Triunfo Participações e Investimentos S A : Earnings Release 4Q23

Earnings Release - 4Q23

São Paulo, March 21, 2024 - TPI - Triunfo Participações e Investimentos S.A., one of the main Brazilian companies in the infrastructure sector, operating in the toll road, airport and energy concessions segments, announces its results for the fourth quarter of 2023. In this earnings release, the financial information is consolidated in Triunfo's interest in each business, while the operational information reflects the entire business. The result for the period, compared to book values, does not change as a result of the method of consolidation. Net revenue data disclosed herein excludes construction revenue (adjusted net revenue)1except otherwise specified. Results are compared to the same period of the previous year, except when mentioned.

Highlights

• Toll road segment: adjusted net revenues at R$ 731.1 million, in 2023
• Energy segment: RAG adjustment at 1.3%;
• Adjusted EBITDA amounted to R$ 558.8 million in 2023

B3: TPIS3		Information | 12/31/2023
	Share price: R$ 4.20
Conference call on the earnings release in Portuguese with simultaneous	Total Shares: 44,000,000
Outstanding Shares 18,532,521
translation into English:
	Free Float: 42.12%
Friday, March 22, 2024		For more information - IR Department
10:00 am (Brasília) | 09:00 am (ET)
Phone Numbers:	Codes:	Roberto Carvalho | IRO
Ricardo Medeiros, CFA
[phone] (Brazil)	Webinar ID: 843 8804 8417
[phone](USA)		Phone: [phone]
[phone] (Others)	Access Password: 392255
ri.triunfo.com | [e-mail]

1Adjusted data was calculated by excluding revenue from construction of concession assets from total net revenue.

Message from Management

Brazilian economic performance exceeded the expectations of market agents in 2023. During this period, economic growth was above initial forecasts, inflation was more contained, and the trade balance was more favorable than initially estimated.

As for the infrastructure sector, the company was positive about the federal government's efforts to draw up the new concessions policy, as set out in Order No. 848 of the Ministry of Transport. The main objectives of this initiative are the standardization of projects, improvement of resources and environmental sustainability and reasonable tariffs.

Over the course of 2023, we would also like to highlight the positive results achieved by two Triunfo Transbrasiliana toll tariff adjustments. The first readjustment, in July, recorded 10.74% increase, reflecting not only the maintenance of the financial sustainability of the concession, but also contributing to the feasibility of investments in the necessary improvements and expansions in the infrastructure. The second adjustment, implemented in October of the same year, was 5.9%, and was important for the concessionaire to continue offering quality services and adequate infrastructure to its users.

At Triunfo Concebra, considering that until the end of the validity of the Addendum there was no new auction and no new addendum had been signed between the parties, on November 21, 2023, in view of the impasse, a Public Civil Action was filed, by Federal Court, which determined the extension of the maintenance of the provision of services under the concession contract until the conclusion of the re-bidding process or until an eventual renegotiation of the Concession under the terms of Ordinance No. 848, of the Ministry of Transport.

In the energy segment, due to the increase in RAG by 13.9% in July 2022 and 1.3% in July 2023, the segment presented a net profit of R$10.1 million in 4Q23 and R$44.3 million in 2023.

In the airport segment, we experienced a 5.8% drop in the number of passengers in the last quarter of 2023, totaling

3.0 million, while 2023 recorded an annual increase of 5.7%, reaching 12.5 million passengers. The quarterly decrease can be partially attributed to the reduction in routes offered by airlines, influenced by delays in the delivery of engines resulting from disruption in production chains during the pandemic. On the other hand, annual growth reflects the resumption of traveling after the challenging period.

Finally, we look to the future with determination and are waiting for the developments that will come with the initiatives underway, reaffirming our commitment to excellence and sustainability in all our areas of activity.

Carlo Alberto Bottarelli - CEO

2

Proforma Performance

The financial information in this section is presented proportionally to Triunfo's stake in each business, unless otherwise stated. It is worth noting that the net result for the period does not change as a result of the consolidation method.

