Triunfo Participações e Investimentos S A : Earnings Release 1Q24

Earnings Release - 1Q24

São Paulo, May 15, 2024 - TPI - Triunfo Participações e Investimentos S.A., one of the main Brazilian companies in the infrastructure sector, operating in the toll road, airport and energy concessions segments, announces its results for the first quarter of 2024. In this earnings release, the financial information is consolidated in Triunfo's interest in each business, while the operational information reflects the entire business. The result for the period, compared to book values, does not change as a result of the method of consolidation. Net revenue data disclosed herein excludes construction revenue (adjusted net revenue)1 except otherwise specified. Results are compared to the same period of the previous year, except when mentioned.

Highlights

• Toll road segment: adjusted net revenues of R$ 266.9 million, in 1Q24; 54.1% increase when compared to the same period of the previous year.
• Adjusted EBITDA amounted to R$ 101.8 million in 1Q24. 19.2% increase compared to the same period of the previous year.
• Net Income of R$ 5.1 million in 1Q24. Reversal of the net loss recorded in the first quarter of 2023.

B3: TPIS3		Information | 03/31/2024
	Share price: R$ 3.99
Conference call on the earnings release in Portuguese with simultaneous	Total Shares: 44,000,000
Outstanding Shares 18,532,521
translation into English:
	Free Float: 42.12%
Friday, May 17, 2024		For more information - IR Department
10:00 am (Brasília) | 09:00 am (ET)
Phone Numbers:	Codes:	Roberto Carvalho | IRO
Ricardo Medeiros, CFA
[phone] (Brazil)	ID Webinar: 850 5132 8210
[phone](USA)		Phone: [phone]
[phone] (Others)	Access Password: 237367
ri.triunfo.com | [e-mail]

1Adjusted data was calculated by excluding revenue from construction of concession assets from total net revenue.

Message from Management

As the first quarter of 2024 comes to an end, we highlight two adjustments to the basic toll tariff. These adjustments reflect not only our ongoing efforts to maintain and improve our operations, but also our responsibility to provide quality services to our customers and road users. The first, occurred in January 2024, was 15.42% at the Concer concessionaire. This adjustment, granted by ANTT, covered the period from June 2021 to June 2023. In addition, in February 2024, we obtained one more adjustment from ANTT at Triunfo Concebra in the amount of 6.35%, referring to the period from December 2021 to January 2023.

At Triunfo Concebra, on the other hand, due to the continuity of the services provided as determined by the courts, without the execution of a new Amendment with ANTT, as of November 22, 2023, the revenue recorded in the income

statement now refers to the tariff charged. As a result, there is no longer any segregation between the "calculated tariff" and the "surplus tariff", and the latter is excluded from the accounting in financial assets.

Energy segment recorded net income of R$ 10.7 million in 1Q24, down 8.2% when compared to the same period of the previous year. This is due to the increase in the transfer of charges from the energy sector to the states and municipalities (such as TUST and CFURH) and higher spending on the environmental program to reforest the border started in February 2024.

In the airport segment the number of passengers reached 2.8 million, a drop of 11.6% compared to the same period of the previous year. The lower number of passengers in the quarter can be partly explained by the reduced number of routes offered by airlines due to delays in engine deliveries, as a result of disruptions in production chains during the pandemic. In addition, market moves are taking place with the diversification of the presence of airlines at other airports.

Finally, net income in the first quarter reached R$ 5.1 million, representing a reversal of the loss recorded in the first quarter of 2023.

We remain committed to operational excellence and the constant search for opportunities for growth and improvement in all the segments in which we operate. We thank our shareholders, customers and employees for their trust, and reaffirm our commitment to generating value and contributing to sustainable development in all the communities in which we operate.

Carlo Alberto Bottarelli - CEO

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Proforma Performance

The financial information in this section is presented proportionally to Triunfo's stake in each business, unless otherwise stated. It is worth noting that the net result for the period does not change as a result of the consolidation method.

