Earnings Conference Call 4Q25
March 05th, 2026
HIGHLIGHTS 4Q25
Transported Volume
(bln RTK)
4Q25 22.9 (+15%)
2025 84.2 (+5%)
Northern Operation
(bln RTK)
4Q25 18.5 (+14%)
2025 68.2 (+7%)
Southern Operation
(bln RTK)
4Q25 3.2 (+25%)
2025 11.8 (-2%)
Fixed Costs and Expenses
(BRL/'000 RTK)
4Q25 33.1 (-11%)
2025 32.7 (-6%)
Energy Efficiency
(Liters/'000 GTK)
4Q25 -2%
2025 -3%
EBITDA
Adjusted1 (BRL mln)
4Q25 1,793 (+8%)
2025 8,021 (+4%)
Leverage
Net Debt/Adjusted EBITDA
1.9x
Capex
(BRL mln)
4Q25 1,463 (-23%)
2025 6,112 (+11%)
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)
-11 p.p.
+1 p.p.
-5 p.p.
59%
48%
40%
46%
41%
4Q24
4Q25
2023
2024
2025
Goiás
(GO)
+6 p.p.
+9 p.p.
+3 p.p.
29%
36%
19%
25%
28%
4Q24
4Q25
2023
2024
2025
Santos Port
(SP)
-13 p.p.
+3 p.p.
-5 p.p.
78%
65%
51%
59%
54%
4Q24
4Q25
2023
2024
2025
Portos de Paranaguá (PR) and São Francisco do Sul (SC)
-2 p.p.
-
-4 p.p.
31%
29%
25%
29%
25%
4Q24
4Q25
2023
2024
2025
4
CORN
Mato Grosso (MT) and Goiás (GO)
38%
42%
100
37%
90
80
70
60
50
35.2
29.6
28.3
40
30
20
10
0
2023
2024
2025
Santos Port (SP)
90
80%
73%
90%
63%
80
70%
70
50%
60
30%
50
40
10%
21.3
30
15.6
3.1
14.8
4.0
-10%
20
-30%
10
0
-50%
2023
Rumo
2024
Market
2025
Market Share
5
10.8
12.5
13.4
7.9
10.6
12.4
13.2
17.7
17.2
22.0
SOY + SOYBEAN MEAL
Mato Grosso (MT) and Goiás (GO)
41%
38%
100
34%
90
80
70
51.7
56.6
60
45.4
50
40
30
20
10
0
Santos Port (SP)
90
60%
50%
45%
48%
80
50%
70
40%
60
40.3
45.3
30%
37.7
50
40
20%
30
10%
20
0%
10
0
-10%
Rumo
Market
Market Share
SOY + SOYBEAN MEAL + CORN
Mato Grosso (MT) and Goiás (GO)
36%
41%
38%
120
50%
86.8
100
30%
85.0
55.9
75.1
52.9
80
10%
44.2
60
-10%
40
-30%
20
-50%
30.9
2023
30.9
2024
32.1
2025
0
-70%
Santos Port (SP)
59%
51%
54%
90
60%
80
50%
61.7
60.0
70
53.3
40%
60
30.0
27.5
30%
22.0
50
40
20%
30
10%
20
0%
31.7
2023
Rumo
31.3
2024
Market
32.5
2025
Market Share
10
0
-10%
GRAINS MARKET SHARE
34.0 | 27.0 | 35.2 | ||
17.7 | 18.4 | 21.4 | ||
2023 | 2024 | 2025 |
22.1 | 18.9 | 23.4 | |||
18.2 | 18.8 | 21.9 | |||
2023 | 2024 | 2025 |
OPERATIONAL INDICATORS
North Operation Transit Time (hours)
-13%
97 87 83 85
2022 2023 2024 2025
+2%
83 85
4Q24 4Q25
Dwell Time in Santos (hours)
+2.5%
-
16.2
16.6
16.5
16.6
16.0
16.5
2022
2023
2024
2025
4Q24
4Q25
Consolidated Diesel Consumption (liters/ '000 GTK)
-1.5%
3.37 3.45 3.41 3.32
2022 2023 2024 2025
-2%
3.39 3.33
4Q24 4Q25
6
OPERATIONAL RESULTS
Volumes (Bln RTK)
19.9
2.3 0.6 0.02 22.9
Consolidated 4Q24 North Operation South Operation Container Consolidated 4Q25
North Operation (Bln RTK)
16%
13.2
11.4
17%
0.7
0.8
-
1.7 1.7
6%
26%
1.2
1.3
1.2
1.5
4%
0.8 0.9
Grains
Sugar
Fertilizers
Fuels
Industrials Containers
¹
1.9
20%
1.4
0.7
0.8
34%
0.1 0.12
8%
0.16 0.18
-19%
0.20 0.16
-5%
0.27 0.26
Grains
Sugar
Fertilizers
Fuels
Industrials¹ Containers
South Operation (Bln RTK)
36%
4Q24 4Q25 7¹Pulp and paper, building materials, steel and mining.