Main Figures (in R$ thousand)	4Q23	4Q22	Δ	2023	2022	Δ
Adjusted Net Revenue	247,954	233,153	6.3%	877,728	1,089,304	-19.4%
Toll Roads	210,546	197,909	6.4%	731,113	957,505	-23.6%
Energy	37,408	35,244	6.1%	146,615	131,799	11.2%
Adjusted EBITDA*	160,733	78,006	106.1%	558,781	352,926	58.3%
Toll Roads	158,511	74,262	113.4%	520,814	318,203	63.7%
Energy	15,851	15,765	0.5%	68,661	62,479	9.9%
Holding and Other	(13,629)	(12,021)	13.4%	(30,694)	(27,756)	10.6%
Financial Result	(33,409)	(13,119)	154.7%	(160,004)	(144,663)	10.6%
Toll Roads	(33,980)	(19,037)	78.5%	(166,387)	(150,411)	10.6%
Energy	369	602	-38.7%	1,472	1,290	14.1%
Holding and Other	202	5,316	-96.2%	4,911	4,458	10.2%
Net Income (Loss)	39,256	(13,103)	-399.6%	(8,021)	8,382	n/c
Toll Roads	44,224	(23,684)	n/c	(19,205)	(14,014)	37.0%
Energy	10,092	9,426	7.1%	44,373	40,062	10.8%
Holding and Other	(15,060)	1,155	n/c	(33,189)	(17,666)	87.9%
Adjusted EBITDA Margin	64.8%	33.5%	31.4pp	63.7%	32.4%	31.3pp
Toll Roads	75.3%	37.5%	37.8pp	71.2%	33.2%	38.0pp
Energy	42.4%	44.7%	-2.4pp	46.8%	47.4%	-0.6pp

*Adjusted EBITDA excluding construction margin, non-recurring revenues (expenses) and provision for maintenance, Remuneration of Financial Assets and Surplus Tariff of Triunfo Concebra, and is calculated based on the consolidated Income Statement as per Triunfo's interest in each business (Proportional Consolidation Income Statement).

3

Consolidated Results - Overview

Adjusted net revenue recorded 6.3% increase in the fourth quarter of 2023 as compared to the same period of the previous year, this due to the increase in revenue from toll tariffs due to the tariff adjustments of the subsidiaries Concer, Triunfo Concebra and Triunfo Transbrasiliana. These effects were partially offset by the negative remuneration of the financial asset recorded in the period. In 2023, it dropped 19.4%. This was due to the fact that in the first half of 2022, the depreciated/amortized reversible assets, adjusted by IPCA, were adjusted from their creation to the date of signature of the amendment. In 2023, the effects of depreciation/amortization exceeded the effects of adjusting the financial asset by the IPCA.

In 4Q23, adjusted EBITDA was 106.1% higher versus the same period of the previous year. In 2023, the increase was 58.3% due to the effects of Triunfo Concebra's surplus tariff and lower maintenance costs due to interventions that increase the useful life of assets.

Financial result was R$ 20.3 million worse in 4Q23 as compared to the same period of the previous year. This result is mainly due to the impact of the inflation adjustment of Triunfo Concebra's surplus tariff, which is adjusted by IPCA.

For 2023, financial result was R$ 15.3 million worse as compared to the same period in 2022 due to the same effects explained above.

Due to the effects explained above and the recognition of the impacts related to deferred taxes recorded as a result of the signing of the 2nd amendment to Triunfo Concebra concession agreement and the amount of the surplus tariff, the Company recorded a R$ 39.3 million net income in 4Q23 and net loss of R$ 8.0 million in 2023.

We emphasize that the 2nd amendment to Triunfo Concebra's concession agreement provides for revenues from surplus tariff in addition to costs with highway maintenance, however, the amount of R$ 45 million from the surplus tariff in 4Q23 and R$ 278 million in 2023 has no impact on revenue, and is deducted directly from financial asset, while maintenance costs are recognized in P&L in the positive amount of R$ 10 million in 4Q23 and negative amount of R$ 108 million in 2023. The positive impact on operating costs in 4Q23 is due to the recognition of the intangible assets of works provided for in the second amendment to Triunfo Concebra concession agreement.

