Motiva Infraestrutura de Mobilidade (MOTV3) Status Update summary

Strategic acquisition and asset profile

• Secured federal concession for the Fernão Dias Highway, a 569 km toll road connecting São Paulo and Belo Horizonte, aligning with the focus on premium assets in strategic geographies.

• Asset is among the highest volume toll roads in Brazil, consolidating a selective and profitable growth strategy.

• The road has a well-known demand profile and low-complexity CapEx requirements, supported by experienced management.

Financial and operational outlook

• Project offers a real IRR above 14% unleveraged and over 18% leveraged, with robust cash generation expected to fund CapEx.

• Leverage levels are conservative, below 80%, with part of CapEx financed by the asset's own cash flow.

• Estimated compensation of BRL 295 million and a strong risk-sharing agreement, with only 10% of demand risk retained.

• Revenue and EBITDA expected to reach steady state after 25 months, with tariff adjustments over two years.

CapEx, OpEx, and investment plan

• CapEx is low complexity and well distributed, mainly for pavement recovery and additional lanes, with contingencies mapped.

• 108 km of additional lanes planned, with a three-year transition period and quarterly investment tracking.

• Potential for optimization in both CapEx and OpEx identified.

• Clauses protect against delays outside company control, ensuring flexibility in execution.