Earnings Release - 3Q25
São Paulo, October 23, 2025 - TPI - Triunfo Participações e Investimentos S.A., one of the major Brazilian companies in the infrastructure sector, operating in the toll road, airport and energy concession segments, announces its results for the third quarter of 2025. In this earnings release, the financial information is consolidated in Triunfo's interest in each business, while the operational information reflects the entire business. The result for the period, compared to book values, does not change as a result of the method of consolidation. Net revenue data disclosed herein excludes construction revenue (adjusted net revenue)1except otherwise specified. Results are compared to the same period of the previous year, except when mentioned.
HighlightsToll road segment: adjusted net revenues at R$ 244.2 million, in 3Q25 and R$ 717.5 million in 9M25.
Increase in adjusted EBITDA: Adjusted EBITDA amounted to R$ 134.5 million in 3Q25, with 16.8% increase compared to the same period of the previous year.
Cargo volume grew 4.7% in the airport segment, driven by higher demand in July and the early shipment of goods in anticipation of possible U.S. tariffs on Brazilian products.
B3: TPIS3
Conference call on the earnings release in Portuguese with simultaneous translation into English:
Information | 09/30/2025 Share price: R$ 4.12 Total Shares: 44,000,000
Outstanding Shares 18,522,904
Free Float: 42.10%
Friday, October 24th, 2025
10:00 am (Brasília) | 09:00 am (ET)
For more information - IR Department
Phone Numbers:
+55 11 4700 9668 (Brazil)
+1 646 558 8656(EUA)
Codes:
ID Webinar: 868 5582 8893
Roberto Carvalho | IRO Ricardo Medeiros, CFA
+1 564 217 2000 (Others) Access Password: 349630
Phone: +55 11 2169 3999
ri.triunfo.com | ri@triunfo.com
1Adjusted data was calculated by excluding revenue from construction of concession assets from total net revenue.
Message from ManagementIn the third quarter of 2025, the Company reinforces its commitment to operational efficiency, financial discipline, and sustainable value creation across all of its business segments.
Even in the face of a challenging macroeconomic scenario, the Company sustained growth in its main operating and financial indicators, highlighting the improvement in adjusted EBITDA and progress in the capital structure of its subsidiaries.
Toll road segment reported adjusted net revenues of R$ 244.2 million, in 3Q25, with 3.1% increase when compared to the same period of the previous year. This result reflects revenues from toll roads at Concebra, Concer and Transbrasiliana concessions, driven both by the increase in equivalent paying vehicles and recent tariff adjustments.
Energy segment maintained operational stability in the quarter, with net revenue of R$ 37.9 million, in line with the same period in 2024, and net income of R$ 11.3 million.
The performance reflects the RAG adjustment and the continued efficient operation of the portfolio of generation assets. Operating costs showed a moderate increase (6.3%), while operating expenses rose due to higher spending on legal consultancy.
In the airport segment, passenger traffic reached 3.3 million in 3Q25, with 0.7% growth, driven by the intensification of operations by a partner airline, which concentrated flights at its main hub, increasing passenger flow.
Cargo volume handled also showed expansion, growing 4.7% in the quarter, benefiting from the higher demand in July, given the expectation of new tariffs imposed by the United States on Brazilian products.
These results reinforce the segment's potential and its relevance to the diversification of Triunfo's business, which continues to pursue higher operational efficiency and expansion of strategic partnerships at the terminals under its management.
We will continue working to consolidate our position as one of the country's leading infrastructure platforms, delivering consistent value to shareholders.
Carlo Alberto Bottarelli - CEO
Proforma PerformanceThe financial information in this section is presented proportionally to Triunfo's stake in each business, unless otherwise stated. It is worth noting that the net result for the period does not change as a result of the consolidation method.
