Contract Terms, Rate Adjustments and Mitigation Bands
Contract Terms and Rate Adjustments
| Concession | Extension (KM) | End of the Concession Agreement | Stake | Annual adjustment | Last adjustment | Adjustment index | Last % applied (1) |
| AutoBAn | 317 | Dec/37 | 100% | July 1 | Jul/26 | IPCA | 4.72% |
| RioSP | 625.8 | Feb/52 | 100% | September 1 | Sep/26 | IPCA | 4.44% |
| ViaLagos | 57 | Jan/47 | 100% | August 1 | Aug/25 | Index basket | 1.50% |
| RodoAnel Oeste | 32 | May/38 | 99.6% | July 1 | Jul/26 | IPCA | 4.72% |
| Renovias | 345.7 | Oct/26 | 40% | July 1 | Jul/25 | IGPM | 7.02% |
| Sorocabana | 460 | Mar/55 | 100% | March 30 | Mar/26 | IPCA | 4.44% |
| Paraná | 569 | May/55 | 100% | November 7 | N/A | IPCA | N/A |
| SPVias | 516 | Oct/30 | 100% | July 1 | Jul/26 | IPCA | 4.72% |
| ViaRio | 13 | Apr/47 | 66.66% | January 1 | Feb/25 | IPCA | 14.74% |
| Pantanal (2) | 845.4 | May/54 | 100% | August 1 | Aug/26 | IPCA | 5.16% |
| ViaSul | 473.4 | Feb/49 | 100% | August 15 | Aug/26 | IPCA | 4.64% |
| ViaCosteira | 220.4 | Aug/50 | 100% | February 7 | Mar/26 | IPCA | 7.78% |
| Minas_SP (3) | 569 | May/41 | 100% | May 12 | – | IPCA | – |
(1) For federal toll roads, the application of the factors (A, C, D and E) is not considered.
(2) In addition to the adjustment by the IPCA, the agreement provides for three tariff step-ups: (i) 33.64% (implemented in Aug/26), (ii) 25.17% in the 25th month, and (iii) 20.09% in the 37th month.
(3) On May 12, 2026, the first tariff step-up of 40.0% was applied to the then-current tariff, already net of the 17.05% discount offered in the competitive bidding process. The agreement also provides for two additional step-ups: in the 13th month (+80.0%) and in the 25th month (+27.69%), in addition to adjustment based on the IPCA.
Up to the 4th year of the concession, the annual adjustment takes place in May and, thereafter, in November.
| Concession | Extension (KM) | End of the Concession Agreement | Stake | Annual adjustment | Last adjustment | Adjustment index | Last % applied | Contractual Tariff |
| ViaQuatro (1) | 12.8 | Jun/60 | 75% | February 1 | Feb/26 | IPC | 3.80% | R$3.91 |
| VLT Carioca | 28 | Dec/38 | 99.95% | June 1 | Jun/26 | 50% INPC, 40% IPCA and 10% Electricity Price | 3.75% | R$ 4.43 |
| Metrô Bahia | 41 | Oct/43 | 100% | April 1 | Apr/26 | 85% of the IPCA and 15% of the Electricity Price | 3.50% | R$ 4.43 |
| ViaMobilidade – Lines 5 and 17 | 27.8 | Aug/38 | 83.3% | February 1 | Feb/26 | 85% of the IPC and 15% of the Electricity Price | 5.66% | R$ 2.71 |
| ViaMobilidade – Lines 8 and 9 (2) | 78.9 | Jan/52 | 80% | September 1 | Sep/25 | IPCA | 4.91% | R$ 4.02 |
(1) 50% of the IPC / 50% of the IGPM until the 15th year of the concession, after that, 100% of the IPC
(2) 1st to 6th year: 20% of the INCC, 50% of the IPCA, and 30% of the IGPM, after the 6th year, 100% of the IPCA
Mitigation Bands
| Frustrated demand ranges | Criterion |
| 90% – 110% | Motiva´s risk |
| 75% – 89.99% and 110.01% – 125% | Application of specific sharing percentages |
| <74.99% – >125.01% | Right to be rebalanced |
| Accounting recognition | Monthly |
| Receiving of cash | Yearly (April to March) |
| Validity |
Until the end of the concession agreement |
| Frustrated demand ranges | Criterion |
| 0 – 15% | Motiva´s risk |
| 15% – 25% | Motiva takes 40% of the risk. The Granting Authority takes 60% of the risk |
| 25% – 40% | Motiva takes 10% of the risk. The Granting Authority takes 90% of the risk |
| <40% | Right to be rebalanced |
| Accounting recognition | During the Quarter |
| Receiving of cash | During the following 3 months |
| Validity | 20 years from the start of the concession agreement |
| Frustrated demand ranges | Criterion |
| 100% – 90% | Business risk (Motiva) |
| 89% – 80% | Recomposition between 89.6% and 86% of contractual demand |
| 79% – 60% | Recomposition between 85.9% and 84% of contractual demand |
| Under 60% | Subject to economic-financial rebalancing |
| Accounting recognition | During the Quarter |
| Receiving of cash | During the following 3 months |
| Validity | Until the end of the concession agreement |
| Frustrated demand ranges | Criterion |
| 100% – 90% | Business risk (Motiva) |
| 89% – 80% | Recomposition between 89.6% and 86% of contractual demand |
| 79% – 60% | Recomposition between 85.9% and 84% of contractual demand |
| Under 60% | Subject to economic-financial rebalancing |
| Accounting recognition | During the Quarter |
| Receiving of cash | During the following 3 months |
| Validity | Extinguished since the signing of Amendment No. 10, on 09/29/2025. |
| Frustrated demand ranges | Criterion |
| 90% – 110% | Business risk (Motiva) |
| 80% – 89,99% e 110,01% – 120% | Motiva takes 50% of the risk. The Granting Authority takes 50% of the risk |
| <79,99% – >120,01% | For 2 consecutive quarters, subject to rebalancing. For the purposes of calculating mitigation, 100% of the Granting Authority’s risk is taken into account |
| Accounting recognition | Quarterly, in the month following the mitigated quarter |
| Receiving of cash | 30 days after the billing document is sent |
| Validity | 10 years from the start of full operation (Mar/24 to Feb/34) |
