SIMPAR (SIMH3) investor relations material

Executive summary

• Gross revenue from services grew 8% year-on-year to BRL 10.2 billion, with total gross revenue reaching BRL 12.4 billion, up 5% from the previous year.

• Adjusted EBITDA rose 14% year-on-year to BRL 3.1 billion, with margin expanding by 2.1 percentage points to 27.5%.

• The group recorded a net loss of BRL 119 million, impacted by higher interest rates and increased net debt.

• Operational efficiency improved through cost reduction, pricing, and contract renegotiations, driving margin and productivity gains.

• Strategic divestment of Ciclus, the largest waste management concession in Brazil, for BRL 1.1 billion, pending closing conditions.

Financial highlights

• Consolidated net revenue reached BRL 11.3 billion, up 6% year-on-year; service revenue was BRL 9.1 billion, up 8%.

• Adjusted EBITDA was BRL 3.1 billion (27.5% margin), up 14% year-on-year; EBIT was BRL 1.9 billion (17.2% margin), up 8% year-on-year.

• Net CapEx for the period was BRL 1.1 billion, down 40% year-on-year; EBITDA/Net CapEx ratio improved to 2.4x (9M25 annualized).

• Leverage (net debt/EBITDA) decreased to 3.5x, and net debt fell by BRL 828 million sequentially.

• Pro forma liquidity after recent funding is BRL 13.9 billion, covering maturities through 2027.

Outlook and guidance

• Management expects continued operational improvements and margin gains, driven by efficiency, pricing, and cost control.

• Lower CapEx and focus on extracting value from existing assets are expected to support further deleveraging and improved returns.

• Guidance for port operations in 2026 includes BRL 330–400 million in revenue and BRL 180–250 million in EBITDA.

• The group aims for zero holding-level debt within five years, leveraging mature businesses and lower CapEx needs.

• CS Infra expects strong EBITDA contribution in 2026 as several assets become fully operational.