Earnings Conference
4Q24
February 21st, 2025
HIGHLIGHTS
Railway leading agribusiness transportation
- Higher transported volume, with market share gain
- Yield increase, driving the margins in the quarter
Financial Performance
-
R$ 1,667 million in Adjusted EBITDA1 (+38%) in 4Q24 and
R$ 7,713 million (+37%) in 2024 - R$ 206 million Net Income in 4Q24 and R$ 2,089 million in
2024 - Financial Leverage 1.4x net debt/Adjusted EBITDA
Bridge over the Rio Vermelho 35 km from Rondonópolis.
MT Greenfield Railway
- The project is at peak mobilization, with construction accelerating rapidly.
ESG
- Included in the World and Emerging Markets portfolios of the Dow Jones Index for the 2nd consecutive year.
3
¹Excluding the non-recurring events effect. Additional information is available in the Earnings Report.
GRAINS MARKET SHARE (Soybean, corn and soybean meal)
Mato Grosso
(MT) | +14 p.p. | +5 p.p. | |
58% | |||
45% | 41% | 46% | |
4Q23 | 4Q24 | 2023 | 2024 |
Santos Port
(SP)
+24 p.p. | +8 p.p. | |
77% | ||
53% | 51% | 59% |
4Q23 | 4Q24 | 2023 | 2024 |
Goiás
(GO) | +19 p.p. | +7 p.p. |
31%
25%
18%
12%
4Q23 4Q242023 2024
Paranaguá (PR) and São Francisco do Sul (SC) Ports
+7 p.p. | +4 p.p. | |
31% | 25% | 29% |
24% | ||
4Q23 | 4Q24 | 2023 | 2024 |
4
OPERATIONAL INDICATORS
North Operation Transit Time (hours)
-11%
100 | 91 | 91 | 93 | 89 |
2020 2021 2022 2023 2024
Dwell Time in Santos (hours)
-43%
28 | 20 | 18 | 17 | 16 | |
2020 | 2021 | 2022 | 2023 | 2024 | |
Consolidated Diesel Consumption (liters/ '000 RTK) | |||||
-8% | |||||
3.72 | 3.59 | 3.37 | 3.45 | 3.41 | |
2020 | 2021 | 2022 | 2023 | 2024 |
-1,7%
90 | 89 |
4Q23 | 4Q24 |
-0,6% | |
17 | 16 |
4Q23 | 4Q24 |
-2.0%
3,463,39
4Q23 | 4Q24 |
5
OPERATIONAL RESULT 4Q24
Volumes (Bln RTK)
19.6 | 0.7 | 0.08 | 19.9 |
-0.5
Consolidated 4Q23 | North | South | Conteiner | Consolidated 4Q24 |
North Operation (Bln RTK) | South Operation (Bln RTK) | ||
-3% | |||
11.7 11.4 | -11% | ||
1.6 | |||
1.4 | -21% | ||
33% | 16% | 2% | > 100% | 7% | ||||||||
0.5 | 0.7 | 1.5 | 1.7 | 1.2 | 1.2 | 0.6 | 1.2 | 0.8 | 0.8 | |||
Grains | Sugar | Fertilizers | Fuels | Industrials¹ | Containers |
0.8 0.7 | 36% | -50% | -2% | 12% | ||||||||
0.3 | 0.3 | |||||||||||
0.2 | 0.2 | 0.2 | 0.2 | |||||||||
0.07 0.1 | ||||||||||||
Grains | Sugar | Fertilizers | Fuels | Industrials¹ | Containers |
4Q23
4Q24 | 6 |
¹Pulp and paper, building materials, steel and mining.
REVENUE AND YIELDS
Consolidated | ||||||||||
166 | 163 | 163 | 152 | |||||||
122 | ||||||||||
3,175 | 2,616 | 3,146 | 3,575 | 3,752 | ||||||
4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | ||||||
Net Revenue (BLR Mln) | Yields (BRL / RTK * 1000) | |||||||||
North Operation | South Operation |
165 | 160 | 160 | 176 | 183 | 177 |
149 | 160 | ||||
115 | 144 |
2.815 | 3.016 | 2.830 | 563 | 602 | 565 | |
2.435 |
1.997 | 451 | 424 |
4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 |
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EBITDA
Consolidated EBITDA
(BLR Mln)
+38% | ||||
475 | 17 | 1,667 | ||
-32 | ||||
1,207 | ||||
Adjusted EBITDA 4Q23 | North Operation | South Operation | Conteiners | Adjusted EBITDA 4Q24 |
North Operation1
(BLR Mln) | +45% | |
614 | 1,533 |
-23 | ||||||||||||||||
1,058 | -116 | |||||||||||||||
Adjusted EBITDA 4Q23 Contribution Margin FC + SG&A Others + Eq. Pickup. Adjusted EBITDA 4Q24
South Operation1 | ||||||||||||||||||||
(BLR Mln) | -29% | |||||||||||||||||||
111 | ||||||||||||||||||||
79 | ||||||||||||||||||||
-20 | -5 | |||||||||||||||||||
-7 | ||||||||||||||||||||
Adjusted EBITDA 4Q23 Contribution Margin | FC + SG&A | Others + Eq. Pickup. Adjusted EBITDA 4Q24 |
8
¹Excluding the non-recurring events effect. Additional information is available in the Earnings Report.
FINANCIAL RESULT AND NET INCOME
Financial Result
(BRL Mln)
12,24%
11,28%
594 621
- 277
- 344
10,51% 10,43% 11,14%
735
646,6
575
396
313 226
334 349 338
Adjusted Net Income1
(BRL Mln)
794
721
368
206
1
4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | ||
Cost of Net Debt | Other Expenses | CDI in the period (%YoY) | ||||
4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 |
9
¹Excluding the non-recurring events effect. Additional information is available in the Earnings Report.
INDEBTEDNESS
Net Debt
(BLR Mln)
1.4x1.4x
11,032
Debt Amortization Schedule
(BLR Mln) | 13,054 |
10,188 +8%
8,391
372 649
4,279
1,068
3Q244Q24
Net Debt | Financial Leverage | |
Cash | 2025 | 2026 | 2027 | 2028 | 2029+ |
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INVESTMENTS
Recurring CAPEX
MT Greenfield Railway
- Progress in construction material logistics.
(BRL Mln)
+21.1%
513
423
4Q234Q24
Expansion CAPEX
(BRL Mln)
+75.3%
848 | |||||
257 | |||||
541 | 551 | ||||
4Q23 | 4Q24 | ||||
Rumo's Mato Grosso Extension | Other Expansion Projects | ||||
Arrival of tracks for storage in Mato Grosso
Jul24 | Nov24 |
Earthworks in critical sections (km 56)
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