EcoRodovias Infraestrutura e Logística (ECOR3) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 4Q25 and 2025, with consolidated traffic up 22.0%, notable growth in revenue, efficiency gains, and robust investment in expansion projects.

• Major operational expansions included new toll collections and contract amendments, notably for Ecovias Raposo Castello and Ecovias Noroeste Paulista.

• Significant investments in digital transformation, sustainability, and capacity expansion projects, with improved ESG ratings and recognition for supplier engagement and climate action.

• Operated 12 highway concessions totaling over 4,800 km, with 764.2 million equivalent paying vehicles in 2025.

• Recurring net income was R$242 million in 4Q25 and R$853 million in 2025, supported by EBITDA growth but impacted by higher debt and interest rates.

Financial highlights

• Adjusted net revenue was R$1,945.8 million in 4Q25 (+14.5%) and R$7,406.3 million in 2025 (+15.0%), driven by traffic growth, tariff adjustments, and new toll collections.

• Adjusted EBITDA reached R$1,448.7 million in 4Q25 (+16.6%) and R$5,571.1 million in 2025 (+18.6%), with margins above 74%.

• 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, down 2.0% from 2024; recurring net income was R$852.9 million, down 13.1%.

• Gross debt at R$26,363.6 million, cash and equivalents at R$4,999.2 million as of Dec 2025.

Outlook and guidance

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

• Ongoing investments in sustainability and ESG initiatives, with targets to reduce greenhouse gas emissions by 42% (scope 1 and 2) by 2030.

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

• Transition to free flow tolling systems and further integration of digital platforms.

• Debt structure and financing secure resources for the next investment cycle, with most maturities scheduled from 2029 onwards.