Hidrovias do Brasil (HBSA3) Q4 2025 earnings summary

Executive summary

• Achieved record recurring Adjusted EBITDA of R$1,125 million in 2025, up 95% year-over-year, driven by operational recovery, normalized navigation, and portfolio optimization, including the sale of the Coastal Navigation operation.

• Net operating revenue rose 41% to R$2,465 million, with total volume handled increasing 22% to 17,860 thousand tons, supported by strong growth in North and South Corridors.

• Net loss narrowed to R$141 million from R$569 million in 2024, reflecting improved operations and the impact of the Coastal Navigation asset sale.

• Completed a capital increase and consolidated Ultrapar as controlling shareholder, strengthening governance and financial structure.

• Implemented a new integrated operational management system and achieved a 56% reduction in lost-time injury frequency rate.

Financial highlights

• Net operating revenue for 2025 was R$2,465 million, up 41% year-over-year; 4Q25 revenue was R$509 million, up 92% from 4Q24.

• Recurring Adjusted EBITDA margin expanded to 46% in 2025, a 13 p.p. increase over 2024.

• Net loss for 2025 was R$141 million, a significant improvement from a loss of R$569 million in 2024, despite a R$248 million write-off from the Coastal Navigation sale.

• Operating cash flow reached a historic high of R$1,055 million.

• Investments totaled R$379 million in 2025, up 5% year-over-year, mainly for maintenance and modular expansion projects.

Outlook and guidance

• Strategic focus on operational efficiency, disciplined capital allocation, and sustainable growth, anchored in six strategic pillars including safety, sustainability, and profitability.

• Continued investment in modular expansion and operational improvements, particularly in the North Corridor.

• Strengthened financial position and reduced leverage to support future growth.

• Management highlights improved resilience to climate and market volatility, with ongoing investments in safety and technology.

• Expectation of lower results in Q1 2026 for the South Corridor due to a strong comparison base.