Rumo SA
Condensed interim financial statements
on June 30, 2025
Contents
Management comments
Report on review of parent company and consolidated condensed interim financial statements
Condensed statement of financial position
Condensed statements of profit or loss
Condensed statements of comprehensive income
Condensed statement of changes in equity
Condensed statement of cash flows
Statement of added value
Explanatory notes to the interim financial statements
1. 2Q25 Executive SummaryIn 2Q25, Rumo transported 21.8 billion RTK, a 4% increase year over year. In the North Operation, growth was driven by higher soybean volumes and the consolidation of new operations of pulp and bauxite. In the South Operation, although overall volume declined, there was a gradual and consistent recovery throughout the quarter, particularly in the agricultural portfolio. In the container segment, while volumes increased, the impact was offset by a shorter average haul distance, resulting in a year-over-year decline in RTK.
4%
20.9
21.8
Volume - Consolidated and by Operation
(Bln RTK)
6%
16.9
18.0
-11%
-2%
3.2 2.9
1.0 1.0
Consolidated North Operation South Operation Conteiner
Rumo's market share in grain exports through the Port of Santos reached 51% in 2Q25, up from 44% in 1Q25. The Company gained share in April and June, although quarterly performance was affected by the export peak in May, when the port handled more than 1 million additional tons.
Grain Exports in Santos - SP
(Mln tons and %)
51%
52%
-0.5 p.p.
16.9 17.5
9.0
+3%
8.7
8.6
8.2
+5%
Source: Orion and Rumo.
2Q24 2Q25
Rumo's market share in grain exports from Mato Grosso reached 42% in 2Q25, up from 36% in 1Q25, returning to a normalized level. Market expansion during the quarter was driven by the largest soybean crop ever harvested in the state, in contrast to the shortfall in the previous cycle. In this context, rail once again accounted for over 40% of total grain outflow, reinforcing Rumo's position as the region's leading logistics provider.
Grain Exports in MT
(Mln tons and %)
36%
40%
-4 p.p.
7.4
7.1
-18%
9.1
10.1
16.1 17.5
Source: Orion and Rumo.
-3%
2Q24 2Q25
In Goiás, the export market grew 4% in 2Q25. Rumo's volumes remained stable in the period, resulting in a 24% market share.
Grain Exports in GO
(Mln tons and %)
24%
25%
-1 p.p.
5.6 5.8
1.4
1.4
4.4
4.1
+7%
Source: Orion and Rumo.
2Q24 2Q25
In the South Operation, Rumo 's share of grain transportation to the ports of Paranaguá (PR) and São Francisco do Sul (SC) reached 28% in the 2Q25, similar level to the same period of the previous year. This performance reflects a normalization of the market following the Company's strategy for competitive repositioning. Performance throughout the quarter showed an upward trend, with market share exceeding 30% in May and June.
Grain Exports in Paranaguá - PR and São Francisco do Sul - SC
(Mln tons and %)
28%
29%
-1 p.p.
8.7
-9% | ||||
6.1 | -17% | 5.5 | ||
2.6 | 2.1 |
7.6
Source: Orion and Rumo.
2Q24 2Q25
Brazil's 24/25 soybean harvest is estimated at 172 million tons, with export volumes projected to reach 107 million tons. In Mato Grosso, the harvest consolidated its position as the largest in the state's history, with production totaling 50 million tons and exports expected to reach 31 million tons, up 19% year over year. This performance reflects both the expansion of planted area and record agricultural yields, supported by favorable weather conditions and greater use of farming productivity.
As for the corn crop, the 24/25 season is expected to reach 137 million tons nationwide, a 7% increase from the previous cycle, with exports projected at 43 million tons, up 8%. Mato Grosso is expected to account for 57 million tons, with around 27 million destined for export. A combination of larger planted area and yields above initial expectations led to successive upward revisions throughout the season, signaling the potential for the largest second-crop harvest (safrinha) ever recorded in the state.
Production and Exports in Brazil
(Mln tons and %)
Production and Exports in MT
(Mln tons and %)
23/24 | 24/25e | Chg. % | 23/24 | 24/25e | Chg. % | |||
Soybean | Soybean | |||||||
Production | 159 | 172 | 8% | Production | 42 | 50 | 19% | |
Exports Corn Production | 99 128 | 107 137 | 8% 7% | Exports Corn Production | 26 53 | 31 57 | 19% 8% | |
Exports | 40 | 43 | 8% | Exports | 26 | 27 | 4% |
Source: Rumo, AG Rural, Veeries, Orion, Comex Stat. IMEA Note: (e) - estimates
Financial Highlights
In 2Q25, net revenue totaled R$3,711 million, a 4% increase year over year, driven by a solid performance in the North Operation, which posted an 8% growth in transported volume. This result offset the weaker performance of the South Operation, with was affected by lower volumes and price adjustments, in line with the competitive repositioning strategy adopted by the Company.
Variable costs rose 22% in the period, primarily due to the higher transported volumes and additional expenses related to the remuneration of third-party rolling stock. On the other hand, both operations recorded gains in fuel efficiency, which helped mitigate part of this impact and reinforced the Company's ongoing operational improvements.
Fixed costs and sales, general, and administrative expenses declined 3% in nominal terms during the period, reflecting the Company's commitment to strict cost and expense management. This performance reinforces Rumo's operational discipline and provides a key lever for value creation as the Company captures scale gains from its capacity expansion projects.
Adjusted EBITDA totaled R$2,279 million in the quarter, up 6.4% year-over-year. Throughout the period, the Company delivered strong volume growth, implemented effective commercial strategies, and remained focused on cost management, preserving margins and delivering consistent results in a more challenging competitive environment.
Adjusted net income reached R$731 million in the quarter, remaining stable compared to the same period last year, despite the high interest rate scenario.
Financial leverage ended the quarter at 1.8x Net Debt/Adjusted EBITDA, remaining at a healthy level.
2T25 | 2T24 | Chg.% | Summary of financial information (Amounts in BRL mln) | 6M25 | 6M24 | Chg.% |
21,827 | 20,905 | 4.4% | Total transported volume (millions RTK) | 37,917 | 38,297 | -1.0% |
17,535 | 17,634 | -0.6% | Agricultural products | 29,808 | 31,683 | -5.9% |
12,285 | 11,721 | 4.8% | Soybean | 19,535 | 19,832 | -1.5% |
2,898 | 3,231 | -10.3% | Soybean meal | 5,679 | 5,731 | -0.9% |
73 | 146 | -50.3% | Corn | 241 | 1,204 | -80.0% |
1,351 | 1,257 | 7.4% | Sugar | 2,031 | 2,311 | -12.1% |
929 | 1,278 | -27.3% | Fertilizers | 2,165 | 2,429 | -10.9% |
0 | 1 | - | Others | 157 | 177 | -11.3% |
3,280 | 2,236 | 46.7% | Industrial products | 6,120 | 4,612 | 32.7% |
1,446 | 1,418 | 2.0% | Fuel | 2,817 | 2,989 | -5.8% |
1,834 | 818 | >100% | Industrial | 3,304 | 1,623 | >100% |
1,012 | 1,035 | -2.2% | Containers | 1,989 | 2,002 | -0.7% |
3,711 | 3,575 | 3.8% | Net revenue | 6,678 | 6,721 | -0.6% |
3,464 | 3,398 | 1.9% | Transportation | 6,176 | 6,286 | -1.7% |
140 | 156 | -10.3% | Logistics solution¹ | 231 | 372 | -38.0% |
108 | 20 | >100% | Other revenues² | 272 | 62 | >100% |
1,882 | (264) | >100% | EBITDA | 3,231 | 1,425 | >100% |
50.7% | -7.4% | 58 p.p EBITDA margin (%) | 48.4% | 21.2% | 27 p.p | |
398 | 2,406 | -83.5% Non-recurring adjustments³ | 683 | 2,406 | -71.6% | |
2,279 | 2,142 | 6.4% Adjusted EBITDA | 3,915 | 3,831 | 2.2% | |
61.4% | 59.9% | 1,5 p.p Adjusted EBITDA margin (%) | 58.6% | 57.0% | 2 p.p | |
¹ Revenue from sugar transportation using other railways or road transport.
² Includes revenue from the pass-through fee of other railways, revenue from volumes contracted and not executed according to commercial agreements (take-or-pay), intercompany operations and transshipment volumes.
