Rumo S.A.
Interim financial statements
March 31, | 2025 |
Contents | |
Executive Summary | 3 |
Independent auditor's report on review of quarterly information | 18 |
Statements of financial position | 20 |
Statements of profit or loss | 22 |
Statements of comprehensive income | 23 |
Statements of changes in equity | 24 |
Statements of cash flows | 26 |
Statements of value added | 28 |
Notes to the interim financial statements | 29 |
-
1Q25 Executive Summary
In 1Q25, Rumo transported 16.1 billion TRK, a 7% decrease compared to 1Q24. The decline was more concentrated in the Southern Operation, where, in addition to lower volumes of agricultural commodities, industrial cargo transport continued to be impacted by the indefinite suspension of the Tronco Sul line since May 2024, due to severe weather events.
In the Northen Operation, the growth in industrial cargo has partially offset lower grain volumes. Early in the quarter, a delayed harvest in Mato Grosso limited the availability of grain for transport. Later, despite strong crop yields in the Midwest, the pace of commodity commercialization remained below historical averages, reducing pressure on export logistics flows.
Volume - Consolidated and by Operation
(Bln RTK)
17.4
-7%
13.3 13.0
-32%
3.1
+1%
2.1
1.0 1.0
16.1
-2%
Consolidated Northern Operation Southern Operation Conteiner
1Q241Q25Rumo's market share in grain exports through the Port of Santos reached 44% in 1Q25, a decline of 8 percentage points compared to the same period last year. This reduction was driven, in part, by an increase in cargo originating from regions outside Rumo's service area, along with a more competitive market environment. In response, the Company maintained its strategic focus on maximizing contribution margin across the rail network.
Grains Exports in Santos - SP
(Mm tons and %)
44%
52%
-8 p.p.
12,8 13,7
6,2
+22%
7,6
6,6
-7%
6,1
1T24 1T25
RumoMercadoSource: Orion and Rumo.
Rumo's market share in Mato Grosso reached 36%, a reduction of 4 percentage points. This decline reflects a combination of lower overall export volumes in the region and increased competition across logistics corridors.
Grains Exports in MT
(Mm tons and %)
36%
40%
-4 p.p.
5.7
4.7
8.3
8.6
14.3 13.0
-3%
-18%
1Q24 1Q25
Source: Orion and Rumo.
In 1Q25, Rumo expanded its market share in Goiás to 24%, an increase of 4 percentage points. This result reflects the growing maturity of the Central Network, which has supported market diversification and reduced Rumo's dependence on demand dynamics in Mato Grosso.
Grains Exports in GO
24%
(Mm tons and %)
20%
+4 p.p.
1.2
0.8
3.1
3.8
3.9
+23%
+50%
5.0
1Q24 1Q25
Source: Orion and Rumo.
In the Southern Operation, Rumo's share of grain transportation to the ports of Paranaguá (PR) and São Francisco do Sul (SC) declined by 14 percentage points in 1Q25. Although total volumes handled at these ports increased during the period, this growth was primarily driven by cargo originating from regions outside the railway's coverage area. In Rumo's operating regions, crop commercialization progressed at a slower pace, while increased competition from other transport modes further limited the volume available to rail.
Grains Exports in Paranaguá - PR and São Francisco do Sul - SC
30%
(Mm tons and %)
16%
-14 p.p.
2.3
1.4
5.4
7.2
7.7
8.6
+33%
-39%
1Q24 1Q25
Source: Orion and Rumo.
Brazil's 2024/2025 soybean crop is expected to reach 171 million tons, with export volumes projected at 107 million tons. In Mato Grosso, the harvest was the largest in the state's history, with production estimated at 50 million tons and exports at 32 million tons, an increase of 19% and 23%, respectively. These results reflect both the expansion of planted area and record yield levels, supported by favorable weather conditions and increased deployment of agricultural technology.
For the 2024/2025 corn crop, initial estimates point to national production of 133 million tons, up 4% from the previous season, with exports projected at 40 million tons-also a 4% increase. Mato Grosso is expected to contribute 53 million tons to total output, with around 28 million tons destined for export. These projections are based on a larger second-crop planting area and yield levels exceeding initial expectations.
Production and Exports in Brazil
(Mm tons and %)
Production and Exports in MT
(Mm tons and %)
23/24 | 24/25e | Chg. % | 23/24 | 24/25e | Chg. % | |||
Soybean | Soybean | |||||||
Production | 159 | 171 | +8% | Production | 42 | 50 | +19% | |
Exports Corn | 99 | 107 | +8% | Exports Corn | 26 | 32 | +23% | |
Production | 128 | 133 | +4% | Production | 53 | 53 | 0% | |
Exports | 38 | 40 | +5% | Exports | 28 | 28 | 0% |
Source: Rumo, AG Rural, Veeries, Orion, Comex Stat. IMEA Note: (e) - estimates
Financial HighlightsIn 1Q25, net revenue totaled R$ 2,967 million, a 6% decrease compared to 1Q24, primarily driven by lower transported volumes, with the decline concentrated in the Company's Southern Operation.
Total costs and expenses, excluding depreciation, fell 8% in the period. Variable costs dropped 16% as a direct result of lower volumes, while fixed costs and selling, general and administrative expenses grew by less than 1%, remaining below inflation. This performance reflects the Company's continued focus on disciplined cost and expense management, reinforcing its commitment to profitability and operational efficiency.
Adjusted EBITDA reached R$ 1,635 million in the quarter, down 3% year over year. Throughout the period, the Company adopted commercial and operational initiatives that helped partially offset the effects of a more challenging market environment.
Adjusted net income totaled R$ 188 million.
Financial leverage remained at a healthy level, closing the quarter at 1.6x Net Debt to Adjusted EBITDA, underscoring the resilience of the Company's results and its solid capital structure.
- Consolidated Operating and Financial Indicators
Summary of financial information (Amounts in BRL mIn) | 1Q25 | 1Q24 | Chg.% |
Total transported volume (millions RTK) | 16,091 | 17,393 | -7.5% |
Agricultural products | 12,274 | 14,049 | -12.6% |
Soybean | 7,251 | 8,110 | -10.6% |
Soybean meal | 2,781 | 2,500 | 11.2% |
Corn | 169 | 1,058 | -84.0% |
Sugar | 681 | 1,054 | -35.4% |
Fertilizers | 1,236 | 1,151 | 7.4% |
Other | 157 | 176 | -10.8% |
Industrial products | 2,840 | 2,376 | 19.5% |
Fuels | 1,371 | 1,572 | -12.8% |
Industrial | 1,469 | 804 | 82.7% |
Containers | 977 | 968 | 0.9% |
Net revenue | 2,967 | 3,146 | -5.7% |
Transportation | 2,712 | 2,888 | -6.1% |
Logistic solution¹ | 91 | 217 | -58.1% |
Other revenues² | 164 | 41 | >100% |
EBITDA | 1,350 | 1,689 | -20.1% |
EBITDA margin (%) | 45,5% | 53,7% | -15.3% |
Non-recurring adjustments3 | 286 | - | >100% |
Adjusted EBITDA | 1,635 | 1,689 | -3.2% |
Adjusted EBITDA margin (%) | 55.1% | 53.7% | 1.4 p.p. |
1Revenue from sugar transportation using other railways or road transportation. |
2It includes revenue from the pass-through fee of other railways, and revenue from volumes contracted and not executed according to commercial agreements (take-or-pay), among others.
