Hidrovias do Brasil (HBSA3) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong results with normalized navigation in both main corridors, supporting record volumes and operational recovery, especially in iron ore.

• Net operating revenue reached R$711 million in Q3 2025, up 46% year-over-year, driven by higher volumes and improved navigability.

• Recurring Adjusted EBITDA was R$361 million in Q3 2025, more than double 3Q24, with a margin of 51%.

• Sale of the Coastal Navigation operation was completed in November, with results in line with expectations and financials now presented as discontinued operations.

• Net profit reached R$116 million in Q3 2025, reversing a loss of R$47 million in Q3 2024.

Financial highlights

• Net operating revenue was R$711 million in Q3 2025 (+46% YoY); R$1,956 million in 9M25 (+32% YoY).

• Recurring Adjusted EBITDA for Q3 2025 was R$361 million; R$965 million for 9M25, with a 49% margin, up 10 percentage points year-over-year.

• Net profit was R$116 million in Q3 2025 and R$220 million in 9M25, reversing prior year losses.

• Total volumes handled in 9M25 were 14.3 million tons, up 14% year-over-year.

• Cash generation from operations was R$414 million in Q3 2025 and R$836 million in 9M25, both more than double year-over-year.

Outlook and guidance

• Q4 is expected to be seasonally weaker due to crop cycles and lower river levels, with volumes anticipated similar to 2022.

• Management expects continued operational normalization and improved financial performance after the Coastal Navigation sale.

• Positive expectations for 2026 tariff negotiations, with a scenario of normality anticipated.

• No significant CAPEX oscillation expected for 2026, aside from ongoing expansion projects.

• Focus remains on operational efficiency, cost control, and leveraging improved navigability for volume growth.