EcoRodovias Infraestrutura e Logística (ECOR3) Q3 2026 earnings summary

Executive summary

• Comparable traffic grew 1.8% in Q3 and 9M; comparable adjusted EBITDA excluding Ecovias Sul increased 6.7% in Q3 and 10.6% in 9M.

• Q3 adjusted EBITDA was R$1,457.4 million, down 3.1%; 9M adjusted EBITDA was R$4,211 million.

Financial highlights

• Q3 adjusted revenue was R$1,952.7 million, down 1.0%; comparable revenue excluding Ecovias Sul grew 8.1%. 9M adjusted revenue was R$5,600 million, up 2.5%.

• Recurring net income was R$321.2 million in Q3, up 17.5%, and R$364.3 million in 9M, down 41.7%; Q3 comparable net income excluding Ecovias Sul was R$370 million.

• Reported net income was R$410.3 million in Q3, down 4.9%, and R$398.1 million in 9M, down 48.1%.

• Adjusted cash costs excluding Ecoporto rose 4.8% in Q3 and 4.7% in 9M, broadly in line with 4.6% LTM IPCA inflation.

Outlook and guidance

• 2026 CapEx guidance was ~R$6.5 billion including capitalized interest; Q4 contractual CapEx was expected at R$1.5 billion, bringing contractual spending to the R$5.4 billion estimate.

• Toll collection at Ecovias das Gerais was brought forward to December 2026 from April 2027; nine free-flow gantries were installed.

• Ecovias Capixaba tariff steps were expected in February 2027; contractual CapEx commitments totaled R$49,675.3 million at September 30.

• Contracted long-term financing for capacity expansion totaled R$18,417.3 million, with R$9,521.2 million remaining to be disbursed as works progress.