3For better comparability, the results have been adjusted for non-recurring effects, as follows: 1Q25: EBITDA - R$ 286 million | non-cash impairment provision for Malha Sul. Net Income - R$ 286 milion| non-cash impairment provision for Malha Sul.
Yield by Operation North Operation | 1Q25 | 1Q24 | Chg.% |
Yield (R$/000 RTK) | 166,4 | 165,2 | 1% |
% Volume | 81% | 76% | 4.5 p.p. |
South Operation | |||
Yield (R$/000 RTK) | 181,6 | 176,1 | 3% |
% Volume | 13% | 18% | -5.1 p.p. |
Container Operation | |||
Yield (R$/000 RTK) | 168,6 | 145,6 | 16% |
% Volume | 6% | 6% | 0,5 p.p. |
Consolidated | |||
Yield (R$/000 RTK) | 168,6 | 166,1 | 2% |
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Results by Business Unit
Business Units
The business units (reportable segments) are organized as follows:
North Operation Malha Norte, Malha Paulista, Malha Central and Malha Oeste
South Operation Malha Sul
Container Operation Container operations, including Brado Logística
The Company's management has restructured its operating segments, transferring Rumo Malha Oeste from the Southern to the Northern Operation due to internal organizational changes.
As the impact of this change is not material, management has decided not to restate the comparative figures as of March 31st, 2024.
Results by business unit North South Container Consolidated 1Q25 Operation Operation Operation | ||||
Transported volume (million RTK) | 13,033 | 2,080 | 977 | 16,091 |
Net operating revenue | 2,388 | 406 | 173 | 2,967 |
Costs of services | (1,224) | (309) | (150) | (1,684) |
Gross profit | 1,164 | 97 | 23 | 1,283 |
Gross margin (%) | 48.7% | 23.9% | 12.7% | 43.3% |
Sales, general and administrative expenses | (122) | (26) | (16) | (164) |
Other operating revenue (expenses) & eq. pick-up | (29) | (12) | - | (41) |
Impairment Malha Sul | - | (286) | - | (286) |
Depreciation and amortization | 464 | 68 | 25 | 557 |
EBITDA | 1,476 | (158) | 32 | 1,350 |
EBITDA margin (%) | 61.8% | -38.9% | 18.5% | 45.5% |
Non-recurring adjustments | - | 286 | - | 286 |
Adjusted EBITDA | 1,476 | 128 | 32 | 1,635 |
Adjusted EBITDA margin (%) | 61.8% | 31.5% | 18.5% | 55,1% |
Operational data | 1Q25 | 1Q24 | Chg.% |
Total transported volume (millions RTK) | 13,033 | 13,398 | -2.0% |
Agricultural products | 10,518 | 11,584 | -9.2% |
Soybean | 6,488 | 6,827 | -5.0% |
Soybean meal | 2,600 | 2,311 | 12.5% |
Corn | 6 | 802 | <100% |
Sugar | 240 | 543 | -55.8% |
Fertilizers | 1,184 | 1,101 | 7.5% |
Industrial products | 2,515 | 1,714 | 46.7% |
Fuels | 1,222 | 1,161 | 5.3% |
Industrials | 1,294 | 553 | >100% |
Average transportation yield | 166.4 | 165.2 | 1% |
Total volume transported in the Northern Operation reached 13.0 billion RTK in 1Q25, representing a 2% decrease year over year. Growth in industrial cargo, driven by the ramp-up of pulp and bauxite operations, helped partially offset the decline in agricultural volumes during the period.
Within the agricultural portfolio, grain transport was impacted by lower product availability in the first half of the quarter, due to delays in the soybean harvest. Additionally, in a more competitive environment, the Company remained focused on optimizing contribution margin, which limited the volumes captured. Sugar transport reflected the end of a crop cycle with lower availability compared to the previous season. On a positive note, higher volumes of soybean meal helped partially offset the decline in other agricultural commodities.
Financial data (Amounts in BRL mln) | 1Q25 | 1Q24 | Chg.% |
Net revenue | 2,388 | 2,435 | -1.9% |
Transportation | 2,168 | 2,196 | -1.3% |
Logistic solution | 91 | 217 | -58,1% |
Other revenues1 | 129 | 22 | >100% |
Costs of services | (1,224) | (1,271) | -3.7% |
Variable costs | (448) | (565) | -20.7% |
Fixed costs | (313) | (301) | 4.0% |
Depreciation and amortization | (463) | (405) | 14.3% |
Gross profit | 1,164 | 1,164 | - |
Gross margin (%) | 48.7% | 47.8% | 1.9% |
Selling, general and administrative expenses | (122) | (125) | -2.4% |
Other op. revenue (expenses) and equity pick-up | (29) | (26) | 11.5% |
Depreciation and amortization | 464 | 407 | 14.0% |
EBITDA | 1,476 | 1,420 | 3.9% |
EBITDA margin (%) | 61.8% | 58.3% | 3.5 p.p. |
1Includes revenue from the pass-through fee of other railways, revenue from volumes contracted and not executed according to commercial agreements (take-or-pay) and transshipment volumes.
Net operating revenue totaled R$ 2,388 million in the quarter. Rumo's focus on optimizing contribution margin helped partially offset the impact of lower volumes on rail transportation revenue. Additionally, approximately R$ 60 million in take-or-pay revenue was recorded in "Other Revenue."
Variable costs declined 21%, primarily due to lower activity in the logistics solutions segment. Improved energy efficiency also helped soften the impact of higher fuel costs. Fixed costs and general and administrative expenses increased 2%, remaining below inflation, reflecting the Company's disciplined execution and continued efforts to capture synergies across operational structures.
EBITDA reached R$ 1,476 million in the quarter, a 4% increase over 1Q24, with a margin of 62%. The combination of commercial discipline and operational efficiency was key to partially offsetting the headwinds faced during the quarter.
Operational data | 1Q25 | 1Q24 | Chg.% |
Transported volume (million RTK) | 2,080 | 3,127 | -33.5% |
Agricultural products | 1,756 | 2,466 | -28.8% |
Soybean | 763 | 1,284 | -40.6% |
Soybean meal | 182 | 189 | -3.7% |
Corn | 162 | 256 | -36.7% |
Sugar | 441 | 511 | -13.7% |
Fertilizers | 52 | 50 | 4.0% |
Other | 157 | 176 | -10.8% |
Industrial products | 325 | 661 | -50.8% |
Fuel | 149 | 410 | -63.7% |
Industrial | 176 | 251 | -29.9% |
Average transportation yield | 181.6 | 176.1 | 3% |
The Southern Operation transported 2.1 billion TRK in 1Q25, down 34% year over year. Performance was affected by lower availability of grains and sugar throughout the quarter, which weighed on agricultural cargo volumes. In the industrial segment, the transportation of fuels and clinker was impacted by the indefinite suspension of the Tronco Sul line since May 2024, following infrastructure damage caused by extreme weather events in the state of Rio Grande do Sul.
