Transcript of the 1Q26 Earnings Conference Call

Good morning, ladies and gentlemen. Welcome to SIMPAR's video conference for the discussion of results for the first quarter of 2026. This video conference is being recorded and the replay will be available on the company's website at https://ir.simpar.com.br/en. The presentation will also be available for download. Please note that all participants will be in listen-only mode during the presentation, after which we will begin the Q&A session, at which point further instructions will be provided. Before we proceed, I would like to remind you that forward-looking statements are based on the beliefs and assumptions of SIMPAR's management and on information currently available to the company. These statements may involve risks and uncertainties, as they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should bear in mind that events related to the macroeconomic environment, the industry segment, and other factors may cause actual results to differ materially from those expressed in such forward-looking statements. Joining us today are Mr. Fernando Simões, Chief Executive Officer, and Mr. Denys Ferrez, Executive Vice President of Finance, Corporate Affairs, and Investor Relations Officer. I would now like to turn the floor over to Mr. Fernando Simões, who will begin the presentation. Please, Mr. Fernando Simões, you may proceed.

Good morning, everyone. We are beginning SIMPAR's earnings release for the first quarter of 2026. On behalf of our more than 56,000 employees, I would like to thank you all for joining us.

Let us start on page 3 with some of our key highlights for the first quarter of 2026. I would like, once again, to reinforce and remind you that, in line with our strategic plan - as determined by our Board following a major business transformation execution mission between 2020 and 2023-2024 - we have entered a new cycle. This cycle reflects a mission defined by the Board of Directors, both at SIMPAR and at the companies it controls, focused on value extraction based on the infrastructure, assets, and investments made in recent years.

Throughout 2025, you have been following, and what the first quarter of 2026 demonstrates is the continued execution of value extraction from our investments, through improved operational efficiency, better asset turnover, accurate and fair pricing in line with market changes, and our people's ability to do more with less by optimizing and reducing our costs. You will be able to see this not only on page 3, which reflects SIMPAR on a consolidated basis, but also in the figures of our subsidiaries - all of which reflect lower leverage, improved cash generation, and better efficiency and return on capital. On page 3, where we present the key financial indicators for the first quarter of 2026, we achieved gross revenue of over R$ 12 billion, representing growth of more than 6% year-over-year,

an adjusted EBITDA of R$ 3.2 billion, reflecting 14% growth over the same period of the prior year, against revenue growth of 6%.

Net loss of R$ 13 million, wider than in the first quarter of 2025. However, the productive ROIC for the last twelve months as of Q1 was 17.7%, which is 3.5 percentage points above the same period last year and 2 percentage points above our cost of third-party debt. Still on page 3, on the right-hand side, we highlight some of the execution milestones of our strategic plan and value creation.

What I would like to highlight before discussing the key numbers: our companies have been gaining market share with significantly less capex and greater operational efficiency. That is, even with net capex down 68% year-over-year, we delivered 9% growth in our net service revenue, above 14% EBITDA growth, and as a result, a reduction in our leverage. We completed the full sale of Ciclus Amazônia - all of its shares - for R$ 270 million, of which SIMPAR's 45% stake amounts to R$ 121 million. This demonstrates our team's asset management capability, the liquidity of our unlisted assets, and a valuation that the market may not be fully pricing in - as confirmed by this transaction, which is consistent with our strategic plan.

This reflects the quality of our operational execution, the efficiency of our companies, the sectors in which we operate, the resilience of our business segments, and the capabilities of both our people and our financial management team. We have maintained our access to debt capital markets, with long-standing strategic partnerships and also new sources of capital. In the first quarter of 2026, we raised R$ 4.2 billion at a cost of CDI

+ 1.9% with an average maturity of five years.

We also completed a combined capital increase of R$ 2.9 billion across SIMPAR, MOVIDA, and VAMOS, which is still in the subscription period. This demonstrates the efficiency of our management, the positioning of our companies, and the capabilities of our people. And above all, the quality of the investors participating in our capital increase - such as BNDESPAR - is a hallmark of the quality of our governance.

Now, on page 4, we present the key performance highlights for JSL. I would like to highlight its cash generation and how business units can and do transform into independent companies. To put it in perspective: the main subsidiaries controlled by SIMPAR were originally business units within JSL - MOVIDA, which emerged from the rental segment, and VAMOS.

And when we look at slide 4 on JSL, here is another example of a JSL business unit transforming into a fully independent company - the case of INTRALOG, with the arrival of a new CEO, who will focus on operational efficiency and anticipating client needs in new business areas. INTRALOG is one example, but we also have JSL Digital, and of the 73% that we operate between owned and outsourced fleet, a significant portion within this company is also 100% asset-light, using third parties or owner-operators. In other words, there are certain business units within JSL that can and should, like INTRALOG, become fully independent companies.

Further contributing to your reflection on JSL: it holds a modest yet unique market positioning with a significant organic growth potential, driven by its service and sector diversification, as well as its execution, mobilization, and delivery capabilities. In a moment like this - which many do not price in adequately - companies that have difficulty passing on fair pricing face headwinds. JSL's track record has always been one of fair pricing, staying close to the client, reacting quickly when price corrections are needed, achieving operational efficiency and cost reductions in order to offer its clients the best value for money. This can create a tremendous organic growth opportunity for JSL in the current Brazilian macroeconomic environment. Furthermore, its cash generation capacity - when the decision was made, through the board, to move away from capex and toward leasing - has delivered better returns, improved cash generation, a stronger capital structure, and a focus on its core activity: executing the best logistics process and best cost-benefit ratio for its clients, leading to the best financial results, flawless execution for clients, and career development for our people.

In other words, with everything we have done, we still hold approximately 2.6% to 2.7% market share, which illustrates the enormous opportunity for continued growth and improvement of results.

Moving on to page 5, we have MOVIDA. MOVIDA has been executing its strategic plan - as defined by its board

- with great efficiency and mastery.

Whether in operational efficiency, cost reduction, or anticipation of client needs, I would like to highlight our DNA of passion for service, which has contributed to the transformation of the segment. This DNA has driven MOVIDA's ability to attract new clients. Last year alone, we brought in more than 600,000 new clients - but retaining them is just as important as acquiring them, and its loyalty program has shown that we only attract when we develop a relationship with our clients. This is achieved through operational efficiency and pricing improvements, both in RAC (daily car rental) and GTF (fleet management).

By optimizing our resources, we have improved occupancy and significantly increased EBITDA and net income, achieving revenue growth with far less capex, which has consequently improved our financial indicators. Without creating any expectations, we are very pleased with everything that has been accomplished, but we firmly believe we still have much more to deliver on top of the existing base, infrastructure, and scale that has been built.

Moving on to page 6, we have VAMOS, and I would like to highlight to all of you a few points that VAMOS has consistently presented over the past quarters.

