Ecorodovias Infraestrutura e Logistica SA
BOVESPA:ECOR3
Ecorodovias Infraestrutura e Logistica SA
EcoRodovias Infraestrutura e Logística SA engages in the operating road, port, and logistics service concession assets, and companies rending services. The company is headquartered in Sao Paulo, Sao Paulo and currently employs 4,875 full-time employees. The company went IPO on 2010-04-01. The Company’s activities are divided into three business segments: Concessions, Logistics and Ports. The Concessions division focuses on managing toll roads, which connects ports located in Santos, Paranagua and Rio Grande, Brazil. The Logistics division comprises the interconnections of the Company’s road concessions that aim at integrating intermodal logistics terminals, port terminals, bonded terminals, distribution centers, customs and ports, as well as providing logistics services. The Ports division is responsible for the port operations, cargo handling and warehousing activities in own terminal, in the Port of Santos, Brazil. The firm holds a number of subsidiaries, such as EcoRodovias Concessoes e Servicos SA, Ecoporto Santos SA and Elog SA. The company is controlled by Primav Construcoes e Comercio SA.
EcoRodovias Infraestrutura e Logística SA engages in the operating road, port, and logistics service concession assets, and companies rending services. The company is headquartered in Sao Paulo, Sao Paulo and currently employs 4,875 full-time employees. The company went IPO on 2010-04-01. The Company’s activities are divided into three business segments: Concessions, Logistics and Ports. The Concessions division focuses on managing toll roads, which connects ports located in Santos, Paranagua and Rio Grande, Brazil. The Logistics division comprises the interconnections of the Company’s road concessions that aim at integrating intermodal logistics terminals, port terminals, bonded terminals, distribution centers, customs and ports, as well as providing logistics services. The Ports division is responsible for the port operations, cargo handling and warehousing activities in own terminal, in the Port of Santos, Brazil. The firm holds a number of subsidiaries, such as EcoRodovias Concessoes e Servicos SA, Ecoporto Santos SA and Elog SA. The company is controlled by Primav Construcoes e Comercio SA.
Traffic Outperformance: Comparable traffic grew 3.2% in Q3, surpassing the ABCR Index, driven by heavy vehicle growth and soybean exports.
Strong Profitability: Adjusted EBITDA rose 23% to BRL 1.5 billion for the quarter with a margin above 76%, and net income reached BRL 430 million.
Cost Efficiency: Adjusted cash costs fell 3.6% in Q3, outpacing inflation and improving the cash cost/revenue ratio to 24.7%.
CapEx Execution: BRL 1.3 billion invested this quarter; full-year 2025 CapEx is now expected at BRL 4.6 billion (lower than prior BRL 5 billion outlook), with normalization to BRL 5.5 billion projected for 2026.
Debt Management: Leverage stood at 3.8x; average debt maturity extended to 8 years, and BRL 1.25 billion in new debentures issued in November.
Digital Toll Growth: Electronic toll collection reached 93% of total revenue, up from 58% five years ago.
Guidance & Outlook: Profitability and margin improvement expected to continue, driven by operational efficiency and tariff adjustments. Leverage is expected to rise temporarily from Q2 2026 due to CapEx and loss of Ecosul EBITDA.