4

Toll Roads Segment

Income Statement

(in R$ thousand)	4Q23	4Q22	Δ	2023	2022	Δ
Gross Revenue	312,799	242,045	29.2%	1,043,465	1,134,755	-8.0%
Revenue from Toll Roads	239,763	182,065	31.7%	805,946	704,526	14.4%
Remuneration of Financial Assets	(12,023)	29,648	n/c	(17,738)	304,814	n/c
Other Revenues	2,470	1,983	24.6%	9,350	9,226	1.3%
Construction of Assets in Toll Roads	81,377	28,048	190.1%	241,843	115,261	109.8%
Construction Margin of Assets in Toll Roads	1,212	301	n/c	4,064	928	n/c
Deductions from Gross Revenue	(20,876)	(16,088)	29.8%	(70,509)	(61,989)	13.7%
Net Revenue from Operations	291,923	225,957	29.2%	972,956	1,072,766	-9.3%
Operational Cost (excluding D&A)	(133,233)	(187,585)	-29.0%	(640,537)	(604,675)	5.9%
Operating and Maintenance	(15,148)	(122,470)	-87.6%	(250,833)	(354,174)	-29.2%
Provision for Maintenance - IAS 37	(169)	(210)	-19.5%	(678)	(840)	-19.3%
Costs with Personnel	(23,780)	(24,464)	-2.8%	(96,048)	(88,220)	8.9%
Regulatory Agency Costs	(12,759)	(12,393)	3.0%	(51,135)	(46,180)	10.7%
Construction Cost	(81,377)	(28,048)	190.1%	(241,843)	(115,261)	109.8%
Operational Expenses (excluding D&A)	(24,581)	(9,108)	169.9%	(111,496)	(80,036)	39.3%
General & Administrative	(30,163)	(24,863)	21.3%	(113,885)	(93,642)	21.6%
Other Administrative Expenses	5,582	15,755	-64.6%	2,389	13,606	-82.4%
Depreciation and Amortization (D&A)	(47,201)	(23,788)	98.4%	(155,756)	(152,496)	2.1%
EBIT	86,908	5,476	1487.1%	65,167	235,559	-72.3%
Financial Result	(33,980)	(19,037)	78.5%	(166,387)	(150,411)	10.6%
Financial Revenues	333	1,973	-83.1%	1,664	5,948	-72.0%
Financial Expenses	(34,313)	(21,010)	63.3%	(168,051)	(156,359)	7.5%
Income Tax and Social Contribution	(8,704)	(10,123)	-14.0%	82,015	(99,162)	n/c
Current Tax	(11,327)	92,003	-112.3%	(11,327)	(1,200)	n/c
Deferred Tax	2,623	(102,126)	n/c	93,342	(97,962)	n/c
Net Income (Loss)	44,224	(23,684)	-286.7%	(19,205)	(14,014)	37.0%

Net Revenue and Operating Performance

(in R$ thousand)	4Q23	4Q22	Δ	2023	2022	Δ
Gross Revenues	312,799	242,045	29.2%	1,043,465	1,134,755	-8.0%
Revenues from Toll Roads	239,763	182,065	31.7%	805,946	704,526	14.4%
Remuneration of the Financial Asset	(12,023)	29,648	n/c	(17,738)	304,814	n/c
Other Revenues	2,470	1,983	24.6%	9,350	9,226	1.3%
Construction of Assets in Toll Roads	81,377	28,048	190.1%	241,843	115,261	109.8%
Construction Margin of Assets in Toll Roads	1,212	301	n/c	4,064	928	n/c
Deductions from Gross Revenues	(20,876)	(16,088)	29.8%	(70,509)	(61,989)	13.7%
Net Revenues from Operations	291,923	225,957	29.2%	972,956	1,072,766	-9.3%
Construction of Assets in Toll Roads	81,377	28,048	190.1%	241,843	115,261	109.8%
Adjusted Net Operating Revenue	210,546	197,909	6.4%	731,113	957,505	-23.6%

Note: Adjusted net operating revenue excludes construction margin on Toll Roads.

Adjusted net revenue from toll roads amounted to R$ 210.5 million in 4Q23, up 6.4% versus the same period of the previous year. This is due to the increase in revenue from toll tariffs due to the tariff adjustments of the subsidiaries Concer, Triunfo Concebra and Triunfo Transbrasiliana. These effects were partially offset by the negative remuneration of the financial asset recorded in the period.

