Rumo (RAIL3) Q1 2026 earnings summary

Executive summary

• Achieved record first-quarter transported volume of 20.2 billion RTK, up 25% year-over-year, with Northern Operations up 27% and Southern Operations up 22%, and market share gains in all key markets, including a 12 p.p. increase at the Port of Santos.

• Adjusted EBITDA rose 7% to BRL 1,745 million, and adjusted net income increased 41% to BRL 266 million, driven by higher volumes and cost efficiencies.

• Investments totaled BRL 1,774 million, aligned with expansion plans, notably the nearing completion of the Mato Grosso Railway phase one, with operations set to begin in 3Q26.

• Market share gains across all main markets, including notable increases in Mato Grosso, Goiás, Port of Santos, Paranaguá, and São Francisco do Sul ports.

• Maintained operational efficiency with improved fuel consumption (-6%) and stable transit times.

Financial highlights

• Net operating revenue grew 10.6% year-over-year to BRL 3,282 million, mainly from Northern Operation's 27% volume growth.

• Gross profit increased 13% to BRL 1,450 million, with gross margin at 44.2%.

• Adjusted EBITDA margin reached 53.2%, while adjusted net margin improved to 8.1%.

• Net financial result was negative BRL 846 million, impacted by higher debt and interest rates.

• Net debt at quarter-end was BRL 16.9 billion, with financial leverage at 2.1x Net Debt/Adjusted EBITDA.

Outlook and guidance

• Operations in new Mato Grosso Railway assets to begin in 3Q26, supporting further volume and efficiency gains.

• Brazilian 2025/2026 soybean and corn crops expected to remain robust, supporting stable or slightly higher export volumes.

• No major surprises anticipated for 2026; focus remains on operational efficiency, cost reduction, and capital allocation.

• Management continues to monitor impacts from tax reform and geopolitical events, with no material effects identified to date.