3For better comparability, the result was adjusted for non-recurring effects, namely: - 2Q24 Adjusted EBITDA - (i) R$2,575 million | impairment provision in Malha Sul, with no cash effect; (ii) (R$169 million) | capital gains in the divestment of 80% of terminals T16 and T19 in Santos. - 1Q25 EBITDA - (i) R$286 million | impairment provision in Malha Sul, with no cash effect. - 2Q25 EBITDA - (i) R$398 million | impairment provision in Malha Sul, with no cash effect.
2T25 | 2T24 | Chg.% | Yield by Operation North Operation | 6M25 | 6M24 | Chg.% |
156.7 | 159.8 | -2.0% Yield (BRL/000 RKT) | 160.8 | 162.2 | -0.9% | |
82.3% | 80% | 2 p.p. % Volume | 82% | 78% | 4 p.p. | |
South Operation | ||||||
164.1 | 183.2 | -10.4% Yield (BRL/000 RKT) | 171.5 | 179.7 | -4.6% | |
13.1% | 16% | -3 p.p. % Volume | 13% | 17% | -4 p.p. | |
Container Operation | ||||||
179.2 | 143.2 | 25.1% Yield (BRL/000 RTK) | 174.5 | 144.4 | 20.8% | |
5% | 5% | -0 p.p. % Volume | 5% | 5% | 0 p.p. | |
Consolidated | ||||||
158.7 | 162.6 | -2.4% Yield (BRL/000 RKT) | 162.9 | 164.1 | -0.8% | |
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 operational segments, transferring Rumo Malha Oeste the South Operation to the North Operation, due to internal organizational changes. As the impact of this chance is not material, management has decided not to restate the comparative figures from 2024.
Result by Business Unit North South Container Consolidated 2Q25 Operation Operation Operation | ||||
Transported volumes (million RTK) | 17,954 | 2,861 | 1,012 | 21,827 |
Net operating revenue | 3,038 | 484 | 189 | 3,711 |
Cost of services | (1,406) | (326) | (154) | (1,886) |
Gross profit | 1,632 | 158 | 35 | 1,826 |
Gross margin (%) | 53.7% | 32.7% | 18.8% | 49.2% |
Sales, general and administrative expenses | (139) | (27) | (17) | (182) |
Other operating revenue (expenses) & eq. pick-up | 16 | 50 | - | 66 |
Impairment Malha Sul | - | (398) | - | (398) |
Depreciation and amortization | 473 | 67 | 31 | 570 |
EBITDA | 1,982 | (150) | 49 | 1,882 |
EBITDA margin (%) | 65.2% | -30.9% | 26.1% | 50.7% |
Non-recurring adjustments | - | 398 | - | 398 |
Adjusted EBITDA | 1,982 | 248 | 49 | 2,279 |
Adjusted EBITDA margin (%) | 65.2% | 51.2% | 26.1% | 61.4% |
Result by Business Unit North South Operation Consolidated 6M25 Operation Operation Container | ||||
Volume transported (millions of RTK) | 30,987 | 4,942 | 1,989 | 37,917 |
Net operating revenue | 5,426 | 891 | 362 | 6,678 |
Cost of services | (2,630) | (635) | (304) | (3,569) |
Gross profit | 2,795 | 255 | 58 | 3,109 |
Gross margin (%) | 51.5% | 28.7% | 16.0% | 46.6% |
Sales, general and administrative expenses | (261) | (52) | (32) | (346) |
Other operating revenue (expenses) & eq. pick-up | (13) | 38 | - | 25 |
Impairment Malha Sul | - | (683) | - | (683) |
Depreciation and amortization | 937 | 135 | 55 | 1,127 |
EBITDA | 3,457 | (307) | 81 | 3,231 |
EBITDA margin (%) | 63.7% | -34.5% | 22.4% | 48.4% |
Non-recurring adjustments | - | 683 | - | 683 |
Adjusted EBITDA | 3,457 | 376 | 81 | 3,915 |
Adjusted EBITDA margin (%) | 63.7% | 42.2% | 22.4% | 58.6% |
North Operation
2Q25 | 2Q24 | Chg.% | Operational data | 6M25 | 6M24 | Chg.% |
17,954 | 16,640 | 7.9% | Total transported volume (millions RTK) | 30,987 | 29,938 | 3.5% |
15,030 | 14,877 | 1.0% | Agricultural products | 25,548 | 26,461 | -3.4% |
10,880 | 9,951 | 9.3% | Soybean | 17,368 | 16,777 | 3.5% |
2,657 | 3,028 | -12.3% | Soybean meal | 5,257 | 5,339 | -1.5% |
49 | 141 | -65.1% | Corn | 56 | 943 | -94.1% |
614 | 537 | 14.3% | Sugar | 853 | 1,080 | -21.0% |
831 | 1,220 | -31.9% | Fertilizers | 2,015 | 2,321 | -13.2% |
2,923 | 1,763 | 65.8% | Industrial products | 5,438 | 3,477 | 56.4% |
1,275 | 1,175 | 8.5% | Fuel | 2,497 | 2,336 | 6.9% |
1,648 | 588 | >100% | Industrial | 2,942 | 1,141 | >100% |
156.7 | 159.8 | -2.0% | Average transportation yield | 160.8 | 162.2 | -0.9% |
Transport volumes in the North Operation totaled 18 billion RTK in 2Q25, an 8% increase year over year. In the agricultural portfolio, a more favorable grain market throughout the quarter enabled Rumo to showcase its expanded operational capacity, with a notable 9% growth in soybean volumes. Fertilizer volumes declined, driven by a delayed recovery in post-harvest demand and a market environment less aligned with the Company's logistics solution. The industrial portfolio continued to contribute consistently, with pulp and bauxite volumes stabilizing at higher levels as recently initiated contracts reached maturity.
2T25 | 2T24 | Chg.% | Financial Data (Amounts in BRL mln) | 6M25 | 6M24 | Chg.% |
3,038 | 2,815 | 7.9% | Net revenue | 5,426 | 5,250 | 3.3% |
2,813 | 2,658 | 5.8% | Transportation | 4,982 | 4,855 | 2.6% |
140 | 156 | -10.3% | Logistics solution | 231 | 372 | -38.0% |
85 | 1 | >100% | Other revenues¹ | 214 | 23 | >100% |
(1,406) | (1,233) | 14.1% | Cost of services | (2,630) | (2,504) | 5.0% |
(612) | (470) | 30.4% | Variable cost | (1,061) | (1,035) | 2.4% |
(322) | (348) | -7.4% | Fixed Cost | (635) | (649) | -2.1% |
(472) | (415) | 13.7% | Depreciation and amortization | (935) | (820) | 14.0% |
1,632 | 1,582 | 3.1% | Gross profit | 2,795 | 2,746 | 1.8% |
53.7% | 56.2% | -2,5 p.p. | Gross margin (%) | 51.5% | 52.3% | -1 p.p. |
(139) | (113) | 22.4% | Sales, general and administrative expenses | (261) | (238) | 9.6% |
16 | 160 | -90.1% | Other op. revenue (expenses) and eq. pick- | (13) | 135 | <100% |
473 | 416 | 14% | Depreciation and amortization | 937 | 823 | 13.8% |
1,982 | 2,045 | -3.1% | EBITDA | 3,457 | 3,465 | -0.2% |
65.2% | 72.6% | -7 p.p. | EBITDA margin (%) | 63.7% | 66.0% | -2 p.p. |
- | (169) | - | Non-recurring adjustments² | - | (169) | - |
1,982 | 1,876 | 5.6% | Adjusted EBITDA | 3,457 | 3,296 | 4.9% |
65.2% | 66.6% | -1 p.p. | Adjusted EBITDA margin (%) | 63.7% | 62.8% | 1 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), intercompany operations and transshipment volumes.
2For better comparability, the 2Q24 result was adjusted for non-recurring effects, specifically: (i) (R$ 169 million) | capital gains in the divestment of 80% of terminals T16 and T19 in Santos.
Net operating revenue reached R$3,038 million in 2Q25, up 8% year over year, primarily driven by higher transport volumes. This increase was partially offset by a 2% decline in average yield, reflecting a less favorable cargo mix with a higher share of lower-tariff products. Additionally, the Company adopted a commercial strategy tailored to prevailing market conditions in grain transportation, aiming to maintain competitiveness and sustain volume growth.
The comparison with 2Q24 is also influenced by a non-recurring effect from intercompany operations totaling approximately R$90 million, which impacted both revenue and costs with no effect on margins. The accounting adjustment for this item was recorded in 4Q24, as previously disclosed.
