Grupo CCR S A : 1Q24 Earnings Release

CCRO

B3 LISTED NM

Bloomberg

CCRO3 BZ

www.ccr.com.br/ri

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1Q24 RESULTS

Results for the first quarter of 2024

São Paulo, May 6, 2024

The Parent Company and Consolidated Interim Financial Information was prepared and is being presented under the accounting practices adopted in Brazil and International Financial Reporting Standards ("IFRS"), issued by the International Accounting Standards Board ("IASB"), all of which applied in a manner consistent with the main accounting practices described in Note 3 to the Financial Statements of December 31, 2023.

Unless otherwise stated, the financial and operating information is presented on a consolidated basis, in thousands of Brazilian reais, and the comparisons refer to 1Q23.

The consolidated information for jointly owned subsidiaries includes the proportional data of the jointly owned subsidiaries. Said information, as well as non-financial information and other operating information, was not audited by independent auditors.

Due to rounding, the total amounts informed in the tables of this earnings release may have slight variations.

Waldo Perez - VP of Finance and Investor Relations  [e-mail]   55 11 3048.5900

Investor Relations Department

 [e-mail]

Flávia Godoy

 [e-mail]   55 11 3048.5900

Douglas Ribeiro

 [e-mail]   55 11 3048.5900

Cauê Cunha

 [e-mail]

• 55 11 3048.5900

Igor Yamamoto

 [e-mail]

• 55 11 3048.5900

Caique Moraes

 [e-mail]

• 55 11 3048.5900

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1Q24 RESULTS

Highlights

• Adjusted EBITDA margin in Airports grew by 5.9 p.p. in the period.
• Completion of disbursement for the last tranche of the long-term financing in ViaMobilidade
  - Lines 8 and 9, through the 4th issue of debentures, in the amount of R$1.2 billion.
• On April 30, 2024, the Company paid approximately R$536 million in dividends, approved at the 2024 Annual Shareholders' Meeting.
• In line with our portfolio management strategy, CCR signed a Sale Agreement for to sell its equity stake in Samm to Megatelecom Telecomunicações S.A., in the amount of R$100 million, subject to the usual conditions for this type of transaction.
• CDP - Disclosure Insight Action, a global entity that is reference for the disclosure of sustainability information, increased CCR's climate change grade from B to A- for the 2023 assessment cycle.

Consolidated Operational and Financial Highlights

OPERATIONAL AND FINANCIAL HIGHLIGHTS (R$ MM)		1Q23	1Q24	Chg %
Adjusted Net Revenue¹	3,229	3,479	7.7%
Consolidated Adjusted EBITDA¹		1,975	2,066	4.6%
Toll Roads	1,466	1,535	4.7%
Urban Mobility		485	477	-1.6%
Airports	207	275	32.8%
Other	-183	-220	20.3%
Adjusted EBITDA Margin²	61.2%	59.4%	-1.8 p.p.
Adjusted Net Income¹		317	449	41.5%
Net Debt/Adjusted EBITDA LTM (x)	2.9	3.0
Toll Roads - Vehicle Equivalents (million)		284.5	301.1	5.8%
Urban Mobility - Transported Passengers (million)	167.6	175.9	4.9%
Airports - Boarded Passengers (million)		4.5	4.8	7.0%

1. Excludes construction revenue and expenses. Adjustments are described in the "non-recurring effects" section in Exhibit I (page 23).
2. The Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Adjusted Net Revenue.

