ECOR3

EcoRodovias Infraestrutura e Logística S.A. is a Brazilian company primarily focused on managing highway concessions, with common shares traded on B3 under the ticker ECOR3. Although it was formally incorporated in 2000, its operational origins date 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 cargo outflow and passenger traffic in the country. In 2003, it registered as a publicly held company and, in 2010, carried out its IPO on the Novo Mercado segment of what was then BM&FBovespa, strengthening its capital structure to support expansion in transportation infrastructure.

EcoRodovias is part of the Gruppo Gavio, through ASTM S.p.A., which controls shareholders Igli S.p.A. and Igli do Brasil Participações Ltda. The controlling group has global operations in highway concessions, and EcoRodovias has become one of the conglomerate’s main platforms in Latin America. According to data from the Associação Brasileira de Concessionárias de Rodovias (ABCR) cited by the company itself, EcoRodovias is one of the largest highway concession operators in Brazil in terms of kilometers under management, with more than 4,800 km under its control. The company consolidated this position by focusing on assets that connect large industrial centers, agricultural hubs, relevant 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 economic core of the company and accounts for the overwhelming majority 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 a proportionally smaller share, operating in a complementary way to the highway network and logistics chains connected to the ports.

In the concessions segment, EcoRodovias operates through various subsidiaries responsible for specific stretches. Among these, notable ones include Ecovias dos Imigrantes, responsible for the Anchieta–Imigrantes System that connects 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, which operates the road complex of the Pelotas/RS hub, connecting stretches of the BR-116 and BR-392; and Eco101, the concessionaire of 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 output, as well as tourism corridors, increasing the company’s exposure to different economic matrices in the country.

In addition to its focus on highway concessions, EcoRodovias maintains stakes in port and logistics infrastructure associated with the Port of Santos. Ecoporto Santos operates in port activities, handling and storage of import and export cargo, with a dedicated terminal at the largest port in Latin America. Ecopátio Logística Cubatão, in turn, manages an intermodal terminal that acts as a regulator of truck flows bound for the port, organizing road 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 reinforce the company’s integrated role in export and import corridors, especially in the Baixada Santista region.

EcoRodovias’ operations are concentrated in the Brazilian market, with concessions spread across eight states considered strategic in economic terms. The assets include federal and state highways under concession programs of the Federal Government, through the Agência Nacional de Transportes Terrestres (ANTT), and of state governments, with emphasis on São Paulo, Paraná, Minas Gerais, Espírito Santo, Rio de Janeiro, and Rio Grande do Sul. The federal concessions managed by the company cover, 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 key 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 predominantly domestic, tied to toll rates, construction revenue, and related services.

From a regulatory perspective, EcoRodovias operates as a non-operating holding company, while its subsidiaries are the direct signatories of concession agreements or authorizations for the provision of public services. Highway concessions and port terminals are governed by contracts that set out investment obligations, service standards, performance indicators, and tariff rules, under the supervision of federal, state, and municipal agencies and authorities. 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 permits for vegetation suppression and the use of water resources. The company reports that its operating units hold the necessary licenses and that it applies supplier approval processes that verify environmental and legal compliance.

In environmental, social, and governance (ESG) matters, EcoRodovias states that it has incorporated sustainability into its business strategy, with targets consolidated in its ESG Agenda 2030 – “nas Vias da Sustentabilidade” (“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 for several years been part of sustainability indexes and ratings, including the Índice de Sustentabilidade Empresarial (ISE B3), the Índice de Carbono Eficiente (ICO2), and the diversity index IDIVERSA, in addition to responding annually to CDP’s climate change questionnaire and receiving an AA ESG rating from MSCI. Operationally, most of its 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 front, 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 activities with the UN’s 2nd Decade of Action for Road Safety 2021–2030, with targets to reduce the rate of fatal accidents on the highways under its management by 50% by 2030, as well as specific goals for reducing injuries among employees. The company maintains social and environmental programs in areas such as traffic education, environmental education, diversity and inclusion, professional training, support for culture and sports, animal protection, health, and combating sexual violence against children and adolescents. These initiatives, combined with the corporate governance typical of a publicly traded company listed on the Novo Mercado, with ECOR3 shares traded on B3, shape EcoRodovias’ positioning as a road and logistics infrastructure operator focused on long-term concessions in Brazil.