Ecorodovias Model Update

We are updating our estimates for Ecorodovias (ECOR3, OW), incorporating 2Q26 results and the most recent macroeconomic estimates. We estimate 2026 net revenues ex-construction at R$7,573 million, while we model R$5,664 million at the EBITDA level (in line with consensus). For bottom-line we are at R$370 million (+4% vs. consensus) and R$5.6 billion in CapEx. For 2027 we model R$6,691 million in EBITDA (+3% vs. consensus) and R$603 million for bottom-line (-11% vs. consensus). We are reducing our bottom-line estimates by double digits on average, reflecting our revised SELIC assumption based on J.P. Morgan's forecast of 13.2% (average) for 2027, up from 11.88% in our prior model. As a result, we are establishing a December 2027 price target of R$12.00 per share, versus our previous December 2026 price target of R$12.50. Looking ahead, we believe investor focus should shift to the forthcoming details of the Imigrantes Third Lane project, alongside broader macro developments and continue