Ecorodovias Infraestrutura e Logistica S A : Company’s Presentation

2023 Presentation

Corporate

Structure

3.4bn € total revenue (2022)		51.9%
Geographic footprint: 15 countries
25 toll road concessions
	100%
6,208 km network in Italy, Brazil
and UK

free float

48.1%

100%

100%

65%1

(1) 65% stake indirectly held through Holding do Araguaia in which GLPx Participações holds 35% interest.	2
Note: Excludes treasury Shares.

ASTM

A global player in the infrastructure sector

Motorway Concessions

ASTM is the second largest toll road operator in the world with 6,208 km of roads under concession in Italy (1,423 km), Brazil (4,701 km¹) and UK (84 km).

EPC

ASTM operates through Itinera in the sector of large

infrastructure works and civil and industrial construction,

41%

SINA, the engineering company, and Euroimpianti, that manages installation projects. Itinera operates in the US through Halmar Intl., one of the most important construction companies in NY in the implementation of large transport infrastructure projects.

Technology

• 1.4bn total revenue (2022):

• Italy: 36%
• Europe (others): 16%
• Middle East: 12%
• Africa: 1%
• North America: 28%
• South America: 7%

• 5.6bn total backlog (2022):

• Infrastructure: 82%
• Civil work: 8%
• Maintenance: 10%

ASTM operates in the technology sector applied to mobility through SINELEC, which offers advanced solutions for electronic tolling and intelligent transportation system.

	Tolling and access	Operations and traffic		Safety and security		Connected Mobility
	management	management	•	Weigh-in-Motion
• Multi-lanefree-flow
	•	Tunnel Safety systems	•	Wi-fi in motion service
•	Vehicle identification	• Advanced traffic
•	Speed-limit
	solutions	management system
	•	Advanced video analytics
•	Operational and commercial
		for traffic
	back-office systems				3

(1) Considers stretch of 158.2 km to be operated by EcoNoroeste as of March, 2025.

Geographic

Footprint

Snapshot

Last 12 months (09/30/2023)

R$ 5.0 bn

Adjusted Net Revenue1

R$ 3.6 bn

Adjusted EBITDA

R$ 581.2 mm

Net Income

5.3 thousand

Employees

(1) Excluding Construction Revenue. (2) Considers stretch of 158.2 km to be operated by EcoNoroeste as of March, 2025.

EcoRodovias portfolio includes 11 highway concessions with total of more than 4,700 km² and one port asset (Ecoporto) in eight different states of Brazil, located in the main trade corridors

4

Growth

+6 assets in the last 5 years

Selective and successful strategy, extending the duration of the portfolio from 10 to over 20 years. Focus on execution, efficiency and innovation to maximize value creation for our

stakeholders.

Auction of	Acquisition	Beginning of toll collection at	Auction of	Beginning of toll collection at
Eco135	of MGO (currently Eco050)	Ecovias do Cerrado	EcoRioMinas	Ecovias do Araguaia

Feb/18

Apr/19

May/19

Sep/19

Nov/20

Apr/21

May/22

Sep/22

Oct/22

May/23

Beginning of toll	Auction of	Auction of	Auction of	Beginning of toll
collection at Eco135	Ecovias do Cerrado	Ecovias do Araguaia	EcoNoroeste	collection at
				EcoNoroeste
			Beginning of toll

collection at EcoRioMinas

The six concessions won during the period currently account for 48.3% of Adjusted EBITDA from highway

concessions (3Q23)

5

Initiatives

Digital Transformation and Innovation Program

• Innovation to charge for suspended axles of non-empty trucks via integration with MDF-e(Electronic Tax Document) under an agreement with Sefaz (Revenue Department).
• Implementation of tests for High Speed Weigh In Motion (HSWIM) system at Ecovias do Cerrado.
• Multi-LaneFree Flow (gantry in test) at Ecopistas and Ecoponte.
• Installation of solar power plants at the Group concessionaires. By 2030, EcoRodovias will generate enough power to supply up to 100% of the low voltage consumption of the toll plazas at the concessionaires.
• Implementation of new capex and opex contracts management system. The system enables a more precise management of the Company's investments.
• Expansion of Internet coverage (4G) along the 850 km of Ecovias do Araguaia.

Solar power plant - Eco135

Free Flow gantry - Ecopistas

HSWIM - Ecovias do Cerrado

Breakdown of toll collection methods in 3Q23:

Toll collection via AVI, self-service and digital means grew 4.0 p.p. (vs. 3Q22) and reached 77.7% of toll revenue in 3Q23.

				70%			8%	16%	6%
0%		AVI (Automatic Vehicle Identification)			Debit/Credit Cards | Digital Wallets		Cash payments			Toll payment vouchers and others	100%

6

Current Assets

Portfolio's Duration

The portfolio's duration weighted by adjusted EBITDA is more than 20 years.

