23.9	-
Automob - Impairment: Inventory	31.8	71.1	-	-	-	31.8	65.5	-
Automob - Impairment: Accounts receivable	24.2	10.5	-	-	-	24.2	10.5	-
Ciclus Rio - Positive impact from the sale of Ciclus Rio	-	-	(927.5)	-	-	-	(927.5)	-
Adjusted EBIT	1,760.7	1,863.1	2,040.9	+15.9%	+9.5%	6,759.7	7,462.0	+10.4%
SIMPAR - Consolidated
Net Income Reconciliation (R$ million)	4Q24	3Q25	4Q25	▲Y o Y	▲Q o Q	2024	2025	▲Y o Y
Accounting Net Income	(223.7)	(265.0)	543.4	-	- 93.8		212.6	+126.6%
JSL - PPA amortization	10.4	13.1	14.8	-	- 44.3		50.9	-
JSL - Additional value from acquisitions	2.6	4.7	4.7	-	- 14.3		14.5	-
JSL - Extemporaneous tax credits	-	-	-	-	- (100.1)		-	-
JSL - Prepayment fee	-	-	-	-	- 8.5		-	-
JSL - Payment of retroactive contingent liability	-	-	-	-	- 15.8		-	-
Movida - Closing of swap contracts	10.5	-	-	-	- 49.7		-	-
Movida - Rio Grande do Sul Impact	-	-	-	-	- 23.8		-	-
Vamos - Rio Grande do Sul Impact	-	-	-	-	- 12.7		-	-
Vamos - Extraordinary impairment of accounts receivable	-	-	-	-	- 51.9		-	-
Vamos - Strategic reorganization costs	21.6	-	-	-	- 21.6		-	-
Vamos - Write-off of deferred income tax credits on tax losses	237.0	-	-	-	- 237.0		-	-
Vamos - Non-recurring reversal provision	-	-	-	-	- -		(9.8)	-
Automob - PPA amortization	10.2	5.7	5.0	-	- 20.3		21.2	-
Automob - Extemporaneous tax credits	0.1	-	-	-	- (8.1)		-	-
Automob - Administrative expenses	16.7	-	2.7	-	- 12.9		(1.4)	-
Automob - Adjustment of accounting provisions	-	-	2.6	-	- (3.1)		2.6	-
Automob - Impairment: Taxes and judicial deposits	-	13.6	-	-	- -		13.6	-
Automob - Impairment: Inventory	21.0	71.1	-	-	- 21.0		67.4	-
Automob - Impairment: Accounts receivable	16.0	10.5	-	-	- 16.0		10.5	-
Automob - Financial Result	15.8	-	(16.5)	-	- 15.8		(16.5)	-
Ciclus Rio - Positive impact from the sale of Ciclus Rio	-	-	(612.2)	-	- -		(612.2)	-
Adjusted Net Income	138.1	(146.3)	(55.4)	-	- 548.1		(246.6)	-145.0%

Adjusted EBITDA, EBIT and Net Income are intended to provide a more accurate and representative view of the Company's recurring operating performance, by excluding the effects of non-recurring or non-operating items which, by their nature, do not reflect the Company's ability to generate results under normal operating conditions.

EBITDA-A or EBITDA Added, is defined as EBITDA plus the residual accounting cost of asset disposals, which does not represent an operating cash outflow as it is merely an accounting representation of the write-down of assets at the time of sale. As such, the Company's management believes that EBITDA-A is a more appropriate practical measure than traditional EBITDA as an approximation of cash generation, in order to gauge the Company's ability to meet its financial obligations.