Main Figures (in R$ thousand) | 3Q25 | 3Q24 | Δ | 9M25 | 9M24 | Δ |
Adjusted Net Revenue | 282,148 | 272,995 | 3.4% | 829,445 | 801,761 | 3.5% |
Toll Roads | 244,236 | 236,874 | 3.1% | 717,519 | 692,747 | 3.6% |
Energy | 37,912 | 36,121 | 5.0% | 111,926 | 109,014 | 2.7% |
Adjusted EBITDA* | 138,489 | 118,616 | 16.8% | 322,057 | 297,733 | 8.2% |
Toll Roads | 133,793 | 113,780 | 17.6% | 304,518 | 266,088 | 14.4% |
Energy | 17,089 | 17,473 | -2.2% | 50,168 | 51,125 | -1.9% |
Holding and Other | (12,393) | (12,637) | -1.9% | (32,629) | (19,480) | 67.5% |
Financial Result | (36,327) | (44,632) | -18.6% | (127,298) | (116,633) | 9.1% |
Toll Roads | (41,182) | (45,431) | -9.4% | (139,776) | (118,088) | 18.4% |
Energy | 1,290 | 666 | 93.7% | 1,893 | 1,298 | 45.8% |
Holding and Other | 3,565 | 133 | n/c | 10,585 | 157 | n/c |
Net Income (Loss) | (16,259) | (463) | n/c | (63,387) | 45,872 | n/c |
Toll Roads | (19,421) | (8,336) | 133.0% | (77,250) | 24,768 | n/c |
Energy | 11,298 | 11,426 | -1.1% | 31,449 | 32,985 | -4.7% |
Holding and Other | (8,135) | (3,552) | 129.0% | (17,586) | (11,881) | 48.0% |
Adjusted EBITDA Margin | 49.1% | 43.4% | 5.6pp | 38.8% | 37.1% | 1.7pp |
Toll Roads | 54.8% | 48.0% | 6.7pp | 42.4% | 38.4% | 4.0pp |
Energy | 45.1% | 48.4% | -3.3pp | 44.8% | 46.9% | -2.1pp |
*Adjusted EBITDA excludes construction margin, non-recurring revenues (expenses), provision for maintenance, Remuneration of Financial Assets, construction margin and apportionment of Parent Company expenses and is calculated based on the consolidated Income Statement as per Triunfo's interest in each business (Proportional Consolidation Income Statement).
Consolidated Results - OverviewAdjusted net revenue, excluding construction revenue, showed a 3.4% increase in 3Q25 as compared to the same period of the previous year. This is mainly due to lower construction revenues during the period at Triunfo Concebra and Concer. This drop in construction revenue is directly linked to the investment curve, which was lower in the period, resulting in proportionally higher adjusted revenue figures. In addition, revenues from toll roads increased at Concebra (R$ 5.3 million) and Concer (R$ 1.6 million) due to the increase in equivalent paying vehicles, and at Triunfo Transbrasiliana (R$ 4.3 million) due to tariff adjustments in recent quarters.
In 9M25, adjusted net revenue showed a positive change of 3.5% due to the same reasons explained above.
In 3Q25, adjusted EBITDA increased 16.8% mainly due to the higher civil contingencies for Concer in the amount of R$ 17.7 million and R$ 2.8 million due to the remuneration of the financial assets of Triunfo Concebra. In 9M25 the increase was 8.2%. In addition to the reasons explained above, this is due to the higher depreciation and amortization of R$ 43 million at Concer and the fair value adjustment of investment properties of R$ 8.5 million recorded in 2024 at the holding company and its subsidiary Rio Tibagi, as well as the sale of the small hydro power plants of subsidiary Urano for R$ 3.5 million.
Financial result showed a R$ 8.3 million improvement in 3Q25 compared to the same period of the previous year. This change mainly reflects the end of Concer's BNDES loan, reducing expenses with interest and installments. This effect was partially offset by the inflation adjustment of debt of Triunfo Transbrasiliana and Triunfo Concebra. In 9M25, the figure worsened by R$ 10.7 million due to inflation adjustment of debt of Triunfo Transbrasiliana and Triunfo Concebra.
As a result, the Company recorded a net loss of R$ 16.3 million in 3Q25 and R$ 63.4 million in 9M25.