One of them is its asset disposal capacity. We are executing asset sales per quarter well above any forecast due to repossessions. Asset sales that were projected to occur two or three years from now are happening today and have been executed - which demonstrates the quality of its assets and our team's ability to act.

But even more important than that are the contract extensions: contracts that were due to expire after five years are being extended for another one or two years with the same asset and improved economics, which is good for the client - since we do not need to deploy new capex and re-price - and they continue with the same asset, which is still in excellent condition, with a minor price adjustment, which is more favorable to us than asset renewal. In addition, new contract rentals using two- or three-year-old repossessed assets - what we call SEMPRE NOVO (Always New) - demonstrate that, due to the quality of our assets, we can redeploy them with capex already deployed, meaning we need less new capex while still growing our revenue. Beyond that, the focus

on cost reduction is a continuous improvement process and value extraction through the monetization of everything that has already been invested and new contracts.

And when we look at the market, in a high-interest-rate environment like today, companies that have assets but cannot pass on their required pricing to clients end up having difficulty accessing new credit. What is the opportunity? Leasing. And even shippers - the industries - are also seeking to lease assets rather than be exposed and financially vulnerable to their suppliers, which generates further leasing business opportunities for VAMOS.

Additionally, there are opportunities such as a sale with a potential leaseback, as was mentioned in VAMOS's most recent disclosure - clients who want to lease with an option to purchase in the future, or even with a future purchase already scheduled. In other words, these are new avenues and market opportunities for VAMOS to grow its leasing business, as the segment leader with a unique and differentiated positioning. We are very pleased with everything that has been accomplished, but we are certain that VAMOS has much more to deliver in coming quarters than what has already been delivered - whether through yield improvement, cost reduction, or operational efficiency.

Moving on to page 7, we have AUTOMOB, the largest dealership group in Brazil. We present some of its key financial highlights by segment - light vehicles, trucks, and machinery - as well as other highlights. What I would like to emphasize is a company that continues to optimize its processes - whether through administrative consolidation of its legal entities, improved processes, operational structure, store replenishment, used vehicle inventory management - in other words, it is in a process of optimization and productivity improvement, in cost reduction and synergy capture, which we will continue executing throughout 2026, and which I believe will reach its full potential in the first quarter of 2027.

But solid signals are already beginning to emerge: new vehicle sales per store have not only improved but continue to improve - including in the aftersales segment and in used vehicles. Regarding used vehicles, we acknowledge that a replenishment error occurred - and we must recognize when that happens - with numbers similar to those of the past few quarters, but the potential is there and will be achieved in line with the guidance disclosed for 2027. Above all, the improvement in F&I (Finance & Insurance) revenue deserves your attention. For those of you reflecting on this, I would like to draw your attention to a simulation of the potential increase in sales per point, combined with F&I improvement and aftersales development - a combination that is set to result in improved financial indicators.

We believe and are confident in the execution capability of our people, which is our most valuable asset. When we look at the agribusiness environment, we are certain that the current situation is temporary. It is important to note that we represent what we consider the best machinery in the world, in regions with an extreme need for the type of equipment we offer.

And despite the current environment of deferred machine replacements for development, harvesting, and future planting, these machines are necessary and will eventually need to be renewed. This will happen - it may be deferred by one, two, or three years. And we are positioned to capitalize on that moment.

Until then, the team has been focused on cost reductions and margin improvement - even with lower volumes

- to cover costs and pursue financial equilibrium. Looking at the trucks and buses segment, the first quarter saw a decline due to the government program that was announced following discussions, and a financial reinforcement has already been made by the government for that program. We expect a second quarter that is even stronger than the first. In other words, AUTOMOB is uniquely positioned to benefit from the entire retail, individual mobility, as well as truck, bus, and agribusiness machinery industries.

We firmly believe this evolution will be consistent, reaching its full potential in the first quarter of 2027, with improving financial and operational indicators quarter after quarter.

Moving on to page 8, we have CS Infra, which has seen strong portfolio growth in line with our planning, with a consistent and resilient business portfolio of concessions and PPPs in infrastructure - including highways, ports, mobility, and social infrastructure. In the social infrastructure segment, we have just won a 40-school concession with the government of Paraná, which we believe will offer significant opportunities. These are mid-size concessions, service-oriented, with lower capex and resilient revenues, backed by solid and transparent guarantee funds.

Although the vast majority of its concessions are still under construction, early signs of financial performance are beginning to emerge - through EBITDA growth, revenue growth, and earnings improvement.

Moving on to page 9, we have Ciclus Ambiental, which consists of Ciclus Amazonas and Ciclus Centro-Oeste. Ciclus Centro-Oeste is a highly modern sanitary landfill in terms of technology, ready to receive waste, with significant revenue potential from municipalities surrounding Cuiabá.

Moving on to page 10, we have CS Brasil, a company focused on fleet and operations services for the public sector, which ensures fleet availability and productivity through its leasing system as well as passenger transportation. It has been delivering steady, albeit modest, growth in an extremely sustainable and resilient manner, and we also see significant development opportunities ahead as governments improve services - both through service delivery and fleet management.

Moving on to page 11, we have Banco BBC, whose loan portfolio has been growing with a focus within our own ecosystem, but today also with an equal focus on financing - whether for passenger vehicles or trucks - always with a meaningful down payment requirement in its financing operations, with spreads of between 10% and 12%, and high credit quality. In other words, it has been developing in a consistent, resilient, and extremely sustainable manner, focused on the business profile we understand to be right: high-liquidity assets, quality credit, and our team's capabilities.

Moving on to page 12, we present some of our key indicators, and I will now turn the floor over to Denys, who will present them in more detail. Please, Denys. Thank you, Fernando.

Good morning, everyone. Starting on slide 12, we present the financial highlights on a consolidated basis. Net revenue for the first quarter of 2026 totaled R$ 11 billion, of which approximately R$ 2 billion came from asset sales and R$ 9 billion from service revenue.

This service revenue exceeds the first quarter of 2025 by 9%. On the right-hand side, we present EBITDA. EBITDA for the first quarter of 2026 totaled R$ 3.2 billion, with a margin of 29.2%.

This represents continued improvement both in margin and in absolute terms relative to Q1 2025 and the immediately preceding quarter. It is worth noting that this comparison is being made against the fourth quarter, excluding the Ciclus Rio asset monetization event, as highlighted in the chart. On the lower left side of the page, operating income, as measured by EBIT, totaled approximately R$ 2 billion, with a margin of 18.1% in Q1 2026, representing 13% growth versus the same period of the prior year and a 1 percentage point margin expansion.

Adjusted net income for Q1 2026 was a negative R$ 13 million, an improvement over the fourth quarter of 2025, in which the average interest rate was equivalent to that of Q1 2026, and slightly below Q1 2025. However, it should be noted that in Q1 2025 the interest rate was 2 percentage points lower than in Q1 2026, which clearly demonstrates the work being done to rebalance all of our contracts and operations to the new macroeconomic environment.