EcoRodovias	KM	Expiry	Remaining Duration	State	Regulatory Agency
(year/ month)
Ecovias dos Imigrantes	177	Feb/34	10y 2m	SP	ARTESP
Ecopistas¹	144	Jun/39	15y 5m	SP	ARTESP
Ecosul	457	Mar/26	2y 3m	RS	ANTT
Eco101	479	May/38	14y 4m	ES / BA	ANTT
Ecoponte	29	May/45	21y 5m	RJ	ANTT
Eco135	364	Jun/48	24y 6m	MG	SEINFRA MG
Eco050	437	Jan/44	20y 0m	MG / GO	ANTT
Ecovias do Cerrado	437	Jan/50	26y 1m	MG / GO	ANTT
Ecovias do Araguaia	851	Oct/56	32y 10m	GO / TO	ANTT
EcoRioMinas	727	Sep/52	28y 9m	RJ / MG	ANTT
EcoNoroeste	601	Apr/53	29y 4m	SP	ARTESP

(1) The Regulatory Agency (ARTESP) recognized the contractual imbalance at Ecopistas caused by the increase in works for Extension of the Carvalho Pinto Highway on the Taubaté	7
stretch. ARTESP will move forward with the process of defining the method of rebalancing and formalizing the respective Amendment.

OPERATIONS

Drivers of results

• Traffic: export corridors (agribusiness), resumption of industrial production, regional tourism and commuter traffic
• Tariff adjustments based on inflation / Business
  Model linked and protected by inflation
• Pursuit of operational efficiency due to reassessment of Organizational Model
• Efficient Capex management with in-house technical expertise to maximize returns
• Resilient long-term cash flows
• Consistent and Sustainable Results

8

Overview of Traffic

Dynamics

EcoRodovias traffic growth rate kept well above Brazil's GDP growth Even in years of recession traffic showed resilience

Average of EcoRodovias' adjusted traffic growth over the past fifteen years

Average of Brazil's GDP growth over the

past fifteen years

Adjusted traffic x GDP growth relation over the past fifteen years (xGDP)

2.9%

1.6%

1.8x

Adjusted Traffic Performance Compared to General Economic Performance (GDP)

12.0%

			9.2%										10.2%
		7.5%
				6.1%
5.1%												5.0%	4.7%	4.3%
		4.0%	3.5%		4.0%			3.8%
			3.0%
									1.8%
	0.7%					0.5%				1.2%				3.7%
											2.9%
2.7%
			1.9%			-1.4%		1.3%	1.7%
	-0.1%					-3.3%	0.4%	-3.3%
							-3.5%	-6.2%
												-8.2%
2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	1H23
(1)	(2)	(2)			(3)		(3)(4)(5)	(4) (5)		(5)	(5)	(6)	(7)	(7) (8)	(9)
			EcoRodovia´s Traffic Growth				Brazil´s GDP (real term growth)

Notes: (1) Excluding Ecocataratas (acquired in 2008). (2) Excluding Ecopistas (non operational in the beginning of 2009). (3) Excluding Eco101, as operations started in 2014. (4) Excluding Ecoponte, as operations started in 2015. (5) Excluding tolls for suspended axles and the period from May 21 to June 3 during which traffic was affected by the truckers' strike and toll collection at Eco135 and Eco050. (6) Excluding Eco135, Eco050 and Ecovias do Cerrado. (7) Excluding Ecovias do Cerrado, Ecovia Caminho do Mar and Ecocataratas. (8) Excluding EcoRioMinas and Ecovias do Araguaia. (9) Excluding EcoRioMinas, Ecovias do Araguaia and EcoNoroeste.

9

Overview of current traffic performance

Resilient road portfolio

Heavy: +40.7%

Light: +26.8%

Traffic mix (11M23): Heavy: 59.5% Light: 40.5%

	TRAFFIC VOLUME (equivalent	11M231	11M221	Var.
	paying vehicles, thousand)
	Heavy + Light
	Ecovias dos Imigrantes	61,112	56,516	8.1%
	Ecopistas	85,035	78,691	8.1%
	Ecosul	27,057	23,315	16.0%
	Eco101	54,868	53,132	3.3%
	Ecoponte	26,321	26,096	0.9%
	Eco135	35,381	35,689	-0.9%
	Eco050	52,006	49,161	5.8%
	Ecovias do Cerrado	34,414	31,044	10.9%
	Comparable Total2	376,195	353,645	6.4%
	EcoRioMinas3	34,360	2,822	n.m.
	Ecovias do Araguaia4	45,757	7,319	n.m.
	EcoNoroeste5	33,681	0	n.m.
	CONSOLIDATED TRAFFIC	489,992	363,785	34.7%
	VOLUME
1) Includes toll collection up to November 30, inclusive. 2) Excludes toll collection on EcoRioMinas, Ecovias do Araguaia and EcoNoroeste. 3) Considers the start of toll collection at three
toll plazas from September 22, 2022, two toll plazas from March 01, 2023, and seven toll plazas from October 27, 2023. 4) Considers the start of toll collection from October 03, 2022. 5)	10
Considers the start of toll collection in seven toll plazas from May 01, 2023.