Rumo (RAIL3) Q4 2025 earnings summary

Executive summary

• Achieved record transported volume of 84.2 billion RTK in 2025, up 5.4% year-over-year, with diversification into grains, sugar, bauxite, pulp, and fuels supporting growth and operational flexibility.

• Adjusted EBITDA for 2025 was BRL 8,021 million (+4% YoY), with Q4 2025 at BRL 1,793 million (+8% YoY), driven by operational efficiency and cost control.

• Investments totaled BRL 6.1 billion in 2025, focused on the Ferrovia do Mato Grosso project (80% complete), capacity upgrades, and safety enhancements.

• Distributed an extraordinary BRL 1.5 billion in dividends and restructured the Board of Directors to strengthen governance.

• Maintained strong liquidity (BRL 7.5 billion in cash) and balanced leverage (1.9x Net Debt/Adjusted EBITDA).

Financial highlights

• Net operating revenue was BRL 13,848 million in 2025 (-0.6% YoY), with Q4 2025 at BRL 3,350 million.

• Adjusted net profit reached BRL 2,093 million in 2025 (+0.3% YoY), with Q4 2025 at BRL 441 million.

• Capex for 2025 was BRL 6,112 million (+10.7% YoY), with Q4 2025 at BRL 1,463 million.

• Net debt at year-end was BRL 15.5 billion, with financial leverage at 1.9x Net Debt/Adjusted EBITDA.

• Gross margin was 45.4% for 2025, and adjusted EBITDA margin reached 57.9%.

Outlook and guidance

• 2025 actuals were within guidance: transported volume 84.2bn RTK (guidance: 82–86bn), EBITDA BRL 8,021mn (guidance: BRL 8,100–8,700mn), Capex BRL 6,112mn (guidance: BRL 5,800–6,500mn).

• 2025/26 crop outlook projects 6% growth in soybean exports and stable corn exports, supporting continued rail demand.

• CapEx for 2026 will be lower than 2025 but higher than 2024, focused on completing Mato Grosso phase one and ongoing maintenance.

• Expecting a price reduction of just over 10% in Q1 2026 compared to Q1 2025, with stable prices anticipated for the remainder of the year.