Q2 2026 Ecorodovias Infraestrutura e Logistica SA Earnings Call (English, Portuguese) Transcript
Key Points
- Comparable traffic grew 3.2% in Q2 2026, driven by heavy vehicle increases and capacity expansion works.
- Comparable net revenue, excluding the terminated Ecovias Sul concession, increased 9.8% in the quarter.
- Adjusted cash costs grew 4.7% in Q2, in line with inflation, and 4% year-to-date, below inflation.
- Comparable EBITDA increased 9% in Q2, reflecting strong operational performance despite the Ecovias Sul termination.
- The company maintains a solid liquidity position with cash covering amortizations for the next three years and an average debt maturity of 7.6 years.
- Ecovias das Gerais started operations in July 2026, with toll collection expected by January 2027, which will recompose the portfolio.
- The company has BRL10.6 billion in contracted financing to support its investment cycle through 2030.
- Recurring net income fell to BRL52.9 million in Q2 2026, down from the prior year, due to the Ecovias Sul termination and higher financial expenses.
- Consolidated leverage increased to 4.1 times net debt/EBITDA, with a peak expected by the end of 2026.
- The termination of the Ecovias Sul concession in March 2026 reduced adjusted EBITDA by 1.1% in the quarter.
- 77% of gross debt is indexed to inflation (IPCA), which increases financial costs when inflation rises.
- Traffic at Ecovias Leste Paulista is expected to decline about 3% year-on-year in 2026 due to normalization after the Dutra corridor resumption.
- The company faces potential CapEx adjustments in other concessions due to IPCA-linked monetary updates exceeding actual needs, as seen at Ecovias Imigrantes.
Good morning and welcome to EcoRodovias' second quarter of 2026 earnings presentation. With us here today are Marcello Guidotti, CEO of EcoRodovias; and Andrea Fernandes, CFO.
(Operator Instructions)
The slides for this presentation are available on the company's investor relations website in the Results Center section at ri.ecorodovias.com.br. After the end of the earnings presentation, the recording will be available in the same section.
Before proceeding, we would like to clarify that the forward-looking statements that may be made during this presentation relating to EcoRodovias' business prospects, projections, and operational and financial targets are based on the management's beliefs and assumptions as well as on currently available information. They involve risks, uncertainties and assumptions as they refer to future events and hence depend on circumstances that may or may not occur.
Investors should understand that general economic conditions, industry conditions, and other operating factors may affect the future performance of EcoRodovias and lead to results
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