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1Q24 RESULTS

Executive Summary
MESSAGE FROM THE CEO	4
FINANCIAL AND OPERATIONAL PERFORMANCE	5
TOLL ROADS	5
URBAN MOBILITY	8
AIRPORTS	11
CONSOLIDATED FINANCIAL RESULT……..............................................................................14
INDEBTEDNESS	15
CAPEX AND MAINTENANCE	17
REGULATORY AND ESG…….................................................................................................. 19
EXHIBIT I - IFRS	22
GROSS REVENUES (EXCLUDING CONSTRUCTION REVENUES) BY ASSET	22
NON-RECURRING EFFECTS…	23
REVENUE FROM URBAN MOBILITY ASSETS	24
INCOME STATEMENT……………................................................................................ 26
BALANCE SHEET	27
CASH FLOW	29
EXHIBIT II - CONSOLIDATED FOR JOINTLY OWNED SUBSIDIARIES	32

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1Q24 RESULTS

Message from the CEO of Grupo CCR - Miguel Setas

The results in 1Q24 reiterate the solidity and consistency of our business strategy, centered on operational excellence and strict financial discipline. The diversification of our assets and operating geographies was the key driver for the strong growth in demand for our business platforms, reflected in the increases of 7.7%, 4.6% and 41.5% in Net Revenue, EBITDA and Adjusted Net Income, respectively.

Vehicle traffic in our toll roads business expanded by 5.8%, benefiting from the strong flow of sugar exports, reaching record levels in 1Q24. On the airport platform, we had a 7.0% growth in number of passengers boarded, and we advanced in our strategy of unlocking value with the expansion of retail operations at our terminals. In urban mobility, we recorded a 4.9% increase in number of passengers, stimulated by the resumption of in-person activities and the opening of two new stations (Section 3) at CCR Metrô Bahia.

In terms of operational efficiency, it is worth highlighting that our Adjusted Opex (cash)/Net Revenue LTM¹ ratio was 40.7% in the quarter, reducing by 1.5 p.p. from the previous year, reflecting our initiatives aimed at increasing efficiency, one of CCR's strategic pillars.

Grupo CCR remains committed to strictly executing its R$31 billion Capex. In the first quarter of 2024, we allocated R$1.3 billion to toll roads, airports and urban mobility platforms. We continue to advance in efforts to improve the quality of service provided to the customers of ViaMobilidade - Lines 8 and 9, in particular with the arrival of the 21st of the 36 trains that were acquired.

Despite the robust investments we are making, our financial situation remains solid: leverage is under control, at 3.0x, and we have an extended debt schedule, with 43% of debt maturing from 2032 onwards. Our cash position was reinforced in February, with the 4th debentures issue by ViaMobilidade - Lines 8 and 9, in the amount of R$1.2 billion.

In parallel, our efforts to provide excellent services continue to be recognized by our customers and the market. The BH Airport ranked first in the most recent National Passenger Satisfaction and Airport Performance Survey, demonstrating our commitment to service quality. Furthermore, this terminal and the Curitiba airport received the best scores in terms of passenger services, according to an assessment carried out by ANAC.

We've made consistent advancements in the ESG agenda, in which we highlight that we anticipated our goal of supplying 100% of our operations with renewable electricity by one year, from 2025 to 2024. Our grade was raised from B to A- by the CDP - Disclosure Insight Action, reflecting the actions we are implementing to reduce our environmental impact. On the social

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1Q24 RESULTS

front, we increased the share of women in management positions, from 25% to 42% at the end of 2023.

I am very proud of the solid results achieved in 1Q24, as it demonstrates the hard work and dedication of our 17 thousand employees. This month, I complete my first year as CEO of Group CCR and I am very enthusiastic with the achievements and advances we have made so far and strongly confident and optimistic in our capacity to continue reinforcing our leadership in the sector.

