Ecorodovias Infraestrutura e Logistica S A : 4Q23 Results Presentation

RESULTS

PRESENTATION

4Q23

1

RESULTADOS 4T23

AGENDA | 4Q23 RESULTS

Highlights

Operational and financial performance

Capex and debt

Environmental, Social and Governance (ESG)

4Q23 RESULTS	2

HIGHLIGHTS

Adjusted EBITDA amounted to R$1.1 billion in 4Q23 and R$3.9 billion in 2023, and increase in adjusted cash cost below inflation

Net Debt/Adjusted EBITDA ratio remained at 3.5x, stable in relation to 3Q23 and 0.8x lower than in 2022

Approval by the Board of Directors of the ESG 2030 Agenda - On the Paths to Sustainability

Investments amounted to R$4.2 billion in 2023

EcoRioMinas concluded the beginning of toll collection at all toll plazas and reached full collection of the concessionaire's toll revenue

Management Proposal for Distribution of dividends: R$135.3 million submitted for

approval of shareholders at the Annual Shareholders Meeting set for April 17, 2024

Issue of debentures in 4Q23: R$1,800 million

EcoRodovias Concessões e Serviços: R$1,000 million

EcoNoroeste: R$800 million

4Q23 RESULTS	3

AGENDA | 4Q23 RESULTS

Highlights

Operational and financial performance

Capex and debt

Environmental, Social and Governance (ESG)

4Q23 RESULTS	4

OPERATIONAL PERFORMANCE | TRAFFIC

11.3% growth in comparable traffic in the quarter, mainly driven by heavy vehicles traffic (+15.2%)

Consolidated traffic (equivalent paying vehicles x million)

Comparable traffic1 (equivalent paying vehicles x million)

+34.8%

+6.8%

542.9

402.7

387.3

413.5

+35.2%

153.2

113.3 +43.5%

63.7	91.4
+24.6%
49.6	61.8
4Q22	4Q23

Light vehicles

+40.9% 320.7

227.5

175.2 +26.9% 222.2

20222023

Heavy vehicles

+11.3%

98.2 +15.2% 109.3

52.8 60.8

+6.8%

45.4 48.5

4Q224Q23

Light vehicles

216.4 +6.1% 229.7

170.8 +7.6% 183.8

20222023

Heavy vehicles

(1) Excluding EcoRioMinas, Ecovias do Araguaia and EcoNoroeste.

4Q23 RESULTS	5

FINANCIAL PERFORMANCE | GROSS REVENUE

Adjusted gross revenue grew 28.4% in 4Q23, driven by the start of toll collection at EcoRioMinas, Ecovias do Araguaia and EcoNoroeste, and comparable gross revenue grew 2.7%, due to traffic growth and toll adjustments

Gross Revenue - 4Q23 (R$ million)

					+35.3%
						+28.4%
										1,119.9
				110.9		10.3		8.2
	759.9				(72.1)
					(79.9)
			402.9
										2,839.5
2,099.2									1,719.6
		1,339.4
Gross	Construction	Adjusted	Δ Toll	Δ Toll	Δ Ecosul¹	Δ Ancillary	Δ Ecoporto	Δ Ecopátio	Adjusted	Construction	Gross
Revenue	Revenue	Revenue	Collection -	Collection in	Provision	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue
4Q22	4Q22	4Q22	AVI	Cash and					4Q23	4Q23	4Q23
				Others

1. The Company recognized the retroactive effects of R$6.4 million in 4Q23 and R$78.6 million in 4Q22, due to the delay in toll tariff adjustments at Ecosul. (2) Excluding "non- recurring" retroactive effect of the tariff adjustment at Ecosul in 2021.

Comparable gross revenue2

(excluding EcoRioMinas, Ecovias do Araguaia and EcoNoroeste)

+2.7%

1,143.7

1,175.2

Comparable Revenue Comparable Revenue

4Q224Q23

4Q23 RESULTS	6

FINANCIAL PERFORMANCE | GROSS REVENUE

Adjusted gross revenue grew 44.8% in 2023, driven by the start of toll collection at EcoRioMinas, Ecovias do Araguaia and EcoNoroeste, and comparable gross revenue grew 12.2%, due to traffic growth and toll adjustments

Gross Revenue - 2023 (R$ million)

					+42.5%
						+44.8%
										3,450.5
				519.8		19.6		27.5
	2,489.0				(27.1)		(120.5)
			1,475.7								9,571.2
6,714.7									6,120.6
		4,225.7
Gross	Construction	Adjusted	Δ Toll	Δ Toll	Δ Ecosul¹	Δ Ancillary	Δ Ecoporto	Δ Ecopátio	Adjusted	Construction	Gross
Revenue	Revenue	Revenue	Collection -	Collection in	Provision	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue
2022	2022	2022	AVI	Cash and					2023	2023	2023
				Others

1. The Company recognized the retroactive effects of R$51.4 million in 2023 and R$78.6 million in 2022, due to the delay in toll tariff adjustments at Ecosul. (2) Excluding "non- recurring" retroactive effect of the tariff adjustment at Ecosul in 2021.