On the next slide, page 13, we present net capex for the first quarter, which totaled R$ 222 million - this being gross investment less asset sales. This is one of the lowest levels - in fact the lowest level - observed since the first quarter of 2020, and it represents a nearly 70% reduction compared to the same period last year.

This validates what we have been saying regarding the phase of our long-term strategic plan: this phase is about extracting more value from already-built foundations, and this has been broadly reflected across our various companies. A few additional comments: some of our companies have seasonal capex patterns - MOVIDA may be cited as an example here. Others have a scheduled investment plan in line with their long-term roadmap, as is the case for CS Infra investments, and others are shifting their business model and should be more consistently reducing capital allocation, as is the case for JSL. Moving on to the next page, we discuss the relationship between cash generation - measured by EBITDA - and investments. First, I would like to note that all of the historical growth delivered by the group was only possible because of the high visibility we have when structuring a new contract, and also because ours is a group predominantly based on long-term contracts.

Here we highlight that of our R$ 12 billion in cash generation before growth, 80% is attributable to long-term contracts. I believe this is highly significant, and it is worth recalling that we operate in sectors that have proven resilient and essential to society across multiple economic downturns. So today, in this chart going back to 2020, we have the best relationship between EBITDA and investment in the last twelve months.

EBITDA today slightly exceeds twice the size of investments made over the last twelve months, in contrast with periods when we were building the company's foundations - such as in 2021 and 2022, the scale we frequently reference - when EBITDA was approximately half of the net investment deployed at the time. This marks this

new phase, where the relationship between cash generation and investment volume significantly exceeds that amount. Moving on to the next page, we present, on a consolidated basis, certain aspects of liquidity, the debt maturity schedule, and the progress of the capitalization process.

I would like to make one important comment: this is a simple aggregation. Given the structure of the group - with control over publicly listed subsidiaries - the purpose of this structure is for each company to have its own governance and risk profile. It is also important to note that a publicly listed subsidiary cannot be impacted by SIMPAR as its controlling shareholder, nor can it be affected by any of the other seven companies that SIMPAR controls.

That said, within the first quarter, the group raised R$ 4.2 billion with an average maturity of five years at a cost of CDI + 1.9%. As the relevant event occurred shortly after the end of Q1, we are also reporting here a capital increase at SIMPAR of R$ 1.8 billion, at MOVIDA of R$ 750 million, and at VAMOS, to date, of R$ 529 million, which, when combined and net of SIMPAR's contributions to the capital increases at MOVIDA and VAMOS, total R$ 2.9 billion. Adding this to the cash position at the end of Q1 of approximately R$ 14 billion, plus this capital increase, plus committed undrawn credit facilities of approximately R$ 800 million, plus the available floor plan financing for our dealership retail activity, the group has total available liquidity of approximately R$ 18.5 billion, equivalent to 2.5 times short-term debt.

In terms of indebtedness, the average net debt maturity is close to 4 years. I would now like to turn specifically to the topic of liquidity and indebtedness for SIMPAR as a holding company, on the next page - page 16. SIMPAR ended the quarter with R$ 3.3 billion in cash, which when combined with the capital increase already received

- net of the contributions it is making to its subsidiaries' capital increases - totals approximately R$ 5 billion in liquidity, sufficient to cover all amortizations through 2031.

On a pro forma basis - and I note that on a reported basis, net debt at the end of Q1 is R$ 2.8 billion - if we deduct the capital increase just mentioned, net of contributions to subsidiaries, including declared dividends receivable from subsidiaries and dividends payable, we would arrive, on a static basis for Q1, at a pro forma net debt of approximately R$ 700 million, which is 74% lower than the reported net debt at the end of Q1 2026. On the next slide, we present three pieces of information. Specifically, regarding financial leverage, which on a pro forma basis indicates the lowest financial leverage in the last 15 years.

The data goes back to 2010 up to the most recent figure, based on Q1 2026. Looking at the interest rate level in Brazil: back in 2010 it was 10%, we experienced significant volatility throughout the years and we are now at 15%. Even so, we are delivering deleveraging.

This is happening because you have capital increases, you had the opportunity to demonstrate the value of investments made and monetized, and you also have the behavior of our portfolio and our business model, which is adjusting to the new macroeconomic environment. What we often say is this: we do not need interest rates in Brazil to fall. Rate stability is already sufficient for us to do the internal work - within contracts - to achieve the appropriate balance and cost efficiency, and to restore profitability equilibrium, which is exactly what is being done.

I consider this a fundamentally important point. We did this during the last Brazilian recession in 2016, which was a consequence of rising interest rates, and we are doing it again now, as I mentioned on the first slide when we discussed net income performance. So, on a pro forma basis, using a trailing twelve-month period, leverage as measured under the criterion we report based on the international debt market - net debt/EBITDA - stands at 2.8 times, or under the criterion we report based on the local debt market - net debt/adjusted EBITDA - stands at 1.9 times.

In other words, we are strictly following our strategic planning playbook - making full use of investments already made, marking value through asset monetization as delivered, and focusing on operational improvement, as demonstrated by the improvement in EBITDA margin and the nominal growth of that figure. Moving to my final slide, the productive ROIC for the quarter was 17.7%, two percentage points above the post-tax average gross debt cost, using the same effective tax rate, and the highest since we began disclosing productive ROIC. With that, I would like to turn the floor back to Fernando.

Fernando, please. Thank you, Denys. Here, on our final slide, we highlight some points that we believe may contribute to your reflection.

The result of all the work that has been done - with a focus on operational efficiency, pricing improvement, and cost adjustment - with the objective of extracting value from everything built in recent years, is reflected here in some of our key indicators that demonstrate the value extraction potential. We show 9% growth in service revenue versus 14% growth in adjusted EBITDA, with a 68% reduction in consolidated net capex in Q1 2026. This reflects value extraction from the foundations of everything that has been built in recent years.

Our EBITDA per employee grew 14% versus the same period last year, demonstrating value extraction through operational efficiency. When we look at our pricing evolution, our DNA is to be at the service of our clients, but it is also our DNA to always maintain fair pricing that covers our costs - including our financial costs - and provides us with the returns needed to continue developing in an extremely sustainable manner. We are, indeed, focused on price recovery and cost pass-through whenever necessary.

Based on our efficiency in asset utilization, higher occupancy, and faster asset deployment, decommissioning, and disposal, we achieved a 2.3 percentage point increase, reaching 26.7% in our annualized EBITDA on services. And the result of everything we have built in a solid and sustainable manner has enabled new capital raises of R$ 4.2 billion in Q1 2026, as well as a capital increase of R$ 2.9 billion - which, to us, is a seal of recognition of our governance, our companies, their positioning, and above all, our team's capability to execute and grow in an extremely sustainable manner within resilient segments that are essential to the Brazilian economy. I would now like, once again on behalf of all of our people - more than 56,000 employees - to open the floor for questions and answers so that we can address any remaining questions.

