Hidrovias do Brasil (HBSA3) reported net income of R$ 79 million in 3Q26, down 11% from R$ 90 million in 3Q25 and down 21% from R$ 100 million in 2Q26. According to the company, the year-over-year decline mainly reflects lower EBITDA (earnings before interest, taxes, depreciation and amortization), partially offset by lower income tax and social contribution (IR/CSLL) expenses and lower depreciation. Compared with 2Q26, lower EBITDA and higher financial expenses weighed on the result.
Net operating revenue totaled R$ 653 million, down 8% from 3Q25 (R$ 711 million) and down 2% from 2Q26. In continuing operations, revenue was stable year over year (R$ 651 million in 3Q25). Recurring Adjusted EBITDA was R$ 303 million, with a 46% margin, down 16% from 3Q25 (-8% in continuing operations), when it totaled R$ 361 million, with a 51% margin. Total volume handled was 3,933 thousand tons, down 24% from 3Q25.
In Brazil, recurring Adjusted EBITDA was R$ 185 million (+5% vs. 3Q25), with a 51% margin (48% in 3Q25), the result of lower costs and expenses and higher volume in Santos. In Paraguay, it was R$ 118 million (-23%), with a 41% margin (54% in 3Q25), reflecting higher bunker (marine fuel) prices, higher costs in the iron ore operation and a negative foreign exchange effect.
Cash flow from operating activities was R$ 237 million (-43% vs. R$ 414 million in 3Q25), and investments totaled R$ 55 million (R$ 69 million in 3Q25). Gross debt ended the quarter at R$ 3,258 million, down 21% from 3Q25, following the early redemption of about R$ 510 million of debentures (debt securities) from the 2nd issuance. Net debt was R$ 1,990 million and leverage stood at 2.3x, a reduction of 0.6x from 3Q25 and 0.1x from 2Q26. Cash and investments total R$ 1.256 billion.