Toll Roads SegmentIncome Statement
(in R$ thousand) 3Q25 3Q24 Δ 9M25 9M24 ΔGross Revenue | 291,936 | 301,539 | -3.2% | 836,282 | 888,819 | -5.9% |
Revenue from Toll Roads | 283,996 | 272,850 | 4.1% | 804,643 | 773,047 | 4.1% |
Remuneration of Financial Assets | (18,180) | (15,366) | 18.3% | (25,901) | (22,518) | 15.0% |
Other Revenues | 2,717 | 2,430 | 11.8% | 7,848 | 6,887 | 14.0% |
Construction of Assets in Toll Roads | 23,194 | 41,100 | -43.6% | 49,289 | 129,371 | -61.9% |
Construction Margin of Assets in Toll Roads | 209 | 525 | -60.2% | 403 | 2,032 | -80.2% |
Deductions from Gross Revenue | (24,506) | (23,565) | 4.0% | (69,474) | (66,701) | 4.2% |
Net Revenue from Operations | 267,430 | 277,974 | -3.8% | 766,808 | 822,118 | -6.7% |
Operational Cost (excluding D&A) | (122,153) | (153,937) | -20.6% | (370,667) | (495,349) | -25.2% |
Operating and Maintenance | (64,053) | (84,256) | -24.0% | (215,564) | (264,999) | -18.7% |
Provision for Maintenance - IAS 37 | (25) | (114) | -78.1% | (74) | 2,008 | n/c |
Costs with Personnel | (22,708) | (16,988) | 33.7% | (69,746) | (69,329) | 0.6% |
Regulatory Agency Costs | (12,173) | (11,479) | 6.0% | (35,994) | (33,658) | 6.9% |
Construction Cost | (23,194) | (41,100) | -43.6% | (49,289) | (129,371) | -61.9% |
Operational Expenses (excluding D&A) | (50,678) | (32,833) | 54.4% | (148,148) | (90,902) | 63.0% |
General & Administrative | (33,782) | (34,480) | -2.0% | (130,992) | (93,503) | 40.1% |
Other Administrative Expenses | (16,896) | 1,647 | -1125.9% | (17,156) | 2,601 | n/c |
Depreciation and Amortization (D&A) | (54,492) | (45,566) | 19.6% | (168,192) | (125,039) | 34.5% |
EBIT | 40,107 | 45,638 | -12.1% | 79,801 | 110,828 | -28.0% |
Financial Result | (41,182) | (45,431) | -9.4% | (139,776) | (118,088) | 18.4% |
Financial Revenues | 542 | 2,175 | -75.1% | 1,497 | 2,954 | -49.3% |
Financial Expenses | (41,724) | (47,606) | -12.4% | (141,273) | (121,042) | 16.7% |
Income Tax and Social Contribution | (18,346) | (8,543) | 114.7% | (23,323) | (14,905) | 56.5% |
Current Tax | (1,177) | (24) | n/c | (1,432) | (6,393) | -77.6% |
Deferred Tax | (17,169) | (8,519) | 101.5% | (21,891) | (8,512) | 157.2% |
Descontinued Operations | 0 | 15,247 | -100.0% | 6,048 | 46,933 | -87.1% |
Net Income (Loss) | (19,421) | 6,911 | n/c | (77,250) | 24,768 | n/c |
Net Revenue and Operating Performance
(in R$ thousand) | 3Q25 | 3Q24 | Δ | 9M25 | 9M24 | Δ |
Gross Revenues | 291,936 | 301,539 | -3.2% | 836,282 | 888,819 | -5.9% |
Revenues from Toll Roads | 283,996 | 272,850 | 4.1% | 804,643 | 773,047 | 4.1% |
Remuneration of the Financial Asset | (18,180) | (15,366) | 18.3% | (25,901) | (22,518) | 15.0% |
Other Revenues | 2,717 | 2,430 | 11.8% | 7,848 | 6,887 | 14.0% |
Construction of Assets in Toll Roads | 23,194 | 41,100 | -43.6% | 49,289 | 129,371 | -61.9% |
Construction Margin of Assets in Toll Roads | 209 | 525 | -60.2% | 403 | 2,032 | -80.2% |
Deductions from Gross Revenues | (24,506) | (23,565) | 4.0% | (69,474) | (66,701) | 4.2% |
Net Revenues from Operations | 267,430 | 277,974 | -3.8% | 766,808 | 822,118 | -6.7% |
Construction of Assets in Toll Roads | 23,194 | 41,100 | -43.6% | 49,289 | 129,371 | -61.9% |
Adjusted Net Operating Revenue | 244,236 | 236,874 | 3.1% | 717,519 | 692,747 | 3.6% |
Note: Adjusted net operating revenue excludes construction margin on Toll Roads.