Thank you very much, everyone!

We will now begin the Q&A session for investors and analysts. If you would like to ask a question, please click on "raise hand." If your question is answered, you may leave the queue by clicking on "lower hand." If you would like to ask a question in writing, please type your question in the Q&A field, followed by your name and company. Our first question comes from Mr. Mateus Santana from Bradesco BBI. Please, Mateus, you may proceed.

Hi, Fernando, Denys, good morning, thank you for taking my question. I have two questions. The first one is about the value generation potential of the unlisted companies - what value levers do you see, and what is the market not seeing in these companies? And the second question also touches on the same value generation theme, but focusing on certain business units within the listed companies - for example, Intralog and the third-party operations at JSL. What are the key value creation highlights you see in those businesses? That's it, thank you.

Good morning, Mateus. Denys here. I'll start with your first question on the value potential of the unlisted companies. In every business we enter, we always seek a long-term relationship - we value the security and stability of a long-term contract. Recall that 80% of our cash generation comes from long-term contracts, which gives us the confidence to keep investing based on visibility. So we are building this portfolio of unlisted companies very responsibly, within a high-interest-rate environment, which means you always have to factor that in. If that environment normalizes, the embedded value creation will certainly be much greater than what we already see as fair under current macroeconomic conditions. So we see long-term contracts and businesses with strong resilience given their nature, as well as security provided by the guarantee structure in place, and we are confident that we are building this at an extremely opportune time, in a safe manner - and if there is any accommodation in these macroeconomic variables, specifically real interest rates, the value creation from all of this will certainly be even greater. But I'll let Fernando share his perspective.

Mateus, regarding value creation, I would like to point out: Ciclus Rio was executed by our team from scratch, and became Brazil's largest waste treatment center and one of the largest in the world, generating through its gas - biomethane - 60% of the biomethane produced from waste in Brazil. And it delivered a return on capital at its monetization - three to four years after SIMPAR had acquired it - and I should mention it was acquired from a related party. The minority shareholders voted, and we followed the vote of all those who decided, meaning the minority shareholders approved, and the stake was acquired from the holding company and from the family - which demonstrates our level of governance - and it delivered a return of 27% per year.

I think this illustrates several things: it shows the capability to execute, to monetize, and to create asset value, as well as the governance quality that was a by-product of the transaction. Bringing this to CS Infra - speaking a

little about the unlisted assets - I would like to make an observation: for example, we concluded all investment at the beginning of this year - in December or January - on the construction and modernization of two ports, ATU-12 and ATU-18, which are now reaching full operational capacity. So this is a company, a business, that has not yet generated its full value even for our own ecosystem - I'm not even mentioning its valuation. This is one example using the port.

But then you move to Transerrado - we completed Transerrado last year, which is the 300-kilometer highway in Piauí - and it had a renewal, an extension of the road that practically doubled it, with significantly higher revenue, where the capex has already been deployed, but no one has yet seen the full revenue and EBITDA from this in our company's results. So, I've answered this in two ways: you have the value generation that will come from exploitation already built and capex already deployed. In just these two cases, you have more than R$ 1.3 billion in debt whose revenue has not yet been fully recognized, neither in EBITDA - and you will begin to see this very strongly already in 2026. Those are two important points worth considering. And I would also add: among the unlisted companies in execution, you have CS Brasil, which at its core is a logistics company, as it does a lot of workforce-based operations for the public sector - that's within CS Brasil - and you can see it has been delivering steady growth and improving indicators step by step, very consistently.

So those are the unlisted companies, and I see two dimensions: what is being incubated within CS Infra but is already ready to begin generating, and CS Brasil itself, which has been at it for a long time with that same focused approach. Those are the two points I think are worth highlighting, Mateus - and I apologize for going into detail, but I think it is important to share what we have been doing, both in terms of value generation in the unlisted space and what is still to come through value generation and growth in the listed companies. And when you talk about JSL, well said - you have an Intralog that is born with over R$ 2 billion in revenue, with practically no transportation at all, and with EBITDA of approximately R$ 450-500 million, representing a 22-23% margin.

That is what Intralog looks like - which accounts for roughly 20% of total JSL. But within JSL, where you see the 73% revenue - between owned fleet and third parties and owner-operators providing services for us - in very strategically important activities - you also have another company within those asset-light operations. This shows how JSL has been doing tremendous work, growing in this segment through JSL Digital, where you can see the growth trajectory, and doing outstanding work - which is what we always strive for across the group - on strategic communication. So this greater visibility is meant both to help you better understand our assets and our work, and also to bring specific operations and business lines into sharper focus, delivering more value to clients in longer-term relationships, and developing - as in the case of Intralog, with the arrival of a new CEO with significant expertise in this area - yet another fully independent company with a strong focus on continuous improvement, innovation, contract renewals, client expansion, and anticipation of client needs. This brings a dedicated CEO to the operation. So that is the summary - and I don't know if Denys has anything to add - apologies for the length, but I believe it was important to lay out for you what we have been doing, both in terms of value generation in the unlisted space and in the execution growth opportunities that still exist across the company.

I would just like to highlight, regarding this reorganization of how something that was already within JSL - Intralog - is being presented: as Fernando said, this is a business with very good returns, 24%, asset-light, and growing at close to 20% per year, without all the strategic visibility and commercial focus that Fernando just described. All of this will certainly foster the development of each of these JSL business lines - JSL Digital, Intralog, and the other dedicated service lines.

Thank you, Matheus.

Thank you very much, Matheus.

That was very clear, thank you.

The next question comes from Mr. Guilherme Mendes from JP Morgan. Please, Guilherme, you may proceed.

Hi everyone, good morning, thank you for the opportunity, Fernando, Denys. First, on strategy - thinking a bit more medium to long term: for the near term, the asset maturation, operational efficiency, and so on are very clear. But looking at a slightly longer horizon, how do you see the optimal capital structure for the company, and at what point - or does that moment come at some point - would you re-accelerate net capex, which we have seen declining in recent quarters? And a second point related to Chinese OEM structures: do you have any concern about depreciation risk, particularly thinking about a company like MOVIDA in the short term, with potential price wars in the automotive industry? Thank you.

Sure. Guilherme, just to briefly address the capital structure point before letting Fernando speak to the business with more authority: we have been saying this and we are now approaching our objective. We had two goals: first, we had the desire to bring SIMPAR as a holding company to zero net debt, and we are doing that. Why? Because the existing debt is a result of all this construction - it was not the goal per se, but rather a consequence of having built all of this. So, the time has come to address it, and it is an absolute objective - it is a matter of absolute nominal value, getting to zero. For the group as a whole, we talked about bringing leverage structurally below 3 times net debt/EBITDA. On a pro forma basis, we are approaching 2.8 times, and the subsidiaries are following the same trajectory. And obviously, as we accelerate the deleveraging at SIMPAR, the consolidated deleveraging also accelerates. So, the objective is to remain below 3 times - maybe sometimes something could justify a different level, but we haven't had that case, and that is the direction given by controlling shareholder Fernando and the Board. But I'll let Fernando add to this.

