SIMPAR (SIMH3) investor relations material

Executive summary

• Achieved record gross/net revenue of BRL 47.8 billion in 2025 (+7% YoY), with EBITDA of BRL 12.8 billion (+24% YoY), reflecting operational efficiency and value extraction from prior investments.

• Net income reached BRL 213 million in 2025, reversing a prior year loss, and ROIC improved to 16.6%, 2.9 p.p. above the after-tax cost of gross debt.

• Monetization of Ciclus Rio for BRL 1.8 billion, generating a 27% IRR and doubling invested capital, supporting deleveraging.

• Lowest leverage in 15 years at 3.0x Net Debt/EBITDA, with strong liquidity and extended debt maturities.

• Strategic focus on value extraction, operational efficiency, and reduced CapEx after major investments in 2022–2024.

Financial highlights

• 4Q25 net revenue was BRL 11.977 billion (+7% YoY); full year net revenue reached BRL 43.147 billion (+8% YoY).

• 4Q25 EBITDA was BRL 4.1 billion (+55% YoY); full year EBITDA BRL 12.8 billion (29.6% margin, +24% YoY).

• Net CapEx decreased 35% YoY to BRL 6.6 billion, with EBITDA/Net CapEx ratio at 1.9x.

• Free cash flow before growth reached BRL 10.6 billion, with 82% generated from long-term contracts.

• Net Debt (ex-BBC) at BRL 39.6 billion, down 4% YoY; short-term debt coverage at 2.6x.

Outlook and guidance

• Focus remains on operational efficiency, cost reduction, and extracting value from existing assets.

• All business units expected to improve margins and cash generation, with ongoing cost reduction programs.

• Automob's integration and optimization phase to drive value extraction, with full impact expected by 2027; EBITDA target of BRL 980 million in 2027.

• CS Infra to contribute to EBITDA from 2026 as new concessions ramp up; CS Portos targeting EBITDA of BRL 180–250 million.

• Vamos 2026 guidance: gross revenue from asset sales BRL 1.6–1.8 billion, net CapEx BRL 1.2–1.9 billion, EBITDA BRL 3.75–4.0 billion.