EcoRodovias (ECOR3) reported net income of R$ 410.3 mn in 3Q26, down 4.9% from 3Q25, when the result was R$ 431.3 mn. Recurring net income, which excludes one-off effects such as the R$ 86.4 mn deferred tax credit at Ecovias Capixaba, was R$ 321.2 mn, up 17.5%. The improvement in recurring income came from the financial result, with higher income from financial investments due to a larger average cash balance, more capitalized interest and lower monetary variation on debentures, due to lower IPCA inflation.
Adjusted net revenue, which excludes construction revenue, was R$ 1,952.7 mn (-1.0%). Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 1,457.4 mn (-3.1%), with a margin of 74.6% (-1.6 p.p.). The decline stems from the end of the Ecovias Sul concession contract on March 4, 2026. Excluding Ecovias Sul, comparable net revenue rose 8.0%, comparable EBITDA grew 6.7% to R$ 1,459.1 mn, and comparable net income was R$ 370.0 mn.
Consolidated traffic fell 1.9% in the quarter, while comparable traffic grew 1.8%. The consolidated average toll rose 0.9%, and the comparable one, 6.4%. In the first nine months of 2026, net income was R$ 398.1 mn (-48.1%), recurring net income totaled R$ 364.3 mn (-41.7%) and adjusted EBITDA reached R$ 4,210.9 mn (+2.1%).
Capex (investments) in the quarter was R$ 1,975.0 mn, up 52.6%. Gross debt reached R$ 30,817.9 mn and net debt R$ 24,461.0 mn, with cash of R$ 6,356.9 mn. Leverage, measured by net debt over adjusted EBITDA, was 4.3x, versus 3.8x in 3Q25, due to investments in Ecovias das Gerais and Ecovias Capixaba.
In October 2026, ANTT approved a partial restoration of the economic-financial balance of Ecovias Araguaia, with a precautionary payment of R$ 104.9 mn made in the same month. The full amount of the increase in input costs is R$ 171.4 mn, and the remaining 38.80% will be paid within 2 years, with a deadline of August 2028.