Guilherme, quickly - first I would like to point out the following: we did not arrive here by accident, and we did not wake up off course. This was all part of our strategic plan. The construction of everything that was done has always been part of our history - building on leverage and then extracting value from what was built. That is exactly what we have done: construction, and now we are in the value extraction phase. We are committed to

- and have reinforced - zeroing out the holding company's debt, because it is entirely counterproductive, given what has happened with interest rates. Managing this is our job and we have done it very calmly, as we always have. What I want to tell you is this: regarding re-accelerating net capex, we don't see it that way, because we continue to gain market share. Net capex is lower because the foundations have already been built. Now it is much more about renewals, so the recurrence of this net capex - these assets - is a natural feature of the company. The previous level was construction. So, we are now extracting value - this was the mission given by the Board as part of the strategy: build, achieve scale, build everything there is to build, and then extract value. Now it is about continuous process improvement, and we expect this process to continue through the end of 2027. There is still a lot of value to extract across all companies, and the consequence of that will be improved financial metrics, debt reduction, and so on. That is what we are doing. If during this period the returns are those that the Board finds sufficient improvement, with market opportunity, that will open the door for us to continue growing beyond 2027. But this growth has been happening - revenue has been growing and operational indicators like EBITDA, for example, have been growing above revenue - so we are not losing market share, nor is any company falling behind due to lack of capex. On the contrary, we are gaining market share, I believe, across every business we operate. Regarding Chinese vehicles, let me be clear: we do not see a risk of increased depreciation or a transformation of used car values due to Chinese OEMs. On the contrary, we see an opportunity in cars that were previously not viable for car rental - a car that used to cost R$ 350,000 and offered the equivalent of a R$ 200,000 car is now available for R$ 200,000 - and this is what is being brought into the rental fleet. This opens the opportunity to serve more clients. It is possible that Chinese OEMs will enter the economy car segment, and if they do, it will be good for the system - there will be far more alternatives to buy, which may put downward pressure on used car prices, but that risk does not apply to us, because our used car pricing refers to cars under two years old and fleet turnover is very rapid, so the fleet is always refreshed very quickly. We are comfortable with this, we see the entry of Chinese vehicles as an opportunity - for AUTOMOB as well as for MOVIDA - to make the customer experience even better and to bring more people into car rental. Anyone who thinks the risk from Chinese cars lies in residual vehicle values, respectfully, does not have deep enough knowledge of the segment. It will contribute to the segment and will actually help used vehicle sales bring more clients into the business, and better cars and better yields for our company. That's it, Guilherme - apologies for the length, but I do think this is genuinely important and will contribute to the continued transformation of car rental, used vehicle sales, and new vehicle sales. Thank you.

Excellent, very clear, thank you Fernando and Denys, good morning.

Thank you.

Our next question comes from Mr. Pedro Tineu from Itaú BBA. Please, Pedro, you may proceed.

Good morning, thanks for taking our question. I have two. The first one is about JSL - we saw in the results that the company presented something close to its free cash flow generation, which was very strong, and what I would like to ask is whether this is expected to continue going forward. They have a new capex model using leasing versus ownership, so it would be useful to hear more about your outlook for cash generation going forward, as well as the possibility of JSL becoming a higher dividend payer.

And the second question is on the topic of fuel costs - the company and its subsidiaries have a significant exposure to this input. I'd just like to get some more color on what best practices and solutions you are seeing to address the fuel cost increases that have been happening, and how you are approaching this going forward. Thank you everyone.

Pedro, Denys here. On JSL, yes, we do believe this is more structural in nature. We made this comment when we discussed the group's net capex for Q1, which was R$ 222 million - the lowest since Q1 2020 - based on the foundations that Fernando just described, with the construction phase now complete. Just to put it in context versus the immediately preceding year, this represents approximately a 70% capex reduction per quarter. But looking at each company individually, they each have distinct behavior patterns - for example, MOVIDA also had more asset sales than purchases this quarter, but it has more seasonality in its annual purchasing cycle. In JSL specifically, we made this comment because it is a continuing trend - evaluating the leasing option versus buying the asset. We therefore believe this should continue to support positive cash generation for some time.

Pedro, it's Fernando - just to add to what Denys said, and before I do - thank you, Guilherme, we seemed to disconnect at the end there and didn't get to thank you, so thank you. Pedro, let me add to what Denys said: first, JSL's cash generation - if you look at its historical track record - has always been strong. When you layer on the current focus on leasing: internationally, what we see when looking at comparable companies is what is called operational leasing - all companies do operational leasing. We don't have operational leasing here in the same way, so we have consistently focused, wherever feasible and within governance parameters, on leasing, which is best for the company - and with that, it continues to generate even more cash, not just in this phase, but given its margins. And recall that a significant part of the company has zero capex, and when contracts mature, it is natural for us to propose to the client transitioning away from owned fleet and moving to third-party operators - we do this transition very frequently. So, there is an opportunity ahead: what is owned fleet today becomes third-party tomorrow. This is part of our history - you enter the client, ensure the operation with owned fleet, let it mature over a year or two, and then bring in a third party, taking on the portion you already know, while often retaining only the trailer to avoid being exposed, keeping only the asset that is the cheapest and most durable - lasting 10 to 15 years, which is the trailer. Now, something important to mention about JSL: when you talk about cost variation, unfortunately from time to time you get hit by a fuel cost spike, which then flows through to tires, lubricants - a meaningful portion of costs - and also into parts prices. Furthermore, truck prices went up 50-60% between 2020 and 2025, which also flows through to parts. JSL's policy - and we hold this as a group-wide policy - with great respect to our clients: the best way to respect clients is to pass on the pricing you need to cover your costs, including financial costs. And we do pass on pricing

• we do not give that up. The reason you are not seeing stronger revenue growth at JSL is because it is cycling through some contract renewals and correcting pricing on others, based on the cost increases that have hit the business. This is part of our strategy - not giving up on that is what keeps us healthy. Unfortunately, many competitors do not do the same. On the contrary, when you enter this phase of more expensive and scarce credit, you have less access to credit, and with less credit, people become more responsible about pricing - and clients understand who they should hire. This creates a very strong organic growth opportunity for JSL. Over the last four or five years there have been significant cost increases, and many logistics companies have created dependencies on certain sectors and clients and cannot pass on those costs. Now those clients are being forced

  to switch because these companies cannot renew their assets. So, this becomes a major opportunity for JSL -

  and also for VAMOS: whether the client is an industrial company or a transporter, logistics operator, or whatever

• in a high-cost, tight-credit environment, they run the numbers much more carefully before deploying capex, and leasing makes a lot more sense. So, this is also an opportunity for VAMOS, for MOVIDA's fleet outsourcing, and for the individual who realizes that subscription-based car rental makes more sense than buying. So, we see this as an opportunity for all of our companies - and particularly strongly for JSL, which has its main costs tied to fuel but also has its own cost pass-through mechanism. Thank you, Pedro, once again.