‌EXHIBITS CONSOLIDATED BALANCE SHEET

Assets (R$ million)	4Q24	3Q25	4Q25	Liabilities (R$ million)	4Q24	3Q25	4Q25
Current Assets				Current liabilities
Cash and cash equivalents	1,885.4	3,194.1	3,030.0	Suppliers	7,191.1	5,984.7	7,377.3
Securities	11,288.5	9,369.6	11,074.7	Floor plan vehicles	747.0	952.5	1,027.6
Derivative financial instruments	1,033.6	156.8	147.1	Confirming payable (Automakers) (ICVM 01/2016)	32.9	49.7	17.9
Accounts receivables	6,051.4	7,918.0	7,700.6	Loans and financing	4,952.1	4,804.8	6,429.4
Inventory	3,180.4	2,819.0	2,831.9	Debentures	1,997.4	3,038.4	2,719.5
Recoverable taxes	461.8	564.0	527.0	Leasing payable	131.8	121.2	79.8
Income tax and social contribution	937.2	1,263.3	1,135.4	Lease for right use	444.9	126.3	383.2
Prepaid expenses	165.4	350.2	214.0	Assignment of receivables	1,367.8	2,027.5	2,047.1
Dividends	0.7	0.4	0.4	Derivative financial instruments	1,560.4	1,062.6	1,020.5
Assets availablle for sales (fleet renewal)	1,575.6	2,024.1	1,337.7	Salaries and charges payable	747.3	987.3	868.7
Third parties advances	404.1	432.1	534.8	Provision for losses on investments in discontinued operati	52.3	42.6	52.3
Advances to third parties - Intergroup	-	0.8	-	Taxes payable	534.4	515.6	683.8
Other credits	283.9	423.9	364.6	Accounts payable and advances from customers	64.6	17.2	26.9
				Dividends and interest on equity payable	180.6	4.1	322.4
				Advances from customers	541.2	634.0	643.5
				Forward acquisition of common shares of subsidiaries	85.6	120.9	166.9
				Related parties	0.1	0.1	-
				Acquisition of companies payable	391.0	250.9	384.9
Current Assets - Total	27,268.3	28,516.2	28,898.1	Current liabilities - total	21,022.4	20,740.2	24,251.9
Noncurrent Assets				Noncurrent liabilities
				Loans and financing	25,168.5	26,788.7	24,799.3
Securities	187.2	210.2	2,991.0	Debentures	22,374.9	19,673.5	22,720.5
Derivative financial instruments	2,244.5	468.0	594.4	Leasing payable	92.1	13.5	11.3
Accounts receivables	306.6	326.4	328.1	Lease for right use	1,665.0	2,225.8	1,930.5
Recoverable taxes	507.9	596.4	681.2	Assignment of receivables	548.7	1,351.0	1,257.1
Income tax and Social Contribution	198.1	107.7	289.5	Derivative financial instruments	2,017.0	1,671.0	1,602.4
Deposit in court	152.4	149.5	144.7	Taxes payable	17.1	14.5	13.6
Income tax and Social Contribution Deferred	1,630.8	2,015.4	1,507.3	Provision for litigation and administrative demands	667.6	604.6	535.4
Related parties	-	0.9	0.9	Deferred Income tax and Social contribution	1,593.2	1,729.3	1,931.5
Fund for capitalization of concessionaires	121.8	121.9	135.4	Related parties	0.5	0.5	0.5
Other credits	144.8	213.9	136.8	Accounts payable and advances from customers	197.1	175.5	173.8
Indemnity Asset	520.0	438.1	381.9	Acquisition of companies payable	1,138.7	1,115.6	918.3
Other credits Intercompany	2.8	1.5	-	Labor obligations	4.3	4.3	5.4
				Forward acquisition of common shares of subsidiaries	1,081.1	1,079.6	1,079.6
Long-term Assets - Total	6,017.0	4,649.8	7,191.3	Noncurrent liabilities - total	56,565.8	56,447.4	56,979.3
				Shareholders' equity
Investments	42.5	38.0	43.4	Capital stock	1,174.4	1,174.4	1,174.4
Property, plant and equipment	45,618.2	45,545.8	47,944.4	Capital Reserve	1,922.1	1,960.7	2,140.9
Intangible	4,206.9	4,420.7	4,565.0	Discount Reserve	-	-	-
Total	49,867.6	50,004.5	52,552.8	Treasury shares	(155.8)	(182.0)	(182.0)
				Reserves of earnings	232.4	(221.1)	202.4
Noncurrent Assets - Total	55,884.6	54,654.4	59,744.0	Other comprehensive income	(714.3)	(554.0)	170.2
				Other equity adjustments from subsidiaries	132.3	132.3	132.3
				Minority interest	2,973.5	3,021.1	2,898.2
				Accumulated Income / Losses	-	-	-
				Asset Valuation	0.2	651.5	874.5
				Shareholders' equity - Total	5,564.6	5,982.9	7,411.0
Total Asset	83,152.9	83,170.6	88,642.1	Total liabilities and shareholders' equity	83,152.9	83,170.6	88,642.1

‌EXHIBITS RECONCILIATION OF LEVERAGE INDICATORS

The breakdowns of Net Debt, EBITDA and EBITDA-A used in the calculation of the Leverage Indicators are as follows: (i) Net Debt/EBITDA (Bond covenant); and (ii) Net Debt/EBITDA-A (Local debt covenant):

(i) Net debt/EBITDA (Bond Covenant)
Net Debt Reconciliation for Covenant of Bonds (R$ mn)	4Q25
(+) Gross Debt	56,777.6
(-) Cash and equivalents and securities, marketable securities and financial investments	17,095.6
(+) Derivative financial instruments	1,881.4
(+) Effect of Hedge MTM	(23.6)
(-) BBC Holding and BBC Pagamentos Net Debt - "unrestricted subsidiaries"	1,962.9
(=) NET DEBT for Covenant of Bonds	39,577.0