Adjusted net revenue, excluding highway construction revenue, totaled R$ 244.2 million in 3Q25, a 3.1% increase compared to the same period of previous year. This is mainly due to lower construction revenues during the period at Triunfo Concebra and Concer. This drop in construction revenue is directly linked to the investment curve, which was lower in the period, resulting in proportionally higher adjusted revenue figures. In addition, revenues from toll roads increased at Concebra (R$ 5.3 million) and Concer (R$ 1.6 million) due to the increase in equivalent paying vehicles, and at Triunfo Transbrasiliana (R$ 4.3 million) due to tariff adjustments in recent quarters.
In 9M25, adjusted net revenue reached R$ 717.5 million, with 3.6% increase as compared to the same period of the previous year, due to the same reasons explained above.
Operational Performance (in thousand of paying vehicles)
3Q25 3Q24 Δ 9M25 9M24 Δ
Concer Triunfo Transbrasiliana Triunfo Concebra | 6,743 6,471 19,152 | 6,665 6,496 18,460 | 1.2% -0.4% 3.7% | 19,507 18,516 53,916 | 19,266 18,636 51,817 | 1.2% -0.6% 4.0% |
Total Equivalent Traffic | 32,366 | 31,620 | 2.4% | 91,938 | 89,720 | 2.5% |
Average Tariff (R$) | 9.32 | 9.18 | 1.6% | 9.31 | 9.18 | 1.4% |
Operating Costs and Expenses
Operational Costs (in R$ thousand) 3Q25 3Q24 Δ 9M25 9M24 ΔOperational Cost (excluding D&A) | (122,153) | (153,937) | -20.6% | (370,667) | (495,349) | -25.2% |
Operating and Maintenance | (64,053) | (84,256) | -24.0% | (215,564) | (264,999) | -18.7% |
Provision for Maintenance - IAS 37 | (25) | (114) | -78.1% | (74) | 2,008 | n/c |
Costs with Personnel | (22,708) | (16,988) | 33.7% | (69,746) | (69,329) | 0.6% |
Regulatory Agency Costs | (12,173) | (11,479) | 6.0% | (35,994) | (33,658) | 6.9% |
Construction Cost | (23,194) | (41,100) | -43.6% | (49,289) | (129,371) | -61.9% |
Operational Expenses (excluding D&A) | (50,678) | (32,833) | 54.4% | (148,148) | (90,902) | 63.0% |
General & Administrative Other Administrative Revenue (Expenses) | (33,782) (16,896) | (34,480) 1,647 | -2.0% -1125.9% | (130,992) (17,156) | (93,503) 2,601 | 40.1% n/c |
Adjusted Operational Costs and Expenses | (149,612) | (145,556) | 2.8% | (469,452) | (458,888) | 2.3% |
Operational Costs and Expenses | (172,831) | (186,770) | -7.5% | (518,815) | (586,251) | -11.5% |
Provision for Maintenance - IAS 37 | 25 | 114 | -78.1% | 74 | (2,008) | n/c |
Construction Cost | 23,194 | 41,100 | -43.6% | 49,289 | 129,371 | -61.9% |
Adjusted Operational Costs and Expenses - recurring figures | (131,475) | (145,283) | -9.5% | (448,206) | (459,211) | -2.4% |
Non recurring expenses (revenues) | 18,137 | 273 | n/c | 21,246 | (323) | n/c |
Adjusted operating costs and revenues (expenses) - excluding construction costs, provisions for maintenance, depreciation and amortization - amounted to R$ 149.6 million in 3Q25, up 2.8% versus the same period last year. This increase is mainly due to the provision for contingencies of R$ 17.7 million and the R$ 5.7 million increase in personnel costs, both at subsidiary Concer. These effects are partially offset by lower maintenance costs at Triunfo Concebra due to the exclusion of Rota Zebu by R$ 20.0 million.
