EcoRodovias Infraestrutura e Logística (ECOR3) Q4 2024 earnings summary

Executive summary

• All highway concessions were rebranded under the Ecovias name in March 2025 to enhance operational synergy and identity, consolidating operations and strengthening stakeholder relations.

• Strong operational and financial performance in 2024, with consolidated traffic up 5.8%, driven by new toll collections at EcoRioMinas and EcoNoroeste and heavy vehicle growth at Ecopistas and Eco135.

• Adjusted EBITDA reached R$4.70 billion in 2024 (+21.6% YoY), with margins above 72.9%.

• Recurring net income totaled R$982 million in 2024 (+26.3% YoY).

• Major investments of R$4.39 billion in 2024 focused on road expansion, digital transformation, and sustainability.

Financial highlights

• Adjusted net revenue was R$6.44 billion in 2024 (+19.4% YoY), with toll revenue at R$6.55 billion (+20.6%).

• Adjusted EBITDA margin improved to 72.9% in 2024.

• Net debt/Adjusted EBITDA was 3.4x at year-end 2024, stable versus prior years.

• Cash and equivalents plus financial investments ended at R$4.04 billion; gross debt was R$20.03 billion.

• Investments since 2022 reached R$13 billion, with capex/adjusted net revenue at 22.4% in 2024.

Outlook and guidance

• CapEx for 2025 is projected at R$5.88 billion, with funding already contracted for major projects.

• Focus remains on capacity expansion, digital transformation, and sustainability initiatives.

• Monitoring new project opportunities, including Eco101 and Ecosul auctions and Nova Raposo Lot operations starting March 2025.