EBITDA reconciliation for Covenant of Bonds (R$ mn)	2025
Accounting Net Income	212.6
(+) Net income (Loss) from discontinued operations	2.6
(+) Financial Result	7,916.1
(+) Income tax and Social contribution	38.9
(+) Depreciation / Amortization	3,979.5
(+) Amortization (IFRS 16)	604.7
(=) EBITDA	12,754.3
(+) EBITDA LTM of Acquired Companies	-
(+) Equity income result	12.6
(-) BBC Holding and BBC Pagamentos EBITDA LTM - "unrestricted subsidiaries"	(128.7)
(+) Impairment	61.5
(+) Cost of damaged and loss-making vehicles written off, net of the amount recovered by sale	232.9
(=) EBITDA for Bond Covenant Purposes	13,190.1

As companies in the financial sector, SIMPAR's subsidiaries BBC Holding Financeira Ltda. and BBC Pagamentos Ltda. have financial indicators that are not comparable with the other companies in the Group, which ultimately distorts some indicators at the consolidated level (e.g. profitability and leverage indicators).

In order to avoid these distortions and to comply with all the conditions set forth in the Bonds indenture, SIMPAR's Board of Directors approved the designation of these subsidiaries as "Unrestricted Subsidiaries". As a result, since 2Q23, the Debt and EBITDA of BBC Holding Financeira Ltda. and BBC Pagamentos should be excluded from the calculation of Net Debt/EBITDA.

(ii) Net Debt/EBITDA-A (Local Debt Covenant)
Net Debt Reconciliation for Covenant of local Debts (R$ mn)	4Q25
(+) Gross Debt	56,777.6
(-) Cash and equivalents and securities, marketable securities and financial investments	17,095.6
(+) Derivative financial instruments	1,881.4
(+) Hedging MTM effect	(23.6)
(=) NET DEBT for Covenant of local Debts	41,539.9

EBITDA reconciliation for Covenant of local Debts (R$ mn)	2025
(=) EBITDA	12,754.3
(+) Cost of selling assets	7,696.6
(=) EBITDA Added	20,450.9
(+) EBITDA LTM of Acquired Companies	-
(+) Equity income result	12.6
(+) Impairment	61.5
(+) Cost of selling assets - Acquired Companies	0.2
(+) Expected impairment of accounts receivable	311.9
(=) EBITDA Added for Local Debt Covenant Purposes	20,837.1

‌EXHIBITS HEDGE ACCOUNTING

The SIMPAR Group enters into non-speculative derivative financial instruments, generally swap, NDF or option contracts, to hedge its exposure to fluctuations in foreign currency exchange rates and its exposure to fluctuations in interest rates on certain loans, financings and debentures. The Company has elected to apply hedge accounting in order to avoid distortions in the financial results caused by mark-to-market fluctuations of these hedging instruments. Two hedge accounting methods are applied: One is the cash flow hedge, which is used for transactions with foreign exchange risk, with mark-to-market fluctuations recorded as Other Comprehensive Income in Equity. The other is a fair value hedge, which is used for transactions with interest rate risk where mark-to-market changes are recorded in the hedged instrument.

In this way, the changes in the fair value of these hedging instruments recognized in the income statement relate only to the offsetting of the positive or negative effects caused by the hedged risks, so that the interest expense corresponding to the interest rates contracted as the counterpart of the hedge is effectively recognized in the financial result.

The mark-to-market fluctuations recognized in Equity are eliminated when the hedging instruments mature. As of December 31, 2025, the Company presented in its consolidated financial statements the negative mark-to-market fluctuations of the hedging instruments accounted for under the cash flow hedge method directly in Shareholders' Equity in the amount of R$ 15.6 million, net of taxes, whereas the gross amount would be R$ 23.6 million.

ADDITIONAL CORPORATE INFORMATION

This Earnings Release details the financial and operating results of SIMPAR S.A. in the fourth quarter of 2025. SIMPAR S.A. reports its 4Q25 and 2025 results, including JSL, VAMOS, MOVIDA, CS Brasil, AUTOMOB, BBC, CS Infra and Ciclus Ambiental, whose combined performance is reflected in the consolidated figures. The financial information is presented in millions of Brazilian Reais (R$) unless otherwise indicated. The Company's interim financial information is prepared under the Brazilian Corporation Law and is presented on a consolidated basis under CPC-21 (R1) Interim Financial Reporting and IAS 34 - Interim Financial Reporting, issued by the IASB. Comparisons refer to revised data for 4Q24, 3Q25 and 4Q25, 2024 and 2025, except where otherwise indicated.

DISCLAIMER

We make forward-looking statements that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and are based on information currently available to the Company. Forward-looking statements include information about our intentions, beliefs, or current expectations and those of the Company's Board of Directors and Management.

Disclaimers for forward-looking information and statements also include information about possible or supposed operating results, as well as statements that are preceded by, followed by, or that include the words "believes," "may," "will," "continues," "expects," "predicts," "intends," "plans," "estimates," or similar expressions. Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties and assumptions because they refer to future events and therefore depend on circumstances that may or may not occur. Future results and shareholder value creation may differ materially from those expressed or implied by the forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.

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