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 net revenue reaching R$9,872.4 million (+11.6% YoY), adjusted EBITDA up 21.6% to R$4,697.3 million, and recurring net income up 26.3% to R$981.5 million.

• Major investments of R$4,393.1 million in 2024 focused on capacity expansion, digital transformation, and infrastructure improvements, including Brazil’s first fully autonomous toll plaza and SAP S/4HANA implementation.

• Maintained strong ESG performance, with continued inclusion in ISE, IDIVERSA B3, and B3 Carbon Efficient Index, and published the first Human Rights Policy.

• Net income attributable to controlling shareholders was R$904.1 million, a 58.7% increase over 2023.

Financial highlights

• Adjusted net revenue reached R$6,439.8 million in 2024 (+19.4% YoY), with toll revenue at R$6,547.2 million (+20.6% YoY) and electronic toll collection at 73.2% in 4Q24.

• Adjusted EBITDA was R$1,242.3 million in 4Q24 (+12.3% YoY) and R$4,697.3 million in 2024 (+21.6% YoY), with margins above 72%.

• Recurring net income totaled R$206.9 million in 4Q24 and R$981.5 million in 2024 (+26.3% YoY).

• Investments in 2024 totaled R$4,393.1 million, with cumulative investments since 2022 reaching R$13 billion.

• Net debt/adjusted EBITDA was 3.4x at year-end 2024, with gross debt at R$20,034.9 million and cash of R$4,038.4 million.

Outlook and guidance

• Capital budget for 2025 is set at R$5.88 billion, with funding already contracted for major projects and a focus on capacity expansion and digital transformation.

• New concession contracts signed for Nova Raposo Lot and EcoNoroeste, with toll collection expansion and competitive bidding for Eco101 ongoing.

• Monitoring new project opportunities, prioritizing portfolio assets and upcoming auctions.