In 2023, adjusted net revenue from toll roads amounted to R$ 731.1 million, down 23.6% versus the same period of the previous year. This was due to the fact that in the first half of 2022, the depreciated/amortized reversible assets, adjusted by IPCA, were adjusted from their creation to the date of signature of the amendment. It is worth noting that the effects of depreciation/amortization exceeded the effects of adjusting the financial asset by the IPCA.

5

Operational Performance (in thousand	4Q23	4Q22	Δ	2023	2022	Δ
of paying vehicles)
Concer	6,608	6,134	7.7%	25,168	23,765	5.9%
Triunfo Transbrasiliana	6,234	6,291	-0.9%	24,815	24,977	-0.6%
Triunfo Concebra	23,836	22,798	4.6%	93,663	90,930	3.0%
Total Equivalent Traffic	36,678	35,222	4.1%	143,646	139,672	2.8%
Average Tariff (R$)	5.87	5.51	6.5%	5.76	5.42	6.2%

Operating Costs and Expenses

Operational Costs (in R$ thousand)	4Q23	4Q22	Δ	2023	2022	Δ
Operational Cost (excluding D&A)	(133,233)	(187,585)	-29.0%	(640,537)	(604,675)	5.9%
Operating and Maintenance	(15,148)	(122,470)	-87.6%	(250,833)	(354,174)	-29.2%
Provision for Maintenance - IAS 37	(169)	(210)	-19.5%	(678)	(840)	-19.3%
Costs with Personnel	(23,780)	(24,464)	-2.8%	(96,048)	(88,220)	8.9%
Regulatory Agency Costs	(12,759)	(12,393)	3.0%	(51,135)	(46,180)	10.7%
Construction Cost	(81,377)	(28,048)	190.1%	(241,843)	(115,261)	109.8%
Operational Expenses (in R$ thousand)	4Q23	4Q22	Δ	2023	2022	Δ
Operational Expenses (excluding D&A)	(24,581)	(9,108)	169.9%	(111,496)	(80,036)	39.3%
General & Administrative	(30,163)	(24,863)	21.3%	(113,885)	(93,642)	21.6%
Other Administrative Revenue (Expenses)	5,582	15,755	-64.6%	2,389	13,606	-82.4%
Adjusted Operational Costs and Expenses	4Q23	4Q22	Δ	2023	2022	Δ
(in R$ thousand)
Adjusted Operational Costs and Expenses	(76,268)	(168,435)	-54.7%	(509,512)	(568,610)	-10.4%
Operational Costs and Expenses	(157,814)	(196,693)	-19.8%	(752,033)	(684,711)	9.8%
Provision for Maintenance - IAS 37	169	210	-19.5%	678	840	-19.3%
Construction Cost	81,377	28,048	190.1%	241,843	115,261	109.8%
Adjusted Operational Costs and Expenses - recurring figures	(74,175)	(169,839)	-56.3%	(505,523)	(572,031)	-11.6%
Non recurring expenses (revenues)	2,093	(1,404)	n/c	3,989	(3,421)	n/c

Adjusted operating costs and revenues (expenses) (excluding construction costs, provision for maintenance, depreciation and amortization) amounted to R$ 76.3 million in 4Q23, with 54.7% drop when compared to the same period of the previous year, due to interventions that increase the useful life of assets.

As for 2023, adjusted operating costs and Revenues (expenses) (excluding construction costs, provision for maintenance, depreciation and amortization) amounted to R$ 509.5 million, down 10.4%, due to the same effects explained above.

Excluding non-recurring effects, a 56.3% drop was recorded in 4Q23 and 11.6% drop in 2023 as compared to the same periods of the previous year, respectively.

