EcoRodovias Infraestrutura e Logística S A : Earnings Release 3Q21

EARNINGS

RELEASE

3Q21

Earnings conference call and webcast in Portuguese with simultaneos translation into English

Tuesday, October 26, 2021

11h00 (Brasília) / 10h00 (NYC)

	For more information:
Replay: [phone]	Marcello Guidotti
Code - Portuguese: 9801605#	Andrea Fernandes
Code - English: 4372901#	Camilo Gomes
	Thiago Piffer
	André Redondo
	[phone] / 2612 / 2674 / 2681
	[e-mail]

DIAL-IN:
[phone]	[phone]
Password: Ecorodovias

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

Ecorodovias Infraestrutura e Logística S.A. announces its results for the third quarter of 2021 (3Q21) and the first nine months of 2021 (9M21). Except where stated otherwise, comparisons are with the third quarter of 2020 (3Q20) and the first nine months of 2020 (9M20). Note that the numbers may present discrepancies due to rounding.

OPERATING AND FINANCIAL HIGHLIGHTS

3Q21 Consolidated traffic: +17.7%; 9M21: +21.7%.

3Q21 Comparable traffic (excl. Ecovias do Cerrado): +7.9%; 9M21: +11.9%.

Adjusted 3Q21 Net revenue1 of R$923.0 million (+19.7%); 9M21: R$2,615.9 million (+19.6%).

Adjusted 3Q21 EBITDA2: R$636.4 million (+20.6%); 9M21: R$1,782.3 million (+19.7%).

Reported 3Q21 Net income3: R$143.7 million (+100.7%); 9M21: R$359.1 million (+73.7%).

Cash balance at 30 September 2021: R$3.4 billion. Financial leverage of 3.1x.

Ecovias do Araguaia

• August 2021: paid the concession fee of R$357.5 million to the granting authority and deposit in reserve account of R$1.1 billion.
• September 2021: concessionagreement signed with Brazil's National Land TransportationAgency (ANTT) to operate the BR-153/414/080/TO/GO highway for 35 years.
• September 2021: the Shareholders Meeting of Holding do Araguaia approved the issue of R$1,400 million in incentivized debentures with maturity of 15 years for payment of promissory notes issued in August/21.

Ecovias dos Imigrantes: 3Q21 the Company reversed the provision for the ANPC fine following the decision of the Superior Council of the Public Prosecutor's Office (State of São Paulo) to not approve the Civil Non-Prosecution Agreement ("ANPC").

Financial Indicators (R$ million)	3Q21	3Q20	Chg.	9M21	9M20	Chg.
Adjusted Net Revenue1	923.0	771.2	19.7%	2,615.9	2,186.5	19.6%
Adjusted EBITDA2	636.4	527.7	20.6%	1,782.3	1,488.5	19.7%
Adjusted EBITDA Margin2	69.0%	68.4%	0.6 p.p.	68.1%	68.1%	0.0 p.p.
Net Income3	143.7	71.6	100.7%	359.1	206.8	73.7%
Capex4	892.8	347.9	156.7%	1,467.8	937.5	56.6%
Net Debt	7,325.2	6,848.9	7.0%	7,325.2	6,848.9	7.0%
Available Cash	3,444.5	2,289.9	50.4%	3,444.5	2,289.9	50.4%
Net Debt/Adjusted EBITDA5 LTM6	3.1x	3.3x	-0.2x	3.1x	3.3x	-0.2x

1. Excludes Construction Revenue.
2. Excludes Construction Costs and Revenues, Provision for Maintenance, Civil Non-Prosecution Agreement (2Q20/9M20), compensatory fines undertaken under Agreements with Former Executives (3Q20/9M20) and the reversal of provision for fines in the Civil Non-Prosecution Agreement not ratified by the Superior Council of the Public Prosecutor's Office (3Q21/9M21).
3. Excluding minority interests.
4. Includes R$357.5 million related to payment of the concession fee of Ecovias do Araguaia to the concession authority in 3Q21/9M21.
5. Excludes Construction Revenues and Costs, Provision for Maintenance, booking of liability at Eco101 (4Q20), Leniency Agreement and Agreements with Former Executives (4Q20), impairment (non-cash) at Ecoporto Santos (4Q20) and the reversal of provision for fines in the Civil Non-Prosecution Agreement not ratified by the Superior Council of the Public Prosecutor's Office (3Q21).
6. LTM = last twelve months.