REVENUE AND YIELDS
Consolidated
152
169
159
152
125
3,711
3,819
4Q24
1Q25
2Q25
3Q25
4Q25
Net Revenue (BRL Mln)
Yields (BRL /RTK*1000)
2,967
3,350
3,463
North Operation
166
149
157
149
130
4Q24
1Q25
2Q25
3Q25
4Q25
2,388
2,662
2,830
3,024
3,038
South Operation
182
160
164
156
146
4Q24
1Q25
2Q25
3Q25
4Q25
406
424
473
484
578
8
EBITDA
Consolidated EBITDA
(BRL Mln)
+8%
1,667
128
1,793
6
-8
EBITDA 4Q24
North Operation
South Operation
Conteiners
EBITDA 4Q25
North Operation1
(BRL Mln)
+0.4%
1,533
6
126
1,539
-126
EBITDA 4Q24
Contribution Margin
FC + SG&A
Others
EBITDA 4Q25
South Operation1
(BRL Mln)
+162%
109
207
79
34
-15
EBITDA 4Q24
Contribution Margin
FC + SG&A
Others
EBITDA 4Q25
9
¹Excluding the non-recurring events effect. Additional information is available in the Earnings Report.
FINANCIAL RESULT AND NET INCOME
178
530
CDI in the period (%YoY)
Financial Result
(BRL Mln)
12.95%
11.14%
14.48%
14.90%
14.90%
837
735 768
698
221
238
721
92
Other Expenses
397
629
616
520
338
4Q24
1Q25
2Q25
3Q25
4Q25
Cost of Net Debt
Adjusted Net Income1
(BRL Mln)
731
733
441
206
188
4Q24
1Q25
2Q25
3Q25
4Q25
10
¹Excluding the non-recurring events effect. Additional information is available in the Earnings Report.
INDEBTEDNESS
Net Debt
(BRL Mln)
1.9x
14,922
1.9x
15,522
+4%
3Q25
4Q25
Net Debt
Financial Leverage
Debt Amortization Schedule
(BRL Mln)
16,952
7,566
4,451
527
1,157
Cash
2026
2027
2028
2029+
11
INVESTMENTS
Recurring CAPEX
(BRL Mln)
Expansion CAPEX
(BRL Mln)
1,399
-44%
551
848
973
346
627
-4%
513 490
4Q24 4Q25
4Q24 4Q25
Rumo's Mato Grosso Extension Other Expansion Projects12
SOYBEAN MARKET OUTLOOK
Supply and Demand
Brazil
172
183
160
158
9
13
22/23
23/24
24/25
25/26
Consumption
Exports
Production Inventory EoP
9
60
59
12
66
63
99
102
108
115
Supply and Demand
MT
51
52
46
5
41
4
4
4
32
33
29
25
12
13
14
14
1 1 1 2
22/23 23/24 24/25 25/26
Consumption
Exports
Transfers
Production
Inventory EoP
13
Source: Rumo /Veeries / Orion / Comex / IMEA
CORN MARKET OUTLOOK
Supply and Demand
Brazil
146
147
137
126
22/23
23/24
24/25
25/26
Consumption
Exports
Production Inventory EoP
34
35
47
46
80
86
94
104
40
41
56
43
Supply and Demand
MT
60
59
55
51
13
8
9
14
24
30
27
23
14
16
18
21
14
13
18
19
22/23
23/24
24/25
25/26
Consumption
Exports
Transfers
Production
Inventory EoP
14
Note: Consider both Brazilian harvests. Source: Rumo / Veeries / Orion / Comex / IMEA
Investor Relations
For Contact IR@rumolog.com
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