EcoRodovias Infraestrutura e Logística (ECOR3) Q2 2026 earnings summary

Executive summary

• Signed new concession agreement for Ecovias das Gerais, with operations starting in July 2026 and toll collection set for January 2027, offsetting the end of Ecovias Sul's concession in March 2026.

• Achieved solid operational and financial performance in 2Q26, supported by disciplined cost management and growth in heavy vehicle traffic.

• Revenue grew 7.2% year-over-year in 1H26, driven by tariff adjustments and higher traffic, excluding the impact of Ecovias Sul's contract termination.

• Adjusted EBITDA margin remained strong at 75.5% in 1H26, with comparable EBITDA up 12.9% year-over-year, reflecting operational efficiency and tariff increases.

• Net income attributable to controlling shareholders dropped 96.9% in 1H26, mainly due to the end of the Ecovias Sul concession and higher financial expenses.

Financial highlights

• Adjusted net revenue rose 1.0% year-over-year to R$1,837 million in 2Q26 and 7.2% to R$5.51 billion in 1H26, driven by tariff adjustments and traffic growth.

• Adjusted EBITDA fell 1.1% to R$1,348 million in 2Q26 but rose 5.2% to R$2.75 billion in 1H26; comparable EBITDA (ex-Ecovias Sul) increased 12.9%.

• Recurring net income was R$52.9 million in 2Q26 and R$43.1 million in 1H26, reflecting impacts from inflation, higher financial expenses, and the end of Ecovias Sul.

• Net debt/Adjusted EBITDA reached 4.1x as of June 2026, up from 3.9x in March 2026.

• Capex increased 32.0% to R$1,547.2 million in 2Q26, focused on highway expansion and improvements.

Outlook and guidance

• Toll collection at Ecovias das Gerais is expected to begin by January 2027, fully offsetting the loss from Ecovias Sul.

• Ongoing investments in capacity expansion, technology, and free flow tolling systems.

• Contracted long-term financing for capex totals R$18.4 billion, with R$10.6 billion yet to be disbursed.