EcoRodovias Infraestrutura e Logística (ECOR3) Q3 2025 earnings summary

Executive summary

• Comparable traffic grew 3.2% in 3Q25 and 4.1% in 9M25, with consolidated traffic up 26.4% in 3Q25 and 20.4% in 9M25, driven by heavy vehicle growth and new toll collections.

• Adjusted EBITDA increased 23.3% in 3Q25 and 19.3% in 9M25, reaching BRL 1,504.2 million in 3Q25 and BRL 4,122.3 million in 9M25, with margins above 75%.

• Net income attributable to controlling shareholders was BRL 430 million in 3Q25 (+63.8%) and BRL 780.6 million in 9M25 (+2.4%).

• Major contractual amendments were signed for Ecovias Capixaba (24-year extension) and Ecovias Leste Paulista (3 years, 4 months extension), supporting modernization and new investments.

• Investments totaled BRL 1.3 billion in 3Q25 and BRL 3.4 billion in 9M25, delivering 54 km of road improvements and completing key projects like the Montes Claros beltway.

Financial highlights

• Adjusted net revenue was BRL 2.2 billion in 3Q25 and BRL 6.1 billion in 9M25, driven by traffic growth, tariff adjustments, and new toll collections.

• Adjusted cash costs (ex-Ecoporto) fell 3.6% in 3Q25 and 2.0% in 9M25, reflecting efficiency and digital transformation.

• Adjusted EBITDA margin for highway concessions reached 77.3% in 3Q25.

• Cash costs over adjusted net revenue dropped to 24.7% in 9M25, down from 27.5% in 2024.

• Gross debt reached BRL 24.8 billion in September 2025, with available cash at BRL 4.3 billion.

Outlook and guidance

• Capex commitments after the Ecovias Capixaba amendment rose to BRL 44 billion, with staged tariff increases and new investment conditions.

• Long-term financing agreements totaling BRL 11.5 billion are in place for future capex.

• 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.