Brazil · Delayed Price · Currency is BRL Hidrovias do Brasil Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 featured stable EBITDA margins despite operational challenges in the North, offset by strong performance in Santos and Paraguay, especially from iron ore. Leverage improved to 2.4x, and regulatory progress on dredging aims to mitigate El Niño risks.
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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, despite a net loss driven by non-recurring items. Operational improvements and capital increases strengthened the balance sheet, while new projects and a positive outlook for key segments support future growth.
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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.