Comparable gross revenue2

(excluding EcoRioMinas, Ecovias do Araguaia and EcoNoroeste)

+12.2%

4,514.2

4,024.0

Comparable Revenue Comparable Revenue

20222023

4Q23 RESULTS	7

FINANCIAL PERFORMANCE | NET REVENUE AND CASH COSTS

Comparable net revenue grew 15.8% in 2023 and adjusted cash costs increased 3.6% vs. inflation of 4.6% in the period. In

the quarter, adjusted cash costs remained stable (+0.2%), demonstrating the Company's efficient cost management

Adjusted Net Revenue (R$ million)1

Cash Costs (R$ million)

			+51.0%
							+22.6%
	+33.8%		5,394.6		+24.9%
		3,572.4			1,262.1	1,547.6
	1,542.4
1,152.4			341.2	426.3
4Q22	4Q23	2022	2023	4Q22	4Q23	2022	2023

Comparable Net Revenue (R$ million)1,2,3Adjusted Cash Costs (R$ million)2,4

+15.8%	Inflation in the period: +4.6%

							+3.6%
+7.3%		3,387.6	3,922.5	+0.2%
				1,150.2	1,191.4
973.1	1,043.7			300.2	300.9
4Q22	4Q23	2022	2023	4Q22	4Q23	2022	2023

	4Q23 RESULTS	8
(1) Excluding Construction Revenue. (2) Excluding EcoRioMinas, Ecovias do Araguaia and EcoNoroeste. (3) Excluding "non-recurring" retroactive effect of the tariff adjustment at
Ecosul in 2021. (4) Excluding Ecovia Caminho do Mar and Ecocataratas.

FINANCIAL PERFORMANCE | DIGITAL TRANSFORMATION

Toll collection using automatic vehicle identification (AVI), self-service and digital payment methods increased 5.8 p.p. to

79.2% of toll revenue in 4Q23

Initiatives under the Digital Transformation and Innovation Program

Distribution - toll collection methods (%)

Start of charging of tolls for suspended axles of non-empty trucks via electronic tax documents (MDF-e) at Ecovias dos Imigrantes and Ecopistas in October 2023 and at Eco135 in December 2023.

Earlier, Ecovias do Cerrado, Ecovias do Araguaia, EcoRioMinas, EcoNoroeste and Eco050 had started operations.

Installation of five photovoltaic plants in 4Q23 and 20 in 2023.

Currently, 30 solar plants are operational at the toll plazas of Ecovias dos Imigrantes, Ecopistas, Ecosul, Eco135, Eco050, Ecovias do Cerrado and Ecovias do Araguaia.

65.7%69.9%79.2%

+5.8 p.p.

7.7%

9.3%

20.8%15.0%

5.9%5.8%

4Q224Q23

AVI (Automatic Vehicle Identification)

Debit/Credit Cards | Digital Wallets

Cash payments

Toll payment vouchers and others

4Q23 RESULTS	9

FINANCIAL PERFORMANCE | EBITDA

Adjusted EBITDA totaled R$1.1 billion in 4Q23 (+36.7%), driven by the start of toll collection at

EcoRioMinas, Ecovias do Araguaia and EcoNoroeste, which accounted for 33% of EBITDA in the

quarter (R$365.4 million)

EBITDA - 4Q23 (R$ million)

			+27.0%
	70.2%	Adjusted EBITDA Margin	71.7%
			+36.7%
			(85.1)	12.3
		402.9	(21.0)	180.5
	21.8
81.0	(12.9)
				1,106.1
	809.2			913.3
719.2

EBITDA¹ 4Q22 Impairment /	Retroactive	Provision for	Adjusted	Δ Adjusted Net Δ Cash Costs	Δ Other	Adjusted	Provision for	Impairment / EBITDA¹ 4Q23
write-off (non-	effect at Ecosul	Maintenance -	EBITDA² 4Q22	Revenue³	Revenue	EBITDA² 4Q23	Maintenance -	write-off (non-
cash)		4Q22			(Expenses)		4Q23	cash)

1. EBITDA calculated according to the Resolution CVM 156 of June 23, 2022. (2) Excluding Construction Revenue and Cost, Provision for Maintenance, impairment of assets / write-off and "non-recurring" retroactive effect of the tariff adjustment at Ecosul in 2021. (3) Excluding "non-recurring" retroactive effect of the tariff adjustment at Ecosul in 2021.

Comparable EBITDA

(excluding EcoRioMinas, Ecovias do Araguaia, EcoNoroeste, Ecovia Caminho do Mar and Ecocataratas)

71.1%	Comparable	72.1%
	EBITDA Margin
	+8.7%
		752.5
	692.1
	Comparable	Comparable
	EBITDA	EBITDA
	4Q22	4Q23
	4Q23 RESULTS	10