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 through the sale of the Coastal Navigation operation.

• Total volume handled reached 17,860 thousand tons in 2025, a 22% increase over 2024, with strong growth in North and South Corridors.

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

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

• Record operating cash generation of R$1,055 million in 2025, more than doubling year-over-year.

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.

• Cash generation from operations reached R$1,055 million in 2025, the highest ever recorded.

• Investments totaled R$379 million in 2025, mainly for maintenance and modular expansion projects.

Outlook and guidance

• Management expects continued operational recovery, supported by normalized navigability, improved product mix, and ongoing modular expansion, especially in the North Corridor.

• A more complicated start to 2026 is anticipated due to infrastructure works and operational bottlenecks, but a solution is expected by the next harvest.

• Commissioning of the Cabria project is underway, with full operations expected by the end of Q1 2026.