Investor Presentaiton

EBITDA In 2019, the Company's Adjusted EBITDA grew 0.2%, reaching R$ 2.0 billion with an Adjusted EBITDA Margin of 58.2% (a reduction of 1.5% in relation to the previous year). These results reflect the increase in Net Revenue. EBITDA calculation, according to CVM Instruction, totaled R$1.1 billion in 2019, a reduction of 34.7% compared to 2018. The main reason for this reduction is the registration of the Discontinued Operation of Via 040, which is in an advanced process of re-bidding, and the recognition of impairment. EBTIDA and EBITDA Margin (R$ thousands) Net Income (Loss) (-) Construction Revenue 2019 Non-controlling interests (110,2) (324,0) (1.552,8) 379,3% (518,1) 370,0% Net Financial Results 1.392,6 1.784,2 IRPJ & CSLL (295,5) 236,8 28,1% -180,1% Depreciation and Amortization 1.056,6 1.172,4 EBITDA ICVM 1.719,5 1.122,5 EBITDA Margin 51,8% 31,5% 11,0% -34,7% -20,3 p.p (25,6) (174,0) n.m (+) Construction Costs 25,6 174,0 n.m (-) Assets for Sale - Cart 90,0 (8,4) -109,3% (+) Discontinued Operations - VIA 040 134,4 554,6 312,6% (+) Impairment VLT 24,0 25,8 7,7% (+) Impairment - Cart 80,2 n.m (+) Impairment - VIA 040 197,3 n.m Adjusted EBITDA' Adjusted EBITDA Margin' 1.968,0 59,7% 1.972,0 0,2% 58,2% -1,5 p.p 1. Disregards IFRS impact in relation to construction revenue and costs, results of assets held for sale, discontinued operations and impairment entries. Adjusted EBITDA (R$ Million) 92.1 84.8 1,968.0 Changes in Adjusted EBITDA (R$ Million) (5.5) 2.2 1,968.0 1,972.0 1,972.0 59.7% 1,650.9 58.2% 1,543.5 1,424.9 54.2% 53.4% 52.4% 2015 2016 2017 2018 2019 2018 Adjusted EBITDA Margin Adjusted EBITDA Net Admin. and Variable revenue Expense Costs Concession Fees Contents Message from the CEO Message from the Board Covid-19 About this Report Invepar Invepar Management Economic and Financial Performance Invepar Performance Revenues Costs and Expenses EBITDA Results Cash Flow and Indebtedness Other Topics Investments and Divestments Credits GRI Index Equity 2019 | 115 2019 AR invepar

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