Brazil · Delayed Price · Currency is BRL Hidrovias do Brasil Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw operational and access challenges, especially in the North, leading to a 6% drop in consolidated volumes and lower revenue. Infrastructure improvements and normalized navigability are expected to support recovery, with CapEx ramping up later in the year.
Fiscal Year 2025
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2025 saw record revenue and EBITDA growth, major deleveraging, and a strategic portfolio shift with the sale of the coastal shipping operation. Operational improvements and capital increases drove profitability, though non-recurring losses and infrastructure challenges persist.
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Strong Q3 2025 results were driven by normalized navigation and higher volumes, with recurring adjusted EBITDA up 65% year-over-year and leverage reduced to 2.9x. Ongoing dredging and capital initiatives are expected to support future resilience and growth.
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Strong Q2 results with 39% EBITDA growth and 27% revenue increase, driven by tariff adjustments and volume recovery. Leverage reduced to 4.0x net debt/EBITDA, with a focus on asset productivity and double-digit ROIC in the medium term.
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Normalized navigation and infrastructure improvements drove record results in the South Corridor, while the North Corridor saw lower volumes but benefited from positive tariffs. A major capital increase and asset sale are strengthening the balance sheet and supporting future growth.
Fiscal Year 2024
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2024 saw severe droughts impacting volumes and financials, but higher tariffs and operational resilience initiatives partially offset losses. Leverage rose to 6.6x, and a capital increase was postponed, with liquidity supported by new funding. Tariffs and contract coverage remain strong.
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Q3 2024 saw strong revenue and margin growth despite severe draft restrictions impacting volumes, with a capital increase approved to fund northern corridor expansion and liability management. Operational improvements and dredging projects are expected to normalize navigation by 2026.
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Q2 2024 saw strong revenue growth in the North Corridor and new operational initiatives, but hydrological challenges led to lower volumes and higher leverage. Expansion plans and a new shareholder support long-term growth, with climate and regulatory risks closely monitored.