ESG Agenda (Environment, Social & Governance)

The ESG agenda continues to progress. The Company conducted a study of its main risks and vulnerabilities related to the effects of climate change for the years 2030 and 2050 in its operations. The study was carried out at all the units of the Group and pointed out the key risks in our highways, considering five climate -related events: floods, landslides, heatwaves, strong winds and rising sea levels. The findings of the study will help the Company in preparing itself to address climate change by making both structural changes and adapting its operational strategy.

The second edition of the training program on the United Nations Sustainable Development Goals (SDGs) was held for all employees. It explained the 17 goals and described how Ecorodovias is addressing each of these, providing examples of projects that help the Company achieve the SDGs. Employees also learned how they can contribute, both at work and at home, to achieve these goals.

Additional ESG goals were established for leadership during the quarter, which include the mitigation of carbon intensity, improvement of diversity and inclusion indices,and the commitment to engage all employees in training programs, including one on the Code of Conduct, which covers anticorruption and anti -bribery. Note that these

are an improvement of already existing goals, such as continuation in B3's Corporate Sustainability Index (ISE)

and the reduction in greenhouse gas emissions.

As part of the Diversity & Inclusion Program "Caminho para Todos", we launched the PWD Affinity Group for

professionals with disabilities, which will encourage employee participation to share information, promote discussions about accessibility and recommendations for actions and training programs in order to provide a fresh perspective that goes beyond quotas and includes professionals at all business units.

In the quarter, we held a training program on diversity and inclusion for operational leaders of the units (which registered 80% attendance) in order to broaden the vision of coordinators and supervisors on aspects involving the theme within ESG and its impact on the brand's positioning in the market and people management.

We held a training program on Harassment in the Corporate Environment for our leaders and training programs on GDPL and Information Security for all employees. In the Safe Behavior Program, one batch of multipliers completed training, while training for observers is under way.

As for people management, we held Competence Cycle meetings to discuss employees' performance and map possible successors, talents and key professionals to drive the company's growth strategy. This year, we have

established Career and Succession Committees with the focus on discussions about successors for leadership roles through an in-depth analysis of the potential of nominees. These discussions will enable us to update the succession map and put in place actions to accelerate readiness and development.

Finally, we conducted an Occupational Health Survey in September, to which 84% of the employees responded. The survey was designed to map and clarify the key cultural and leadership elements that we need in order to build a high performance organization that will contribute to achieving the Company's strategic plan.

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CONSOLIDATED RESULTS

Consolidated Gross Revenue by Segment

GROSS REVENUE (R$ million)	3Q21	3Q20	Chg.	9M21	9M20	Chg.
Highway Concessions	946.5	795.4	19.0%	2,670.9	2,255.8	18.4%
Construction Revenue	339.4	287.3	18.2%	750.6	749.7	0.1%
Ecoporto Santos	131.3	101.1	29.8%	390.2	280.5	39.1%
Ecopátio Cubatão	4.9	8.8	-44.7%	23.6	28.0	-15.7%
Services	80.4	68.2	17.9%	241.1	203.9	18.2%
Eliminations	(78.5)	(66.7)	17.6%	(235.2)	(198.6)	18.4%
GROSS REVENUE	1,424.1	1,194.1	19.3%	3,841.3	3,319.2	15.7%
(-) Construction Revenue	(339.4)	(287.3)	18.2%	(750.6)	(749.7)	0.1%
ADJUSTED GROSS REVENUE	1,084.6	906.9	19.6%	3,090.7	2,569.5	20.3%

Consolidated Operating Costs and Administrative Expenses

OPERATING COSTS AND ADMINISTRATIVE EXPENSES (R$ million)

Personnel

Conservation and Maintenance

Third-Party Services

Insurance, Concession Fees and Leasing

Other

3Q21	3Q20	Chg.	9M21	9M20	Chg.
119.2	98.7	20.8%	339.7	282.1	20.4%
44.3	30.4	45.9%	133.1	95.4	39.4%
56.9	61.5	-7.6%	176.0	175.7	0.2%
29.2	28.4	2.7%	87.2	77.3	12.8%
39.4	24.4	61.5%	104.6	69.0	51.5%

CASH COSTS	289.0	243.4	18.7%	840.5	699.5	20.2%
ADJUSTED CASH COSTS1	285.0	235.9	20.8%	803.0	686.0	17.1%
Construction Costs	339.4	287.3	18.2%	750.6	749.7	0.1%
Provision for Maintenance	31.5	25.8	22.2%	94.6	86.2	9.7%
Depreciation and Amortization	181.3	145.0	25.0%	512.0	414.5	23.5%
OPERATING COSTS AND ADMINISTRATIVE EXPENSES	841.3	701.5	19.9%	2,197.7	1,949.9	12.7%

1) Excludes Costs and Expenses at Ecovias do Cerrado and initial expenses of the Ecovias do Araguaia.

