Hidrovias do Brasil (HBSA3) Q3 2025 earnings summary

Executive summary

• Net operating revenue reached R$711 million in 3Q25, up 46% year-over-year, and R$1,956 million in 9M25, driven by normalized navigation and higher volumes, especially in the South Corridor.

• Recurring Adjusted EBITDA was R$361 million in 3Q25 (over 100% growth YoY) and R$965 million in 9M25 (+65% YoY), with margin expansion to 51% in 3Q25 and 49% in 9M25.

• Net income was R$116 million in 3Q25, reversing a loss in 3Q24, and R$220 million in 9M25, reflecting improved operational results.

• Leverage dropped to 2.9x in 3Q25 from 6.6x in 3Q24, due to higher EBITDA and a capital increase.

• Sale of the Coastal Navigation operation was completed in November for R$715 million, aligning with strategic repositioning.

Financial highlights

• Net operating revenue for 3Q25 was R$711 million (+46% YoY, +3% QoQ); for 9M25, revenue was R$1,956 million (+32% YoY).

• Recurring Adjusted EBITDA: R$361 million in 3Q25 (>100% YoY, +4% QoQ); R$965 million in 9M25 (+65% YoY).

• Total volume handled was 5,182 ktons in 3Q25 (+30% YoY) and 14,266 ktons in 9M25 (+14% YoY).

• Net debt was R$2,799 million at 3Q25, down 27% YoY, with a long-term amortization profile and average cost of 103.5% of CDI.

• Cash and financial investments increased 71% year-over-year to R$1,329 million.

Outlook and guidance

• Management expects continued strong performance, supported by normalized navigation and ongoing expansion projects.

• Strategic focus remains on core corridors and operational efficiency after the divestment of the Coastal Navigation segment.

• Q4 expected to be seasonally weaker due to crop cycles and lower river levels, with volumes anticipated similar to 2022.

• Positive expectations for 2026 tariff negotiations, with a scenario of normality anticipated.

• No significant CAPEX oscillation expected for 2026, aside from ongoing expansion projects.