Financial data (Amounts in BRL mln) | 1Q25 | 1Q24 | Chg.% |
Net operating revenue | 406 | 563 | -27.8% |
Transportation | 378 | 551 | -31.4% |
Other revenues¹ | 28 | 12 | >100% |
Cost of services | (309) | (422) | -26.8% |
Variable costs | (95) | (119) | -20.2% |
Fixed costs | (146) | (155) | -5.8% |
Depreciation and amortization | (68) | (148) | -54.1% |
Gross profit | 97 | 141 | -31.2% |
Gross margin (%) | 23.9% | 25.0% | -1.1 p.p |
Selling, general and administrative expenses | (26) | (23) | 13.0% |
Other op. revenue (expenses) and equity pick-up | (12) | (25) | -52.0% |
Impairment Malha Sul | (286) | - | >100% |
Depreciation and amortization | 68 | 148 | -54.1% |
EBITDA | (158) | 241 | <100% |
EBITDA margin (%) | -38.9% | 42.8% | -82p.p |
Non-recurring adjustments² | 286 | - | >100% |
Adjusted EBITDA | 128 | 241 | -46.9% |
Adjusted EBITDA margin (%) | 31.5% | 42.8% | -11.3p.p |
1Includes revenue from volumes contracted and not executed according to commercial agreements (take-or-pay).
2For better comparability, the result was adjusted for non-recurring effects, specifically: 1Q25: EBITDA - R$ 286 million non-cash impairment provision for Malha Sul.
Net operating revenue totaled R$ 406 million in 1Q25, a 28% decline. Higher yields partially mitigated the impact of reduced transported volumes during the period.
Variable costs fell 20% in the period, reflecting the combined effects of reduced volumes and higher unit fuel costs. Fixed costs and general and administrative expenses declined by 3%, supported by initiatives focused on enhancing operational efficiency.
During the quarter, the Company recorded a non-cash impairment provision of R$ 286 million.
Adjusted EBITDA reached R$ 128 million. Disciplined cost management and ongoing efficiency gains helped partially offset the impacts of lower contribution margins and reduced fixed-cost dilution resulting from the volume contraction.
Operational data | 1Q25 | 1Q24 | Chg.% |
Total volume (Containers '000) | 27,566 | 27,983 | -1.5% |
Intermodal average yield (R$/000 RTK) | 169.9 | 145.6 | 17% |
Total volume (millions RTK) | 977 | 968 | 0.9% |
In 1Q25, Brado transported 27,556 containers and 1 billion TRK, maintaining a stable level of operations compared to the previous quarter. This performance reflects a shift in the cargo mix, with increased participation of higher value-added products and longer average haul distances. A key highlight was the growth in cotton lint exports from Mato Grosso, reinforcing Brado's strategy of targeting more profitable flows with greater logistical efficiency.
Financial results (Amounts in BRL mln) | 1Q25 | 1Q24 | Chg.% |
Net operating revenue | 173 | 148 | 16.9% |
Transportation | 166 | 141 | 17.7% |
Other revenues1 | 7 | 7 | - |
Cost of services | (150) | (133) | 12.8% |
Variable costs | (93) | (75) | 24.0% |
Fixed costs | (33) | (30) | 10.0% |
Depreciation and amortization | (24) | (28) | -14.5% |
Gross profit | 22 | 15 | 46.7% |
Gross margin (%) | 12.7% | 10.1% | 2.6 p.p |
Seles, general and administrative expenses | (16) | (15) | 6.7% |
Other op. revenues (expenses) and equity pick-up | - | - | - |
Depreciation and amortization | 25 | 28 | -10.7% |
EBITDA | 32 | 28 | 14.3% |
EBITDA margin (%) | 18.5% | 18.9% | 0.4 p.p |
1Includes revenue from service units. |
The increase in volumes from higher value-added segments drove net operating revenue in the Container Operation to R$ 173 million in 1Q25, a 17% increase year over year.
Variable costs rose by R$ 18 million in the quarter, reflecting a more diversified cargo mix with a higher share of long-haul flows, as well as increased contingency operations in the Baixada Santista region. These additional costs were offset by corresponding revenue pass-through mechanisms. Fixed costs and selling, general, and administrative expenses totaled R$ 49 million in the period.
As a result, EBITDA for the operation reached R$ 32 million in the quarter, up 14% compared to 1Q24.
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Other Results
Breakdown of Costs of Services, General and Administrative Expenses
Consolidated Costs and Expenses
(Amounts in BRL mln)
1Q25
1Q24
Chg.%
Consolidated costs, general and administrative
(1,847)
(1,989)
-7.1%
Variable Costs
(636)
(759)
-16.2%
Variable cost of rail transport
(568)
(565)
0.5%
Fuel and lubricants
(393)
(401)
-2;0%
Other variable costs1
(174)
(165)
5.5%
Variable cost Logistic Solution2
(69)
(193)
-64.2%
Fixed costs and general and administrative
(654)
(649)
0.8%
Payroll expenses
(235)
(248)
-5.2%
Other operational costs3
(258)
(239)
7.9%
General and administrative expenses
(162)
(162)
-
Depreciation and Amortization
(557)
(583)
-4.5%
1Costs, such as rental of rolling stock, roadside in the Container Operation, owned logistics costs, and take-or-pay and others.
2Freight costs with third parties include road and rail freight contracted with other concessionaires.
3Other operational costs include maintenance, third-party services, safety and facilities, among other fixed costs
Variable costs totaled R$ 636 million in 1Q25, a 16% decrease compared to the same period last year. The reduction in transported rail volumes helped offset the impact of higher unit fuel costs. Additionally, sugar volumes handled by third parties in the Logistics Solutions segment fell 53% in the quarter, directly contributing to lower variable costs in this operation.
Fixed costs and selling, general and administrative expenses totaled R$ 654 million in 1Q25, with growth of less than 1%, remaining below inflation for the period. This performance reflects the continued reinforcement of the Company's strategy and culture focused on operational efficiency and disciplined cost control. Improved rail safety also played a role, contributing to lower expenses with indemnities and reduced accident-related costs.
Net Financial ResultsFinancial Results 1Q25 1Q24 Chg.%
(Amounts in BRL mln)
Cost of comprehensive bank debt1
(748)
(557)
34.3%
Charges over leasing
(5,4)
(4,6)
17.4%
Financial income from investments
224
218
2.8%
(=) Cost of comprehensive net debt
(530)
(344)
54.1%
Monetary variation on liabilities of concessions
(114)
(99)
15.2%
Operating lease2
(104)
(94)
10.6%
Rates on contingencies and contracts
(96)
(69)
39.1%
Other financial revenue
76
(15)
>100%
(=) Financial result
(768)
(621)
23.7%
1It includes interest rates, monetary variation, results net of derivatives, and other debt charges.
2It includes adjustments under IFRS 16.
Comprehensive net debt cost increased by R$ 191 million compared to 1Q24, primarily driven by a higher average CDI rate during the period and an increase in the Company's net debt position.
Higher interest rates also negatively impacted the monetary adjustment of concession liabilities. Additionally, monetary updates related to legal contingencies recognized during the quarter contributed to an increase in contingency-related interest expenses.