1. Considers consolidated data with jointly owned subsidiaries,

Financial and Operational Performance

Toll Roads

		Traffic / Passengers
		1Q23	1Q24
Toll Roads		Vehicle Equivalents²
AutoBAn	69,097,007	76,101,245
MSVia3		13,179,710	13,202,469
RioSP	40,254,325	42,469,360
RodoAnel Oeste		33,449,268	34,846,918
SPVias	16,549,796	18,047,783
ViaCosteira		21,980,610	22,951,807
ViaLagos	2,697,514	2,676,179
ViaOeste4		30,115,247	31,404,815
ViaSul	27,101,482	27,986,019
Consolidated IFRS5		284,540,206	301,091,410

Average Tariff ¹

Chg % 1Q23 1Q24 Chg %

Average Tariff¹

10.1% 10.8 11.3 4.6%

0.2% 3.2 3.2 0.0%

5.5% 6.8 7.5 10.3%

4.2% 2.8 3.0 7.1%

9.1% 13.6 14.3 5.1%

4.4% 2.4 2.5 4.2%

-0.8% 22.7 22.4 -1.3%

4.3% 11.2 9.2 -17.9%

3.3% 5.2 5.7 9.6%

5.8% 6.9 7.2 4.3%

1. The average tariff for the Toll Road business is calculated by dividing toll revenue by the number of equivalent vehicles of each concessionaire.
2. Equivalent vehicles is a measure calculated by adding heavy vehicles (commercial vehicles such as trucks and buses) to light vehicles, multiplied by the number of axles charged. One light vehicle is equivalent to one axle of a heavy vehicle.
3. Due to the signing of the amendment to hold a new bidding process for MSVia in June 2021, revenue was 47.3% of the collected amount as of said date, impacting both revenue and the calculation of the average tariff.
4. Due to the signing of the 26th Amendment and Modifying Instrument in June 2023 at ViaOeste, the revenue considered now accounts for 79.29% of the amount collected, impacting both revenue and the calculation of the average tariff.
5. In CCR's consolidated figures, traffic volume for ViaOeste, which only collects one-way tolls, is doubled to adjust it according to the concessionaires that have bidirectional toll collections. This procedure is based on the fact that one-way tolls already include round-trip costs.

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1Q24 RESULTS

	1Q23	1Q24	Chg %
Gross Revenue	2,364,257	2,662,646	12.6%
Toll Revenue	1,975,898	2,154,906	9.1%
Other Revenues	84,344	70,539	-16.4%
(-) Construction Revenue	304,015	437,201	43.8%
Deductions from Gross Revenue	-180,798	-201,147	11.3%
Net Revenue excluding Construction (a)	1,879,444	2,024,298	7.7%
Total Costs and Expenses (b+c+d)	-1,188,141	-1,424,699	19.9%
Cash Costs (b)	-579,185	-652,845	12.7%
Personnel	-105,980	-123,510	16.5%
Third-Party Services	-144,012	-183,517	27.4%
Concession Fees	-28,277	-31,665	12.0%
Other Costs and Expenses	-300,916	-314,153	4.4%
Non-Cash Costs (c)	-304,941	-334,653	9.7%
Depreciation, Amortization and Impairment	-198,803	-208,927	5.1%
Provision for Maintenance	-70,376	-92,451	31.4%
Prepaid Concession Fees	-35,762	-33,275	-7.0%
Construction Costs (d)	-304,015	-437,201	43.8%
Non-Recurring (e)	165,842	163,120	-1.6%
Adjusted EBITDA (a+b+d)	1,466,101	1,534,573	4.7%
Adjusted EBITDA Margin¹	78.0%	75.8%	-2.2 p.p.

1. The Adjusted EBIT Margin was calculated over the Adjusted Net Revenue of R$1,879,444 thousand in 1Q23 and R$2,024,298 thousand in 1Q24, as there were no non-recurring effects that impacted revenue in the period.

According to the demand table presented above, equivalent vehicle traffic was 5.8% higher in the same period of the previous year. Commercial vehicles grew by 7.4% in the period. The good performance was mainly due to the charging of suspended axles on vehicles with the Electronic Manifest of Fiscal Documents (MDF-e) on all of the Group's toll roads, accounting for approximately 3.1% of the total commercial equivalent axles (+R$40 million in toll revenue). We highlight the positive results for the AutoBAn, SPVias and RodoAnel Oeste concessionaires, favored by the strong flow of sugar exports, which had record levels in 1Q24.

