RAIL3 Rumo Logística

Rumo S.A., known in the market as Rumo Logística and traded on B3 under the ticker RAIL3, is a publicly listed operator specializing in rail freight 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 groups 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 completed in 2021.

Rumo’s trajectory combines the evolution of two businesses that became consolidated 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 went through corporate and name changes, incorporated port terminals such as Teaçu Armazéns Gerais S.A., and unified its port operations under the name Rumo Logística Operadora Multimodal S.A. ALL, in turn, was incorporated in 1997 after a spin-off from Iriri Participações, adopting the name América Latina Logística S.A. in 1999, with significant expansion 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 through a share merger in 2015, consolidated the operational base that now 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 rail networks under federal concessions, in addition to operating under a state authorization in Mato Grosso and holding stakes in port and transshipment terminals. The company organizes its operations into three main segments: Northern Operations, Southern Operation and Container Operations. These segments concentrate 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.

Northern Operations are Rumo’s main economic pillar, grouping the concessions for 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 São Paulo coast. This business unit accounts for approximately 80% of transported volume in TKU and around 80% of net service operating revenue in the twelve-month period ended December 31, 2024, reflecting its strategic relevance. The network that makes up this operation crosses important agricultural production regions, with high exposure to grain flows for export. In 2019, the company took over the sub-concession for the central section of the Ferrovia Norte-Sul, between Porto Nacional (TO) and Estrela d’Oeste (SP), and in 2020 it obtained early renewal of the Malha Paulista concession through 2058, which increased the long-term visibility of its rail assets in the most relevant corridor for the export agribusiness.

The Southern Operation comprises the concessions of Rumo Malha Sul and Rumo Malha Oeste, 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, as well as fuels, pulp and clinker, serving both export flows and domestic market demand. Although it represents a smaller share of consolidated revenue compared to the Northern Operation — around 15% of net operating revenue in 2024 — the Southern network remains relevant in the region’s grain and industrial products logistics, supported by contracts with trading companies and industrial clients. The current terms of the Malha Oeste and Malha Sul concessions run through 2026 and 2027, respectively, which shapes the planning horizon for these assets.

Container Operations, centered on the subsidiary Brado Logística and container operations on the company’s networks, complete the operational structure. Brado Logística, in which Rumo holds a majority 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 has accounted for around 5% of Rumo’s net operating revenue in recent years, it enhances 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 at the Port of Santos, and is part of the Associação para Gestão da Ferrovia Interna do Porto de Santos (AG-FIPS), which reinforces the connection between the railway and port infrastructure.

Rumo’s client base is strongly linked to agribusiness and the foreign trade of agricultural commodities. In 2024, the six largest clients accounted for approximately 48.7% of the company’s net revenue, with emphasis on 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 portion of grain production destined for export in Brazil, with a prominent presence in the state of Mato Grosso, the country’s leading producer of soybeans and corn. The company estimates that it transported approximately one quarter of Brazilian soybean and corn exports in 2024, with significant weight in flows shipped through the Port of Santos, the country’s main grain export hub.

Rumo’s geographic footprint extends across nine Brazilian states, with around 14 thousand kilometers of tracks under concession or authorization. In addition to federal rail concessions, in 2021 the company signed an authorization agreement with the government of Mato Grosso to build, operate and exploit a railway linking the road-rail terminal of Rondonópolis to Cuiabá and Lucas do Rio Verde, a project designed to bring the rail mode closer to the fastest-growing grain production regions in the state. Implementation of the project is phased, with the first stage comprising around 160 kilometers in length, currently under execution, and completion expected over a medium-term horizon. Operations in Mato Grosso reinforce 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 Transportation Agency (ANTT), which is responsible for regulating and overseeing rail concessions, and by the Ministry of Transport, as well as interactions with the National Waterway Transportation Agency (ANTAQ) on issues related to port terminals. The company has long-term concession contracts such as those for the Paulista, Norte, Central, Sul and Oeste networks, as well as a sub-concession contract for the Ferrovia Norte-Sul and a cession contract for the Ferrovia Interna do Porto de Santos, in addition to authorizations for construction and operation of railways at the state level. The company is also subject to legislation on storage of vegetable bulk, 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 gains in efficiency, capacity and safety across 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 transportation to reducing greenhouse gas emissions compared to road transportation, emphasizing large-scale movements as a factor in energy efficiency. The combination of long-distance rail corridors, inland transshipment terminals and port terminals in Santos, Paranaguá, Rio Grande and other coastal locations ensures logistics capillarity aligned with the export agribusiness and industrial sectors that require high-volume transportation, forming the economic base that supports the company’s results and relevance in Brazil’s transportation and logistics sector.