The increase in variable costs was primarily driven by higher transported volumes and approximately R$40 million in additional expenses related to third-party rolling stock compensation, partially offset by improved fuel efficiency.
Fixed costs and general and administrative expenses remained flat in nominal terms, reinforcing the Company's commitment to disciplined cost management.
EBITDA for the North Operation totaled R$1,982 million in the quarter, up 6% year over year, with a stable margin of 65%. The result underscores the Company's ability to scale volumes efficiently while preserving profitability, even in a more competitive market environment.
South Operation
2Q25 | 2Q24 | Chg.% | Operational data | 6M25 | 6M24 | Chg.% |
2,861 | 3,231 | -11.4% | Transported volume (million RTK) | 4,942 | 6,357 | -22.3% |
2,504 | 2,757 | -9.2% | Agricultural products | 4,260 | 5,222 | -18.4% |
1,405 | 1,771 | -20.7% | Soybean | 2,167 | 3,054 | -29.0% |
241 | 203 | 18.7% | Soybean meal | 423 | 392 | 7.8% |
23 | 5 | >100% | Corn | 186 | 261 | -28.8% |
737 | 720 | 2.4% | Sugar | 1,178 | 1,231 | -4.3% |
98 | 58 | 69.8% | Fertilizers | 150 | 108 | 39.4% |
- | 1 | -100.0% | Others | 157 | 177 | -11.3% |
357 | 473 | -24.6% | Industrial products | 682 | 1,135 | -39.9% |
171 | 242 | -29.5% | Fuel | 320 | 653 | -51.0% |
186 | 231 | -19.4% | Industrial | 362 | 482 | -24.8% |
164.1 | 183.2 | -10.4% | Average transportation yield | 171.5 | 179.7 | -4.6% |
The South Operation transported 2.9 billion RTK in 2Q25, an 11% decline year over year. However, volumes showed a gradual recovery over the course of the quarter, supported by the Company's competitive repositioning within the grain portfolio. In the industrial segment, fuel and clinker transportation was affected by the indefinite suspension of the Tronco Sul rail stretch since May 2024, due to damage caused by extreme weather events in the state of Rio Grande do Sul.
2Q25 | 2Q24 | Chg.% | Financial data (Amounts in BRL mln) | 6M25 | 6M24 | Chg.% |
484 | 602 | -19.6% Net operating revenue | 891 1,165 -23.5% | |||
470 | 592 | -20.6% Transportation | 847 1,143 -25.9% | |||
15 | 10 | 50.0% | Other revenues¹ | 43 | 23 | 88.7% |
(326) | (438) | -25.6% | Cost of services | (635) | (861) | -26.2% |
(114) | (119) | -4.2% | Variable cost | (209) | (239) | -12.8% |
(146) | (170) | -14.0% | Fixed cost | (292) | (325) | -10.2% |
(66) | (149) | -55.7% | Depreciation and amortization | (135) | (297) | -54.6% |
158 | 164 | -3.7% | Gross profit | 255 | 305 | -16.4% |
32.7% | 27.5% | 5 p.p. Gross margin (%) | 28.7% 26.2% 2 p.p. | |||
(27) | (23) | 16.6% | Sales, general and administrative expenses | (52) | (45) | 15.5% |
50 | (52) | >100% | Other op. revenue (expenses) and equity pick-up | 38 | (78) | >100% |
(398) | (2,575) | -84.6% | Impairment Rumo Malha Sul | (683) | (2,575) | -73.5% |
67 | 149 | -55.4% | Depreciation and amortization | 135 | 297 | -54.6% |
(150) | (2,337) | 93.6 % | EBITDA | (307) | (2,096) | 85.3 % |
-30.9% | -388% | 357 p.p. | EBITDA margin (%) | -34.5% | -179.8% | 145 p.p. |
398 | 2,575 | -84.6% | Non-recurring adjustments² | 683 | 2,575 | -73.5% |
248 | 238 | 4.2% | Adjusted EBITDA | 376 | 479 | -21.5% |
51.2% | 39.6% | 12 p.p. | Adjusted EBITDA margin (%) | 42.2% | 41.1% | 1 p.p. |
1Includes revenue from contracted and unrealized volumes as per commercial agreements (take or pay).
2For better comparability, the result was adjusted for non-recurring effects, specifically: - 2Q24: EBITDA - (ii) R$2,575 million | provision for
impairment in Malha Sul, with no cash impact. - 1Q25: EBITDA - R$286 million | provision for impairment in Malha Sul, with no cash impact.
- 2Q25: EBITDA - R$1,882 million | provision for impairment in Malha Sul, with no cash impact. Net Income - R$333 million | provision for
impairment in Malha Sul, with no cash impact.
Net operating revenue totaled R$484 million in 2Q25, a 20% decline year over year, reflecting lower volumes at the beginning of the quarter and the Company's strategic repositioning efforts.
Variable costs decreased 4%, driven by a combination of reduced volumes and operational gains, particularly improved fuel efficiency. Fixed costs and general and administrative expenses fell 10% in nominal terms, reflecting the positive impact of ongoing initiatives aimed at cost discipline and operational efficiency.
Rumo Malha Sul received a R$70 million compensation for lost profits related to damages caused by extreme weather events in the state of Rio Grande do Sul. The amount was recorded under other operating income. Additionally, the Company recorded a non-cash impairment provision of R$398 million.
As a result, adjusted EBITDA reached R$248 million in the quarter, up 4% compared to 2Q24.
Container Operation
2Q25 | 2Q24 | Chg.% | Operational data | 6M25 | 6M24 | Chg.% |
29,491 | 28,735 | 2.6% | Total volume (Containers '000) | 57,057 | 56,718 | 0.6% |
179.2 | 143.2 | 25.1% | Intermodal average yield (R$/000 RTK) | 174.5 | 144.4 | 20.8% |
1,012 | 1,035 | -2.2% | Total volume (million RTK) | 1,989 | 2,002 | -0.7% |
Brado transported 29,491 containers in 2Q25, a 3% increase year over year. Growth was primarily driven by higher-value markets such as cotton lint, agricultural chemicals, and consumer goods. Despite the increase in container volumes, a shorter average haul distance resulted in a stable transported volume of 1 billion RTK for the period.
2Q25 | 2Q24 | Chg.% | Financial data (Amounts in BRL mln) | 6M25 | 6M24 | Chg.% |
189 | 157 | 20.4% | Net operating revenue | 362 | 305 | 18.6% |
181 | 148 | 22.3% | Transportation | 347 | 289 | 20.1% |
8 | 9 | -11.1% | Other revenues¹ | 15 | 16 | -6.3% |
(154) | (136) | 12.8% | Cost of service | (304) | (269) | 13.0% |
(91) | (80) | 13.7% | Variable cost | (184) | (154) | 19.1% |
(32) | (29) | 10.9% | Fixed cost | (65) | (59) | 9.8% |
(31) | (27) | 12.3% | Depreciation and amortization | (55) | (55) | -0.8% |
35 | 21 | 69.6% | Gross profit | 58 | 37 | 56.2% |
18.8% | 13.4% | 5 p.p. | Gross margin (%) | 16.0% | 12.0% | 4 p.p. |
(17) | (19) | -7.7% | Sales, general and administrative expenses | (32) | (35) | -6.0% |
0 | (2) | >100% | Other op. revenues (expenses) and equity | 0 | (2) | >100% |
31 | 27 | 12.2% | Depreciation and amortization | 55 | 56 | -0.8% |
49 | 28 | 78.3% | EBITDA | 81 | 56 | 44.0% |
26.1% | 17.7% | 8 p.p. | EBITDA margin (%) | 22.4% | 18.3% | 4 p.p. |
1Includes revenue from service units.
Net operating revenue from the Container Operation totaled R$189 million in 2Q25, up 20% year over year. The result reflects a stronger portfolio of higher value-added products, supported by a strategic focus on more profitable markets and tariff repositioning carried out throughout the period.
Variable costs increased by R$11 million in the quarter, mainly due to a new cargo mix with a greater share of flows involving road delivery at the final destination. Additionally, there was an increase in contingency handling activities in the Baixada Santista region, with the associated costs fully offset by revenue pass-through. Fixed costs and selling, general and administrative expenses totaled R$49 million, remaining flat in nominal terms compared to the same quarter last year.
As a result, the operation's EBITDA reached R$49 million in the quarter, up 78%.