Operating costs and administrative expenses totaled R$841.3 million in 3Q21 (+19.9%) and R$2,197.7 million in 9M21 (+12.7%).

Excluding construction costs, provision for maintenance, depreciation and amortization, cash costs came to R$289.0 million in 3Q21 (+18.7%) and R$840.5 million in 9M21 (+20.2%).

Excluding the start of toll collection by Ecovias do Cerrado 1 and the initial expenses of Ecovias do Araguaia, adjusted cash costs totaled R$285.0 million in 3Q21 (+20.8%) and R$803.0 million in 9M21 (+17.1%). In 3Q21, the increase of R$49.1 million is mainly due to higher personnel expenses (+R$16.9 million) caused by a wage increase of 6.22%, provisions for the demobilization of Ecocataratas and Ecovia Caminho do Mar (due to the termination of the concession agreements in November 2021) and growth of Ecoporto's operations, normalization of conservation and maintenance expenses in 2021 (+R$13.1 million) on account of the physical distancing measures to combat Covid-19 and others (+R$16.6 million) mainly due to provisions for fines at Eco101 that are subject to administrative proceedings.

1 Ecovias do Cerrado: toll plazas P1 and P2 started November 14, 2020, P6 and P7 started January 10, 2021, P3, P4 and P5 starte d March 20, 2021.

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Consolidated Operating Costs and Administrative Expenses by Segment

OPERATING COSTS AND ADMINISTRATIVE EXPENSES	3Q21	3Q20	Chg.	9M21	9M20	Chg.
(R$ million)
Highway Concessions	243.0	203.9	19.2%	731.5	594.0	23.2%
Ecoporto Santos	51.1	37.5	36.4%	144.0	109.3	31.8%
Ecopátio Cubatão	4.4	4.8	-8.2%	13.7	12.6	8.8%
Services and Holding Company	65.2	61.4	6.2%	176.1	174.6	0.9%
Eliminations	(74.7)	(64.2)	16.5%	(224.7)	(190.9)	17.7%

CASH COSTS		289.0	243.4	18.7%	840.5	699.5	20.2%
ADJUSTED CASH COSTS	1	285.0	235.9	20.8%	803.0	686.0	17.1%
Construction Costs		339.4	287.3	18.2%	750.6	749.7	0.1%
Provision for Maintenance		31.5	25.8	22.2%	94.6	86.2	9.7%
Depreciation and Amortization	181.3	145.0	25.0%	512.0	414.5	23.5%
OPERATING COSTS AND ADMINISTRATIVE EXPENSES	841.3	701.5	19.9%	2,197.7	1,949.9	12.7%
1) Excludes Costs and Expenses at Ecovias do Cerrado and initial expenses of the Ecovias do Araguaia.

Cash costs of highway concessions totaled R$243.0 million in 3Q21 (+19.2%) and R$731.5 million in 9M21 (+23.2%). Excluding the start of toll collection by Ecovias do Cerrado 2 and the initial expenses of Ecovias do Araguaia, adjusted cash costs of highway concessions amounted to R$236.5 million in 3Q21 (+21.5%) and R$686.2 million in 9M21 (+19.2%). In 3Q21, the increase is mainly due to higher personnel expenses caused by a wage increase of 6.22%, provisions for the demobilization of Ecocataratas and Ecovia Caminho do Mar (due to the termination of the concession agreements in November 2021), normalization of conservation and maintenance expenses in 2021 on account of the physical distancing measures to combat Covid -19, services provided by Ecorodovias Concessões e Serviços (ECS) and others, mainly due to provisions for fines at Eco101 that are subject to administrative proceedings.

Cash costs of Ecoporto totaled R$51.1 million in 3Q21 (+36.4%) and R$144.0 million in 9M21 (+31.8%). In 3Q21, the increase is mainly due to higher personnel expenses caused by a wage increase of 6.22% and operations' growth, third-party services related to transportation and freight and concession fees, resulting from the upswing in container clearance.

Cash costs of Ecopátio Cubatão amounted to R$4.4 million in 3Q21 (-8.2%) and R$13.7 million in 9M21 (+8.8%). In 3Q21, the decrease is mainly due to the reduction in third -party services.

Cash costs of the Servicesand Holding companytotaled R$65.2million in 3Q21 (+6.2%) and R$176.1million in 9M21 (+0.9%). In 3Q21, the increase is mainly due to the hike in personnel expenses due to the wage increase of 6.22%.

2 Ecovias do Cerrado: toll plazas P1 and P2 started November 14, 2020, P6 and P7 started January 10, 2021, P3, P4 and P5 starte d March 20, 2021.

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