ECOR3 EcoRodovias

EcoRodovias Infraestrutura e Logística S.A. is a Brazilian company primarily focused on the management of highway concessions, with common shares traded on B3 under the ticker ECOR3. Although it was formally incorporated in 2000, its operational origin dates back to 1997, when then-shareholder Primav Construções e Comércio S.A. acquired its first 136.7 km concession between Curitiba and the Port of Paranaguá, in the state of Paraná. Throughout the 2000s and 2010s, the company expanded its operations through new auctions, acquisitions, and corporate restructurings, consolidating a portfolio of concessions on highways that are strategic for the flow of cargo and passengers in the country. In 2003, it was registered as a publicly held company and, in 2010, carried out its IPO on the Novo Mercado segment of the then BM&FBovespa, strengthening its capital structure to support expansion in transportation infrastructure.

EcoRodovias is part of Gruppo Gavio through ASTM S.p.A., which controls shareholders Igli S.p.A. and Igli do Brasil Participações Ltda. The controlling group has a global presence in highway concessions, and EcoRodovias has become one of the conglomerate’s main platforms in Latin America. According to data from the Brazilian Association of Highway Concessionaires (ABCR) cited by the company itself, EcoRodovias is one of the largest highway concession operators in Brazil in terms of kilometers managed, with more than 4,800 km under management. The company consolidated this position by focusing on assets that connect large industrial centers, agricultural hubs, major metropolitan regions, and Brazil’s main ports, especially Santos (SP) and Rio Grande (RS).

EcoRodovias’ business model is structured into four operating segments: highway concessions, holding and services, ports, and logistics. The concessions segment is the company’s economic core and accounts for an overwhelmingly predominant share of revenue. In 2024, the highway concessions segment, including toll collection and construction revenue related to contractual obligations, represented 92.32% of consolidated net revenue. The other segments — holding and services, port operations (Ecoporto Santos and Termares) and logistics (Ecopátio Cubatão) — have proportionally smaller participation, operating as a complement to the highway network and to logistics chains connected to the ports.

In the concessions segment, EcoRodovias operates through several subsidiaries responsible for operating specific stretches. Notable among these are Ecovias dos Imigrantes, responsible for the Anchieta–Imigrantes System connecting the São Paulo Metropolitan Region to the Port of Santos; Ecovias Leste Paulista (Ecopistas), which manages the Ayrton Senna and Carvalho Pinto highways; Ecovias Sul, operator of the highway complex of the Pelotas/RS Hub, connecting stretches of BR-116 and BR-392; and Eco101, the concessionaire for the BR-101 stretch between Espírito Santo and Bahia. Other relevant concessions include Eco050 (Ecovias Minas Goiás), Ecovias do Cerrado, Ecovias do Araguaia, EcoRioMinas, Eco135 (Ecovias Norte Minas), and Ecovias Noroeste Paulista, among others. These assets connect regions with strong agricultural, industrial, and services production, as well as tourist corridors, increasing the company’s exposure to different economic matrices in the country.

In addition to its focus on highway concessions, EcoRodovias maintains a presence in port and logistics infrastructure associated with the Port of Santos. Ecoporto Santos engages in port operations, handling and storage of import and export cargo, with a dedicated terminal in the largest port in Latin America. Ecopátio Logística Cubatão manages an intermodal terminal that functions as a regulator of the flow of trucks bound for the port, organizing highway access to the region and helping to reduce logistics bottlenecks. Although these segments account for a relatively small share of consolidated revenue — 3.20% in ports and 0.44% in logistics in 2024 — they strengthen the company’s integrated role in export and import corridors, particularly in the Baixada Santista region.

EcoRodovias’ operations are concentrated in the Brazilian market, with concessions distributed across eight states considered strategic in economic terms. The assets include federal and state highways under the federal government’s concession programs, through the National Land Transport Agency (ANTT), and state governments, with emphasis on São Paulo, Paraná, Minas Gerais, Espírito Santo, Rio de Janeiro, and Rio Grande do Sul. The federal concessions under the company’s management include, for example, stretches of BR-101 (Ecovias 101 and Ecovias Ponte), BR-116/465/493 (Ecovias Rio Minas), BR-364/365 (Ecovias Cerrado), BR-153/414/080 (Ecovias Araguaia) and BR-050 (Eco050). At the state level, the company operates major corridors in São Paulo, such as the Anchieta–Imigrantes System and the Ayrton Senna–Carvalho Pinto corridor, as well as concessions in Minas Gerais, such as Ecovias Norte Minas. The company’s revenue is mostly domestic, tied to toll tariffs, construction revenue, and related services.

From a regulatory standpoint, EcoRodovias operates as a non-operating holding company, while its subsidiaries are the direct signatories of the concession contracts or authorizations for the provision of public services. The highway concessions and port terminals are governed by contracts that define investment obligations, service standards, performance indicators, and tariff rules, under the supervision of agencies and public bodies at the federal, state, and municipal levels. The subsidiaries are also subject to environmental legislation, including the National Environmental Policy, which requires prior licensing for the construction, expansion, and operation of highways and port facilities, as well as specific authorizations for vegetation suppression and the use of water resources. The company reports that its operating units hold the necessary licenses and that it adopts supplier approval processes with verification of environmental and legal compliance.

In environmental, social, and governance (ESG) aspects, EcoRodovias states that it has incorporated sustainability into its business strategy, with targets consolidated in the ESG 2030 Agenda – “On the Roads of Sustainability,” approved by the board of directors in 2024. This agenda is structured into multiple pillars with medium- and long-term goals, aligned with the UN Sustainable Development Goals (SDGs). The company has participated for several years in sustainability indices and ratings, including the Corporate Sustainability Index (ISE B3), the Carbon Efficient Index (ICO2) and the diversity index IDIVERSA, in addition to answering the CDP climate change questionnaire annually and receiving an AA ESG rating from MSCI. Operationally, most concessions are certified under ISO 14001 (environmental management), ISO 45001 (occupational health and safety), and ISO 39001 (road traffic safety), reflecting formal management systems in these areas.

On the social and road safety fronts, EcoRodovias highlights user assistance policies and initiatives aimed at reducing accidents on its highways. In 2024, more than 1 million medical and mechanical service calls were provided on the group’s concessions. The company aligned its actions with the UN’s 2nd Decade of Action for Road Safety 2021–2030, with targets to reduce by 50% the rate of fatal accidents on the highways it manages by 2030, in addition to specific goals to reduce injuries among employees. The company maintains social and environmental programs on topics such as traffic education, environmental education, diversity and inclusion, professional training, support for culture and sports, animal protection, health, and the fight against sexual violence against children and adolescents. These initiatives, combined with the corporate governance typical of a publicly traded company listed on the Novo Mercado and with ECOR3 shares traded on B3, shape EcoRodovias’ positioning as a road and logistics infrastructure operator focused on long-term concessions in Brazil.