Passenger vehicles grew by 4.4% in the period due to the Easter holiday in March/2024 (in 2023, this holiday occurred in April). Current traffic levels are record levels for the Company's concessionaires.

Driven by better operational performance and tariff adjustments between the periods, Toll Revenue increased by 9.1% in the quarter, partially offset by the lack of Surplus Tariff Revenue

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1Q24 RESULTS

at ViaOeste, causing an impact of R$76 million in 1Q24, due to the 26th Amendment signed in June 2023. At MSVia, we had a reduction of R$14 million in the Other Revenues line, due to a lower monetary adjustment in revenue from financial assets. Therefore, Net Revenue excluding Construction increased by 7.7% in the period.

The main variations in Cash Costs are described below:

1. Personnel: The increase was mainly due to the average annual salary adjustment of 5.47% (+R$6 million) implemented in 2Q23, and the internalization of Pre-Hospital Care teams (APH) at RioSP (+R$4 million).
2. Third-PartyServices: The increase of R$34 million at MSVia was due to a pavement recovery and the increase of R$8 million at AutoBAn was related to conservation costs for right-of-way lanes, containments and pavement.
3. Concession Fees: The increase of R$3 million was mainly due to higher toll revenues at AutoBAn, ViaOeste, SPVias and RodoAnel Oeste.
4. Other Costs and Expenses: The increase was mainly due to the acquisition of materials for the traffic sign factory and other equipment and maintenance materials at AutoBAn, totaling R$4 million and, in 1Q23, the positive impact was due to the reimbursement of claims at RioSP, in the amount of R$5 million. Additionally, ViaOeste invested in improvement works that do not generate future economic benefits, in the amount of R$166 million in 1Q23 and R$163 million in 1Q24, which were recorded as costs when incurred.

The main variations in Non-CashCosts are described below:

1. Depreciation, Amortization and Impairment: The increase was mainly due to the addition of R$841 million as intangible and fixed assets at RioSP, reflecting the works delivered in 2023.
2. Maintenance Provision: The increase resulted from the obligations assumed in the Definitive Agreement for AutoBAn, in the amount of R$9 million, as well as pavement maintenance cycles, totaling R$5 million in RodoAnel Oeste, R$3 million in SPVias and R$3 million in ViaSul.
3. Construction Costs: The increase was due to the investment schedule agreed with the Granting Authorities, with emphasis to the R$54 million increase in ViaSul related to pavement services, as well as the implementation of 2 accesses and 7 returns at highway BR-101. The R$46 million increase recorded in ViaCosteira was related to the construction of marginal lanes on highway BR-101. Additionally, we had a R$28 million

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1Q24 RESULTS

increase in RioSP with the expansion and duplication in various sections of highways BR- 101 and BR-116.

In addition, we also detail the breakdown of Non-RecurringCosts: In Other Costs and Expenses, we highlight that ViaOeste contributed with R$166 million in 1Q23 and R$163 million in 1Q24, arising from improvement works that do not generate future economic benefits.

The breakdown, per concession, is provided in Exhibit I of the earnings release.

Urban Mobility

		Traffic / Passengers				Average Tariff¹
		1Q23	1Q24	Chg %		1Q23		1Q24	Chg %
Mobility		Passengers Transported				Average Tariff¹
Barcas²		3,119,137	3,266,068	4.7%		8.2		7.9	-3.7%
Metrô Bahia	24,444,913	27,275,255	11.6%	3.2	3.3	3.1%
ViaMobilidade - Lines 5 and 17		35,447,865	39,209,471	10.6%		2.4		2.5	4.2%
ViaMobilidade - Lines 8 and 9	55,159,038	55,028,729	-0.2%	3.6	3.7	2.8%
ViaQuatro		44,753,236	46,397,791	3.7%		3.5		3.6	2.9%
Integrated	38,692,756	39,433,668	1.9%	-	-	n.m.
Exclusive		6,060,480	6,964,123	14.9%		-		-	n.m.
VLT Carioca	4,715,411	4,672,788	-0.9%	3.9	4.0	2.6%
Consolidated		167,639,600	175,850,102	4.9%

1. The average tariff for the Mobility business considers only tariff revenues and the number of passengers transported.
2. Considers the total number of passing passengers.

