Rumo (RAIL3) investor relations material

Executive summary

• Transported volume rose 4% year-over-year to nearly 22 billion RTK, led by an 8% increase in the Northern operation, especially in soybeans, pulp, and bauxite, while the South saw gradual recovery despite an overall decline.

• Adjusted EBITDA increased 6% year-over-year to R$2,279 million, with adjusted net income stable at R$731 million despite high interest rates.

• Market share in grain exports through Santos port reached 51%, up from 44% in 1Q25, and Mato Grosso share normalized at 42% due to record soybean harvest.

• Margins remained healthy, with consistent results and recovery of market share across all four operations.

• R$1.5 billion in dividends distributed; capex reached R$1,395 million, aligned with investment plans.

Financial highlights

• Net revenue grew 4% year-over-year to R$3,711 million, mainly from higher Northern operation volumes.

• Variable costs rose 22% due to higher volumes and third-party rolling stock expenses, partially offset by fuel efficiency gains.

• Fixed costs and SG&A expenses declined 3% nominally, reflecting cost discipline.

• Adjusted EBITDA margin improved to 61.4% from 59.9% year-over-year.

• Net profit was R$333 million, reversing a loss of R$1,743 million in 2Q24; adjusted net margin stable at 19.7%.

Outlook and guidance

• Guidance for 2025 on volume, EBITDA, and CapEx is reiterated; no changes expected.

• Expansion capex in Mato Grosso accelerated, with R$468 million invested in 2Q25, supporting future capacity.

• Capex for the quarter totaled R$1,395 million, in line with the investment plan.

• Fourth quarter anticipated to be busier, with readiness to operate at higher levels as needed.

• Ongoing operational improvements and cost discipline expected to support margins amid competitive pressures.