EcoRodovias Infraestrutura e Logística (ECOR3) Q2 2025 earnings summary

Executive summary

• Comparable traffic increased by 3.3% in Q2 and 4.6% in H1 2025, mainly driven by heavy vehicles and new toll collections, outperforming the ABCR index.

• Adjusted net revenue reached R$1,818.9 million in Q2 and R$3,487.7 million in H1 2025, with double-digit growth driven by higher traffic, toll adjustments, and digital transformation.

• Adjusted EBITDA was R$1,363.2 million in Q2 and R$2,618.2 million in H1, with margins above 74% and YoY growth of 19% in Q2.

• Net income reached R$203.9 million in Q2 and R$350.6 million in H1, impacted by higher depreciation, amortization, and financial expenses.

• Investments totaled R$2.1 billion in H1, focused on expansion, innovation, and operational safety.

Financial highlights

• Adjusted net revenue: R$1,818.9 million in Q2 (+17.1% YoY), R$3,487.7 million in H1 (+13.4% YoY).

• Adjusted EBITDA margin reached 74.9% in Q2 and 75.1% in H1, with highway concessions at 75.8% and 75.9% respectively.

• Adjusted cash costs (excluding Ecoporto) rose 5.4% in Q2, but fell 1.1% in H1 due to efficiency initiatives.

• Cash costs as a percentage of adjusted net revenue dropped to 25% in Q2, down 2.5 p.p. from 2024 and 10.3 p.p. from 2022.

• Net debt/adjusted EBITDA was 3.9x at quarter-end, with pro forma leverage at 3.6x.

Outlook and guidance

• Traffic growth for 2025 is expected to end near 4%, with a slower pace in H2 due to a strong prior-year base.

• CapEx is targeted at close to R$5 billion for 2025, with possible slight underperformance due to timing and weather.

• EBITDA margin is expected to reach 80% or higher in 2–3 years, driven by project maturity, tariff adjustments, and efficiency.

• Ongoing investments in capacity expansion and modernization, with R$38.5 billion in contractual capex commitments as of June 2025.

• New toll tariff adjustments implemented in July 2025 across several concessions, based on IPCA inflation.