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Hidrovias do Brasil (HBSA3) investor relations material
Hidrovias do Brasil Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with normalized navigation in both main corridors, record-high volumes, and operational recovery, particularly in iron ore.
Net operating revenue reached R$711 million in 3Q25, up 46% year-over-year, and net profit was R$116 million, reversing a prior loss.
Recurring Adjusted EBITDA was R$361 million in 3Q25 and R$965 million for the first nine months, with margins improving to 51% in 3Q25.
Sale of the Coastal Navigation operation completed in November for R$715 million, with results presented as discontinued operations.
Total volume handled grew 30% YoY in 3Q25 to 5,182 ktons, and 14% YoY in 9M25 to 14,266 ktons.
Financial highlights
Net operating revenue was R$711 million in 3Q25 (+46% YoY) and R$1,956 million in 9M25 (+32% YoY).
Recurring Adjusted EBITDA margin improved to 51% in 3Q25 and 49% in 9M25, up 10–16 percentage points year over year.
Net profit reached R$116 million in 3Q25, reversing a R$47 million loss in 3Q24.
Leverage ratio decreased to 2.9x in 3Q25 from 6.6x in 3Q24, with net debt at R$2,799 million, down 27% YoY.
Cash and financial investments increased 71% YoY to R$1,329 million in 3Q25.
Outlook and guidance
Q4 expected to be seasonally weaker due to crop cycle and lower river levels, with volumes similar to 2022.
Management expects continued operational normalization and improved financial performance after the Coastal Navigation sale.
Ongoing dredging, rock removal, and expansion projects to support future resilience and capacity.
No significant CAPEX oscillation expected for 2026, with only the Tombador expansion project ongoing.
Detail debt reduction strategy beyond capital increase
South Corridor: What drove efficiency gains?
Coastal Navigation sale: How will proceeds be used?
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Next Hidrovias do Brasil earnings date
Q4 202524 Feb, 2026
Next Hidrovias do Brasil earnings date
Q4 202524 Feb, 2026
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