-
Other Results
Breakdown of Costs of Services General and Administrative Expenses
2Q25
2Q24
Chg.%
Consolidated Costs and Expenses
(Amounts in BRL mln)
6M25
6M24
Chg.%
(2,068)
(1,962)
5.4%
Consolidated costs, general and administrative
(3,915)
(3,952)
-0.9%
(817)
(669)
22.1%
Variable costs
(1,453)
(1,428)
1.7%
(703)
(625)
12.5%
Variable cost of rail transport
(1,271)
(1,190)
6.8%
(458)
(460)
-0.4%
Fuel and lubricants
(851)
(861)
-1.1%
(245)
(165)
48.5%
Other variable costs¹
(420)
(329)
27.5%
(113)
(44)
>100%
Variable cost Logistics Solution²
(182)
(237)
-23.2%
(681)
(700)
-2.7%
Fixed costs and general and administrative
(1,336)
(1,348)
-0.9%
(288)
(266)
8.3%
Payroll expenses
(568)
(514)
10.5%
(212)
(280)
-24.3%
Others operating costs³
(424)
(519)
-18.3%
(181)
(154)
17.7%
General and administrative expenses
(344)
(315)
9.1%
(570)
(593)
-3.9%
Depreciation and Amortization
(1,127)
(1,176)
-4.2%
1Costs for rental of rolling stock, road transport in Container Operation, owned logistics costs, take or pay, intercompany operation and others.
2Freight costs with third parties, include road and rail freight contracts with other concessionaires.
3Other operating costs include maintenance, third-party services, safety and facilities, among other fixed costs.
Variable costs totaled R$817 million in 2Q25, up 22% year over year. The successful implementation of 135-railcars train design, replacing the previous 120-railcars train design, enabled the operation of longer trains and delivered a 5% gain in energy efficiency, helping to offset higher fuel consumption associated with increased transport volumes. The result also includes approximately R$40 million in additional expenses related to third-party rolling stock. Furthermore, the 2Q24 comparison base includes an intercompany effect of around R$90 million, which was adjusted in 4Q24, as previously disclosed.
Fixed costs and selling, general and administrative expenses totaled R$681 million in 2Q25, representing a nominal reduction of 3% compared to 2Q24. This result reflects the Company's strengthened strategic direction and organizational culture, with a continued emphasis on efficiency and strict cost discipline.
Financial Result
2Q25
2Q24
Chg.%
Financial Result
(Amounts in BRL mln)
6M25
6M24
Chg.%
(801)
(570)
40.7%
Cost of comprehensive bank debt1
(1,549)
(1,128)
37.4%
(5)
(5)
-4.6%
Charges over leasing
(10)
(10)
5.3%
286
241
18.7%
Financial income from investments
510
459
11.1%
(520)
(334)
55.8%
(=) Cost of debt of comprehensive net debt
(1,050)
(679)
54.5%
(131)
(100)
30.9%
Monetary variation on concession liabilities
(245)
(199)
23.3%
(106)
(109)
-2.6%
Operating lease2
(210)
(203)
3.4%
(58)
(109)
-46.9%
Rates on contingencies and contracts
(154)
(178)
-13.7%
117
5
>100%
Other financial revenue
193
(9)
>100%
(698)
(647)
8.0%
(=) Financial result
(1,466)
(1,268)
15.7%
1Includes interest rates, monetary variation, net results of derivatives and other debt charges.
2Includes adjustments under IFRS 16.
Net financial expenses increased by R$51 million compared to 2Q24, reflecting the rise in the average CDI rate and gross indebtedness during the period, despite better cash yield. The increase in interest rates also impacted the monetary variation on concession liabilities.
Income Tax and Social Contribution
2Q25
2Q24
Income tax and social contribution
(Amounts in BRL mln)
6M25
6M24
613
(1,503) Income (loss) before IT / SC
639
(1,018)
34.0%
34.0%Theoretical rate IT / SC
34.0%
34.0%
(209)
511 Theoretical income (expenses) with IT / SC
(217)
346
Adjustments to calculate the effective rate
(135)
(875)
Impairment Rumo Malha Sul
(232)
(875)
(70)
4
Tax losses and temporary differences not recognized1
(162)
(64)
109
106
Tax incentives arising from Malha Norte2
185
197
18
7
Equity pick-up
14
8
7
8
Others effects
9
31
(280)
(240) Income (expenses) with IT / SC
(402)
(356)
-45.7%
-16.0%Effective rate (%)
-63.0%
-35.0%
(160)
(185) IT/SC current
(277)
(226)
(120)
(55) IT/SC deferred
(126)
(130)
1It was not recorded deferred income tax and social contribution on tax losses for certain companies dua to a lack of prospects for future taxable income calculation
2Malha Norte has a SUDAM benefit wich entitles a 75% reduction in IRPJ - corporate income tax (25% rate), renewed in 2024.
Loans and Financing
Gross comprehensive debt reached R$21.3 billion at the end of 2Q25, remaining stable compared to the previous quarter. Net indebtedness increased to R$ 14.2 billion, driven by a lower cash position. As a result, financial leverage, measured by the Net Debt/EBITDA ratio, closed the period at 1.8x, remaining at a balanced level.
Rumo 's debt has a weighted average cost of 102.8% CDI, with a duration of 5.6 years.
Total indebtedness 2Q25 1Q25 Chg.%
(Amounts in BRL mln)
Commercial banks
1,163
1,177
-1.2%
BNDES
1,646
1,753
-6.1%
Debentures
13,383
12,928
3.5%
Senior notes 2028 and 2032
5,039
5,112
-1.4%
Total bank debt
21,232
20,970
1.2%
Leases ¹
19
22
-16.5%
Net derivative instruments
97
245
-60.2%
Total broad gross debt
21,348
21,237
0.5%
Cash, cash equivalents and marketable securities
(7,022)
(8,535)
-17.7%
Restricted cash linked to bank debts
(123)
(120)
2.9%
Total broad net debt
14,202
12,582
12.9%
Comparable Adjusted EBITDA LTM2
7,796
7,659
1.8%
Leverage (Broad net debt/adjusted EBITDA LTM)
1,8x
1,6x
11.1%
1Does not include IFRS 16 operating leases.
2Adjusted LTM EBITDA refers to the sum of the last 12 months of adjusted EBITDA
Bank gross indebtedness
(Amounts in BRL mln)
Initial balance of broad net debt
2Q25
12,582
Cash, cash equivalents and marketable securities
(8,655)
Initial balance of gross broad debt
21,237
Items with cash impact
(684)
Amortization of principal
(200)
Amortization of interest rates
(255)
Net derivative instruments
(230)
Items without cash impact
795
Provision for interest rates (accrual)
316
Monetary variation, MTM adjustment of debt and others
397
Net derivative instruments
83
Closing balance of broad net debt
21,348
Cash, cash equivalents and marketable securities
(7,022)
Restricted cash linked to bank debts
(123)
Closing balance of broad net debt
14,202
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
2Q25
2Q24
Chg.%
Investments
(Amounts in BRL mln)
6M25
6M24
Chg.%
1,395
1,176
18.6% Total Investments
3,175
2,143
48.2%
503
418
20.4%
Recurring
971
808
20.2%
423
457
-7.3%
Expansion
1,382
952
45.2%
468
301
55.5%
Rumo's Expansion in Mato Grosso
821
382
>100%
¹Cash basis amounts.
Total Capex in 2Q25 amounted to R$ 1,395 million, converging toward the levels projected for the year. Of this total amount, R$ 503 million refers to recurring investments, focused on asset preservation and enhancing operational safety, in line with the Company's strategy.
Expansion Capex, excluding investments related to the Rumo Extension Project in Mato Grosso, totaled R$ 423 million. This figure reflects a normalization in the pace of disbursement after a higher concentration in 1Q25, with a focus on capacity expansion and infrastructure modernization.
Investments in the Rumo Extension Project in Mato Grosso amounted R$ 468 million in the quarter, with an accelerated pace of disbursements compared to previous periods, consistent with the physical progress expected for this stage of the project.
-
Cash Flow
We present below Rumo's consolidated cash flow. Securities and marketable investments have been classified as cash in this statement.
