Ecorodovias Infraestrutura e Logistica SA
BOVESPA:ECOR3
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Ecorodovias Infraestrutura e Logistica SA
BOVESPA:ECOR3
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BR |
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S
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Shenzhen Kaifa Technology Co Ltd
SZSE:000021
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CN |
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: Comparable traffic rose 3.3% in Q4 and 3.9% in 2025, slightly above the ABCR benchmark for the year.
Profitability: Adjusted EBITDA was BRL 1.4 billion in Q4 and BRL 5.6 billion in 2025 with a Q4 margin of 74.5% and year margin reported at 75.2%.
Net income: Recurring net income was BRL 242 million in Q4 and BRL 853 million in 2025, held back by higher financial expenses from increased debt and rates.
CapEx acceleration: The company invested BRL 1.7 billion in Q4 and BRL 5.1 billion in 2025; 2026 expected CapEx is BRL 5.4 billion (±10–15% potential deviation).
Leverage and debt mix: Leverage stable at 3.8x (3.7x pro forma), average debt maturity extended to 7.9 years, and inflation-indexed debt share increased to better match tariff indices.
Operational improvements: Adjusted cash cost fell 1.8% in Q4 (ex-Ecoporto) and 0.8% in 2025, keeping cash costs / revenue at 25.3% in 2025 (down 2.2 p.p. vs 2024).
Regulatory items: COVID-19 imbalances were recognized for Ecovias Imigrantes and Leste Paulista; Ecovias Sul concession terminated in March 2026 with recognized credits of BRL 107.3 million.
Digital & collection: Electronic and digital toll collection reached 93% of toll revenue in Q4.
