Hidrovias do Brasil (HBSA3) investor relations material

Strategic transformation and governance

• Transformation milestones: founded in 2010, operations began in 2014, IPO in 2020, Ultrapar became reference shareholder in 2024 and controlling shareholder in 2025.

• Ultra Management Model implemented in 2026, with fewer committees, clearer roles and authority, customer-focused commercial teams, and stricter investment review and post-audit.

• Incentives tied to OCF, ROIC, TSR and EVA; controls include SOx certification and a risk matrix.

• Senior leadership renewed over the past two years; the forward focus pairs entrepreneurial spirit with discipline and a long-term view.

Portfolio and regulatory environment

• Portfolio review prioritizes strategic operations; advances include operational-step reviews, asset optimization and sale of coastal navigation.

• Assets span grain transshipment at ETC Miritituba, grain and fertilizer handling at TUP Barcarena, and fertilizer and salt handling at Santos.

• A legal framework waived the need for a new environmental licensing process; technical bodies approved Tapajós River maintenance in June 2026.

Operating performance

• Northern Brazil volume was 2.477M tons in 1H26, down 12% YoY; increased RodoTUP volumes helped mitigate lower reception at ETC.

• Paraguay consolidated volume declined 28% YoY in 1H26 as operations prioritized higher-value cargoes and faced a slower-than-expected learning curve.

• Paraguay cycle times were ~15–20 days for grains and ~25–30 days for iron ore; higher iron ore mix and longer barge-loading waits extended trip cycles.