Main Figures (in R$ thousand)	1Q24	1Q23	Δ
Adjusted Net Revenue	303,771	210,218	44.5%
Toll Roads	266,867	173,226	54.1%
Energy	36,904	36,992	-0.2%
Adjusted EBITDA*	101,798	85,425	19.2%
Toll Roads	89,264	74,033	20.6%
Energy	16,839	17,762	-5.2%
Holding and Other	(4,305)	(6,370)	-32.4%
Financial Result	(49,626)	(52,054)	-4.7%
Toll Roads	(49,279)	(54,616)	-9.8%
Energy	207	608	-66.0%
Holding and Other	(554)	1,954	n/c
Net Income (Loss)	5,095	(68,845)	-107.4%
Toll Roads	506	(75,537)	n/c
Energy	10,705	11,656	-8.2%
Holding and Other	(6,116)	(4,964)	23.2%
Adjusted EBITDA Margin	33.5%	40.6%	-7.1pp
Toll Roads	33.4%	42.7%	-9.3pp
Energy	45.6%	48.0%	-2.4pp

*Adjusted EBITDA excluding construction margin, non-recurring revenues (expenses) and provision for maintenance, Remuneration of Financial Assets and Surplus Tariff (for 1Q23) of Triunfo Concebra, and is calculated based on the consolidated Income Statement as per Triunfo's interest in each business (Proportional Consolidation Income Statement).

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Consolidated Results - Overview

Adjusted net revenue showed a 44.5% increase in the first quarter of 2024 as compared to the same period of the previous year. This change arises from the termination of Triunfo Concebra's second amendment term with ANTT in November 2023. As a result, even in 2023 the revenue recorded in the income statement refers to the tariff charged. Therefore, the surplus tariff in 2023 is no longer recorded in financial assets. Additionally, the tariffs charged by subsidiaries Concer, Triunfo Concebra and Triunfo Transbrasiliana were adjusted and also the volume of paying vehicles was 2.0% higher, which contributed to an increase in collection revenue.

Adjusted EBITDA increased 19.2% in 1Q24 compared to the same period of the previous year due to the higher collection revenues, as explained above. This increase was partially offset by the increase in adjusted operating costs mainly due to maintenance expenses on Triunfo Concebra highway.

Financial result showed a R$ 2.4 million improvements in 1Q24 compared to the same period of the previous year. This result is mainly due to the reduction in the Company's debt, which went from R$ 1.6 billion in 1Q23 to R$ 1.5 billion due to the lower debts of Concer and Triunfo Concebra and the lower inflation in the first quarter of 2024 in the first quarter of 2024.

Thus, the Company recorded a net income of R$ 5.1million in 1Q24, reversing the net loss recorded in the first quarter of 2023.

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Toll Roads Segment

Income Statement

(in R$ thousand)	1Q24	1Q23	Δ
Gross Revenue	308,526	224,014	37.7%
Revenue from Toll Roads	288,663	177,680	62.5%
Remuneration of Financial Assets	580	8,625	-93.3%
Other Revenues	2,344	2,253	4.0%
Construction of Assets in Toll Roads	16,820	35,075	-52.0%
Construction Margin of Assets in Toll Roads	119	381	-68.8%
Deductions from Gross Revenue	(24,839)	(15,713)	58.1%
Net Revenue from Operations	283,687	208,301	36.2%
Operational Cost (excluding D&A)	(162,546)	(170,175)	-4.5%
Operating and Maintenance	(110,157)	(99,206)	11.0%
Provision for Maintenance - IAS 37	(89)	(170)	-47.6%
Costs with Personnel	(24,793)	(23,416)	5.9%
Regulatory Agency Costs	(10,687)	(12,308)	-13.2%
Construction Cost	(16,820)	(35,075)	-52.0%
Operational Expenses (excluding D&A)	(31,241)	(32,091)	-2.6%
General & Administrative	(30,490)	(26,340)	15.8%
Other Administrative Expenses	(751)	(5,751)	-86.9%
Depreciation and Amortization (D&A)	(38,117)	(35,758)	6.6%
EBIT	51,783	(29,723)	-274.2%
Financial Result	(49,279)	(54,616)	-9.8%
Financial Revenues	359	1,808	-80.1%
Financial Expenses	(49,638)	(56,424)	-12.0%
Income Tax and Social Contribution	(1,998)	8,802	n/c
Current Tax	(4,438)	(1,078)	n/c
Deferred Tax	2,440	9,880	-75.3%
Net Income (Loss)	506	(75,537)	n/c

