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EcoRodovias Infraestrutura e Logística (ECOR3) investor relations material
EcoRodovias Infraestrutura e Logística Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Comparable traffic grew 3.2% in Q3 and 4.1% in the first nine months of 2025, with heavy vehicle traffic up 4.5% and 5.5%, driven by key concessions and new toll collections.
Adjusted net revenue rose 18.5% in Q3 to R$1,972.8 million and 15.2% in nine months to R$5,460.5 million, supported by higher traffic, tariff adjustments, and new toll collections.
Adjusted EBITDA grew 23.3% in Q3 to R$1,504.2 million and 19.3% in nine months to R$4,122.3 million, with margins above 75%.
Net income attributable to controlling shareholders was R$430 million in Q3 (+63.8%) and R$781 million in nine months (+2.4%).
Major investments included R$1.3 billion in Q3 and R$3.4 billion in nine months, delivering 54 km of road improvements and completing the Montes Claros beltway.
Financial highlights
Adjusted cash costs (excluding Ecoporto and Capixaba provisions) fell 3.6% in Q3 and 2% in nine months, reflecting operational efficiency and digital transformation.
Cash costs over adjusted net revenue dropped to 24.7% year to date, down from 27.5% in 2024.
Adjusted EBITDA margin for highway concessions reached 77% in Q3.
Dividends of R$214.7 million were paid in Q3, representing 25% of 2024 net income.
Gross debt reached R$24,815.0 million, with available cash at R$4,328.7 million.
Outlook and guidance
Expectation to reduce cash cost/revenue ratio to around 20% or slightly below by 2030, driven by operational efficiency and tariff adjustments.
CapEx for 2025 expected to reach R$4.6 billion, with normalization to R$5–5.5 billion in 2026 as delayed projects resume.
Traffic growth projected at 3% for 2026, supported by GDP growth and new road deliveries.
EBITDA margin target remains above 80%, potentially reaching up to 86% in coming years.
Capex commitments after the Ecovias Capixaba amendment rose to R$44,008.1 million, reflecting new investment conditions and staged tariff increases.
What is the Capixaba amendment's capex increase?
What drives cash cost/revenue ratio reduction?
Explain highway concessions' increased debt share.
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Next EcoRodovias Infraestrutura e Logística earnings date
Q4 202518 Mar, 2026
Next EcoRodovias Infraestrutura e Logística earnings date
Q4 202518 Mar, 2026
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Frequently asked questions
Ecorodovias Infraestrutura e Logistics toll roads operations consist of the design, construction, maintenance and operation of road infrastructure. EcoRodovias operates in four regions: the Southeast Region, the South Region , the Central West Region and the North Region. The company also engages in container handling services at its terminal located at Porto Alegre, Brazil. It delivers containers from importers to exporters and vice versa at terminals located throughout Brazil. Its logistics operations consist of providing integrated solutions for logistics services in Brazil.
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