EcoRodovias Infraestrutura e Logística (ECOR3) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with consolidated traffic up 22.0%, comparable traffic up 3.9%, and major milestones in new toll collections and contract renewals.

• Adjusted EBITDA reached R$ 5.57 billion in 2025 (+18.6%), with margins above 74%, and recurring net income was R$ 852.9 million.

• Investments totaled R$ 7.36 billion in 2025, focused on capacity expansion, modernization, and digital transformation.

• Sustainability initiatives advanced, with improved ESG ratings, CDP climate score to A-, and inclusion in major indices.

• Major operational milestones included new toll collections at Ecovias Raposo Castello and Noroeste Paulista, and regulatory rebalancing.

Financial highlights

• Adjusted net revenue was R$ 7.41 billion in 2025 (+15.0%), driven by traffic growth, tariff adjustments, and new toll collections.

• Adjusted EBITDA margin reached 75.2% in 2025 (+2.3 p.p.), with highway concession margins at 77%.

• Cash costs/adjusted net revenue fell to 25.3% in 2025, down 2.2 p.p. from 2024.

• Net income attributable to controlling shareholders was R$ 885.9 million, with recurring net income at R$ 852.9 million, impacted by higher debt and interest rates.

• Gross debt at R$ 26.36 billion, cash and equivalents at R$ 4.99 billion, and net debt/adjusted EBITDA at 3.8x.

Outlook and guidance

• Focus on maximizing value from the highway portfolio, advancing digital operations, and delivering capacity expansion works.

• Approved capital budget for 2026 is R$ 5.42 billion, including delayed CapEx from 2025.

• Capex commitments for highway concessions total R$ 50.9 billion, with R$ 11.2 billion in contracted financing yet to be disbursed.