Thank you everyone. If I may just do a quick follow-up - just to confirm: regarding JSL going forward, given a period of lower net capex due to more leasing, can we indeed expect higher dividend distributions ahead? It seems like this would be more of an asset-light model that could support higher dividend payments. I think that's it, thank you for the clarification.

All of our businesses, Pedro, have the potential to pay dividends in the future - but we are very focused on development, improving indicators, growth, and return on capital. And I would like to remind you that JSL holds less than 2.7% market share in its addressable market, so its growth potential is enormous. So to say definitively whether dividends will or will not be paid - and SIMPAR is not here trying to extract dividends from its companies - JSL will develop in a natural manner. There may be dividends in the future if the opportunity arises; yes, there may not be. The focus is on the development of the company.

Thank you, Pedro.

Thank you, everyone.

Our next question is from Andrei Radaic from Caixa. Please, Andrei, your microphone is open.

Hello, good morning. Thank you very much for taking my question. I actually have two questions - sorry, can you hear me?

Yes, we can.

Thank you, Fernando and Denys. The first question is related to EBITDA: we observed a 14% increase when comparing the two quarters, but net income came in negative. What is management's expectation for the reversal of this loss given the high interest rate environment, and when comparing the two quarters, we see a meaningful impact on the financial result. The second question relates to the R$ 1.8 billion private capital raise at SIMPAR - you have addressed some of this in previous questions, but I would just like to confirm whether these proceeds will be allocated to a strategic investment, to capex maintenance, or to accelerate the group's deleveraging. Thank you very much.

Hi, Andrei, it's Denys. Let me start with the question on the negative result in Q1. I cannot provide guidance, but I am fully confident that we are on the path to turning this result around. Why? When we look at Q1 2025, with the CDI rate at the time, the company reported a positive R$ 8 million, on a comparable basis to the negative R$ 13 million here in Q1 2026. And look at the CDI rate for Q1 2026 - you have nearly a 2 percentage point difference. This is exactly the dynamic we have been describing: when you begin a rate-hiking cycle, in our portfolio of businesses you start working to achieve all of this rebalancing that Fernando has already described, and that is happening. So with 2 extra percentage points of interest rates, the result in Q1 2026 is very close to Q1 2025. I believe in the strength of the execution of this work - which, as I said, we already demonstrated during 2016 when we went through a rate-hiking cycle - and the rebalancing happens when stability arrives, because you are always chasing the increase that is running ahead of you. So what I would say is this: if rates fall, everything becomes easier. But even if they don't fall, you don't need them to fall, because all of the work being done should deliver a positive result going forward.

Sizing the amount and the timing, unfortunately we cannot do that - but we obviously work with our own projections and we have confidence in them. On the capital increase at SIMPAR, we will have more questions on this - I'll address them together - on the timing of the capital increase. The capital increase proceeds have already been received, and it should be ratified this Saturday - it is simply a bureaucratic matter. The total is approximately R$ 1.76 billion. Until today, we were prohibited from any capital markets activity in the company's securities due to the legal blackout period, but we have clear direction from the Board to reduce our gross debt by up to R$ 1 billion in the short term - specifically by buying back a portion of SIMPAR's own gross debt.

So that is a clear directive - answering your question directly - that these proceeds are not being allocated to any new expansion avenue. This is a first step, and I'm not saying it stops here, but it is a clear directive, which I am sharing with full transparency with everyone. I'm not sure whether I missed any part of your question, Andrei.

Perfect, thank you very much for the opportunity, Denys.

Andrei - and once more, just adding to what Denys said - let me say this: the cost of money, including interest rates - we are not a company that complains, just complaining about things we can't control. We see the financial cost as an input cost, like diesel, like tires. So we have the obligation to pass it on in our pricing - there's no way around it. It takes us some time to pass it on in our pricing, so when you see this situation, you may see a temporary loss - it could be for a month, for six months, for a quarter, for a year - it's the time it takes us to adjust. But this is our focus, and I am not a short-term company focused only on the moment. We look at the future, we see the long-term sustainability of our business, and if we have some temporary loss, as long as the recovery is underway and we are building a solid foundation, that is acceptable. You can see that we are growing, improving our indicators, and working hard to reverse the loss. But we will not be frustrated if the loss is not reversed immediately given the cost of money - you need time to pass it on to clients. You can neither destroy the client nor destroy your operation, and you also cannot pass everything on to the client - you have to improve operational efficiency, you have to innovate, you have to anticipate needs, and that will certainly bring results back soon.

Now, on the capital increase at SIMPAR, we are very pleased with this move, very pleased with everything that happened. I would like to make it clear that development, capex investments, and the growth of all our companies will continue to happen, and you will see this. We did not accept anyone coming in as a shareholder out of necessity - no one came in out of necessity. They came in for a long-term project, which makes us very happy. And that is our obligation - not as a board member, not as a shareholder, but as an executive - to continue our mission of development and improvement, to support the investments of our companies, and thereby automatically contribute to the development of our ecosystem and the industries we serve. And that is what we will continue to do. Within our objectives, I would also like to note: in 16 years, we had never done a follow-on - not a single follow-on at SIMPAR, successor to the JSL shareholders. Doing this move at some point was also part of our strategy. We were fortunate to have BNDESPAR alongside us, which is a symbol of our governance - a long-term investor that is a tremendous honor to have in our ecosystem. Others also participated in the Capital Increase, which has been part of our planning. I think it is important to leave that clear, and we will continue our development. Thank you very much, Andrei.

Thank you very much.

We will now begin the written questions. Please, Mr. Denys, you may proceed.

I'll read here the questions we received online. Some of them, I'm looking, I think have already been addressed. There is a question from Felipe about the expectation for a return to profitability - we just addressed that in Andrei's question. Gustavo Camargo asks here: could you explain the timing of the capital increase, what approvals are pending, and when do you expect to receive the funds? Well, Gustavo, the funds have already come in, in the case of SIMPAR and MOVIDA - SIMPAR at R$ 1,760 million and MOVIDA at R$ 750 million. The ratification of this capital increase, according to the calendar, falls on a non-business day, this Saturday, so this is already fixed and confirmed. The VAMOS calendar, which already has approximately R$ 530 million in proceeds, is still in the subscription rights period, and those funds are also already within the company - again,

it is just a matter of time and formalities before the ratification of that capital increase is completed. So that is the overview. Recall that we had a floor for the aggregate group capital increase of at minimum R$ 2.1 billion and a maximum of R$ 3.2 billion, and we are landing at R$ 2.9 billion - which I believe is a result that demonstrates shareholder support in the belief in the group's development and everything that has been done. That is an important highlight. There is a question from Tiago, which reads: how are you working with artificial intelligence across the group?

