On Wednesday, August 12, 2026, Rumo S.A. (RAIL3) reported adjusted net income of R$ 688 million in the second quarter of 2026 (2Q26), 5.8% lower than in 2Q25. In the period, net operating revenue reached R$ 3,940 million, an increase of 6.2% year over year, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 2,267 million, practically stable compared to the same quarter of the previous year.
Accounting net income came to R$ 520 million in 2Q26, up 56% compared to 2Q25, while unadjusted EBITDA totaled R$ 2,099 million, growth of 11.5% on the same comparison basis. The company stated that the comparison of adjusted EBITDA is affected by roughly R$ 100 million in non-recurring effects recorded in 2Q25, related to insurance indemnities for loss of profit and to the reclassification of equity-method investments.
Total transported volume reached 23.8 billion RTK in 2Q26, an increase of 9.1% over 2Q25, driven mainly by the grain portfolio in the North and South operations. The adjusted EBITDA margin was 57.5% for the quarter, compared to 61.4% a year earlier, while the adjusted net margin fell from 19.7% to 17.5% in the period.
Investments (capex) totaled R$ 1,597 million in the quarter, up 14.5% versus 2Q25, reaching R$ 3,371 million in the first six months of 2026. Most of the outlays were concentrated in the North Operation, including recurring maintenance, rail network capacity expansion, acquisition of rolling stock and investments in the Mato Grosso Railway.
Rumo’s comprehensive net debt closed 2Q26 at R$ 17.3 billion, compared to R$ 14.2 billion a year earlier, resulting in financial leverage of 2.1 times the Net Debt/Adjusted EBITDA ratio for the last 12 months, the same level as in the immediately preceding quarter.
