On Monday, August 10, 2026, Hidrovias do Brasil (HBSA3) reported net income of R$ 100 million in the second quarter of 2026, compared to R$ 51 million in 2Q25 and a loss of R$ 34 million in 1Q26. Net operating revenue totaled R$ 664 million in 2Q26, down 4% year over year and up 49% versus 1Q26, while recurring Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, adjusted for non-recurring items) reached R$ 322 million, an 8% decline in the annual comparison and a 77% increase over the previous quarter.
According to the company, the year-over-year change in profit mainly reflects the impact of the impairment from the sale of the Coastal Shipping operation in 2025, in addition to lower financial expenses and a lighter tax burden. The performance of net operating revenue, in turn, is affected by the completion of the sale of the Coastal Shipping operation; excluding this operation from 2Q25 for comparability purposes, revenue rises 7%, driven by higher volumes handled in Paraguay and the recognition of take-or-pay clauses in fertilizer contracts in Brazil.
Cash flow from operating activities was positive at R$ 402 million in 2Q26, compared to R$ 307 million in 2Q25 and a R$ 25 million outflow in 1Q26, a movement attributed to the normalization of working capital after temporary mismatches in collections from clients in the previous quarter. Investments totaled R$ 23 million in the period, a 75% drop versus 2Q25 and 39% lower than in 1Q26, influenced by the dry-docking of the HB Tucunaré vessel in the Coastal Shipping operation and modular expansion investments in the North in 2Q25, as well as the concentration of expansion and maintenance capex in the second half of 2026.
Gross debt closed 2Q26 at R$ 3,319 million, down 21% versus 2Q25, following initiatives to improve the capital structure and debt management, including the early redemption of R$ 400 million of the 1st series of the 2nd debenture issue in May 2026. As a result, cash totaled R$ 1,154 million, 2% above 2Q25 and 12% below 1Q26. Net debt came to R$ 2,165 million, a decrease of 29% compared to 2Q25 and 11% lower than in 1Q26.
Leverage, measured as net debt to EBITDA over the last 12 months, stood at 2.4 times at the end of 2Q26, compared with 4.0 times in 2Q25 and 2.7 times in 1Q26, reflecting the combination of lower net debt and improved operating results in the period.