Income Tax and Social ContributionIncome Tax and Social Contribution
(Amounts in BRL mln)
1Q25
1Q24
Chg.%
Income (loss) before IT / SC
25
485
-94.8%
Theoretical rate IT / SC
34.0%
34.0%
Theoretical income (expenses) with IT / SC
(9)
(165)
-94.5%
Adjustments to calculate the effective rate
Impairment Rumo Malha Sul
(97)
-
>100%
Tax losses and temporary differences not recognized¹
(93)
(68)
37%
Tax incentives arising from the Malha Norte²
77
91
-15.4%
Equity pick-up
(3)
2
>100%
Other effects
3
24
-87.5%
Income (expenses) with IT / SC
(122)
(116)
5.2%
Effective rate (%)
486.4%
23.9%
>100 p,p,
IT/SC current
(117)
(41)
>100%
IT/SC deferred
(5)
(75)
-93.3%
1It was not recorded deferred income tax and social contribution on tax losses for certain companies due to a lack of prospects for future taxable income calculation.
2Malha Norte has SUDAM benefit which entitles a 75% reduction in IRPJ - corporate income tax (25% tax rate), renewed in 2024.
Loans and Financing
Comprehensive gross debt reached R$ 21.2 billion at the end of 1Q25, reflecting new funding, including debenture issuances by Malha Paulista and Brado, as well as disbursements from previously contracted loans. These effects were partially offset by scheduled debt amortizations. Net debt increased to R$ 12.6 billion, primarily due to lower cash generation during the period. As a result, financial leverage, measured by Net Debt to comparable EBITDA, rose to 1.6x.
In March, the Company completed the following transactions:
8th Issuance of Non-Convertible Debentures by Rumo Malha Paulista, totaling R$ 1.8 billion in two series: (i) R$ 435 million, with a 12-year maturity and yield of IPCA + 7.47% p.a.; (ii) R$ 1.36 billion, with a 15-year maturity and yield of IPCA + 7.53% p.a. For this issuance, the Company entered into interest rate swap agreements, resulting in a weighted average cost equivalent to 97.2% of the CDI.
1st Issuance of Non-Convertible Debentures by Brado, totaling R$ 250 million, with a 4-year maturity and a cost of CDI + 0.7%. The proceeds were used to refinance existing debt and strengthen the capital structure by extending maturities and reducing financial expenses.
These transactions contributed to reducing Rumo's weighted average cost of debt to 102.7% of the CDI and extending the average debt maturity to 5.9 years.
Total indebtedness
(Amounts in BRL mln)
1Q25 4Q24 Chg.%
Commercial banks 1,177 1,213 -3.0%
NCE - 277 >100%
BNDES 1,753 1,862 -5.9%
Debentures 12,928 10,722 20.6%
Senior notes 2028 and 2028 5,112 5,050 1.2%
Total bank debt 20,970 19,123 9.7%
Leases1 22 30 -26.7%
Net derivative instruments 245 270 9.3%
Total broad gross debt 21,237 19,423 9.3%
Cash and equivalents of cash equivalents and securities (8,535) (8,274) 3.1%
Restricted cash linked to bank debts (120) (117) 2.6%
Total broad net debt 12,582 11,032 14.1%
Comparable adjusted EBITDA LTM2 7,659 7,713 -0.7%
Leverage (Broad net debt/adjusted EBITDA LTM) 1,6x 1,4x 14.3%
2It excludes operating leases under IFRS 16.
2The LTM EBITDA refers to the sum of the last 12 months of Adjusted EBITDA.
Bank gross indebtedness
(Amounts in BRL mln)
1Q25
Initial balance of broad net debt 11,032
Cash, cash equivalents and marketable securities (8,391)
Initial balance of gross broad debt 19,423
Items with cash impact 963
New funding 1,966
Amortization of principal (626)
Amortization of interest rates (315)
Net derivative instruments (62)
Items without cash impact 851
Provision for interest rates (accrual) 286
Monetary variation, MTM adjustment of debt, and others 529
Net derivative instruments 37
Closing balance of broad net debt 21,237
Cash and cash equivalents and marketable securities (8,535)
Restricted cash linked to bank debts (120)
Closing balance of broad net debt 12,582
Note: Rumo is subject to certain restrictive contractual clauses referring to the level of leverage in a few contracts. The most restrictive provisions are verified annually at the end of the year and refer to net comprehensive indebtedness. This includes bank debts, debentures, leases considered as finance leases, net of marketable securities, cash, and cash equivalents, financial investments restricted cash linked to loans, and derivative instruments. The covenants are: maximum leverage of 3.5x (comprehensive net debt /Adjusted EBITDA LTM) and minimum interest coverage ratio of 2.0x Adjusted EBITDA /Financial result.
Capex
Investments
(Amounts in BRL mln)
1Q25
1Q24
Chg.%
Total investments1
1,780
967
84.1%
Recurring
468
390
20.0%
Expansion
959
495
93.7%
Rumo´s Expansion in Mato Grosso
353
82
>100%
1Cash basis amounts.
Total investment in 1Q25 amounted to R$ 1,780 million. Recurring Capex totaled R$ 468 million, in line with the Company's strategy of preserving assets and reinforcing operational safety.
Expansion Capex, excluding investments related to the Rumo Extension Project in Mato Grosso, totaled R$ 959 million. The year-over-year increase primarily reflects the cash impact of projects for which expenses had been accrued in prior periods.
Investments in the Rumo Extension Project in Mato Grosso, currently in its first phase, connecting the Rondonópolis terminal to the future terminal at BR-070, amounted to R$ 353 million. Construction of the rail segment and terminal is ongoing. Progress early in the year was affected by seasonal rainfall, as anticipated in the project schedule, which remains aligned with the original timeline.
Cash Flow
We present below Rumo's consolidated cash flow. Securities and marketable investments have been classified as cash in this statement.
Managerial cash flow
(Amounts in BRL mln)
1Q25
1Q24
Chg.%
EBITDA
1,350
1,689
-20.1%
Working capital variations and non-cash effects
(617)
(447)
-38.0%
Operating financial result
219
202
8.4%
Impairment Rumo Malha Sul
286
-
>100%
(a) (=) Operating cash flow (CFO)
1,237
1,444
-14.3%
Capex
(1,780)
(967)
84.1%
(b) Recurring
(468)
(390)
20.0%
Expansion
(959)
(495)
93.7%
Rumo´s Expansion in Mato Grosso
(353)
(82)
>100%
Capital increase in a subsidiary
26
-
>100%
Restricted cash
(42)
(2)
>100%
Dividends received
1
8
-87.5%
(c)
(=) Cash flow from investing activities (CFI)
(1,795)
(960)
87.0%
Funding
1,966
1,139
72.6%
Amortization of principal
(724)
(320)
>100%
Amortization of interest rates
(363)
(300)
21.0%
Derivative financial instruments
(62)
(270)
-77.0%
(=) Fluxo de caixa de financiamento (FCF)
818
247
>100%
Forex variation impact on cash balances
(1)
-
>100%
(=) Net cash generated
261
732
-64.3%
(+) Total cash (includes cash + marketable securities) opening
8,274
8,630
-4.1%
(+) Total cash (includes cash + marketable securities) closing
8,535
9,362
-8.8%
Metrics
(=) Cash generation after recurring capex (a+ b)
769
1,054
-27.0%
(=) Cash generation after CFI (a+c)
(558)
485
>100%
Indicadores de Desempenho Operacional e Financeiro
The table below presents the historical performance of key operational indicators.
