Earnings Conference Call 3Q25
November 17th, 2025
HIGHLIGHTS 3Q25
Transported Volume
(bln RTK)
23.4
(+8% vs 3Q24)
North Operation
(bln RTK)
18.7
(+7% vs 3Q24)
South Operation
(bln RTK)
3.6
(+15% vs 3Q24)
Fixed Costs and Expenses
(BRL/'000 RTK)
R$ 28
(-12% vs 3Q24)
Energy Efficiency
(Liters/'000 GTK)
- 2%
(vs 3Q24)
EBITDA
Adjusted1 (BRL mln)
R$ 2,313
(+5% vs 3Q24)
Leverage
Net Debt/Adjusted EBITDA
1.9x
Capex
(BRL mln)
R$ 1,474
(+0% vs 3Q24)
3
¹Excluding the effect of non-recurring events. For more available information, please refer to the Earnings Release.
GRAINS MARKET SHARE (Soybean, corn and soybean meal)
Mato Grosso(MT)
-6 p.p.
43% 37%3Q24
3Q25
Goiás(GO)
0 p.p.
28% 28%3Q24
3Q25
Santos Port(SP)
-4 p.p.
61% 57%3Q24
3Q25
Paranaguá (PR) and São Francisco do Sul (SC) Ports+1 p.p.
26% 27%3Q24
3Q25
4
CORN
Mato Grosso (MT) and Goiás (GO)
38%
42%
25
36%
20
16.1
14.3
13.0
15
10.0
8.3
10
8.3
5
6.1
6.0
4.7
0
3Q23
3Q24
3Q25
Rumo
Market
Market share
Santos Port (SP)
81%
80%
90%
65%
14
70%
12
9.6
50%
10
7.4
1.4
30%
3.4
8
5.9
1.2
10%
6
-10%
4
6.2
6.0
4.7
-30%
2
0
-50%
3Q23
Rumo
3Q24
Market
3Q25
Market Share
5
SOY + SOYBEAN MEAL
Mato Grosso (MT) and Goiás (GO)
28%
35%
34%
20
15
11.0
8.5
10
6.9
7.2
6.1
2.4
3Q23
4.5
2.4
3Q24
5
3.8
3Q25
0
Rumo
Market
Market Share
Santos Port (SP)
42%
50%
36%
38%
14
40%
12
9.2
10
30%
6.7
6.7
8
20%
5.4
6
4.3
4.2
10%
4
0%
3.8
2
2.4
3Q23
Rumo
2.5
3Q24
Market
0
-10%
3Q25
Marker Share
GRAINS MARKET SHARE
SOY + SOYBEAN MEAL + CORN
Mato Grosso (MT) and Goiás (GO)
40%
035
50%
34%
35%
030
30%
24.7
24.1
21.3
025
10%
020
16.2
-10%
12.8
15.6
015
-30%
010
-50%
8.5
8.5
8.5
005
000
-70%
3Q23
Rumo
3Q24
Market
3Q25
Market Share
Santos Port (SP)
61%
53%
57%
60%
20
16.1
50%
14.1
15.0
40%
15
7.6
30%
5.5
6.5
10
20%
10%
8.5
8.6
8.5
5
0%
0
-10%
3Q23
Rumo
3Q24
Market
3Q25
Marker Share
OPERATIONAL INDICATORS North Operation Transit Time (hours)
-14%
97 87 83 84
2022 2023 2024 LTM
+3%
80 83
3Q24 3Q25
Dwell Time in Santos (hours)+7%
0%
16.1 17.2 16.5 16.6 16.0 16.52022
2023
2024
LTM
3Q24
3Q25
Consolidated Diesel Consumption (liters/ '000 GTK)-2%
3.37 3.45 3.41 3.292022 2023 2024 LTM
-2%
3.34 3.293Q24 3Q25
6
OPERATIONAL RESULTS Volumes (Bln RTK)
21.7
1.2 0.5 0.1 23.4
Consolidated 3Q24 North Operation South Operation Container Consolidated 3Q25
North Operation (Bln RTK)-3%
13.212.9
62%
13%
10%
100%
0.7
1.1
1.4 1.6
1.3 1.4
0.9
1.7
11%
0.8 0.9
Grains
Sugar
Fertilizers
Fuels
Industrials Containers
¹
South Operation (Bln RTK)29%
2.3
1.8
-13%
0.9
0.8
21%
0.10 0.12
21%
0.17 0.20
11%
0.19 0.21
-6%
0.3
0.2
Grains
Sugar
Fertilizers
Fuels
Industrials¹ Containers
¹Pulp and paper, building materials, steel and mining.
REVENUE AND YIELDS Consolidated 163 152 169 159 152
3Q24
4Q24
1Q25
2Q25
3Q25
Net Revenue (BRL Mln)
Yields (BRL /RTK*1000)
2,967
3,463
3,711
3,819
3,752
North Operation
160
166
149
157
149
3Q24
4Q24
1Q25
2Q25
3Q25
2,388
2,830
3,024
3,038
3,016
177
182
160
164
156
3Q24
4Q24
1Q25
2Q25
3Q25
406
424
484
565
578
8
EBITDA Consolidated EBITDA
(BRL Mln)
+4%
2,214
119
32
2,313
-52
EBITDA 3Q24
North Operation
South Operation
Conteiners
EBITDA 3Q25
North Operation1(BRL Mln)
-3%
1,972
34
20
1,920
-106
EBITDA 3Q24
Contribution Margin
FC + SG&A
Others
EBITDA 3Q25
South Operation1(BRL Mln)
+56%
115 329 2109
-4EBITDA 3Q24
Contribution Margin
FC + SG&A
Others
EBITDA 3Q25
9
¹Excluding the non-recurring events effect. Additional information is available in the Earnings Report.
FINANCIAL RESULT AND NET INCOME
238
226
CDI in the period (%YoY)
Financial Result(BRL Mln)
14.48% 14.90% 12.95% 10.43% 11.14% 735 837 768 698221
575Other Expenses
178
397
530
616
520
349
338
3Q24
4Q24
1Q25
2Q25
3Q25
Cost of Net Debt
Adjusted Net Income1(BRL Mln)
794 731 733 206 1883Q24
4Q24
1Q25
2Q25
3Q25
10
¹Excluding the non-recurring events effect. Additional information is available in the Earnings Report.
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