Hidrovias do Brasil (HBSA3) Q3 2026 earnings summary

Executive summary

• 3Q26 continuing-operations recurring Adjusted EBITDA was R$303 million, down 8% YoY, with a 46% margin; net profit was R$79 million and leverage was 2.3x.

• Brazil recurring Adjusted EBITDA rose 5% to R$185 million, while Paraguay’s fell 23% to R$118 million amid higher costs and negative FX effects.

Financial highlights

• Net operating revenue was R$653 million in 3Q26; continuing-operations revenue was flat YoY.

• Net profit was R$79 million, down 11% YoY; 9M26 net profit was R$146 million, up 5%.

• Operating cash flow was R$237 million, down 43% YoY; 9M26 operating cash flow was R$630 million, down 25%.

• Recurring Adjusted EBITDA was R$303 million, down 8% YoY in continuing operations, with a 46% margin, down 4 p.p.

Segment performance

• Brazil volume was 2.596 million tons, down 5% YoY; North volume fell 14%, while Santos volume rose 35% on higher fertilizer volumes and improved rail dispatch.

• Brazil revenue was R$364 million, down 1%; recurring Adjusted EBITDA rose 5% to R$185 million and margin expanded 3 p.p. to 51%.

• Paraguay volume was 1.337 million tons, down 13% YoY; lower grain volumes and longer iron-ore operating cycles weighed on throughput.

• Paraguay revenue was R$289 million, up 1%; recurring Adjusted EBITDA fell 23% to R$118 million and margin declined 13 p.p. to 41%.