Rumo (RAIL3) Q2 2026 earnings summary

Executive summary

• Transported volume reached 23.8 billion RTK in 2Q26, up 9% year-over-year, led by grain portfolio growth in both Northern and Southern operations.

• Adjusted EBITDA was BRL 2,267 million, flat year-over-year; excluding prior-year insurance proceeds and equity reclassification, growth would have been 4%.

• Adjusted net income was BRL 688 million, down 5.8% from 2Q25, mainly due to higher debt costs.

• Investments totaled BRL 1,597 million in the quarter, focused on maintenance and expansion, especially in the Northern Operation.

• Operations began at the new BR-070 terminal, completing phase one of the Ferrovia do Mato Grosso in June 2026.

Financial highlights

• Net operating revenue rose 6.2% to BRL 3,940 million in 2Q26, driven by higher transported volumes despite lower average prices.

• Gross profit increased 7.8% to BRL 1,968 million, with gross margin at 49.9%.

• Adjusted EBITDA margin declined to 57.5% from 61.4% in 2Q25.

• Net income was BRL 520 million, up 56% from 2Q25, with net margin at 13.2%.

• Net debt totaled BRL 17.3 billion, with financial leverage stable at 2.1x Net Debt/Adjusted EBITDA.

Outlook and guidance

• Management is prioritizing cash preservation, operational efficiency, and selective growth, focusing on extracting value from existing assets.

• Capex in the second half of 2026 is expected to be lower than the first half, with most investments in the Ferrovia do Mato Grosso completed.

• The 2026/27 crop outlook for soybeans and corn in Brazil is stable, with modest expansion in Mato Grosso and continued strong export volumes.

• Commercial strategy aims for stable yields in Q3 and potential growth in Q4, with over 80% of grain and sugar capacity already sold for the year.