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EcoRodovias Infraestrutura e Logística (ECOR3) investor relations material
EcoRodovias Infraestrutura e Logística Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Comparable traffic increased 3.3% in 2Q25 and 4.6% in 1H25, mainly due to heavy vehicle growth and new toll collections, outperforming the ABCR index.
Adjusted net revenue rose 17.1% in 2Q25 and 13.4% in 1H25, reaching R$1,818.9 million and R$3,487.7 million, driven by higher traffic, toll adjustments, and digital transformation.
Adjusted EBITDA was R$1,363.2 million in 2Q25 (+19.0% YoY) and R$2,618.2 million in 1H25 (+17.2% YoY), with margins above 74%.
Net income was R$203.9 million in 2Q25 and R$350.6 million in 1H25, impacted by higher depreciation, amortization, and financial expenses.
Investments totaled R$2.1 billion in 1H25, focused on highway expansion, innovation, and safety.
Financial highlights
Adjusted EBITDA margin reached 74.9% in 2Q25 and 75.1% in 1H25, with highway concessions at 75.8% and 75.9% respectively.
Cash costs as a percentage of adjusted net revenue fell to 25% in 1H25, down 2.5 p.p. YoY, reflecting efficiency gains.
Net debt/adjusted EBITDA was 3.9x as of June 2025, with pro forma leverage at 3.6x.
Highway concessions' net debt rose to 71% of total by June 2025, up 30 p.p. since December 2022.
Capex reached R$1,171.9 million in 2Q25 (+14.5% YoY) and R$2,115.4 million in 1H25 (+15.7% YoY).
Outlook and guidance
Traffic growth for 2025 is expected to end near 4%, with a slower pace in the second half due to a high comparison base.
CapEx is targeted at BRL 5 billion for the year, with possible slight underperformance due to delays and seasonality.
EBITDA margin is projected to reach 80% in 2–3 years, driven by efficiency and tariff adjustments.
Leverage expected to peak at 4–4.5x before declining as major projects mature.
R$38.5 billion in contractual capex commitments as of June 2025.
What opportunities exist to increase investments?
What is the expected peak leverage ratio?
How will EcoRodovias apply levers to Eco101?
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Next EcoRodovias Infraestrutura e Logística earnings date
Q3 202512 Nov, 2025
Next EcoRodovias Infraestrutura e Logística earnings date
Q3 202512 Nov, 2025
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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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