EcoRodovias Infraestrutura e Logística (ECOR3) Q1 2026 earnings summary

Executive summary

• Consolidated traffic grew 20.6% in Q1 2026, mainly due to new toll collections at Ecovias Noroeste Paulista and Raposo Castello; comparable traffic rose 0.4%, driven by heavy vehicles.

• Adjusted EBITDA increased 12.0% year-over-year to R$1,405.1 million, with margin up 2.4 p.p. to 77.6%.

• Net loss attributable to controlling shareholders was R$10.1 million, mainly due to full amortization of Ecovias Sul's intangible assets after concession termination; excluding this, net income would have been R$77.1 million.

• Capex totaled R$974 million, focused on capacity expansion and improvements, including the acquisition of the Rota das Gerais concession.

• Dividend payment of R$210.4 million approved for the 2025 fiscal year, payable from June 12, 2026.

Financial highlights

• Adjusted gross revenue (ex-construction) reached R$2,035.5 million (+8.8% YoY), supported by traffic growth, tariff adjustments, and new toll plazas.

• Adjusted cash costs (ex-Ecoporto) increased 3.2%, below inflation (IPCA +4.14% LTM), mainly due to personnel cost increases.

• Financial result worsened by 22.4% to -R$763.1 million, mainly due to higher interest and inflation adjustments.

• Net loss was R$10.1 million, impacted by R$213.3 million non-cash amortization of Ecovias Sul intangible assets.

• Adjusted EBITDA margin reached 77.6%.

Outlook and guidance

• CapEx guidance for 2026 maintained at R$5 billion, with recovery expected in coming quarters as dry season allows for accelerated works.

• Traffic growth expected to remain around 2.5% for the year, with April and May showing strong trends.

• Contractual capex commitments for highway concessions reached R$51,154.4 million as of March 2026, up 0.6% from the previous quarter.

• Funds for capex execution at key concessions are fully allocated and will be disbursed per construction schedules.

• No major disruptions anticipated from fuel price increases or upcoming elections; portfolio seen as resilient.