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Hidrovias do Brasil (HBSA3) investor relations material
Hidrovias do Brasil Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record 2Q25 results with net operating revenue of R$690 million (+27% YoY), recurring adjusted EBITDA of R$348 million (+39% YoY), and net profit of R$81 million, driven by improved navigability and tariff adjustments in key corridors.
New CEO targets double-digit ROIC in 3–5 years, focusing on asset productivity and disciplined capital allocation.
Completion of R$1.2 billion capital increase and R$700 million cash inflow consolidated control and enabled strategic investments.
Liability management included partial repurchase of 2031 Bond, reducing foreign exchange exposure.
Santos segment improved with new salt operations and rail shipments, while Coastal Navigation remained stable despite scheduled dry-docking.
Financial highlights
Net operating revenue: R$690 million in 2Q25 (+27% YoY); R$1,245 million in 1H25 (+25% YoY).
Recurring adjusted EBITDA: R$348 million in 2Q25 (+39% YoY); R$604 million in 1H25 (+45% YoY); margin at 50% (+4 p.p. YoY).
Net profit: R$81 million in 2Q25 (vs. net loss in 2Q24); 1H25 net profit R$104 million (vs. loss in 1H24).
Operational cash generation: R$307 million in 2Q25 (+79% YoY).
Investments: R$91 million in 2Q25, mainly in vessel maintenance and North Corridor expansion.
Outlook and guidance
Expectation of continued strong results in Q3, supported by stable volumes and tariff adjustments, assuming normalized navigation conditions.
Focus on productivity gains, cost reduction, and capital discipline to achieve double-digit ROIC.
Guidance to maintain CapEx under control, prioritize maintenance, and further reduce leverage.
Ongoing sale process for Coastal Navigation operation, classified as discontinued.
Forward-looking statements are subject to significant risks and uncertainties.
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