In 9M25, adjusted operating costs and revenues (expenses) totaled R$ 469.5 million, up 2.3% versus the same period of previous year, mainly due to the provision for contingencies in the amount of R$ 17.7 million at Concer, an administrative fine of R$ 21.0 million imposed by ANTT due to the partial non-execution of Triunfo Transbrasiliana's works, R$ 13.7 million in legal consultancy fees and R$ 2.3 million from a civil legal settlement, both at Triunfo Concebra. These effects are partially offset by lower maintenance costs at Triunfo Concebra due to the exclusion of Rota Zebu by R$ 46.0 million.
Excluding non-recurring effects, a 9.5% drop was recorded in 3Q25 and 2.4% drop in 9M25 as compared to the same periods of previous year, respectively.
EBIT and Adjusted EBITDA
(in R$ thousands) 3Q25 3Q24 Δ 9M25 9M24 ΔAdjusted EBIT | 79,301 | 68,214 | 16.3% | 136,326 | 141,049 | -3.3% |
EBIT | 40,107 | 45,638 | -12.1% | 79,801 | 110,828 | -28.0% |
Financial Asset Remuneration | 18,180 | 15,366 | n/c | 25,901 | 22,518 | n/c |
Non-recurring Expenses (Revenues) | 18,137 | 273 | n/c | 21,246 | (323) | n/c |
Provision for Maintenance - IAS 37 | 25 | 114 | -78.1% | 74 | (2,008) | n/c |
Construction Margin of Assets in Toll Roads | (209) | (525) | -60.2% | (403) | (2,032) | -80.2% |
Apportionment of Parent Company Expenses | 3,061 | 7,348 | -58.3% | 9,707 | 12,066 | -19.6% |
Adjusted EBITDA | 133,793 | 113,780 | 17.6% | 304,518 | 266,088 | 14.4% |
Depreciation and Amortization (D&A) | (54,492) | (45,566) | 19.6% | (168,192) | (125,039) | 34.5% |
Adjusted EBITDA (ex-construction margin) | 133,584 | 113,255 | 17.9% | 304,115 | 264,056 | 15.2% |
Construction Margin of Assets in Toll Roads | (209) | (525) | -60.2% | (403) | (2,032) | -80.2% |
As a result, adjusted EBITDA, excluding non-recurring effects and non-cash items in the period, amounted to R$
133.8 million in the third quarter of 2025, with 17.6% increase versus the same period of the previous year. In 9M25, adjusted EBITDA totaled R$ 304.5 million, with 14.4% increase as compared to 9M24.
Net Income (Loss) and Financial Result
(in R$ thousand) 3Q25 3Q24 Δ 9M25 9M24 ΔFinancial Result | (41,182) | (45,431) | -9.4% | (139,776) | (118,088) | 18.4% |
Financial Income Fiancial Expenses | 542 (41,724) | 2,175 (47,606) | -75.1% -12.4% | 1,497 (141,273) | 2,954 (121,042) | -49.3% 16.7% |
Income Tax and Social Contribution | (18,346) | (8,543) | 114.7% | (23,323) | (14,905) | 56.5% |
Current Tax Deferred Tax | (1,177) (17,169) | (24) (8,519) | 4804.2% 101.5% | (1,432) (21,891) | (6,393) (8,512) | -77.6% 157.2% |
Descontinued Operations | 0 | 15,247 | -100.0% | 6,048 | 46,933 | -87.1% |
Net Income (Loss) | (19,421) | (8,336) | 133.0% | (77,250) | 24,768 | n/c |
Financial result showed a R$ 4.2 million improvement in 3Q25 compared to the same period of the previous year. This change mainly reflects the end of Concer's BNDES loan, reducing expenses with interest and installments. This effect was partially offset by the inflation adjustment of debt of Triunfo Transbrasiliana and Triunfo Concebra. In 9M25, the figure worsened by R$ 21.7 million due to the same reasons explained above.
As a result, the segment recorded a net loss of 19.4 million in 3Q25 and R$ 77.3 million in 9M25.