6

EBIT and Adjusted EBITDA

(in R$ thousands)	4Q23	4Q22	Δ	2023	2022	Δ
Adjusted EBIT	111,310	50,474	120.5%	365,058	165,707	120.3%
EBIT	86,908	5,476	1487.1%	65,167	235,559	-72.3%
Financial Asset Remuneration	(22,705)	(32,390)	n/c	17,738	(304,814)	n/c
Excess Tariff	44,845	78,582	n/c	277,486	237,543	n/c
Non-recurring Expenses (Revenues)	2,093	(1,404)	n/c	3,989	(3,421)	n/c
Provision for Maintenance - IAS 37	169	210	-19.5%	678	840	-19.3%
Adjusted EBITDA	158,511	74,262	113.4%	520,814	318,203	63.7%
Depreciation and Amortization (D&A)	(47,201)	(23,788)	98.4%	(155,756)	(152,496)	2.1%
Adjusted EBITDA (ex-construction margin)	157,299	73,961	112.7%	516,750	317,275	62.9%
Construction Margin of Assets in Toll Roads	(1,212)	(301)	n/c	(4,064)	(928)	n/c

As a result, adjusted EBITDA, which excludes non-recurring effects that did not impact cash generation in the period, amounted to R$ 158.5 million in the fourth quarter of 2023 and R$ 520.8 million in 2023, 113.4% higher in 4Q23 and 63.7% increase in 2023.

Net Income (Loss) and Financial Result

(in R$ thousand)	4Q23	4Q22	Δ	2023	2022	Δ
Financial Result	(33,980)	(19,037)	78.5%	(166,387)	(150,411)	10.6%
Financial Income	333	1,973	-83.1%	1,664	5,948	-72.0%
Fiancial Expenses	(34,313)	(21,010)	63.3%	(168,051)	(156,359)	7.5%
Income Tax and Social Contribution	(8,704)	(10,123)	-14.0%	82,015	(99,162)	n/c
Current Tax	(11,327)	92,003	-112.3%	(11,327)	(1,200)	n/c
Deferred Tax	2,623	(102,126)	n/c	93,342	(97,962)	n/c
Net Income (Loss)	44,224	(23,684)	-286.7%	(19,205)	(14,014)	37.0%

Financial result was R$ 14.9 million worse in 4Q23 as compared to the same period of the previous year. This result is mainly due to the impact of the inflation adjustment of Triunfo Concebra's surplus tariff, which is adjusted by IPCA.

For 2023, financial result was R$ 16.0 million lower as compared to the same period in 2022 due to the same effects explained above.

Due to the effects explained above and the recognition of the impacts related to deferred taxes recorded as a result of the signing of the 2nd amendment to Triunfo Concebra concession agreement and the amount of the surplus tariff, the segment recorded a R$ 44.2 million net income in 4Q23 and net loss of R$ 19.2 million in 2023.

We emphasize that the 2nd amendment to Triunfo Concebra's concession agreement provides for revenues from surplus tariff in addition to costs with highway maintenance, however, the amount of R$ 45 million from the surplus tariff in 4Q23 and R$ 278 million in 2023 has no impact on revenue, and is deducted directly from financial asset, while maintenance costs are recognized in P&L in the positive amount of R$ 10 million in 4Q23 and negative amount of R$ 108 million in 2023.

The positive impact on operating costs in 4Q23 is due to the recognition of the intangible assets of works provided for in the second amendment to Triunfo Concebra concession agreement.

