Hidrovias DO Brasil SA (BSP:HBSA3)

Q3 2025 Hidrovias do Brasil SA Earnings Call (English, Portuguese) Transcript

Nov 11, 2025 / 01:00 PM GMT

Release Date Price: R$3.9 (-3.23%)

Transcript

Key Points

Positve

Hidrovias DO Brasil SA (BSP:HBSA3) reported strong results in Q3 2025, driven by normalized navigation conditions and tariff adjustments.
Iron ore volumes reached the highest levels in the company's history, contributing to solid performance.
The company achieved a recurring adjusted EBITDA margin of 49% for the first nine months of 2025, a 10 percentage point increase from the previous year.
Net operating revenue increased by 32% year-over-year, reflecting improved conditions in the southern corridor.
The company's financial position improved with a reduction in leverage, closing the period at 2.9 times net debt to EBITDA, well below the previous year's levels.

Negative

Temporary challenges in cargo reception at the ETC and usual harvest seasonality affected operations in the northern corridor.
The fourth quarter is expected to be seasonally weaker due to the crop cycle and lower river levels.
Santos operation saw a slight decline in volume and a less favorable product mix, impacting revenue.
Recurring adjusted EBITDA for the coastal shipping operation was affected by dry docking and lower operational capacity.
Dredging and rock removal work are ongoing, indicating continued operational challenges and potential disruptions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HBSA3.SA - Hidrovias do Brasil SA
Q3 2025 Hidrovias do Brasil SA Earnings Call (English, Portuguese)
Nov 11, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everyone and welcome to IObias do Brazil earnings conference call to discuss the results for the third quarter of 25.

Joining us today are Mr. Delcio Marra, CEO, and Andre Ashman, CFO, and Mrs. Gabriela Collos, investors relations manager. This event is being recorded and will be available on the company's investors relationship website.

And then after the company's management remarks, we will open the floor for a Q&A session. At that time, further instructions will be provided. Simultaneous interpretation is available, and to access it, simply click on the interpretation button at the bottom of your screen and select your preferred language.

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