Operational and Financial Performance Indicators | 1Q25 | 1Q24 | Chg.% | ||
Consolidated | |||||
Operating ratio | 62% | 63% | -1p.p. | ||
Diesel consumption (liters/ '000 GTK) | 3.28 | 3.57 | -8.9% | ||
Rail accidents (MM Train/ train x mile)1 | 1.98 | 2.65 | -25.3% | ||
Personal accidents (accidents/bMM MHW)2 | 1.07 | 0.57 | 87.7% |
North operation transit time3
Rondonópolis (MT) to Santos (SP) (hours) 88.8 90.6 -2.0%
Dwell Time3
Dwell time in Santos (SP) (hours) 16.3 16.5 -1.2%
1Result under international standards, the FRA criteria (Federal Railroad Administration) has been adopted, which enables railways international comparison. The rate reflects the number of train wrecks that resulted in damages exceeding US$12,400, divided by the total mileage run during the period.
2It considers the accumulated average of the past 12 months of of the indicators for lost-time injury frequency (LTIF) and restricted work accidents (SAF) for both own employees and third parties.
3It considers the time spent in the Port of Santos (SP) between arrival and departure.
Operating Ratio: The indicator, which reflects the proportion of costs and expenses as a percentage of net revenue, remained stable during the quarter. The result was driven by a proportionally greater reduction in operating costs compared to the decline in net revenue.
Diesel Consumption: energy efficiency improved by 9% in the quarter, as a result of investments in railway infrastructure maintenance, the implementation of operational optimization technologies, and a higher share of the North Operation in transported volumes, which benefits from more favorable energy consumption conditions.
Railway Accidents: The indicator, which follows the criteria of the FRA (Federal Railroad Administration) to measure the accident rate based on distance traveled, recorded a 25% decrease in the quarter. The result reflects the Company's strong focus on safety, disciplined operational execution, and investments in assets and infrastructure that contribute to safer and more efficient operating conditions.
Personal Accidents: The indicator for lost-time injury frequency (LTIF) per million man-hour worked stood at 0.44, while the restricted work accident rate (SAF) reached 0.63. The Company acknowledges that recent results remain below expectations and is actively working to strengthen safety processes for both direct and third-party employees.
Transit Time in the North Operation and Dwell Time in Santos (SP): Asset utilization efficiency indicators in the North Operation improved during the quarter, driven by a robust investment agenda and the ongoing improvement of operational practices and asset management.
(A free translation of the original in Portuguese)
Report on review of parent company and consolidated condensed interim financial statementsTo the Board of Directors and Stockholders Rumo S.A
Introduction
We have reviewed the accompanying condensed interim financial position of Rumo S.A. ("Company") as at March 31, 2025 and the related condensed statements of profit or loss and comprehensive income for the quarter period then ended, and the condensed statements of changes in equity and cash flows for the three-month period then ended, as well as the accompanying consolidated condensed interim balance sheet of the Company and its subsidiaries ("Consolidated") as at March 31, 2025 and the related consolidated condensed statements of profit and loss and comprehensive income for the quarter period then ended, and the consolidated condensed statements of changes in equity and cash flows for the three-month period then ended, and explanatory notes.
Management is responsible for the preparation and presentation of these parent company and consolidated condensed interim financial statements in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and International Accounting Standard (IAS) 34 - "Interim Financial Reporting", of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - "Review of Interim Financial Information Performed by the Independent Auditor" of the Entity, and ISRE 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated condensed interim financial statements referred to above are not prepared, in all material respects, in accordance with CPC 21 and IAS 34.
2
https://www.pwc.com.br
PricewaterhouseCoopers Auditores Independentes Ltda. Avenida Brigadeiro Faria Lima, 3732,
Edifício B32, 16o, São Paulo, SP, Brasil, 04538-132 T: +55 (11) 4004-8000
Rumo S.A.
Other matters
Condensed statements of value added
The interim condensed financial statements referred to above include the parent company and consolidated condensed statements of value added for the three-month period ended March 31, 2025. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the condensed interim financial statements for the purpose of concluding whether they are reconciled with the condensed interim financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these condensed statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated condensed interim financial statements taken as a whole.
Audit and review of prior-year information
The individual and consolidated condensed interim financial statements mentioned in the first paragraph include accounting information corresponding to statements of profit or loss, comprehensive income, changes in equity, cash flows, and added value for the quarter ended March 31, 2024, obtained from the individual and consolidated condensed interim financial statements for that quarter, as well as balance sheets as of December 31, 2024, obtained from the financial statements as of December 31, 2024, presented for comparison purposes. The review of the individual and consolidated condensed interim financial statements for the quarter ended March 31, 2024, and the audit of the financial statements for the fiscal year ended December 31, 2024, were audited by another firm of auditors whose review and audit reports, dated May 9, 2024, and February 20, 2025, respectively, expressed unqualified opinions on these matters.
São Paulo, May 8, 2025
PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP000160/O-5
Vinícius Ferreira Britto Rego Contador CRC 1BA024501/O-9
3
March 31, | December |
2025 | 31, 2024 |
1,764,828 | 2,403,629 |
16,798 | 95,912 |
15,178 | 32,412 |
- | - |
4,781 | 1,556 |
53,274 | 76,002 |
- | - |
157,135 | 132,856 |
569,993 | 567,867 |
77,629 | 80,297 |
2,659,616 | 3,390,531 |
60,792 | 60,792 |
2,720,408 | 3,451,323 |
- | - |
87 | 84 |
212,235 | 193,719 |
- | - |
63,941 | 51,941 |
3,148 | - |
68,212 | 66,926 |
722,220 | 650,868 |
9,387 | 16,887 |
20,114,249 | 19,768,695 |
2,726,966 | 2,314,044 |
184,648 | 194,209 |
32,647 | 31,522 |
24,137,740 | 23,288,895 |
26,858,148 | 26,740,218 |
March 31, | December | |
2025 | 31, 2024 | |
7,853,486 | 7,461,618 | |
681,178 | 812,795 | |
739,366 | 568,577 | |
44,493 | 706,550 | |
328,152 | 282,580 | |
109,382 | 102,665 | |
174,339 | 117,416 | |
552,104 | 548,807 | |
17 | 17 | |
180,846 | 210,742 | |
10,663,363 | 10,811,767 | |
60,792 | 60,792 | |
10,724,155 | 10,872,559 | |
13,961 | 14,772 | |
157,520 | 117,885 | |
215,913 | 216,614 | |
1,747,650 | 1,709,521 | |
29,878 | 21,452 | |
1,022,519 | 977,285 | |
321,814 | 301,726 | |
1,453,642 | 941,427 | |
56,576 | 76,661 | |
300,652 | 321,985 | |
21,157,337 | 20,435,467 | |
6,520,377 | 6,545,890 | |
7,700,662 | 8,039,779 | |
40,698,501 | 39,720,464 | |
51,422,656 | 50,593,023 |
Note
Assets
Cash and cash equivalents 5.2
Marketable securities 5.3
Trade receivables 5.4
Derivative financial instruments 5.8
Inventories 5.10
Receivables from related parties 4.1
Income tax and social contribution recoverable
Other recoverable taxes 5.9
Dividends and interest on own capital receivable
Other assets
Assets held for sale
Current
Trade receivables 5.4
Restricted cash 5.3
Income tax and social contribution recoverable
Deferred income tax and social contribution 5.14
Receivables from related parties 4.1
Other recoverable taxes 5.9
Judicial deposits 5.15
Derivative financial instruments 5.8
Other assets
Investments in subsidiaries, join ventures and associates
5.11
Property, plant and equipment 5.12.1
Intangible assets 5.12.2
Right-of-use 5.12.3
Non-current Total assets
The accompanying notes are an integral part of these interim financial statements.