Net Revenue and Operating Performance

(in R$ thousand)	1Q24	1Q23	Δ
Gross Revenues	308,526	224,014	37.7%
Revenues from Toll Roads	288,663	177,680	62.5%
Remuneration of the Financial Asset	580	8,625	-93.3%
Other Revenues	2,344	2,253	4.0%
Construction of Assets in Toll Roads	16,820	35,075	-52.0%
Construction Margin of Assets in Toll Roads	119	381	-68.8%
Deductions from Gross Revenues	(24,839)	(15,713)	58.1%
Net Revenues from Operations	283,687	208,301	36.2%
Construction of Assets in Toll Roads	16,820	35,075	-52.0%
Adjusted Net Operating Revenue	266,867	173,226	54.1%

Note: Adjusted net operating revenue excludes construction margin on Toll Roads.

Adjusted net revenue from toll roads amounted to R$ 266.9 million in 1Q24, up 54.1% versus the same period of the previous year. This change arises from the termination of Triunfo Concebra's second amendment term with ANTT in November 2023. As a result, even in 2023 the revenue recorded in the income statement refers to the tariff charged. Therefore, the surplus tariff in 2023 is no longer recorded in financial assets. Additionally, the tariffs charged by subsidiaries Concer, Triunfo Concebra and Triunfo Transbrasiliana were adjusted and also the volume of paying vehicles was 2.0% higher, which contributed to the increase in collection revenue.

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Operational Performance (in thousand	1Q24	1Q23	Δ
of paying vehicles)
Concer	6,224	6,096	2.1%
Triunfo Transbrasiliana	5,910	5,981	-1.2%
Triunfo Concebra	22,604	21,977	2.9%
Total Equivalent Traffic	34,738	34,054	2.0%
Average Tariff (R$)	8.78	5.63	56.1%

Operating Costs and Expenses

Operational Costs (in R$ thousand)	1Q24	1Q23	Δ
Operational Cost (excluding D&A)	(162,546)	(170,175)	-4.5%
Operating and Maintenance	(110,157)	(99,206)	11.0%
Provision for Maintenance - IAS 37	(89)	(170)	-47.6%
Costs with Personnel	(24,793)	(23,416)	5.9%
Regulatory Agency Costs	(10,687)	(12,308)	-13.2%
Construction Cost	(16,820)	(35,075)	-52.0%
Operational Expenses (in R$ thousand)	1Q24	1Q23	Δ
Operational Expenses (excluding D&A)	(31,241)	(32,091)	-2.6%
General & Administrative	(30,490)	(26,340)	15.8%
Other Administrative Revenue (Expenses)	(751)	(5,751)	-86.9%
Adjusted Operational Costs and Expenses	1Q24	1Q23	Δ
(in R$ thousand)
Adjusted Operational Costs and Expenses	(176,878)	(167,021)	5.9%
Operational Costs and Expenses	(193,787)	(202,266)	-4.2%
Provision for Maintenance - IAS 37	89	170	-47.6%
Construction Cost	16,820	35,075	-52.0%
Adjusted Operational Costs and Expenses - recurring figures	(177,023)	(166,317)	6.4%
Non recurring expenses (revenues)	(145)	704	n/c

Adjusted operating costs and revenues (expenses) (excluding construction costs, provision for maintenance, depreciation and amortization) amounted to R$ 176.8 million in 1Q24, 5.9% higher versus the same period of the previous year, mainly due to expenses on operation and maintenance of Triunfo Concebra highway.

Excluding non-recurring effects, a 6.4% increase was recorded in 1Q24 as compared to the same period of the previous year.

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EBIT and Adjusted EBITDA

(in R$ thousands)	1Q24	1Q23	Δ
Adjusted EBIT	51,147	38,275	33.6%
EBIT	51,783	(29,723)	-274.2%
Financial Asset Remuneration	(580)	(8,625)	n/c
Excess Tariff	0	75,749	n/c
Non-recurring Expenses (Revenues)	(145)	704	n/c
Provision for Maintenance - IAS 37	89	170	-47.6%
Adjusted EBITDA	89,264	74,033	20.6%
Depreciation and Amortization (D&A)	(38,117)	(35,758)	6.6%
Adjusted EBITDA (ex-construction margin)	89,145	73,652	21.0%
Construction Margin of Assets in Toll Roads	(119)	(381)	-68.8%

As a result, adjusted EBITDA, excluding non-recurring effects and non-cash items in the period, amounted to R$ 89.2 million in the first quarter of 2024, with 20.6% increase versus the same period of the previous year.