2Q25
2Q24
Chg.%
(Amounts in BRL mln)
6M25
6M24
Chg.%
1,882
(264)
>100%
EBITDA
3,231
1,425
>100%
(334)
(177)
88.8%
Working capital variations and non-cash
(951)
(624)
52.4%
266
239
11.2%
Operating financial result
485
441
9.9%
398
2,575
-84.6%
Impairment Rumo Malha Sul
683
2,575
-73.5%
(a)
2,211
2,373
-6.8%
(=) Operating cash flow (CFO)
3,448
3,817
-9.7%
(1,395)
(1,176)
18.6%
Capex
(3,175)
(2,143)
48.2%
(b)
(503)
(418)
20.4%
Recurring
(971)
(808)
20.2%
(423)
(457)
-7.3%
Expansion
(1,382)
(952)
45.2%
(468)
(301)
55.5%
Rumo's Expansion in Mato Grosso
(821)
(382)
>100%
21
16
32.9%
Dividends received
22
24
-5.6%
-
-
-%
Capital increase in subsidiary
26
-
>100%
(6)
(1)
>100%
Restricted cash
(48)
(3)
>100%
(c)
(1,379)
(1,161)
18.8%
(=) Cash flow from investing activities (CFI)
(3,174)
(2,121)
49.6%
-
718
<100%
Funding
1,966
1,857
5.9%
(310)
(1,150)
-73.0%
Amortization of principal
(1,034)
(1,470)
-29.6%
(301)
(389)
-22.7%
Amortization of interest rates
(663)
(689)
-3.8%
(1,503)
(171)
>100%
Dividends paid
(1,503)
(171)
>100%
(230)
(181)
27.1%
Derivative financial instruments
(292)
(451)
-35.3%
(2,344)
(1,173)
99.9%
(=) Cash flow from financing activities
(1,526)
(924)
65.1%
(1)
1
<100%
Forex variation impact on cash balances
(1)
1
<100%
(1,512)
41
>100%
(=) Net cash generated
(1,252)
772
>100%
8,535
9,362
-8.8%
7,022
9,402
-25.3%
(+) Total cash (includes cash + marketable securities) opening
(=) Total cash (includes cash + marketable
securities) closing
8,274 8,630 -4.1%
7,022 9,402 -25.3%
Metrics
1,708
1,955
-12.7%(=) Cash generation after recurring capex
2,477
3,009
-17.7%
832
1,213
-31.4% (=) Cash generation after CFI (a+c)
275
1,696
-83.8%
- Operational and Financial Performance Indicators
The table below presents the historical performance of key operational indicators
Operational and Financial Performance Indicators
2Q25 2Q24 Chg.%
6M25 6M24 Chg.%
Consolidated | ||||||||
Operating ratio | 56% | 55% | 1 p.p. | 59% | 59% | - | ||
Diesel consumption (liters/'000 GTK) | 3.21 | 3.36 | -4.5% | 3.32 | 3.45 | -3.8% | ||
Railway accidents (MM Train/ train x mile)¹ | 2.19 | 2.43 | -10.2% | 2.47 | 2.48 | -0.7% | ||
Employee Safety (accidents/bMM MHW)² | 1.07 | 0.65 | 64.6% | 1.07 | 0.65 | 64.6% | ||
Transit time North Operation | ||||||
Rondonópolis (MT) to Santos (SP) (hours) | 83.8 | 82.8 | 1.2% | 85.9 | 84.1 | 2.1% |
Dwell Time | ||||||
Dwell time in Santos (SP) (hours) | 15.7 | 15.4 | 1.9% | 16.1 | 15.9 | 1.0% |
1Result in international standards, adopting Federal Railroad Administration (FRA) criteria, which enables international comparisons between railroads. 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 the indicators for lost-time injury frequency (LTIF) and restricted work accidents (SAF) for both own employees and third parties.
Operating Ratio: The indicator, which represents the ratio of costs and expenses to net revenue, recorded a slight increase in the quarter, due to operational costs growing at a faster pace (+5.4%) than net revenue (+3.8%).
Diesel consumption: Energy efficiency improved by 4.5% in the quarter, driven by the implementation of longer train models across both operations, along with investments in permanent track upgrades and the adoption of operational optimization technologies.
Railway Accidents: The indicator, which follows FRA (Federal Railroad Administration) criteria to measure accident rates based on distance traveled, decreased by 10% in the quarter. This result reflects the Company's focus on safety, disciplined operational execution, and continued investments in assets and infrastructure, which support safer and more efficient operations.
Employee Safety: The lost-time injury frequency rate (LTIF) per million man-hours worked stood at 0.47, while the restricted work injury rate (SAF) reached 0.60. The Company acknowledges that recent safety results remain below expectations and is taking steps to strengthen safety protocols for both employees and third-party workers.
Transit time in the North Operation and Dwell Time in Santos (SP): These indicators showed a slight deterioration in the quarter, reflecting increased operational complexity at the Port of Santos during the period, resulting in a slower railcar cycle.
(A free translation of the original in Portuguese)
Report on review of parent company and consolidated condensed interim financial statements
To 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 June 3 , 2ozs and the related condensed statements of profit or loss and comprehensive income for the quarter and six-month period then ended, and the condensed statements of changes in equity and cash flows for the six-month period then ended, as well as the accompanying consolidated condensed interim balance sheet of the Company and its subsidiaries ("Consolidated") as at June 3 , 2o2s 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 six-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 2i, 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 24* - "Review of Interim Financial Information Performed by the Independent Auditor" of the Entity, and ISRE 24* - "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.
3
https://www.pwc.com.br
PricewaterhouseCoopers Auditores Independentes Ltda. Avenida Brigadeiro Faria Lima, 3732, Edificio B32, 16°, Sao Paulo, SP, Brasil, 04538-132
T: +55 (11) 4004-8000
Rumo S.A.
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 2i and
IAS 34
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 six-month period ended June 3o, 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 og - "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 and comprehensive income for the quarter and six-month period ended June 3o, 2o2s and changes in equity, cash flows, and added value for the six-month period ended June 3
2024. obtained from the individual and consolidated condensed interim financial statements
for that period, as well as balance sheets as of December 3i, 2024. obtained from the financial statements as of December 3•. 2024. presented for comparison purposes. The review of the individual and consolidated condensed interim financial statements for the six-month period ended June 3o, 2 24. and the audit of the financial statements for the fiscal year ended December 3i, 2024. were audited by another firm of auditors whose review and audit reports, dated August i4. 2024. and February 2o, 202s. respectively, expressed unqualified opinions on these matters.
Sño Paulo, August 7. 2025
PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP ooi6o/O-s
4
Contador CRC 1SP26545O/O-8
Note | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 |
5.2 | 1,077,918 | 2,403,629 | 6,091,529 | 7,461,618 |
5.3 | 172,165 | 95,912 | 930,878 | 812,795 |
5.4 | 21,437 | 32,412 | 715,718 | 568,577 |
5.8 | - | - | 48,182 | 706,550 |
5.10 | 5,710 | 1,556 | 300,575 | 282,580 |
67,496 | 76,002 | 94,948 | 102,665 | |
24,361 | - | 113,927 | 117,416 | |
5.9 | 16,362 | 132,856 | 472,095 | 548,807 |
3,588 | 567,867 | 17 | 17 | |
12,638 | 80,297 | 94,546 | 210,742 | |
1,401,675 | 3,390,531 | 8,862,415 | 10,811,767 | |
4.5 | - | 60,792 | - | 60,792 |
1,401,675 | 3,451,323 | 8,862,415 | 10,872,559 | |
5.4 | - | - | 13,852 | 14,772 |
5.3 | 89 | 84 | 162,947 | 117,885 |
95,401 | 193,719 | 99,710 | 216,614 | |
5.14 | - | - | 1,684,726 | 1,709,521 |
4.1 | 63,941 | 51,941 | 26,304 | 21,452 |
5.9 | 146,170 | - | 1,239,208 | 977,285 |
5.15 | 69,445 | 66,926 | 315,400 | 301,726 |
5.8 | 960,958 | 650,868 | 1,708,236 | 941,427 |
9,387 | 16,887 | 52,415 | 76,661 | |
5.11 | 18,610,462 | 19,768,695 | 391,837 | 321,985 |
5.12.1 | 3,262,436 | 2,314,044 | 21,827,004 | 20,435,467 |
5.12.2 | 176,024 | 194,209 | 6,494,833 | 6,545,890 |
5.12.3 | 30,518 | 31,522 | 7,716,390 | 8,039,779 |
23,424,831 | 23,288,895 | 41,732,862 | 39,720,464 | |
24,826,506 | 26,740,218 | 50,595,277 | 50,593,023 | |
Assets
Cash and cash equivalents Marketable securities Trade receivables
Derivative financial instruments Inventories
Receivables from related parties Income tax recoverable
Other recoverable taxes
Dividends and interest on capital receivable Other assets
Assets held for sale
Current assets
Trade receivables Restricted cash
Income tax recoverable
Deferred income tax Receivables from related parties Other recoverable taxes
Judicial deposits
Derivative financial instruments Other assets
Investment in subsidiaries, jointly controlled
companies and associates Property plant and equipment Intangibles
Right-of-use
Non-current assets Total assets
5
The explanatory notes are an integral part of the condensed interim financial statements.
