EcoRodovias Infraestrutura e Logística (ECOR3) Q3 2025 earnings summary

Executive summary

• Comparable traffic grew 3.2% in Q3 and 4.1% in 9M25, with heavy vehicle traffic up 4.5% and 5.5%, driven by key concessions and new toll collections.

• Adjusted net revenue rose 18.5% in Q3 to R$1,972.8 million and 15.2% in 9M25 to R$5,460.5 million, supported by higher traffic, tariff adjustments, and new tolls.

• Adjusted EBITDA grew 23.3% in Q3 to R$1,504.2 million and 19.3% in 9M25 to R$4,122.3 million, with margins above 75%.

• Net income attributable to controlling shareholders was R$430 million in Q3 (+63.8%) and R$781 million in 9M25 (+2.4%).

• Major capex projects included the completion of the Montes Claros beltway, 54 km of road improvements, and significant expansions across several concessions.

Financial highlights

• Adjusted cash costs (ex-Ecoporto) fell 3.6% in Q3 and 2% in 9M25, reflecting efficiency and digital transformation.

• Cash costs over adjusted net revenue dropped to 24.7% in 9M25, down 2.8 p.p. from 2024.

• Adjusted EBITDA margin for highway concessions reached 77% in Q3.

• Dividends of R$214.7 million were paid in Q3, representing 25% of 2024 net income.

• Digital payment methods accounted for 93% of toll revenue in Q3, up 9.3 p.p. year-over-year.

Outlook and guidance

• Expectation to reduce cash cost over revenue margin to around 20% or slightly below by 2030, driven by operational efficiency and tariff triggers.

• CapEx for 2025 expected to reach BRL 4.6 billion, with normalization to BRL 5–5.5 billion in 2026 as delayed projects resume.

• Traffic growth projected at 3% for 2026, supported by GDP growth and new road deliveries.

• EBITDA margin target remains above 80%, potentially reaching up to 86% in coming years.

• Capex commitments after the Ecovias Capixaba amendment rose to R$44,008.1 million, reflecting new investment conditions and staged tariff increases.