Energy SegmentINCOME STATEMENT (in thousand) 3Q25 3Q24 Δ 9M25 9M24 Δ
Gross Revenues Deductions from Gross Revenues Net Operating Revenue | 41,772 (3,860) 37,912 | 39,802 (3,681) 36,121 | 4.9% 4.9% 5.0% | 123,330 (11,404) 111,926 | 120,123 (11,109) 109,014 | 2.7% 2.7% 2.7% |
Operational Cost (excluding D&A) | (18,717) | (17,552) | 6.6% | (55,013) | (54,916) | 0.2% |
Operating and Maintenance | (2,533) | (1,924) | 31.7% | (5,786) | (5,476) | 5.7% |
Costs with Personnel | (1,729) | (1,864) | 196.3% | (5,523) | (5,613) | n/c |
Regulatory Agency Costs | (14,455) | (13,764) | 5.0% | (43,704) | (43,827) | -0.3% |
Operational Expenses (excluding D&A) | (2,106) | (1,096) | 92.2% | (6,745) | (2,973) | 126.9% |
General & Administrative | (2,106) | (1,096) | 92.2% | (6,745) | (2,973) | 126.9% |
Other Administrative Revenues (Expenses) | 0 | 0 | n/c | 0 | 0 | n/c |
Depreciation and Amortization (D&A) | (847) | (797) | 6.3% | (2,467) | (2,388) | 3.3% |
EBIT | 16,242 | 16,676 | -2.6% | 47,701 | 48,737 | -2.1% |
Financial Result | 1,290 | 666 | 93.7% | 1,893 | 1,298 | 45.8% |
Financial Revenue | 1,390 | 797 | 74.4% | 2,380 | 1,886 | 26.2% |
Financial Expenses | (100) | (131) | -23.7% | (487) | (588) | -17.2% |
Income Tax | (6,234) | (5,916) | 5.4% | (18,145) | (17,050) | 6.4% |
Current Tax | (6,282) | (5,972) | 5.2% | (18,134) | (16,951) | 7.0% |
Deferred Tax | 48 | 56 | -14.3% | (11) | (99) | -88.9% |
Net Income (Loss) | 11,298 | 11,426 | -1.1% | 31,449 | 32,985 | -4.7% |
EBIT and Adjusted EBITDA 3Q25 3Q24 Δ 9M25 9M24 Δ
Adjusted EBIT EBIT | 16,242 16,242 | 16,676 16,676 | -2.6% -2.6% | 47,701 47,701 | 48,737 48,737 | -2.1% -2.1% |
Adjusted EBITDA | 17,089 | 17,473 | -2.2% | 50,168 | 51,125 | -1.9% |
Depreciation and Amortization (D&A) | (847) | (797) | 6.3% | (2,467) | (2,388) | 3.3% |
In 3Q25, net operating revenue amounted to R$ 37.9 million, flat as compared the same period of previous year. In 9M25, adjusted net revenue amounted to R$ 111.9 million, up 2.7% versus the same period of previous year, due to the RAG adjustment.
Operating costs (excluding depreciation and amortization) increased 6.3% and 3.3% in 3Q25 and 9M25, reaching R$ 17.9 million and R$ 36.3 million, respectively.
Operating expenses totaled R$ 2.1 million in 3Q25 and R$ 6.7 million in 9M25, representing a significant change compared to the previous periods, respectively. This positive change is due to higher expenses with legal consultancy for the quarter and 9M25.
Accordingly, net income in the energy segment totaled R$ 11.3 million in 3Q25 and net income of R$ 31.4 million in 9M25.