Liabilities
Loans, borrowings and debentures Leases
Derivative financial instruments Trade payables
Wages and salaries payable Current income tax
Other taxes payable Dividends payable
Leases and concessions in dispute and in
installments
Related party payables Deferred revenue Other financial liabilities Other trades payable
Current liabilities
Loans, borrowings and debentures Leases
Derivative financial instruments Current income tax
Other taxes payable
Provision for legal proceedings
Leases and concessions in dispute and in
installments
Provision for uncovered liabilities Related party payables
Deferred income tax
Deferred revenue Other trades payable
Non-current liabilities Total liabilities
Shareholders' equity Share capital Treasury shares Reservations
Asset valuation adjustments Accumulated results
Equity attributable to:
Controlling shareholders Non-controlling shareholders
Total shareholders' equity
Total liabilities and shareholders' equity
The explanatory notes are an integral part of the condensed interim financial statements.
6
Note | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 |
5.5 | 70,046 | 46,912 | 966,008 | 1,241,113 |
5.6 | 12,328 | 11,368 | 695,911 | 658,203 |
5.8 | 528,136 | 515,583 | 1,654,441 | 1,362,291 |
5.7 | 216,403 | 489,845 | 912,981 | 1,777,918 |
13,429 | 19,092 | 271,170 | 376,475 | |
433 | 7,461 | 19,755 | 49,477 | |
5.13 | 34,547 | 27,648 | 95,937 | 84,132 |
1,091 | 5,440 | 8,561 | 11,314 | |
5.16 | - | - | 178,611 | 166,273 |
4.1 | 36,185 | 38,807 | 320,281 | 366,186 |
- | - | 2,524 | 2,540 | |
5.1 | 42,531 | 25,970 | 125,592 | 338,759 |
55,224 | 79,460 | 218,823 | 234,121 | |
1,010,353 | 1,267,586 | 5,470,595 | 6,668,802 | |
5.5 | 7,163,974 | 6,730,332 | 20,266,051 | 17,882,105 |
5.6 | 24,406 | 25,933 | 3,451,975 | 3,373,987 |
5.8 | 8,424 | 53,639 | 219,216 | 555,913 |
3,364 | - | 3,364 | - | |
5.13 | - | - | 4 | 13 |
5.15 | 129,469 | 148,541 | 1,200,778 | 1,098,418 |
5.16 | - | - | 3,793,992 | 3,554,917 |
5.11 | 2,728,903 | 3,507,571 | - | - |
4.1 | 4,733 | 4,733 | - | - |
5.14 | 344,235 | 265,014 | 2,538,696 | 2,477,267 |
- | - | 15,336 | 16,589 | |
3,931 | 5,625 | 24,150 | 29,857 | |
10,411,439 | 10,741,388 | 31,513,562 | 28,989,066 | |
11,421,792 | 12,008,974 | 36,984,157 | 35,657,868 | |
5.17 | ||||
12,560,952 | 12,560,952 | 12,560,952 | 12,560,952 | |
(88,574) | (92,220) | (88,574) | (92,220) | |
737,010 | 2,224,225 | 737,010 | 2,224,225 | |
(33,625) | 38,287 | (33,625) | 38,287 | |
228,951 | - | 228,951 | - | |
13,404,714 | 14,731,244 | 13,404,714 | 14,731,244 | |
13,404,714 | 14,731,244 | 13,404,714 | 14,731,244 | |
5.11 | - | - | 206,406 | 203,911 |
13,404,714 | 14,731,244 | 13,611,120 | 14,935,155 | |
24,826,506 | 26,740,218 | 50,595,277 | 50,593,023 |
Note | April 1, 2025 to June 30, 2025 | January 1, 2025 to June 30, 2025 | April 1, 2024 to June 30, 2024 | January 1, 2024 to June 30, 2024 |
6.1 | 214,860 | 367,982 | 232,745 | 530,481 |
6.2 | (162,922) | (266,380) | (156,508) (432,061) | |
51,938 | 101,602 | 76,237 | 98,420 | |
6.2 | (244) | (346) | 422 | 278 |
6.2 | (7,010) | (12,524) | (4,077) (18,949) | |
6.3 | (3,954) | 3,937 | 158,859 | 149,187 |
(11,208) | (8,933) | 155,204 | 130,516 | |
40,730 | 92,669 | 231,441 | 228,936 | |
5.11 | 482,675 | 480,456 | (1,838,961) (1,357,152) | |
482,675 | 480,456 | (1,838,961) (1,357,152) | ||
523,405 | 573,125 | (1,607,520) (1,128,216) | ||
(196,682) | (476,067) | (191,887) (433,913) | ||
109,490 | 226,845 | 97,692 194,845 | ||
186 | 3,957 | (9,649) (9,449) | ||
(56,978) | (16,651) | (8,533) 28,194 | ||
6.4 | (143,984) | (261,916) | (112,377) (220,323) | |
379,421 | 311,209 | (1,719,897) (1,348,539) | ||
5.14 | ||||
(50,605) | (82,258) | (24,426) (26,809) | ||
(50,605) | (82,258) | (24,426) (26,809) | ||
328,816 | 228,951 | (1,744,323) (1,375,348) | ||
Net sales
Cost of services provided
Gross profit
Selling expenses
General and administrative expenses Other operation income (expenses), net
Operating expenses
Income before equity and net financial result, income tax and social
contribution
Interest in earnings
Interest in earnings of investees
Income before net financial result and income tax and social contribution
Finance expense Finance income Foreign exchange, net
Derivatives and fair value
Net financial results
Profit before income tax
Income tax
Deferred
Result of the period
7
The explanatory notes are an integral part of the condensed interim financial statements.
Note | April 1, 2025 to June 30, 2025 | January 1, 2025 to June 30, 2025 | April 1, 2024 to June 30, 2024 | January 1, 2024 to June 30, 2024 |
6.1 | 3,711,393 | 6,678,143 | 3,574,737 | 6,720,753 |
6.2 | (1,885,859) | (3,569,422) | (1,807,554) (3,633,588) | |
1,825,534 | 3,108,721 | 1,767,183 3,087,165 | ||
6.2 | (15,687) | (29,946) | (11,226) (22,815) | |
6.2 | (166,618) | (315,859) | (143,353) (295,170) | |
6.3 | 14,384 | (17,451) | 86,913 | 30,262 |
4.2 | (397,531) | (683,139) | (2,574,817) (2,574,817) | |
(565,452) | (1,046,395) | (2,642,483) (2,862,540) | ||
1,260,082 | 2,062,326 | (875,300) 224,625 | ||
5.11 | 51,753 | 42,312 | 19,186 | 24,816 |
51,753 | 42,312 | 19,186 | 24,816 | |
1,311,835 | 2,104,638 | (856,114) | 249,441 | |
(861,818) | (1,789,877) | (813,565) (1,604,698) | ||
380,046 | 693,609 | 295,000 535,639 | ||
282,326 | 743,044 | (629,337) (802,431) | ||
(498,971) | (1,112,852) | 501,308 603,819 | ||
6.4 | (698,417) | (1,466,076) | (646,594) (1,267,671) | |
613,418 | 638,562 | (1,502,708) (1,018,230) | ||
5.14 | ||||
(159,707) | (276,533) | (184,994) (226,325) | ||
(120,454) | (125,949) | (54,894) (129,703) | ||
(280,161) | (402,482) | (239,888) (356,028) | ||
333,257 | 236,080 | (1,742,596) (1,374,258) | ||
6.6 | 328,816 4,441 | 228,951 7,129 | (1,744,323) (1,375,348) 1,727 1,090 | |
0.17727 | 0.12345 | (0.94300) (0.74358) | ||
0.17712 | 0.12335 | (0.94300) (0.74358) | ||
Consolidated
Net sales
Cost of services provided
Gross profit
Selling expenses
General and administrative expenses Other operation income (expenses), net
Loss due to impairment
Operating expenses
Income before equity and net financial result, income tax and social
contribution
Interest in earnings
Interest in earnings of investees
Income before net financial result and income tax and social contribution
Finance expense Finance income Foreign exchange, net
Derivatives and fair value
Net financial results
Profit before income tax
Income tax Current Deferred
Result of the period Result attributed to:
Controlling shareholders Non-controlling shareholders
Basic Diluted
The explanatory notes are an integral part of the condensed interim financial statements.