7

Energy Segment

INCOME STATEMENT (in thousand)	4Q23	4Q22	Δ	2023	2022	Δ
Gross Revenues	41,222	38,836	6.1%	161,556	145,233	11.2%
Deductions from Gross Revenues	(3,814)	(3,592)	6.2%	(14,941)	(13,434)	11.2%
Net Operating Revenue	37,408	35,244	6.1%	146,615	131,799	11.2%
Operational Cost (excluding D&A)	(19,810)	(18,392)	7.7%	(73,339)	(64,825)	13.1%
Operating and Maintenance	(1,959)	(3,229)	-39.3%	(6,158)	(7,569)	-18.6%
Costs with Personnel	(2,192)	(1,909)	n/c	(7,381)	(6,957)	n/c
Regulatory Agency Costs	(15,659)	(13,254)	18.1%	(59,800)	(50,299)	18.9%
Operational Expenses (excluding D&A)	(1,747)	(1,077)	62.2%	(4,615)	(4,485)	2.9%
General & Administrative	(1,747)	(1,087)	60.7%	(4,615)	(4,495)	2.7%
Other Administrative Revenues (Expenses)	0	10	-100.0%	0	10	-100.0%
Depreciation and Amortization (D&A)	(752)	(2,110)	-64.4%	(2,994)	(3,019)	-0.8%
EBIT	15,099	13,665	10.5%	65,667	59,470	10.4%
Financial Result	369	602	-38.7%	1,472	1,290	14.1%
Financial Revenue	564	680	-17.1%	2,466	1,741	41.6%
Financial Expenses	(195)	(78)	150.0%	(994)	(451)	120.4%
Income Tax	(5,376)	(4,841)	11.1%	(22,766)	(20,698)	10.0%
Current Tax	(5,482)	(4,946)	10.8%	(22,712)	(20,756)	9.4%
Deferred Tax	106	105	1.0%	(54)	58	n/c
Net Income (Loss)	10,092	9,426	7.1%	44,373	40,062	10.8%
EBIT and Adjusted EBITDA	4Q23	4Q22	Δ	2023	2022	Δ
Adjusted EBIT	15,099	13,665	10.5%	65,667	59,470	10.4%
EBIT	15,099	13,665	10.5%	65,667	59,470	10.4%
Adjusted EBITDA	15,851	15,765	0.5%	68,661	62,479	9.9%
Depreciation and Amortization (D&A)	(752)	(2,110)	-64.4%	(2,994)	(3,019)	-0.8%

In 4Q23, net operating revenue amounted to R$ 37.4 million, 6.1% higher than the same period of 2022 due to the annual RAG tariff increase at 1.3% in July 2023 and the increase in Financial Offset for the use of water resources. In 2023, net operating revenue amounted to R$ 146.6 million, with 11.2% increase versus the same period in 2022, due to the 13,9% increase in RAG's tariff in July 2022 and 1.3% increase in July 2023.

Operating costs and expenses (excluding depreciation and amortization) recorded a 7.7% increase in 4Q23, reaching R$ 19.8 million, due to the increase in transfers of the electricity sector charges to states and municipalities (such as TUST and CFURH). In 2023, operating costs (excluding depreciation and amortization) recorded 13.1% increase, reaching R$ 73.3 million due to the same effects explained above.

Accordingly, net income in the energy segment totaled R$ 10.1 million in 4Q23 and R$ 44.4 million in 2023.

8

Parent Company and Others

(in R$ thousand)	4Q23	4Q22	Δ	2023	2022	Δ
Expenses	(15,243)	(12,647)	20.5%	(38,076)	(30,610)	24.4%
General & Administrative	(14,392)	(12,342)	16.6%	(33,224)	(28,317)	17.3%
Other Administrative (revenue) Expenses	(148)	262	n/c	(1,874)	202	n/c
Equity Income Result	0	(1)	-100.0%	0	(1)	-100.0%
Depreciation and Amortization	(703)	(566)	426.1%	(2,978)	(2,494)	n/c
EBIT	(15,243)	(12,647)	20.5%	(38,076)	(30,610)	24.4%
Financial Result	202	5,316	-96.2%	4,911	4,458	10.2%
Financial Revenue	1,205	2,629	-54.2%	5,176	8,467	-38.9%
Financial Expenses	(1,003)	2,687	n/c	(265)	(4,009)	-93.4%
Income Tax	(19)	8,486	n/c	(24)	8,486	n/c
Current Tax	(19)	0	n/c	(24)	0	n/c
Deferred Tax	0	8,486	-100.0%	0	8,486	-100.0%
Net Income (Loss)	(15,060)	1,155	n/c	(33,189)	(17,666)	87.9%
Adjusted EBIT	(14,332)	(12,587)	13.9%	(33,672)	(30,250)	11.3%
Non recurring expenses (revenues)	911	60	1418.3%	4,404	360	1123.3%
Adjusted EBITDA	(13,629)	(12,021)	13.4%	(30,694)	(27,756)	10.6%
Depreciation and Amortization (D&A)	(703)	(566)	24.2%	(2,978)	(2,494)	19.4%

The performance of the Parent Company and Others in 4Q23 was determined by the change in deferred taxes recorded in 2022 for subsidiaries Triunfo Conepa and CT Vias.

Thus, net loss amounted to R$ 15.1 million in 4Q23 and R$ 33.2 million in 2023.