20
March 31, | December | March 31, | December |
2025 | 31, 2024 | 2025 | 31, 2024 |
98,792 | 46,912 | 960,915 | 1,241,113 |
12,328 | 11,368 | 705,785 | 658,203 |
515,132 | 515,583 | 1,574,479 | 1,362,291 |
229,265 | 489,845 | 953,477 | 1,777,918 |
13,339 | 19,092 | 246,159 | 376,475 |
20,332 | 7,461 | 28,362 | 49,477 |
26,324 | 27,648 | 85,547 | 84,132 |
5,440 | 5,440 | 11,648 | 11,314 |
- | - | 170,863 | 166,273 |
32,210 | 38,807 | 375,026 | 366,186 |
- | - | 2,532 | 2,540 |
21,239 | 25,970 | 284,869 | 338,759 |
54,624 | 79,460 | 231,663 | 234,121 |
1,029,025 | 1,267,586 | 5,631,325 | 6,668,802 |
6,903,666 | 6,730,332 | 20,009,027 | 17,882,105 |
26,299 | 25,933 | 3,364,232 | 3,373,987 |
44,172 | 53,639 | 214,271 | 555,913 |
- | - | 5 | 13 |
157,749 | 148,541 | 1,185,894 | 1,098,418 |
- | - | 3,669,664 | 3,554,917 |
3,792,097 | 3,507,571 | - | - |
4,733 | 4,733 | - | - |
296,668 | 265,014 | 2,499,489 | 2,477,267 |
- | - | 15,962 | 16,589 |
4,805 | 5,625 | 27,442 | 29,857 |
11,230,189 | 10,741,388 | 30,985,986 | 28,989,066 |
12,259,214 | 12,008,974 | 36,617,311 | 35,657,868 |
12,560,952 | 12,560,952 | 12,560,952 | 12,560,952 |
(91,068) | (92,220) | (91,068) | (92,220) |
2,232,540 | 2,224,225 | 2,232,540 | 2,224,225 |
(3,624) | 38,287 | (3,624) | 38,287 |
(99,866) | - | (99,866) | - |
14,598,934 | 14,731,244 | 14,598,934 | 14,731,244 |
14,598,934 | 14,731,244 | 14,598,934 | 14,731,244 |
- | - | 206,411 | 203,911 |
14,598,934 | 14,731,244 | 14,805,345 | 14,935,155 |
26,858,148 | 26,740,218 | 51,422,656 | 50,593,023 |
Note
Liabilities
Loans, financing and debentures 5.5
Lease liabilities 5.6
Derivative financial instruments 5.8
Trade payables 5.7
Salaries payable
Current income and social contribution taxes
Other taxes payable 5.13
Dividends and interest on own capital payable
Installment leases and concessions under litigation
5.16
Payables to related parties 4.1
Deferred income
Other financial liabilities 5.1
Other payables
Current
Loans, financing and debentures 5.5
Lease liabilities 5.6
Derivative financial instruments 5.8
Other taxes payable 5.13
Provision for judicial demands 5.15
Installment leases and concessions under litigation
5.16
Provision for capital deficiency 5.11
Payables to related parties 4.1
Deferred income tax and social contribution 5.14
Deferred income Other payables
Non-current Total liabilities
Equity
Share capital 5.17
Treasury shares Capital reserve
Equity valuation adjustments Accumulated result
Equity attributable to:
Owners of the Company
Non-controlling interests 5.11
Total equity
Total liabilities and equity
The accompanying notes are an integral part of these interim financial statements.
21
Note Parent Company Consolidated
Net revenue from services 6.1
Cost of services 6.2
Gross profit
Selling expenses 6.2
General and administrative expenses 6.2
Other incomes (expenses), net 6.3
Impairment losses 4.2
Operating expenses
Equity income on investments 5.11
Result before financial result and income tax and social contribution
Financial expenses Financial incomes Foreign exchange, net Derivatives
Financial results, net 6.4
Results before income tax and social contribution
Income tax and social contribution 5.14
Current Deferred
Result for the period
Total result attributable to:
Owners of the Company Non-controlling interests
Earnings per share from: 6.6
Basic Diluted
March 31,
March 31, | |
2025 | |
153,122 | |
(103,458) | |
49,664 | |
(102) | |
(5,514) | |
7,891 | |
- | |
2,275 | |
(2,219) | |
49,720 | |
(279,385) | |
117,355 | |
3,771 | |
40,327 | |
(117,932) | |
(68,212) | |
- | |
(31,654) | |
(31,654) | |
(99,866) | |
(99,866) | |
- | |
(R$0.05386) | |
(R$0.05386) |
2024
297,736
(275,552)
22,184
(144)
(14,872)
(9,671)
-
(24,687)
481,809
479,306
(242,026)
97,153
200
36,727
(107,946)
371,360
-
(2,383)
(2,383)
368,977
368,977
-
R$0.19950 R$0.19900
March 31,
March 31, | |
2025 | |
2,966,750 | |
(1,683,562) | |
1,283,188 | |
(14,259) | |
(149,241) | |
(31,835) | |
(285,608) | |
(480,943) | |
(9,441) | |
792,804 | |
(928,059) | |
313,563 | |
460,718 | |
(613,881) | |
(767,659) | |
25,145 | |
(116,827) | |
(5,494) | |
(122,321) | |
(97,176) | |
(99,866) | |
2,690 | |
(R$0.05386) | |
(R$0.05386) |
2024
3,146,017
(1,826,033)
1,319,984
(11,588)
(151,817)
(56,651)
-
(220,056)
5,630
1,105,558
(791,132)
240,638
(173,095)
102,510
(621,079)
484,479
(41,332)
(74,809)
(116,141)
368,338
368,977
(639)
R$0.19950 R$0.19900
The accompanying notes are an integral part of these interim financial statements.