Tiago, it's Fernando. Without overpromising, we have a very good business in our activities. I always tell everyone: all of our clients could technically live without our companies, but no one can live without the services we provide - someone will have to provide them. Artificial intelligence will contribute meaningfully to the improvement of our processes. We have been working on it to streamline processes, optimize administrative and bureaucratic processes, and this is in progress. I won't use this to sell you a dream here - that AI will transform all of our businesses overnight. It won't. On the other hand, we also don't have the risk of losing our activities because AI will replace us - that scenario doesn't exist either. We are working on this across several strategic fronts that we can't share in detail, in a way that will greatly strengthen our alliance with our clients - not to create client dependency on us, but to make it much easier for our clients to access all of our services through artificial intelligence. We are very optimistic about this, but it is an avenue that started recently and will take significant time before we fully benefit from it. And I think it is a continuous effort, Tiago - it is here to stay forever. This optimization through artificial intelligence and this transformation in our processes and in our digital relationship with clients will endure. Thank you, Tiago.

We have a few more questions coming in. Let me read them: Daniel from Marcato asks, could you comment on AUTOMOB - are you comfortable with its leverage and guidance?

Let's go, Daniel - thank you for the question. As we have been saying, AUTOMOB is still in its integration period. It is integrating not just the administrative side - you can imagine the logistics of replenishing 140-plus light vehicle stores, many of which are new dealerships that have not yet reached a full year of maturity. It has disclosed this. The ones with a full year of maturity are already reaching the guidance targets for vehicles sold per point. Look at the AUTOMOB F&I transformation - what it was per car, what it is now, how it has changed over the past few quarters - and the direction it is heading. It is still around R$ 500-600 short per car in F&I; it moved from approximately R$ 2,700-2,800 to R$ 3,400, and the target if I recall correctly is around R$ 3,900 - I'm doing this from memory, but that is approximately right - per car in F&I. This is a transformation that is happening at AUTOMOB. AUTOMOB has the challenges of being in integration mode, of increasing sales volume per store. There was a strategic error at the end of last year - acknowledged - related to inexperience in replenishing our used vehicle stores, which is why you did not see growth despite having demand but not having the cars. That error is being corrected, and the logistics are being put in place to properly replenish the stores. So you will see this transformation soon. We are extremely comfortable. Looking at agribusiness: I would also like you to understand that beyond agribusiness having carried significant inventory, the agribusiness machines we represent are, I would argue, among the best in the world, in regions with the greatest need for this type of machine. And what happened over the past two years happened, but before long the agribusiness sector will need to renew its machinery fleet, replace its machines - for development, for harvest, for future planting. This will happen, it may be deferred by a year, two, or three. And we are positioned to benefit from that moment. Until then, the AUTOMOB team is doing tremendous work to eliminate the agribusiness loss and stem the bleeding, so we are optimistic and remain confident in the 2027 guidance. This is a major opportunity. I would say to you that what happened in the vehicle rental business will happen in the dealership business - with great humility, our team contributed to transforming the rental segment through differentiated services and a fundamentally different client relationship than what existed before MOVIDA joined the SIMPAR ecosystem. The same will happen in dealerships - in the same assessment of used vehicles, in the transformation of vehicles sold per point, in F&I - you can see what's happening. That is what I wanted to say. I reaffirm - I am very confident and very pleased with the deliveries that AUTOMOB has begun to make.

Thank you for the question.

There is another one here from Rafael: as the capital structure is optimized, does the company plan share buybacks, and what should we expect in terms of dividend distributions?

Share buybacks not used to support executive incentive plans - we have maintained open buyback programs as a policy for many years. It is a board-directed policy of keeping programs open at all times. It is not the kind of one-off announcement meant to signal confidence - it is a standing policy. But it is not the current plan to execute buybacks and distribute dividends. As Fernando said, it is more about development opportunities. Fernando described that this private capital raise is more related to the long-term strategic plan than to the short term - so in the future, given the opportunities, we should continue to prioritize the development of the group. That is how we got to where we are today. Whether that could happen concurrently with more dividend distributions will be decided at each given moment. A separate question is what you do with the cash in the short term to optimize its carry cost - that is a different financial approach altogether. So here, I would say the focus continues to be group development, and that will be evaluated at the appropriate time. There is another question from Tiago, asking: is asset monetization still on the radar with the goal of zeroing out the holding company's net debt?

Tiago, it's Fernando speaking. Thank you for the question, and I would like to take this opportunity to address everyone - we have more than 250 participants, and it is an opportunity for us to speak.

First, I thank you for the question, and I hope you will continue to ask questions so we can address any doubts. I would like to reinforce once more that there is no urgency to eliminate the holding company's debt overnight - and we did not create it overnight. I would like to make a comment to all of you: when people see debt and see rates going up, everyone imagines a ghost. I am 58 years old, I have been working since I was 14, and I have never seen a Brazil any different from this one, and neither has the world - it may be more or less extreme, but this is the reality. We work for our business, and what we cannot control, we adjust to and make a difference through execution by our management team - that is what we do. So we have no urgency to zero out the debt overnight. To lighten the mood: back in 2020, when we listed JSL, everyone kept asking about last-mile delivery - last-mile, last-mile, last-mile. We said we would not do last-mile, because value creation lies elsewhere. As you can see, Intralog was just born - and those who focused on last-mile delivery may not have succeeded in developing. Everyone said MOVIDA wouldn't survive - it won't exist, there's a ghost out there, everyone who tried fell short. They bought Hyundai - a brand no one was used to, imported cars nobody ever owned - and look at what MOVIDA did. That is built on people, execution, discipline, attention, and anticipating client needs. So the debt

• once again - seems as if it is a problem for SIMPAR, but it isn't. We have great comfort in our position. And to answer directly: we are developing our business, and every day we wake up to make everything we do better and larger, anticipating client needs and growing - that has been our objective. We executed the Ciclus Rio sale because the value creation was much greater - it makes more sense for who bought it than it did within SIMPAR's ecosystem. Along those same lines, we executed this. When you look at the sale in Pará - a small transaction, but it returned more than 8 to 10 times the capital the company invested, more than 3 to 4 times book value - we have the obligation, when something like this happens and it is not missed within our portfolio or ecosystem, to execute that monetization and to focus on more activity to generate further value. If the greatest value creation lies in executing and operating our activities, that will be done. If at some point value creation lies through monetization, that can also be analyzed and executed. And I would like to point out: a sale of a stake in SIMPAR now done through a capital increase is also a form of monetization - it was part of the monetization strategy of shares through a capital increase, making the company more robust for development and for other things we want to do. So that is and will continue to be the policy. On the other side, we are growing

• we just won the construction of 40 schools. This shows the focus on recycling some assets within the portfolio, which can happen. Every day we are winning new contracts across JSL, VAMOS, and MOVIDA. This natural development is core to our business and will continue with this focus, and I think it will surprise you greatly - whether through monetization or through revenue and earnings delivery from assets you have not yet seen generating, such as some of the assets within CS Infra. Thank you, Tiago, that is a bit of the message.

