HBSA3: quote, dividends and indicators for Hidrovias do Brasil

Hidrovias do Brasil S.A. is a logistics and infrastructure company focused on waterway transportation, headquartered in the city of São Paulo, with common shares traded on B3 under the ticker HBSA3, listed on the Novo Mercado segment since 2020. Founded in 2010 by Pátria Investimentos, the company was created from the thesis that Brazil’s logistics matrix has insufficient capacity for the outflow of export-destined commodities, while South American waterways are underused compared with waterway systems in other regions. Over the following decade, the company structured operations in different logistics corridors, combining inland navigation, proprietary port terminals and assets dedicated to long-term contracts with large clients in the agribusiness and mining sectors.

Hidrovias do Brasil’s business model is based on integrated logistics solutions, with an emphasis on inland navigation and the operation of port terminals, offering services of river transportation, transshipment, storage and elevation of dry bulk cargo. In 2025, activities were organized into four fronts: Northern Corridor, Southern Corridor, operations at the Port of Santos and Coastal Shipping (cabotage), the latter subsequently sold. The company operates with both short- and long-term contracts, often structured under a take-or-pay model, which establishes mutual capacity and volume commitments between the company and its clients. This format contributes to greater revenue predictability and asset utilization, while enabling capital-intensive investments in fleet and port infrastructure.

In the Northern Corridor, one of Hidrovias do Brasil’s main operations, the company structured an integrated system in the state of Pará between 2011 and 2015, focused on the transportation of grains and fertilizers. This operation combines a Cargo Transshipment Station in Miritituba, in the municipality of Itaituba, and a Private Use Terminal in Vila do Conde, in the municipality of Barcarena, both owned by the company, in addition to a fleet of push boats and barges. The corridor is used mainly for the outflow of soybeans and corn produced in Mato Grosso, which are trucked to Miritituba and from there follow in river convoys along the Tapajós, Amazonas and Pará rivers to Barcarena, where they are loaded onto export vessels. On the return leg, the convoys transport imported fertilizers, creating synergy between grain export chains and agricultural input import chains. In 2014, the company signed a significant take-or-pay contract with trading company COFCO, valid until 2031, consolidating the demand base of the Northern Corridor.

The Southern Corridor is Hidrovias do Brasil’s oldest operation, with contracts starting in 2012 and effective operations beginning in 2014, using the Paraguay–Paraná waterway to transport iron ore, grains and fertilizers. In this logistics axis, the company primarily serves the outflow of iron ore produced in the Corumbá region in the state of Mato Grosso do Sul, bound for ports in Argentina and Uruguay, serving LHG Mining Corumbá S.A. under a contract valid until 2039 and guaranteed by Vale International S.A. The company also participates in three joint ventures in the region: Obrinel S.A., which operates the Bulk Terminal of Montevideo inside the Uruguayan public port; Limday S.A., dedicated to cellulose transport between UPM’s plant in Fray Bentos and the terminal in Nueva Palmira; and Baden S.A., which operates a bulk terminal in Concepción, Paraguay. In 2025, the company transported significant volumes of iron ore originating in Corumbá, holding a relevant share of the total produced in the region.

The Santos operation stems from the lease of the STS20 area in the Port of Santos, formalized in 2020 through a contract with the Federal Government, with ANTAQ as intervening party and a 25-year term, renewable for an equal period. At this terminal, Hidrovias do Brasil provides reception, storage and shipment services for mineral dry bulk, mainly salt and fertilizers, received by both road and rail. After an investment cycle and construction of new warehouses between 2021 and 2022, the company began full operations for salt and fertilizers in June 2024. Santos has consolidated itself as an important gateway for fertilizers into the country, and the company’s terminal has reached a relevant share of the volume handled by the port in this segment. As for Coastal Shipping, Hidrovias operated two dedicated vessels, “Tambaqui” and “Tucunaré,” transporting bauxite between Porto Trombetas and Hydro Alunorte’s refinery in Barcarena under a long-term contract, until completion of the sale of this operation to Norsul in 2025.

From an asset standpoint, Hidrovias do Brasil operates a significant base of waterway infrastructure. On December 31, 2025, considering only wholly owned assets, the company had three port terminals (the Miritituba Cargo Transshipment Station, the Vila do Conde Private Use Terminal and the leased terminal in Santos), as well as a waterway fleet composed of hundreds of cargo barges and dozens of main and auxiliary push boats. Part of this fleet was built at shipyards in Brazil, Paraguay, China and Turkey, and another part was acquired secondhand. The flexibility in convoy allocation allows the operation to be adapted to different routes, cargo types and navigability conditions. In 2025, the company transported approximately 17.9 million tons in its operations, with emphasis on volumes from the Northern and Southern Corridors, in addition to the cargo handled in cabotage and at the Santos terminal up to the sale of the coastal operation.

Hidrovias do Brasil’s client base is composed predominantly of large international groups in the agricultural and mining sectors. Its main clients include COFCO and BTG Pactual Commodities Sertrading S.A. in the grains segment, LHG Mining Corumbá S.A. in iron ore transportation, and ADUFÉRTIL and RUMO in the fertilizer segment. In 2025, two major clients accounted for a significant share of net operating revenue, reflecting the nature of long-term structured contracts with substantial volumes in each corridor. In the Northern Corridor, the main client is an agricultural trading company with a strong presence in grain origination in Mato Grosso, while in the Southern Corridor the main client is a mining company with an iron ore mine in the Corumbá region. The company also operates in markets with competitive dynamics marked by large trading houses and specialized logistics operators, particularly in the Northern Arc and along the Paraguay–Paraná waterway.

Hidrovias do Brasil operates in a complex regulatory environment, subject to oversight by different agencies. In inland waterway transportation and, until its sale, in cabotage, activities are regulated by the National Waterway Transportation Agency (ANTAQ), based on Law No. 9,432/1997 and specific resolutions on inland navigation and vessel chartering. Operation of the leased terminal in Santos is subject to the Ports Law and complementary regulations from the Ministry of Ports and Airports and ANTAQ, while the Vila do Conde Private Use Terminal and the Miritituba Cargo Transshipment Station are private port facilities operated via adhesion contracts and authorized by the government. Operating as a player in multimodal chains also requires specific authorization for multimodal transportation under the supervision of ANTT, and interaction with environmental, tax and maritime authorities such as the Port Captaincies, the Maritime Court and the Directorate of Ports and Coasts.

From a corporate and capital structure standpoint, the company underwent a significant change in control structure in 2024 and 2025. Ultra Logística Ltda. began acquiring a significant interest in Hidrovias do Brasil’s capital, reaching around 40% of the share capital and subsequently signing an advance-for-future-capital-increase instrument in the amount of R$ 500 million. This advance was used in a private subscription of new shares in a total capital increase of R$ 1.2 billion, ratified in 2025. At the end of the process, Ultra came to hold approximately 50.15% of the total share capital, consolidating the company’s controlling interest. HBSA3 shares remain traded on B3 under the Novo Mercado rules, with a capital structure composed of a single class of common shares, registered, book-entry and without par value.