22
Parent Company Consolidated
March 31, | March 31, | March 31, | March 31, | ||||
2025 | 2024 | 2025 | 2024 | ||||
Result for the period (99,866) | 368,977 | (97,176) | 368,338 | ||||
reclassified to profit or loss Result on cash flow hedge accounting (62,906) | - | (62,967) | - | ||||
on cash flow hedge accounting 21,409 | - | 21,409 | - | ||||
Foreign currency translation adjustment effect | (414) | 11 | (414) | 11 | |||
(41,911) | 11 | (41,972) | 11 | ||||
Other comprehensive results, net of income tax and social contribution | (41,911) | 11 | (41,972) | 11 | |||
Total comprehensive result | (141,777) | 368,988 | (139,148) | 368,349 | |||
Comprehensive result attributable to: | |||||||
Owners of the Company | (141,777) | 368,988 | (141,777) | 368,988 | |||
Non-controlling interest | - | - | 2,629 | (639) | |||
Items that may subsequently be
Deferred income tax and social contribution
The accompanying notes are an integral part of these interim financial statements.
23
Share capital
Treasury share
Capital reserve
Profit reserve
Equity valuation adjustments
Accumulated Total results
Non-controlling interest
Total equity
At January 1, 2025 | 12,560,952 | (92,220) | 205,892 | 2,018,333 | 38,287 | - | 14,731,244 | 203,911 | 14,935,155 |
Result for the period | - | - | - | - | - | (99,866) | (99,866) | 2,690 | (97,176) |
Other comprehensive income: | |||||||||
Foreign currency translation effects | - | - | - | - | (414) | - | (414) | - | (414) |
Result of cash flow hedge accounting | - | - | - | - | (41,497) | - | (41,497) | (61) | (41,558) |
Total comprehensive income, net of taxes | - | - | - | - | (41,911) | (99,866) | (141,777) | 2,629 | (139,148) |
Contributions and distributions to shareholders | |||||||||
Share-based payment transactions | - | - | 9,467 | - | - | - | 9,467 | 181 | 9,648 |
Share options exercised | - | 1,152 | (1,152) | - | - | - | - | - | - |
Dividends | - | - | - | - | - | - | - | (310) | (310) |
Total of contributions and distributions to shareholders | - | 1,152 | 8,315 | - | - | - | 9,467 | (129) | 9,338 |
At March 31, 2025 | 12,560,952 | (91,068) | 214,207 | 2,018,333 | (3,624) | (99,866) | 14,598,934 | 206,411 | 14,805,345 |
The accompanying notes are an integral part of these interim financial statements.
24
Share capital
Treasury share
Capital reserve
Profit reserve
Equity valuation adjustments
Accumulated Total results
Non-controlling interest
Total equity
At January 1, 2024 | 12,560,952 | (118,577) | 214,409 | 2,977,580 | 36,988 | - | 15,671,352 | 199,703 | 15,871,055 |
Result for the period | - | - | - | - | - | 368,977 | 368,977 | (639) | 368,338 |
Other comprehensive income: | |||||||||
Foreign currency translation effects | - | - | - | - | 11 | - | 11 | - | 11 |
Total comprehensive income, net of taxes | - | - | - | - | 11 | 368,977 | 368,988 | (639) | 368,349 |
Contributions and distributions to shareholders | |||||||||
Stock issue expenses | - | - | - | - | - | - | - | - | - |
Share-based payment transactions | - | - | 10,404 | - | - | - | 10,404 | 250 | 10,654 |
Share options exercised | - | 221 | (221) | - | - | - | - | - | - |
Total of contributions and distributions to shareholders | - | 221 | 10,183 | - | - | - | 10,404 | 250 | 10,654 |
At March 31, 2024 | 12,560,952 | (118,356) | 224,592 | 2,977,580 | 36,999 | 368,977 | 16,050,744 | 199,314 | 16,250,058 |
The accompanying notes are an integral part of these interim financial statements.
25
Parent Company Consolidated
Note | March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |
Cash flow from operating activities | |||||
Result before income taxes and social contribution | (68,212) | 371,360 | 25,145 | 484,479 | |
Adjustments for: | |||||
Depreciation and amortization | 6.2 | 25,066 | 25,337 | 556,776 | 583,303 |
Impairment | 4.2 | - | - | 285,608 | - |
Equity pick-up from controlled and associated companies | 5.11 | 2,219 | (481,809) | 9,441 | (5,630) |
Provision for profit sharing and bonuses | 2,523 | 2,150 | 46,958 | 45,447 | |
Result from disposal of fixed and intangible assets | 6.3 | (5,216) | - | (8,333) | (1,595) |
Provision for legal proceedings | 6.3 | 4,771 | 9,134 | 36,206 | 50,619 |
Allowance for doubtful accounts. | 39 | 144 | 19 | 378 | |
Share-based payment transactions | 8,779 | 9,566 | 9,648 | 10,653 | |
Extemporaneous tax credits | 6.3 | 41 | - | (3,017) | (695) |
Provision for take or pay transactions | (14,601) | 38,740 | (76,176) | 20,945 | |
Interest, monetary and exchange variations, net | 178,079 | 187,178 | 970,966 | 790,148 | |
Other | (227) | - | (850) | (8,381) | |
133,261 | 161,800 | 1,852,391 | 1,969,671 | ||
Changes in: | |||||
Trade receivables | 17,442 | 2,507 | (87,132) | (157,774) | |
Related parties, net | 2,498 | (49,954) | (44,941) | 93,596 | |
Other taxes, net | (32,656) | (34,356) | (122,636) | (119,444) | |
Inventories | (3,184) | 87 | (6,171) | (21,561) | |
Salaries payable | (7,830) | (7,634) | (157,129) | (123,303) | |
Trade payables | (32,945) | (34,500) | (119,240) | (73,469) | |
Installment payable of leases and concessions under litigation | - | - | (3,384) | (2,609) | |
Provision for legal proceedings | (6,132) | (4,184) | (34,380) | (53,177) | |
Derivative financial instruments | - | - | (4,891) | - | |
Other financial liabilities | (6,504) | (5,922) | (53,174) | (50,936) | |
Other assets and liabilities, net | (591) | (32,706) | 1,693 | (50,313) | |
(69,902) | (166,662) | (631,385) | (558,990) | ||
Net cash generated by (used in) operating activities | 63,359 | (4,862) | 1,221,006 | 1,410,681 | |
Cash flow from investing activities | |||||
Capital increase (reduction) in controlled and associated companies | 5.11 | (119,000) | - | 11,000 | - |
Sales (purchases) of marketable securities | 80,206 | 62,040 | 147,789 | (397,214) | |
Restricted cash | (2) | (1) | (41,530) | (1,658) | |
Dividends received from controlled and associated companies | - | 7,500 | 900 | 7,500 | |
Additions to property, plant and equipment and intangible assets | (581,429) | (165,925) | (1,764,569) | (967,106) | |
Net cash generated by (used in) investing activities | (620,225) | (96,386) | (1,646,410) | (1,358,478) | |
Cash flow from financing activities | |||||
Loans, financing and debentures raised | 5.5 | - | - | 1,966,327 | 1,138,858 |
Repayment of principal on loans, financing and debentures | 5.5 | - | (16,057) | (615,268) | (221,043) |
Payment of interest on loans, financing and debentures | 5.5 | (41,789) | (35,732) | (314,817) | (252,146) |
Repayment of principal on financing leases | 5.6 | (1,729) | (1,392) | (108,527) | (98,864) |
Payment of interest on financing leases | 5.6 | (1,440) | (1,811) | (47,734) | (48,004) |
Payment of derivative financial instruments | (36,977) | (38,722) | (639,709) | (281,362) | |
Receipts of derivative financial instruments | - | - | 577,744 | 11,083 | |
Net cash generated by (used in) financing activities | (81,935) | (93,714) | 818,016 | 248,522 | |
Impact of exchange variation on cash and cash equivalents | - | - | (744) | 144 | |
(Decrease) Increase in cash and cash equivalents, net | (638,801) | (194,962) | 391,868 | 300,869 | |
Cash and cash equivalents at the beginning of the period | 2,403,629 | 3,114,042 | 7,461,618 | 7,233,993 | |
Cash and cash equivalents at the end of the period | 1,764,828 | 2,919,080 | 7,853,486 | 7,534,862 | |
Additional information: Income tax and social contribution paid | - | - | 3,559 | 1,504 | |
The accompanying notes are an integral part of these interim financial statements. | |||||
26
Transactions that did not involve cash
The Company presents its statements of cash flows using the indirect method. During the period ended on March 31, 2025, the Company carried out the following non-cash transactions which therefore are not reflected in the parent Company and consolidated cash flow statements:
Recognition of right-of-use assets with offsetting entry to the lease liability of R$ 86,331 (R$ 908 at March 31, 2024), related to contractual readjustments and new contracts covered by the lease standard (Note 5.12.3).