Airport Segment

Although the airport segment is not consolidated in the Company's results, the key operating indicators are highlighted in this earnings release.

Total cargo volume showed 8.0% drop in 4Q23 compared to the same period of the previous year. The negative change compared to the previous year is mainly caused by the migration from the air modal to the sea modal, by the replacement of cargo aircraft transportation for hold cargo transported to other airports and a slight decrease in market share due to competitors' commercial policies. In 2023, total cargo volume dropped 16.0% compared to the same period of the previous year, due to the same effects explained above.

In 4Q23, the number of passengers reached 3.0 million and 12.5 million in 2023, down 5.8% and up 5.7%, respectively, when compared to the same periods of the previous year. The lower number of passengers in the quarter can be partly explained by the reduced number of routes offered by airlines due to delays in engine deliveries, as a result of disruptions in production chains during the pandemic. The higher number of passengers in year-on- year comparison is the result of the resumption of traveling after the pandemic period.

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Airport Performance	4Q23	4Q22	Δ	2023	2022	Δ
Total Cargo (ton)	77,303	84,019	-8.0%	299,630	356,734	-16.0%
Import	30,855	34,344	-10.2%	115,005	150,851	-23.8%
Export	20,990	25,490	-17.7%	88,426	112,189	-21.2%
Other	25,458	24,185	5.3%	96,199	93,694	2.7%
Total Passengers (thousand)	3,022	3,208	-5.8%	12,524	11,845	5.7%
Domestic	1,170	1,025	14.1%	4,374	3,763	16.2%
International	171	147	n/c	757	470	61.0%
Conexion	1,681	2,035	-17.4%	7,393	7,611	-2.9%
Total Planes	30,598	34,781	-12.0%	125,857	128,340	-1.9%

Indebtedness

DEBT (in R$ thousand)
	4Q23	4Q22	Δ
Triunfo (holding) and other	46,094	49,781	-7.4%
Toll Roads	1,468,370	1,590,835	-7.7%
Gross Debt	1,514,464	1,640,616	-7.7%
Cash and Cash Equivalents	66,411	70,364	-5.6%
Net Debt	1,448,053	1,570,252	-7.8%

GROSS DEBT (FINANCIAL DEBT) - (in R$ thousand)
	DEBT	INDEX	MATURITY	4Q23	4Q22	Δ
	FINEP	8% p.a.	july/2025	789	732	7.8%
Triunfo	China Construction Bank Performance Bonus	n/a	july/2025	8,205	11,682	-29.8%
(holding)	CCB - Trophy FIP Multiestratégia	140% CDI	july/2025	7,013	-	n/c
	CCB - China Construction Bank	CDI + 1.5% p.a.	july/2025	30,087	37,367	-19.5%
	Bridge Loan - BNDES A and B	CDI + 0.5% p.a.	february/2021	29,833	90,563	-67.1%
Concer	Bank Credit - ABC Bank of Brasil	CDI + 1.2% p.a.	july/2023	15,834	21,251	-25.5%
	CCB - Guarantor	CDI + 0.5% p.a.	february/2021	-	3,808	-100.0%
Triunfo Concebra	BNDES - Bridge Loan	TJLP + 2% p.a.	december/2025	1,108,816	1,190,270	-6.8%
	CCB - ABC Bank	CDI + 3% p.a.	december/2021	-	3,406	-100.0%
Triunfo Transbrasiliana	8th Debenture Isse of Transbrasiliana	CDI + 9.6% p.a.	March/2023	311,719	279,935	11.4%
	CCB - VW Bank	24.78% p.a	february/2025	2,168	1,602	35.3%
Gross Debt				1,514,464	1,640,616	-7.7%

Investments

INVESTMENTS
(in R$ thousands)	4Q23	%	2023	%
Concer	1,387	2.7%	1,855	0.8%
Triunfo Econorte	0	0.0%	0	0.0%
Triunfo Concebra	20,170	39.9%	130,725	54.9%
Triunfo Transbrasiliana	25,857	51.2%	95,423	40.1%
Holding and other investments	3,108	6.2%	10,197	4.3%
Total	50,522	100.0%	238,200	100.0%

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