EcoRodovias Infraestrutura e Logística (ECOR3) Q4 2025 earnings summary

Executive summary

• Comparable traffic grew 3.3% in Q4 and 3.9% in 2025, with consolidated traffic up 26.5% in 4Q25 and 22.0% in 2025, driven by new toll collections and outpacing the ABCR index.

• Adjusted cash costs decreased 1.8% in Q4 and 0.8% in 2025, reflecting efficiency and digital transformation amid 4.26% inflation.

• Adjusted EBITDA reached BRL 1.4 billion in Q4 and BRL 5.6 billion in 2025, with margins above 74% and growth of 16.6% in Q4 and 18.6% in 2025.

• Recurring net income was BRL 242 million in Q4 and BRL 853 million in 2025, supported by EBITDA growth but impacted by higher debt and interest rates.

• Investments accelerated to BRL 1.7 billion in Q4 and BRL 5.1 billion for the year, with nearly 40% of planned expansion CapEx for 2022–2030 already executed.

• Sustainability initiatives advanced, with improved ESG ratings, CDP climate score to A-, and inclusion in B3's Carbon Efficient Index.

Financial highlights

• Adjusted net revenue was BRL 1.9 billion in Q4 and BRL 7.4 billion in 2025, up 14.5% and 15.0% year-over-year, driven by traffic growth, tariff adjustments, and new toll collections.

• Adjusted EBITDA grew 17% in Q4 and 19% in 2025, with highway concession margins at 77%.

• Cash costs over adjusted net revenue fell to 25.3% in 2025, down 2.2 p.p. from 2024 and 10 p.p. from 2022.

• Recurring net income was impacted by higher financial expenses due to increased debt and interest rates.

• Gross debt at BRL 26.4 billion, cash and equivalents at BRL 5.0 billion as of Dec 2025.

Outlook and guidance

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

• Selective approach to new projects, guided by capital discipline and market conditions.

• Investments planned for 2026 are BRL 5.4 billion, including delayed CapEx from 2025.

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

• Dividend proposal of BRL 210.4 million to be submitted at the April 2026 AGM.