Assets acquired with payments in installments amounted to R$ 461,791 payable on March 31, 2025 (R$ 1,092,136 on December 31, 2024).
Presentation of interest and dividends
The Company classifies dividends and interest on equity received as cash flow from investment activities, in order to avoid distortions of its operating cash flows due to the cash received from these operations.
Interest paid is classified as cash flow related to financing activities, as it is deemed to be a cost associated with obtaining financial resources for investment in fixed and intangible assets.
27
Parent Company Consolidated
Revenue
Gross revenue
Other operating revenue, net Provision for expected credit losses
Raw materials acquired from third parties
Cost of services rendered
Materials, energy, third party services, others
Gross value added Retention
Depreciation, amortization and impairment
Net value added
Value added transferred in
Equity in subsidiaries and associates Rentals received
Financial incomes
Value added to be distributed (absorbed) Distribution of value added
Employee and social charges
Remuneration Benefits
Severance Indemnity Fund - FGTS
Taxes and contributions
Federal State Municipal
Third party capital remuneration
Interest
Concession contracts and leases
Equity capital remuneration Non-controlling interests Result for the period
March 31,
March 31, | |
2025 | |
157,511 | |
19,225 | |
(39) | |
176,697 | |
(70,185) | |
(5,725) | |
(75,910) | |
100,787 | |
(25,066) | |
(25,066) | |
75,721 | |
(2,219) | |
- | |
117,355 | |
115,136 | |
190,857 | |
15,752 | |
14,920 | |
336 | |
496 | |
38,261 | |
38,207 | |
- | |
54 | |
236,710 | |
235,287 | |
1,423 | |
(99,866) | |
- | |
(99,866) | |
190,857 |
2024
315,295
763
(144)
315,914
(212,732)
(33,837)
(246,569)
69,345
(25,337)
(25,337)
44,008
481,809
719
97,153
579,681
623,689
21,666
19,997
1,233
436
27,274
21,917
15
5,342
205,772
205,099
673
368,977
-368,977
March 31,
March 31, | |
2025 | |
3,134,942 | |
39,378 | |
(18) | |
3,174,302 | |
(814,492) | |
(192,115) | |
(1,006,607) | |
2,167,695 | |
(842,384) | |
(842,384) | |
1,325,311 | |
(9,441) | |
- | |
313,563 | |
304,122 | |
1,629,433 | |
325,837 | |
275,824 | |
38,727 | |
11,286 | |
311,577 | |
246,196 | |
54,252 | |
11,129 | |
1,089,195 | |
1,081,222 | |
7,973 | |
(97,176) | |
2,690 | |
(99,866) | |
1,629,433 |
2024
3,299,558
872
4,832
3,305,262
(922,409)
(209,433)
(1,131,842)
2,173,420
(583,303)
(583,303)
1,590,117
5,630
719
240,638
246,987
1,837,104
294,676
229,144
56,001
9,531
295,268
233,052
46,724
15,492
878,822
861,717
17,105
368,338
(639)
368,977
623,689
1,837,104
The accompanying notes are an integral part of these interim financial statements.
28
Company and group information
Operations
Rumo S.A. ("the Company" or "Rumo S.A."), is a publicly traded Company headquartered in the city of Curitiba, State of Paraná, Brazil, with its shares listed on B3 S.A. - Brasil, Bolsa, Balcão ("B3") under the ticker RAIL3.
The Company is a service provider in the logistics sector (rail and multimodal transport), mainly in relation to the exporting of commodities. The Company offers integrated solutions for transportation, handling, storage and shipping from the production centers to the main ports in the south and southeast of Brazil and also holds interests in other logistics-related companies and ventures.
The Company operates in the rail transportation segment in the south of Brazil through its subsidiary Rumo Malha Sul S.A. ("Rumo Malha Sul"), in the Midwest region and the State of São Paulo through the Company, its subsidiaries Rumo Malha Paulista S.A. ("Rumo Malha Paulista"), Rumo Malha Norte S.A. ("Rumo Malha Norte"), Rumo Malha Oeste S.A. ("Rumo Malha Oeste"), and Rumo Malha Central S.A. ("Rumo Malha Central") reaching the states of Goiás and Tocantins. The Company also has a subsidiary, Brado Logística e Participações
S.A. ("Brado"), which operates in the container segment.
29
The concession of railway operations and port terminals
The Company holds, directly or through subsidiaries or affiliates, authorizations and concessions for railroad and port terminal services, with the following scopes and terms:
Companies Concession
ending
Coverage areas
Rumo S.A.
September
2066 Mato Grosso State
Subsidiaries
Rumo Malha Paulista S.A. December 2058 São Paulo State
Rumo Malha Sul S.A. February 2027 South and São Paulo State
Rumo Malha Oeste S.A. June 2026 Midwest and São Paulo State
Rumo Malha Norte S.A. May 2079 Midwest
Rumo Malha Central S.A. July 2049 North, Midwest and São Paulo State
Associates
CLI Sul S.A. March 2036 Port of Santos-SP
Terminal XXXIX S.A. October 2050 Port of Santos-SP TGG - Terminal de Granéis do Guarujá
S.A. August 2027 Port of Santos-SP Termag - Terminal Marítimo de Guarujá
S.A. August 2027 Port of Santos-SP Associação Gestora da Ferrovia Interna
do Porto de Santos (AG-FIPS) October 2058 Port of Santos-SP
The above subsidiaries associates and jointly controlled companies are subject to the fulfillment of certain conditions set out in the privatization notices and in the concession contracts for railway networks and port terminals. To the extent that there is no substantive control over who should provide the service and there is no substantive price control, IFRIC 12 / ICPC 01(R1) is not applicable to the Company and therefore the assets acquired by it are treated under IFRS 16 / CPC 06 (R2) - Leases and IAS 16 / CPC 27 - Property, plant and equipment.
30