Rumo (RAIL3) Reports R$ 439 Million Net Income in 3Q26, Up 5.6%

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 2,217 million, down 4.2% from R$ 2,313 million in 3Q25. The adjusted EBITDA margin was 56.1%, versus 60.6% a year earlier. According to the company, excluding insurance indemnities and extemporaneous tax credits of about R$ 60 million in 3Q25 and expenses of about R$ 23 million for restructuring-related severance in 3Q26, the result was stable. Unadjusted EBITDA was R$ 2,051 million, up 2.7%. The North Operation posted EBITDA of R$ 1,912 million (-0.4%) and the South Operation, R$ 236 million (-28.3%).

The volume transported reached 23.9 billion RTK (revenue tonne-kilometers), up 2.0%. The North Operation grew 3.9%, and the South Operation fell 8.2%, affected by the unfavorable scenario for sugar exports. Above-average rainfall in September hurt port terminals, and the company says it will seek to recover the contracted volumes not transported by year-end. In October, the company recorded a record 8.7 billion RTK on a consolidated basis, up 7%. Adjusted net income was R$ 605 million, down 17.4% and below the R$ 733 million in 3Q25, after an adjustment of R$ 166 million in impairment provision (reduction in asset value, with no cash effect) in the Malha Sul.

Investments totaled R$ 1,303 million, an 11.6% reduction from 3Q25. Net debt was R$ 17.8 billion at the end of the quarter, and leverage (net debt over adjusted EBITDA) stood at 2.2x, versus 1.9x in 3Q25 and 2.1x in 2Q26. Cash is R$ 6,267 million. In the quarter, Rumo paid in R$ 1 billion in debentures of the 18th issuance, with a 15-year term and costs of IPCA + 8.35% p.a. and IPCA + 8.11% p.a. in series 3 and 4.

In the 9M26 cumulative period, net income was R$ 1,057 million, up 62.1%, and net revenue reached R$ 11,176 million, a 6.5% increase.