  Denys Marc Ferrez, CFO

  There is one more question from Nícolas, clarifying the capital increase point: will net debt be reduced by R$ 1 billion or to R$ 1 billion? And what is the expectation for net debt to reach zero? Nícolas, great that you have this question and are asking it directly. So here we go.

  The private capital increase that was completed has a structural benefit for long-term planning and business development - it generates a cash inflow. The allocation of these proceeds in the most optimal financial manner

  is already underway, in part - and not only from the capital increase, but also from the monetization that Fernando has mentioned multiple times. So you have two events that are adding cash, and the total cash position we built in the presentation is approximately R$ 5 billion.

  So, to prevent that cash from being idle, it has already been determined that within a short period we will seek to reduce our gross debt by at least R$ 1 billion. So the reduction of gross debt - because the reduction of net debt, with the receipt of the proceeds, already happens naturally, and there is that pro forma calculation we made on a static basis at the end of Q1, which takes us from R$ 2.8 billion to R$ 700 million in net debt. So we have always maintained a very comfortable liquidity position across the group - that is our practice, and at SIMPAR it was no different.

  That has now been further enhanced by the asset monetization opportunity mentioned, plus the capital increase, and we now need to make the best use of that cash rather than leaving it sitting idle. The first formal number we are giving here is a reduction of gross debt by R$ 1 billion. Again, the net debt reduction is already in motion and happens automatically.

  As for reaching net debt zero, Fernando also addressed that in previous questions. So with that, let's go to what I think is the last question, from Leandro: when do you expect revenue to start from the Paraná schools concession, and what should we expect in terms of revenue?

  Fernando Simões, CEO

  Leandro, this is public information since we participated in the competitive process, but without setting any expectations: revenue is expected to start in late 2027, and when it reaches full capacity, it should be approximately R$ 29-30 million per month. That is roughly the number I have.

  And it is public, so I am not giving any guidance here - it is just the result of the competitive tender process. We are very excited about this. It demonstrates CS Infra entering social infrastructure - specifically education - which we believe presents an enormous opportunity in this space. It is a vocation of ours: far less capex and much more service delivery. I would like to remind you that CS Infra has no obligation or contract related to any educational or curriculum content - the didactic content, textbooks, and teachers are the responsibility of the State of Paraná. Our role is the standardized construction of the schools and their maintenance - ensuring the quality and availability of the assets, which is what we do. Ensuring the quality and availability of physical assets

• and real estate is much more straightforward. We are very pleased with this and are certain it is a major opportunity in Brazil.

  I would also add that we believe strongly in safety infrastructure which I think has great potential to improve national public safety indicators through long-term concessions: police stations, fleet, cameras. There is a fantastic business to be built there, and we believe strongly in its potential, as it is once again service-oriented. What is hardest we already do - managing public safety fleet, which is mobile - so we think public safety infrastructure can be a major opportunity in Brazil. Thank you, Leandro.

  Denys Marc Ferrez, CFO

  With that, we close the online Q&A session. Fernando, I'll return the floor to you for closing remarks.

  Fernando Simões, CEO

  Everyone, once again, on behalf of our entire team - more than 56,000 direct employees - I would like to sincerely thank you all for participating.

  We are very pleased with what we have been doing, but our greatest satisfaction comes from the certainty that there is much more to do than what has already been done, across all of our companies. I would like to highlight the improvement in indicators across all of our companies - some more, some less. Those delivering less will have whatever adjustments are needed - including organizational structure if necessary - to get them to the level of delivery required. We at SIMPAR are a holding company - not a passive investment vehicle. We stay close enough to our companies to support without interfering in day-to-day operations, but close enough to ensure that the mission given by each board is fulfilled.

  We will not give up on this, and improving indicators will always be the focus. I would like to highlight once more the revenue growth across our companies, but an even greater EBITDA growth, with far less capex. And for example, MOVIDA that showed more than 600,000 new unique CPF registrations last year - demonstrating that it is being chosen by far more clients and is growing - which we believe reflects its expanding market share.

  We have CS Infra - we have already said what needed to be said - but it is important to remember that there are many assets not yet generating revenue while the capex has already been deployed. Many liabilities you see have no associated revenue yet, but revenue is now starting, which will further contribute beyond operational efficiency improvements. It is important to highlight a few asset valuation data points - whether the sale of Ciclus Rio or of Ciclus Amazônia - which demonstrate valuations of unlisted assets that are sometimes embedded within listed companies. For example, Intralog - look at what Intralog represents within JSL, and then what is still inside JSL: there is another asset-light segment on top of that. So I think this helps you better understand our assets and our work. We firmly believe in the opportunity in this challenging moment - a time that many view as a period of volatility and rising costs, whether interest rates or otherwise - and that management makes the difference.

  And our management, we believe, has deep knowledge of our businesses, and our team has its feet on the ground executing this every single day. This should make an enormous difference. While some competitors and some segments face greater difficulties, I believe this will continue to stand out - as you can already observe - and will further differentiate what we call our management model and our way of doing things, our "jeitão" - which we love and which is our greatest differentiator.

  On AUTOMOB, I already commented - I had noted it to mention, but all the opportunities at AUTOMOB have been covered. And so as not to go on any longer - already having gone on at length - the final message I wanted to leave with you, on behalf of all of us, is this: everything that is happening within our ecosystem as a whole is in line with our strategic plan as defined by our Board.

  And when I say it is in line with the strategic plan defined by our Board, we are not here surprised. Everything you will see happen has been planned and continues to be planned. We have strong governance but considerable agility. A construction phase - a transformation of scale and infrastructure of our ecosystem from 2019 to 2024

• was defined and executed.

And having achieved that scale, it was always part of the plan from 2024 onwards to focus on extracting value from companies whose scale had already been built. And we continue on our mission - which is our obligation as defined by the Board, and our responsibility as executives - of continuous improvement of our results through value extraction from each business, from everything we do, from everything that has been built: growing revenue, growing EBITDA above revenue growth, improving our margins, and as a consequence, improving all of our financial indicators. We work for you to perceive this. The consequence is lower leverage while gaining market share, delighting clients, and surprising you every time we share our results - as we work with the numbers, the management, and above all our people and our continuous development in an extremely sustainable manner, which is what we work toward and what is our obligation.

Once again, on behalf of all of us at the company, thank you for participating, for your time, all 250-plus of you. Thank you for your attention and your time. God bless you all, have a wonderful weekend, much light and peace. Thank you, everyone!

The SIMPAR video conference has now concluded. We thank everyone for participating and wish you a good day.