In a presentation released this Friday, October 2, 2026, Hidrovias do Brasil (HBSA3) reported that projected recurring pro forma adjusted EBITDA for 2026 is R$ 504 million, considering only continuing operations. The company also reported pro forma operating cash flow of R$ 377 million in the first half of 2026.
Historical data show recurring pro forma adjusted EBITDA of R$ 627 million in 2022, R$ 665 million in 2023, R$ 468 million in 2024 and R$ 1.037 billion in 2025. Pro forma operating cash flow was R$ 418 million in 2022, R$ 375 million in 2023, R$ 122 million in 2024 and R$ 1.055 billion in 2025.
On the financial front, Hidrovias do Brasil reported a reduction in leverage, which went from 7.0 times in the fourth quarter of 2024 to 4.0 times in the second quarter of 2025, 2.3 times in the fourth quarter of 2025 and 2.4 times in the second quarter of 2026. The company attributes this trend to a capital increase, lower borrowing costs with the Ultra risk, cash generation, a reduction of more than 50% in the average collection period compared with the fourth quarter of 2024, and the use of tax credits.
In the Brazil segment, volume transported in the North totaled 3.745 million tons in the first half of 2026, versus 4.158 million tons in the first half of 2024 and 4.071 million tons in the first half of 2025, a 12% decline compared with the same period in 2025 and a 22% increase in RodoTUP cargo. In Paraguay, consolidated volume reached 2.639 million tons in the first half of 2026, compared with 1.713 million in the first half of 2024 and 2.501 million in the first half of 2025; gross margin rose from 25% in the first half of 2024 to 48% in the first half of 2025 and 41% in the first half of 2026.
The company also highlighted the revision of the TUP expansion project in the Northern Arc, with a reduction of more than 50% in CAPEX compared with the original project, phased implementation and completion scheduled by early 2027, as well as the sale of the Coastal Shipping business and a focus on operations considered more strategic at terminals in the North, Santos and Paraguay.