8
Earnings per share:
Result of the period
Items that are or may be reclassified subsequently to profit or loss
Results from cash flow hedge accounting Deferred income taxes and social contributions on cash flow hedge accounting
Foreign currency translation differences
Other comprehensive income, net of income tax and social contribution
Total comprehensive income
Result of the period
Items that are or may be reclassified subsequently to profit or loss
Results from cash flow hedge accounting Deferred income taxes and social contributions on cash flow hedge accounting
Foreign currency translation differences
Other comprehensive income, net of income tax and social contribution
Total comprehensive income
Comprehensive income(loss) attributable to:
Controlling shareholders Non-controlling shareholders
Parent Company
April 1, 2025 to June 30, 2025 | January 1, 2025 to June 30, 2025 | April 1, 2024 January 1, to June 30, 2024 to 2024 June 30, 2024 |
328,816 | 228,951 | (1,744,323) (1,375,348) |
(44,909) | (107,815) | - - |
15,284 | 36,693 | - - |
(376) | (790) | (71) (60) |
(30,001) (71,912) | (71) (60) | |
(30,001) | (71,912) | (71) (60) |
298,815 | 157,039 | (1,744,394) (1,375,408) |
April 1, 2025 to June 30, 2025 | January 1, 2025 to June 30, | April 1, 2024 January 1, to June 30, 2024 to 2024 June 30, | |
333,257 | 236,080 | (1,742,596) (1,374,258) | |
(44,952) | (107,919) | - - | |
15,284 | 36,693 | - - | |
(376) | (790) | (71) (60) | |
(30,044) | (72,016) | (71) (60) | |
(30,044) | (72,016) | (71) (60) | |
303,213 | 164,064 | (1,742,667) (1,374,318) | |
298,815 | 157,039 | (1,744,394) (1,375,408) | |
4,398 | 7,025 | 1,727 1,090 | |
Consolidated
9
The explanatory notes are an integral part of the condensed interim financial statements.
Attributable to the Company's shareholders
Share capital | Treasury shares | Capital reserve | Profit reserve | Asset valuation adjustments | Accumulated results | Total | Non-controlling interest in subsidiaries | Total shareholders' equity | |
Balance as of January 1, 2025 | 12,560,952 | (92,220) | 205,892 | 2,018,333 | 38,287 | - | 14,731,244 | 203,911 | 14,935,155 |
Result of the period | - | - | - | - | - | 228,951 | 228,951 | 7,129 | 236,080 |
Other comprehensive income: | |||||||||
Foreign currency translation differences | - | - | - | - | (790) | - | (790) | - | (790) |
Results from cash flow hedge accounting | - | - | - | - | (71,122) | - | (71,122) | (104) | (71,226) |
Total of other comprehensive income, net of tax - - - - (71,912) 228,951 157,039 7,025 164,064
Contribution and distributions to shareholders | |||||||||
Transactions with shared-based payment | - | - | 18,493 | - | - | - | 18,493 | 215 | 18,708 |
Stock option exercise | - | 3,646 | (5,529) | - | - | - | (1,883) | - | (1,883) |
Effect of dividend distribution to non-controlling interests | - | - | (179) | - | - | - | (179) | 179 | - |
Dividends (note 4.5) | - | - | - | (1,500,000) | - | - | (1,500,000) | (4,924) | (1,504,924) |
Total transactions with and for shareholders | - | 3,646 | 12,785 | (1,500,000) | - | - | (1,483,569) | (4,530) | (1,488,099) |
Balance as of June 30, 2025 | 12,560,952 | (88,574) | 218,677 | 518,333 | (33,625) | 228,951 | 13,404,714 | 206,406 | 13,611,120 |
The explanatory notes are an integral part of the condensed interim financial statements.
10
Attributable to the Company's shareholders
Non-controlling
Total
Share capital
Treasury shares
Capital reserve
Profit reserve
Asset valuation adjustments
Accumulated results
Total
interest in subsidiaries
shareholders' equity
Balance as of January 1, 2024 | 12,560,952 | (118,577) | 214,409 | 2,977,580 | 36,988 | - | 15,671,352 | 199,703 | 15,871,055 |
Result of the period | - | - | - | - | - | (1,375,348) | (1,375,348) | 1,090 | (1,374,258) |
Other comprehensive income: Foreign currency translation differences | - | - | - | - | (60) | - | (60) | - | (60) |
Total of other comprehensive income, net of tax | - | - | - | - | (60) | (1,375,348) | (1,375,408) | 1,090 | (1,374,318) |
Contribution and distributions to shareholders Transactions with shared-based payment | - | - | 18,862 | - | - | - | 18,862 | 280 | 19,142 |
Stock option exercise | - | 9,041 | (14,367) | - | - | - | (5,326) | - | (5,326) |
Effect of dividend distribution to non-controlling interests | - | - | (138) | - | - | - | (138) | 138 | - |
Dividends | - | - | - | - | - | - | - | (1,715) | (1,715) |
Total transactions with and for shareholders | - | 9,041 | 4,357 | - | - | - | 13,398 | (1,297) | 12,101 |
Balance as of June 30, 2024 | 12,560,952 | (109,536) | 218,766 | 2,977,580 | 36,928 | (1,375,348) | 14,309,342 | 199,496 | 14,508,838 |
The explanatory notes are an integral part of the condensed interim financial statements.
11
Parent Company | Consolidated | ||
Note | |||
Cash flows from operating activities Profit before income tax | |||
Adjustments for: | |||
Depreciation and amortization | 6.2 | ||
Loss due to impairment | 4.2 | ||
Interest in earnings in subsidiaries and associates | 5.11 | ||
Provision for profit sharing and bonuses | |||
Loss (gain) on disposed assets | 6.3 | ||
Provision of legal claims | 6.3 | ||
Loss due to impairment of accounts receivable | |||
Transactions with shared-based payment | |||
Tax credits | 6.3 | ||
Take or pay provision | |||
Interest, monetary and foreign exchange variations, net | |||
Others | |||
Variation in: | |||
Trade receivables | |||
Related parties, net | |||
Other taxes, net | |||
Inventories | |||
Wages and salaries payable | |||
Trade payables | |||
Leases and concessions in dispute and in installments | |||
Provision for legal proceedings | |||
Derivative financial instruments | |||
Other financial liabilities | |||
Other assets and liabilities, net | |||
Net cash generated by operating activities | |||
Cash flow from investing activities | |||
Reduction (Increase) in capital in subsidiaries and affiliates | 5.11 | ||
Marketable securities | |||
Restricted cash | |||
Dividends received from subsidiaries and affiliates | |||
Additions to property, plant and equipment and intangible assets | |||
Net cash generated by (used in) investing activities | |||
Cash flows from financing activities | |||
Obtaining loans, borrowings and debentures | 5.5 | ||
Principal amortization of loans, borrowings and debentures | 5.5 | ||
Interest payment on loans, borrowings and debentures | 5.5 | ||
Principal amortization | 5.6 | ||
Interest payment on leasing | |||
Payment of derivative financial instruments | |||
Receipt of derivative financial instruments | |||
Dividends paid | |||
Net cash used in financing activities | |||
Forex variation impact on cash balances | |||
Net increase (decrease) in cash and cash equivalents | |||
Cash and cash equivalents at the beginning of the period | |||
Cash and cash equivalents at the end of the period | |||
Additional information: | |||
Income tax paid |
The explanatory notes are an integral part of the condensed interim financial statements.
