RAIL3

Rumo S.A., known in the market as Rumo Logística and traded on B3 under the ticker RAIL3, is a publicly traded company specializing in freight rail logistics. The company is the result of a merger, completed on April 1, 2015, between ALL – América Latina Logística S.A. and Rumo Logística Operadora Multimodal S.A., a transaction that created the largest independent rail logistics operator in Brazil. The company is listed on B3’s Novo Mercado, a segment that brings together companies with high governance standards, and has its administrative headquarters in São Paulo (SP) and operational headquarters in Curitiba (PR). Its corporate structure is part of the Cosan S.A. economic group, which became its direct controlling shareholder after reorganizations concluded in 2021.

Rumo’s trajectory combines the evolution of two businesses that became established in the transportation and infrastructure sector. The former Rumo Logística Operadora Multimodal originated in 1993 as São Francisco Operadora Portuária de Granéis Ltda., focused on bulk port operations in Santos (SP). Throughout the 2000s, it underwent corporate and name changes, incorporated port terminals such as Teaçu Armazéns Gerais S.A., and unified port operations under the name Rumo Logística Operadora Multimodal S.A. ALL, in turn, was formed in 1997 following the spin-off of Iriri Participações, adopting the name América Latina Logística S.A. in 1999, and expanded significantly through the acquisition of rail concessions in the Paulista, Norte and Oeste networks in the mid-2000s. The combination of these rail and port assets, formalized in the 2015 share merger, consolidated the operational base that today underpins Rumo S.A. and its shares RAIL3.

Rumo Logística’s business model is centered on providing rail transportation services and integrated multimodal logistics solutions. The company and its subsidiaries operate, maintain, expand, and modernize railway networks granted under federal concessions, as well as operate under a state authorization in Mato Grosso and through stakes in port and transshipment terminals. The company organizes its operations into three main segments: North Operations, South Operation and Container Operations. These segments focus on the transportation of agricultural commodities — mainly soybeans, corn, soybean meal, sugar and fertilizers — and industrial products such as fuels, pulp, clinker and other general cargo, connecting production centers to the country’s main export ports.

North Operations are Rumo’s main economic pillar, combining the concessions of the Norte, Central and Paulista networks and transshipment terminals in states such as Mato Grosso, Goiás, Tocantins and São Paulo, as well as stakes in port terminals in Santos and along the coast of São Paulo state. This business unit accounts for approximately 80% of transported volume in TKU and about 80% of net operating service revenue in the twelve-month period ended December 31, 2024, reflecting its strategic importance. The network comprising this operation runs through key agricultural production regions, with strong exposure to grain exports. In 2019, the company took over the sub-concession of the central stretch of the North-South Railway, between Porto Nacional (TO) and Estrela d’Oeste (SP), and in 2020 secured early renewal of the Paulista Network concession until 2058, which enhanced long-term visibility for its rail assets along the most relevant corridor for export agribusiness.

The South Operation encompasses the Rumo Malha Sul and Rumo Malha Oeste concessions, operating in the states of Mato Grosso do Sul, Paraná, Santa Catarina and Rio Grande do Sul, as well as transshipment terminals and port operations in Paranaguá, São Francisco do Sul and Rio Grande. This unit mainly transports soybeans, corn, meal, sugar and fertilizers, in addition to fuels, pulp and clinker, serving both export flows and domestic market demand. Although it accounts for a smaller share of consolidated revenue compared with the North Operation — around 15% of net operating revenue in 2024 — the South network remains important to the region’s grain and industrial products logistics, supported by contracts with trading companies and industrial clients. The current concession terms for the Malha Oeste and Malha Sul networks run until 2026 and 2027, respectively, which shapes the planning horizon for these assets.

Container Operations, concentrated in the subsidiary Brado Logística and in the company’s container operations on its networks, complete the operational structure. Brado Logística, in which Rumo holds a controlling stake, operates container transportation by rail and road, focusing on agricultural and industrial cargo in door-to-door solutions and integration with intermodal terminals. Although this segment accounts for around 5% of Rumo’s net operating revenue in recent years, it broadens product and customer diversification by adding container flows to the traditional bulk portfolio. The company also holds stakes in relevant port assets such as Termag, TGG, Terminais XXXIX, CLI Sul and other ventures in the Port of Santos, and is a member of the Associação para Gestão da Ferrovia Interna do Porto de Santos (AG-FIPS), which reinforces the link between rail and port infrastructure.

Rumo’s customer base is heavily tied to agribusiness and the foreign trade of agricultural commodities. In 2024, the six largest customers accounted for about 48.7% of the company’s net revenue, with a notable presence of global trading companies such as Bunge and Cargill, which individually represented significant shares of revenue. The company operates in an area that, according to official foreign trade data, covers a substantial share of Brazil’s grain production destined for export, with a strong presence in the state of Mato Grosso, the country’s leading soybean and corn producer. The company estimates that it transported approximately one quarter of Brazil’s soybean and corn exports in 2024, with significant weight in flows shipped via the Port of Santos, the country’s main grain export hub.

Rumo’s geographic footprint extends across nine Brazilian states, with around 14,000 kilometers of tracks under concession or authorization. In addition to federal rail concessions, the company signed an authorization agreement in 2021 with the state government of Mato Grosso to build, operate and manage a railway connecting the Rondonópolis road-rail terminal to Cuiabá and Lucas do Rio Verde, a project designed to bring the rail mode closer to the regions with the highest grain production growth in the state. Project implementation is phased, with the first stage covering around 160 kilometers in length, currently under execution, and scheduled for completion in the medium term. Operations in Mato Grosso strengthen the company’s exposure to agricultural expansion regions, in line with growth projections for soybean and corn production and exports.

Rumo’s activities are heavily regulated, particularly by the National Land Transport Agency (ANTT), responsible for regulating and overseeing rail concessions, and by the Ministry of Transport, as well as through interactions with the National Waterway Transport Agency (ANTAQ) on matters related to port terminals. The company maintains long-term concession agreements, such as those for the Paulista, Norte, Central, Sul and Oeste networks, as well as a sub-concession contract for the North-South Railway and a concession for the Internal Railway of the Port of Santos, in addition to state-level authorizations for railway construction and operation. The company is also subject to legislation on storage of vegetable bulk commodities, under the supervision of the National Supply Company (Conab), and to personal data protection rules established by the General Data Protection Law (LGPD), enforced by the National Data Protection Authority (ANPD).

From an operational standpoint, Rumo Logística emphasizes efficiency, capacity and safety gains in its concessions, monitoring indicators such as Operating Ratio, specific fuel consumption and cycle time in strategic corridors such as the Rondonópolis–Santos route. The company highlights the contribution of rail transport to reducing greenhouse gas emissions compared with road transport, emphasizing large-scale transportation as a driver of energy efficiency. The combination of long-distance rail corridors, inland transshipment terminals and port terminals in Santos, Paranaguá, Rio Grande and other coastal locations provides logistics capillarity aligned with export agribusiness and industrial sectors that require high-volume transportation, forming the economic base that underpins the company’s performance and importance in Brazil’s transportation and logistics sector.