Motiva Infraestrutura de Mobilidade (MOTV3) CMD presentation summary

Strategic repositioning

• Portfolio streamlined from 38 assets to 17, focused on highways and rail in Brazil.

• Airport sale generated BRL 12.2Bn at 8.8x EV/EBITDA, marking a new cycle focused on highways and rail.

• AAA- and AA-rated assets rose from 55% of the portfolio in 2023 to 85% in 2026, under a risk-return framework.

• Strategy centers on value creation in the existing portfolio, adjacent-core opportunities, technology and AI, and a less leveraged balance sheet.

2035 ambition and delivery

• Targets include high-single-digit adjusted EBITDA CAGR, double-digit ancillary revenue CAGR, TSR above cost of capital, and a 50% payout target.

• Current delivery includes ~10% adjusted EBITDA CAGR, ~16% ancillary revenue CAGR, and 80.5% TSR.

• Cash OPEX/net revenue was 34.4% LTM Sep. 2026; targets are below 30% by 2030 and below 28% by 2035.

• Capital recycling reached BRL 5.2Bn; leverage was 3.2x, with AAA ratings from three agencies and a 60% reduction in holding-company net debt.

• Sustainability progress includes 100% renewable energy, climate resilience across critical assets, LTIFR of 1.96 in Sep. 2026, and ~BRL 277Mn in social investment.

Capital allocation and execution

• More than BRL 60Bn of committed CAPEX is planned for profitable growth, versus BRL 29Bn in 2023.

• CAPEX execution is supported by risk quantification across 36 topics, asset-level risk-return ratings, and board and executive oversight.

• Targeting ~70%-80% of 2027 CAPEX contracted by Dec. 2026; early contracting is intended to reduce execution risk and improve efficiency.

• Digital models, BIM, AI and predictive tools support project validation, progress measurement, asset surveys and maintenance decisions.

• Dividend policy targets a 50% payout of adjusted net income; capital recycling ambition is BRL 5Bn-BRL 10Bn.