Net Income (Loss) and Financial Result

(in R$ thousand)	1Q24	1Q23	Δ
Financial Result	(49,279)	(54,616)	-9.8%
Financial Income	359	1,808	-80.1%
Fiancial Expenses	(49,638)	(56,424)	-12.0%
Income Tax and Social Contribution	(1,998)	8,802	n/c
Current Tax	(4,438)	(1,078)	311.7%
Deferred Tax	2,440	9,880	-75.3%
Net Income (Loss)	506	(75,537)	-100.7%

Financial result showed a R$ 5.3 million improvement in 1Q24 compared to the same period of the previous year. This result is mainly due to the reduction in the Company's debt, which went from R$ 1.6 billion in 1Q23 to R$ 1.5 billion due to the lower debts of Concer and Triunfo Concebra and the lower inflation in the first quarter of 2024 in the first quarter of 2024.

As a result we recorded net income of R$ 0.5 million in 1Q24, reversing the net loss of R$ 75.5 million in 1Q23.

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Energy Segment

INCOME STATEMENT (in thousand)	1Q24	1Q23	Δ
Gross Revenues	40,666	40,760	-0.2%
Deductions from Gross Revenues	(3,762)	(3,768)	-0.2%
Net Operating Revenue	36,904	36,992	-0.2%
Operational Cost (excluding D&A)	(18,996)	(18,255)	4.1%
Operating and Maintenance	(1,697)	(1,165)	45.7%
Costs with Personnel	(1,810)	(1,767)	2.4%
Regulatory Agency Costs	(15,489)	(15,323)	1.1%
Operational Expenses (excluding D&A)	(1,069)	(975)	9.6%
General & Administrative	(1,069)	(975)	9.6%
Other Administrative Revenues (Expenses)	0	0	n/c
Depreciation and Amortization (D&A)	(795)	(728)	9.2%
EBIT	16,044	17,034	-5.8%
Financial Result	207	608	-66.0%
Financial Revenue	479	682	-29.8%
Financial Expenses	(272)	(74)	n/c
Income Tax	(5,546)	(5,986)	-7.4%
Current Tax	(5,602)	(6,060)	-7.6%
Deferred Tax	56	74	-24.3%
Net Income (Loss)	10,705	11,656	-8.2%
EBIT and Adjusted EBITDA	1Q24	1Q23	Δ
Adjusted EBIT	16,044	17,034	-5.8%
EBIT	16,044	17,034	-5.8%
Adjusted EBITDA	16,839	17,762	-5.2%
Depreciation and Amortization (D&A)	(795)	(728)	9.2%

In 1Q24, net operating revenue amounted to R$ 36.9 million, flat as compared the same period of the previous year.

Operating costs (excluding depreciation and amortization) recorded a 4.1% increase in 1Q24, reaching R$ 19.0 million, due to the increase in transfers of the energy sector charges to states and municipalities (such as TUST and CFURH) and higher spending on the environmental program to reforest the border started in February 2024.

Accordingly, net income in the energy segment totaled R$ 10.7 million in 1Q24.

Parent Company and Others

(in R$ thousand)	1Q24	1Q23	Δ
Expenses	(5,563)	(6,918)	-19.6%
General & Administrative	(5,359)	(6,811)	-21.3%
Other Administrative (revenue) Expenses	467	625	-25.3%
Equity Income Result	0	0	55.2%
Depreciation and Amortization	(670)	(732)	-8.4%
EBIT	(5,563)	(6,918)	-19.6%
Financial Result	(554)	1,954	n/c
Financial Revenue	4,583	1,098	317.4%
Financial Expenses	(5,137)	856	n/c
Income Tax	0	0	n/c
Current Tax	0	0	n/c
Deferred Tax	0	0	n/c
Net Income (Loss)	(6,116)	(4,964)	23.2%
Adjusted EBIT	(4,976)	(7,102)	-29.9%
Non recurring expenses (revenues)	587	(184)	-419.0%
Adjusted EBITDA	(4,305)	(6,370)	-32.4%
Depreciation and Amortization (D&A)	(670)	(732)	-8.4%

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Parent Company and Others' performance for the first quarter of 2024 was determined by the change in the account of other general and administrative expenses of non-operating subsidiaries. This is due to the gradual reduction in the dismissal of personnel from administrative roles of subsidiaries Concepa and Econorte.

