Rumo (RAIL3) Q3 2026 earnings summary

Executive summary

• Transported volume rose 2.0% YoY to 23.9bn RTK; adjusted EBITDA was BRL 2,217m, down 4.2% reported but stable excluding specified prior-year benefits and current restructuring costs.

• Strategy shifts from accelerated expansion toward productivity, efficiency, disciplined capital allocation and cash generation, with benefits expected to build gradually.

• October consolidated volume set a record at 8.7bn RTK, up 7% YoY; Northern Operation volume was 7.6bn RTK, up 10%.

Financial highlights

• 3Q26 net operating revenue was BRL 3,954m, up 3.5% YoY; gross profit was BRL 1,813m, down 1.5%.

• Operating profit rose 1.1% to BRL 1,444m and EBITDA increased 2.7% to BRL 2,051m; adjusted EBITDA was BRL 2,217m.

• Net income rose 5.6% to BRL 439m; adjusted net income was BRL 605m, down 17.4% YoY.

• 9M26 revenue rose 6.5% to BRL 11,176m, net income increased 62.1% to BRL 1,057m, and adjusted EBITDA was BRL 6,228m, flat YoY.

Outlook and guidance

• 2027 contracting will balance volumes and prices, prioritizing adequate returns over market-share gains; BR-070 terminal capacity enables more profitable cargo allocation.

• Lower capex is expected in coming quarters; growth will rely more on existing infrastructure, fleet utilization, longer trains and productivity gains.

• Year-end priorities include recovering contracted volumes disrupted by September rainfall and capturing efficiency and cash-preservation opportunities.

• Mato Grosso 2026/27 estimates include soybean production of 51m tons and exports of 33m; corn production of 61m tons and exports of 23m, subject to weather and yield risks.