EcoRodovias Infraestrutura e Logística (ECOR3) Q1 2026 earnings summary

Executive summary

• Consolidated traffic grew 20.6% in Q1 2026, with comparable traffic up 0.4%, mainly driven by heavy vehicles and new toll collections.

• Adjusted EBITDA reached R$1.4 billion (+12.0% YoY), with margin up 2.4 p.p. to 77.6%, supported by operational performance and cost management.

• Net loss of R$10.1 million resulted from full amortization of Ecovias Sul's intangible assets after contract termination; excluding this, net income would be R$77.1 million.

• Investments totaled R$974 million in the quarter, focused on capacity expansion and the acquisition of the Rota das Gerais concession.

• Dividend payment of R$210 million approved for the 2025 fiscal year, payable from June 12, 2026.

Financial highlights

• Adjusted net revenue was R$1.8 billion, up 8.5% year-over-year, driven by traffic growth, tariff adjustments, and new toll plazas.

• Adjusted cash costs (ex-Ecoporto) increased 3.2%, below inflation of 4.14%, mainly due to personnel cost increases.

• Adjusted EBITDA margin improved to 77.6% from 75.2% in 1Q25.

• Financial result worsened by R$139.5 million (+22.4% YoY), mainly due to higher interest on debentures and financing.

• Net loss of R$10.1 million, impacted by non-cash amortization of Ecovias Sul intangible assets.

Outlook and guidance

• CapEx guidance for 2026 maintained at R$5 billion, with recovery expected as the dry season allows for accelerated works.

• Traffic growth expected to remain around 2.5% for the year, with April and May showing strong trends.

• Contractual capex commitments for highway concessions reached R$51,154.4 million as of March 2026.

• Funds for capex execution at key concessions are fully allocated and will be disbursed per construction schedules.

• No major disruptions anticipated from fuel price increases or upcoming elections; portfolio seen as resilient.