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 traffic growth of 5.8% for the year, driven by heavy vehicle traffic and new toll collections at EcoRioMinas and EcoNoroeste.

• Adjusted EBITDA doubled over three years, reaching R$4,697.3 million in 2024, up 21.6% year-over-year, with margins above 73%.

• Major investments in infrastructure and digital transformation, including Brazil's first fully autonomous toll plaza and SAP S/4HANA implementation.

• Sustainability initiatives advanced, with inclusion in B3's Carbon Efficient Index for the fifth consecutive year and the publication of the first Human Rights Policy.

Financial highlights

• Adjusted net revenue reached R$1,699.7 million in Q4 2024 (+10.2% YoY) and R$6,439.8 million in 2024 (+19.4% YoY).

• Adjusted EBITDA was R$1,242.3 million in Q4 2024 (+12.3% YoY) and R$4,697.3 million in 2024 (+21.6% YoY), with margins above 71%.

• Recurring net income totaled R$207 million in Q4 and R$982 million in 2024 (+26% YoY).

• Investments totaled R$4.4 billion in 2024, with cumulative investments since 2022 reaching R$13 billion.

• Cash costs over adjusted net revenue in 2024 were 27.5%, down 1.2 p.p. from 2023.

Outlook and guidance

• CapEx for 2025 is projected at approximately R$5 billion, with funding already contracted for major projects.

• Focus on executing capacity expansion and improvement works for highway concessions, with new toll collection at EcoNoroeste and Nova Raposo operations starting in March 2025.

• Monitoring new project opportunities, with priority on portfolio assets and upcoming Eco101 and Ecosul auctions.