				1Q23		1Q24		Chg %
	Gross Revenue			1,732,581			1,502,270			-13.3%
	Tariff Revenue	555,020		597,191		7.6%
	Mitigation Revenue	124,884		125,825		0.8%
	Financial Asset Revenue	788,232		193,831		-75.4%
	Real State Revenue¹	12,552		15,120		20.5%
	Other²	18,089		25,430		40.6%
	(-) Construction Revenue	233,804		544,873		133.0%
	Deductions from Gross Revenue	-9,433		-7,748		-17.9%
	Net Revenue excluding Construction (a)			1,489,344			949,649			-36.2%
	Total Costs and Expenses (b+c+d)			-742,356			-1,100,163			48.2%
	Cash Costs (b)			-434,328			-472,447			8.8%

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1Q24 RESULTS

Personnel	-194,755	-205,266	5.4%
Third-Party Services	-88,410	-107,070	21.1%
Concession Fees	-1,226	-1,410	15.0%
Other Costs and Expenses	-149,937	-158,701	5.8%
Non-Cash Costs (c)	-74,224	-82,843	11.6%
Depreciation and Amortization	-74,224	-82,843	11.6%
Construction Costs (d)	-233,804	-544,873	133.0%
Non-Recurring (e)	-569,921	-	-100.0%
Adjusted EBITDA (a+b+e)	485,095	477,202	-1.6%
Adjusted EBITDA Margin³	52.8%	50.3%	-2.5 p.p.

1. Considers revenue from real estate development of remaining areas and retrofit at the stations.
2. Ancillary revenue and revenue from related parties.
3. The Adjusted EBITDA Margin was calculated over the Adjusted Net Revenue of R$919,423 thousand in 1Q23 and R$949,649 thousand in 1Q24, reflecting the non-recurring described at the end of this section.

As presented in the demand chart above, demand for urban mobility assets increased by 4.9% over the same period of the previous year.

This variation was mainly reflected by: (i) the addition of two new stations at Metrô Bahia (Section 3), which increased demand by approximately 10%; (ii) the economic recovery in the central region of Rio de Janeiro and regularization of service hours on ferry lines, recording a growth of 4.7%, and (iii) at ViaMobilidade - Linha 5 and ViaQuatro, which increased demand by 10.6% and 3.7%, respectively, due to greater sensitivity in relation to the services and retail sectors, which were highly benefited with the return of in-person activities.

Driven by the ongoing increase in passenger flow and tariff adjustments carried out between the periods, Tariff Revenue grew by 7.6%, while Mitigation Revenue remained flat. Revenue from Financial Assets dropped by 75.4%, mainly due to the Barcas Settlement Agreement, in the amount of R$570 million, accounted for in 1Q23. Excluding the effects from the Agreement, this line fell by 11.2%, reflecting the lower monetary adjustment and interest on financial assets on the Dec/23 base date. The balance for Metrô Bahia and VLT Carioca totaled R$2,388 million and R$1,845 million, respectively, both of which were restated by the IPCA index in the period, which the balance for ViaQuatro was R$1,952 million, which was adjusted by the IPC (50%) and IGP- M (50%) indexes. Therefore, Net Revenue excluding Construction declined by 36.2% in the quarter.

The main variations in Cash Costs are described below:

1. Personnel: The increase was mainly due to the average annual salary adjustment of 5.47% implemented in 2Q23 (+R$10 million).

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