12
January 1, | January 1, | January 1, | January 1, | |
2025 to | 2024 to | 2025 to | 2024 to | |
June 30, | June 30, | June 30, | June 30, | |
2025 | 2024 | 2025 | 2024 | |
311,209 | (1,348,539) | 638,562 | (1,018,230) | |
50,351 | 50,353 | 1,126,851 | 1,175,876 | |
- | - | 683,139 | 2,574,817 | |
(480,456) | 1,357,152 | (42,312) | (24,816) | |
4,961 | 2,013 | 93,384 | 87,573 | |
(5,216) | - | (11,012) | (5,804) | |
2,222 | 13,840 | 72,176 | 106,727 | |
241 | (330) | 702 | (205) | |
15,190 | 12,124 | 16,825 | 13,953 | |
- | - | (2,376) | - | |
(17,391) | 4,938 | (20,515) | (12,403) | |
360,869 | 378,031 | 1,895,121 | 1,620,636 | |
(5,794) | - | (6,332) | (948) | |
236,186 | 469,582 | 4,444,213 | 4,517,176 | |
11,046 | (4,060) | (102,219) | (206,984) | |
(7,748) | (49,210) | (55,454) | 42,118 | |
38,945 | (54,463) | (250,558) | (284,106) | |
(4,007) | 507 | (5,547) | 523 | |
(10,154) | (4,416) | (180,480) | (141,685) | |
16,466 | (251) | (97,370) | (12,919) | |
- | - | (3,384) | (6,067) | |
(17,996) | (6,507) | (102,549) | (102,628) | |
- | - | (11,541) | - | |
(6,258) | (3,100) | (248,749) | (31,489) | |
4,850 | (48,640) | 5,863 | (45,014) | |
25,144 | (170,140) | (1,051,988) | (788,251) | |
261,330 | 299,442 | 3,392,225 | 3,728,925 | |
(269,000) | (80,000) | 11,000 | - | |
(73,485) | 175,814 | (61,947) | 111,347 | |
(5) | (4) | (47,627) | (2,771) | |
1,658,614 | 937,146 | 22,260 | 23,577 | |
(1,039,650) | (405,347) | (3,159,198) | (2,142,876) | |
276,474 | 627,609 | (3,235,512) | (2,010,723) | |
- | - | 1,966,327 | 1,857,269 | |
- | (32,113) | (807,546) | (1,270,433) | |
(165,393) | (162,144) | (569,553) | (595,359) | |
(3,622) | (2,848) | (226,523) | (199,107) | |
(2,889) | (3,357) | (93,909) | (94,061) | |
(192,511) | (172,462) | (874,772) | (465,358) | |
- | - | 583,068 | 14,281 | |
(1,499,100) | (170,817) | (1,502,635) | (171,289) | |
(1,863,515) | (543,741) | (1,525,543) | (924,057) | |
- | - | (1,259) | 779 | |
(1,325,711) | 383,310 | (1,370,089) | 794,924 | |
2,403,629 | 3,114,042 | 7,461,618 | 7,233,993 | |
1,077,918 | 3,497,352 | 6,091,529 | 8,028,917 | |
- | - | 5,386 | 26,968 | |
Non-cash transactions (consolidated)
The Company presents its statements of cash flows using the indirect method. During the period ended June 30, 2025, the Company carried out the following non-cash transactions that are not reflected in the condensed statement of cash flows of the parent company and consolidated financial statements:
Recognition of rights of use against lease liabilities in the amount of R$ 222,957 (R$ 708,378 as of June 30, 2024), related to contractual adjustments and new contracts classified under the commercial lease standard (Note 5.12.3)
Fixed assets acquired for which payment is made in installments amounting to R$ 489,974 (R$ 1,092,136 as of December 31, 2024).
Presentation of interest and dividends
The Company classifies dividends and interest on equity received as cash flow from investing activities, in order to avoid distortions in its operating cash flows due to the cash arising from these operations.
13
Interest paid is classified as cash flow in financing activities, as it is considered to be the cost of obtaining financial resources for investment in fixed and intangible assets.
January 1, 2025 to June 30, 2025 | January 1, 2024 to June 30, 2024 | January 1, 2025 to June 30, 2025 | January 1, 2024 to June 30, 2024 |
382,914 | 561,717 | 7,011,163 | 7,027,983 |
26,987 | 171,651 | 135,847 | 208,544 |
(241) | 330 | (702) | 205 |
409,660 | 733,698 | 7,146,308 | 7,236,732 |
(203,040) | (396,384) | (1,785,995) | (1,851,765) |
(12,973) | 7,278 | (400,470) | (391,602) |
(216,013) | (389,106) | (2,186,465) | (2,243,367) |
193,647 | 344,592 | 4,959,843 | 4,993,365 |
(50,351) | (50,353) | (1,809,990) | (3,750,693) |
(50,351) | (50,353) | (1,809,990) | (3,750,693) |
143,296 | 294,239 | 3,149,853 | 1,242,672 |
480,456 | (1,357,152) | 42,312 | 24,816 |
226,845 | 194,845 | 693,609 | 535,639 |
707,301 | (1,162,307) | 735,921 | 560,455 |
850,597 | (868,068) | 3,885,774 | 1,803,127 |
28,586 | 23,007 | 660,918 | 603,695 |
24,147 | 16,254 | 519,039 | 441,264 |
3,426 | 5,871 | 118,893 | 140,049 |
1,013 | 882 | 22,986 | 22,382 |
101,607 | 67,001 | 799,606 | 723,905 |
101,317 | 62,220 | 659,954 | 603,501 |
- | - | 114,588 | 92,292 |
290 | 4,781 | 25,064 | 28,112 |
491,455 | 417,272 | 2,189,170 | 1,849,785 |
488,762 | 415,168 | 2,159,684 | 1,803,310 |
2,693 | 2,104 | 29,486 | 46,475 |
228,949 | (1,375,348) | 236,080 | (1,374,258) |
- | - | 7,129 | 1,090 |
228,949 | (1,375,348) | 228,951 | (1,375,348) |
850,597 | (868,068) | 3,885,774 | 1,803,127 |
Parent Company Consolidated
Revenue
Gross revenue
Other operating income, net Allowance for expected credit losses
Inputs purchased from third parties
Cost of services provided
Materials, energy, third-party services and others
Gross value added Retention
Depreciation, amortization and impairment loss
Net value added produced
Value ddded Received by Transfer
Interest in earnings in subsidiaries and associates Finance income
Value added to be distributed Distribution of value added
Personnel and payroll charges
Direct remuneration Benefits
FGTS
Taxes, fees and contributions
Federal State Municipal
Remuneration of third-party capital
Interest
Concession contract rents and leases
Remuneration of equity capital
Non-controlling interests Result of the period
14
The explanatory notes are an integral part of the condensed interim financial statements.
Operational Context
Rumo SA ("Company" or "Rumo SA"), is a publicly traded company with shares traded on B3 SA - Brasil, Bolsa, Balcão ("B3") under the code RAIL3, and has its headquarters in the city of Curitiba, State of Paraná, Brazil.
The Company provides services in the logistics sector (rail and multimodal transport), mainly for the export of commodities, offering an integrated solution for transport, handling, storage and shipping from production centers to the main ports in the south and southeast of Brazil, in addition to participating in other companies and ventures whose objectives are related to logistics.
The Company operates in the rail transportation segment in the Southern region of Brazil, through its subsidiary Rumo Malha Sul SA ("Rumo Malha Sul"), and in the Central-West region and State of São Paulo through the Company and its subsidiaries Rumo Malha Paulista SA ("Rumo Malha Paulista"), Rumo Malha Norte SA ("Rumo Malha Norte"), Rumo Malha Oeste SA ("Rumo Malha Oeste") and Rumo Malha Central SA ("Rumo Malha Central"), reaching the states of Goiás and Tocantins. In addition, the subsidiary Brado Logística e Participações SA ("Brado") operates in the container segment.
Concessions for railway operations and port terminals
15
The Company holds, directly or through subsidiaries or affiliates, authorizations and concessions for railway and port terminal services, the scope and terms of which are described below:
concession
Rumo SA Controlled companies | September 2066 | State of Mato Grosso |
Rumo Malha Paulista SA | December 2058 | State of São Paulo |
Rumo Malha Sul SA | February 2027 | Southern Brazil and State of São |
Rumo Malha Oeste SA | June 2026 | Central-West and State of São Paulo |
Rumo Malha Norte SA | May 2079 | Midwest |
Rumo Malha Central SA | July 2049 | North, Midwest and State of São |
Associates and jointly controlled companies | Paulo | |
CLI Sul S.A. | March 2036 | Port of Santos-SP |
Terminal XXXIX S.A. | October 2050 | Port of Santos-SP |
TGG - Guarujá Bulk Terminal S.A. | August 2027 | Port of Santos-SP |
Termag - Guarujá Maritime Terminal 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
16
The subsidiaries, associates and jointly controlled companies above are subject to compliance with certain conditions set forth in the privatization notices and in the concession agreements for the railway networks and port terminals. Since there is no substantive control over who should provide the service and the price, ICPC 01(R1) / IFRIC 12 - Concession Agreements is not applicable to the Company, therefore, the assets acquired by it are treated under CPC 06 (R2) / IFRS 16 - Leases and CPC 27 / IAS 16 - Asset, Property plant and equipment.