Thus, net loss amounted to R$ 6.1 million in 1Q24.

Airport Segment

Although the airport segment is not consolidated in the Company's results, the key operating indicators are highlighted in this earnings release.

Total cargo volume showed 15.4% drop in 1Q24 compared to the same period of the previous year. The negative change compared to the previous year is mainly caused by the migration from the air modal to the sea modal, by the replacement of cargo aircraft transportation for hold cargo transported to other airports and a slight decrease in market share due to competitors' commercial policies.

In 1Q24, the number of passengers reached 2.8 million, down 11.6% versus the same periods of the previous year. The lower number of passengers in the quarter can be partly explained by the reduced number of routes offered by airlines due to delays in engine deliveries, as a result of disruptions in production chains during the pandemic. In addition, market moves are taking place with the diversification of the presence of airlines at other airports.

Airport Performance	1Q24	1Q23	Δ
Total Cargo (ton)	64,525	76,310	-15.4%
Import	26,496	29,331	-9.7%
Export	18,644	23,204	-19.7%
Other	19,385	23,775	-18.5%
Total Passengers (thousand)	2,803	3,170	-11.6%
Domestic	1,184	952	24.3%
International	184	254	-27.6%
Conexion	1,436	1,964	-26.9%
Total Planes	28,325	32,704	-13.4%

Indebtedness

DEBT (in R$ thousand)

	1Q24	4Q22	Δ
Triunfo (holding) and other	42,015	46,095	-8.9%
Toll Roads	1,423,964	1,468,370	-3.0%
Gross Debt	1,465,979	1,514,465	-3.2%
Cash and Cash Equivalents	63,530	66,411	-4.3%
Net Debt	1,402,449	1,448,054	-3.1%

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GROSS DEBT (FINANCIAL DEBT) - (in R$ thousand)
	DEBT	INDEX	MATURITY	1Q24	4Q22	Δ
	FINEP	8% p.a.	july/2025	806	789	2.2%
Triunfo	China Construction Bank Performance Bonus	n/a	july/2025	7,162	8,205	-12.7%
(holding)	CCB - Trophy FIP Multiestratégia	140% CDI	july/2025	7,006	7,013	-0.1%
	CCB - China Construction Bank	CDI + 1.5% p.a.	july/2025	27,041	30,088	-10.1%
	Bridge Loan - BNDES A and B	CDI + 0.5% p.a.	february/2021	13,522	29,833	-54.7%
Concer	Bank Credit - ABC Bank of Brasil	CDI + 1.2% p.a.	july/2023	13,851	15,834	-12.5%
	CCB - Guarantor	CDI + 0.5% p.a.	february/2021	-	-	n/c
Triunfo Concebra	BNDES - Bridge Loan	TJLP + 2% p.a.	december/2025	1,090,620	1,108,816	-1.6%
	CCB - ABC Bank	CDI + 3% p.a.	december/2021	-	-	n/c
Triunfo Transbrasiliana	8th Debenture Isse of Transbrasiliana	IPCA + 9.6% p.a.	March/2023	304,075	311,719	-2.5%
	CCB - VW Bank	24.78% p.a	february/2025	1,896	2,168	-12.5%
Gross Debt				1,465,979	1,514,465	-3.2%

Investments

INVESTMENTS
(in R$ thousands)	1Q24	%
Concer	4,177	16.4%
Triunfo Econorte	0	0.0%
Triunfo Concebra	5,825	22.8%
Triunfo Transbrasiliana	13,652	53.4%
Holding and other investments	1,889	7.4%
Total	25,543	100.0%
BALANCE OF INVESTMENT IN FIXED AND
INTANGIBLE ASSETS
	3M24	%
Concer	185,935	15.3%
Triunfo Econorte	1,049	0.1%
Triunfo Concebra	154,292	12.7%
Triunfo Transbrasiliana	636,872	52.5%
Port	156,292	12.9%
Tijoá+ CSE	52,735	4.3%
Holding and other investments	25,454	2.1%
Total	1,212,629	100.0%

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