Parent Company and Others(in R$ thousand) | 3Q25 | 3Q24 | Δ | 9M25 | 9M24 | Δ | ||
Expenses | (11,680) | (1,877) | n/c | (27,649) | (6,547) | n/c | ||
General & Administrative | (10,405) | (15,297) | -32.0% | (26,175) | (30,508) | -14.2% | ||
Other Administrative (revenue) Expenses | (1,051) | 13,884 | n/c | (791) | 25,744 | n/c | ||
Equity Income Result | 0 | 0 | n/c | 0 | 0 | n/c | ||
Depreciation and Amortization | (224) | (464) | -51.7% | (683) | (1,783) | n/c | ||
EBIT | (11,680) | (1,877) | n/c | (27,649) | (6,547) | n/c | ||
Financial Result | 3,565 | 133 | n/c | 10,585 | 157 | n/c | ||
Financial Revenue | 4,845 | 3,061 | 58.3% | 10,688 | 10,053 | 6.3% | ||
Financial Expenses | (1,280) | (2,928) | -56.3% | (103) | (9,896) | -99.0% | ||
Income Tax | (20) | (1,808) | -98.9% | (522) | (5,491) | -90.5% | ||
Current Tax | (20) | (1,808) | -98.9% | (522) | (1,808) | -71.1% | ||
Deferred Tax | 0 | 0 | n/c | 0 | (3,683) | -100.0% | ||
Net Income (Loss) | (8,135) | (3,552) | 129.0% | (17,586) | (11,881) | 48.0% | ||
Adjusted EBIT | (12,617) | (13,101) | -3.7% | (33,312) | (21,263) | 56.7% | ||
Non recurring expenses (revenues) | 2,124 | (3,876) | -154.8% | 4,044 | -2,650 | -252.6% | ||
Apportionment of Parent Company Expenses | (3,061) | (7,348) | -58.3% | (9,707) | -12,066 | -19.6% | ||
Adjusted EBITDA | (12,393) | (12,637) | -1.9% | (32,629) | (19,480) | 67.5% | ||
Depreciation and Amortization (D&A) | (224) | (464) | -51.7% | (683) | (1,783) | -61.7% | ||
Parent Company and Others' performance for the third quarter of 2025 was determined mainly by the change in the account of other expenses and operating expenses. This results from the fair value adjustment in 2024 of properties classified as investment properties of the holding company and subsidiary Rio Tibagi, and the sale of the small hydro power plants of subsidiary Urano for R$ 3.5 million.
Thus, net loss amounted to R$ 8.1 million in 3Q25 and R$ 17.6 million in 9M25.
Airport SegmentAlthough the airport segment is not consolidated in the Company's results, the key operating indicators are
highlighted in this earnings release.
Total cargo volume showed 4.7% increase in 3Q25 compared to the same period of the previous year. The increase stems from the growth in demand in July, driven by uncertainties surrounding the possible imposition of tariffs by the United States on Brazilian products.
In 9M25, the total cargo volume reached 209.1 million, flat compared to the same period of the previous year.
In 3Q25, the number of passengers reached 3.3 million, up 0.7%. This growth in the number of passengers in the quarter is mainly due to the intensification of operations by one of the airlines at our airport. In an effort to optimize its results, the company has concentrated flights at its main hub, resulting in more passenger traffic. In 9M25, the number of passengers reached 9.5 million, a 4.4% increase due to the same reasons explained above.
Airport Performance | 3Q25 | 3Q24 | Δ | 9M25 | 9M24 | Δ |
Total Cargo (ton) | 76,053 | 72,644 | 4.7% | 209,109 | 208,600 | 0.2% |
Import | 26,049 | 28,847 | -9.7% | 73,697 | 83,626 | -11.9% |
Export | 21,956 | 25,193 | -12.8% | 64,393 | 66,852 | -3.7% |
Domestic | 23,637 | 16,306 | 45.0% | 62,469 | 51,722 | 20.8% |
Other | 4,411 | 2,298 | 92.0% | 8,550 | 6,400 | 33.6% |
Total Passengers (thousand) | 3,299 | 3,277 | 0.7% | 9,545 | 9,140 | 4.4% |
Domestic | 1,493 | 1,342 | 11.2% | 4,014 | 3,819 | 5.1% |
International | 295 | 229 | n/c | 831 | 628 | 32.3% |
Conexion | 1,511 | 1,706 | -11.4% | 4,699 | 4,692 | 0.2% |
Total Planes | 31,688 | 31,990 | -0.9% | 93,824 | 90,873 | 3.2% |
Indebtedness | ||||||||||||
DEBT (in R$ thousand) | ||||||||||||
3Q25 | 4Q24 | Δ | ||||||||||
Triunfo (holding) and other | 32,146 | 30,456 | 5.5% | |||||||||
Toll Roads | 1,256,604 | 1,384,679 | -9.2% | |||||||||
Gross Debt | 1,288,750 | 1,415,135 | -8.9% | |||||||||
Cash and Cash Equivalents | 75,784 | 63,702 | 19.0% | |||||||||
Net Debt | 1,212,966 | 1,351,433 | -10.2% | |||||||||
GROSS DEBT (FINANCIAL DEBT) - (in R$ thousand)
Triunfo
(holding)
Concer Triunfo Concebra
Triunfo Transbrasiliana Gross Debt
DEBT INDEX MATURITY 3Q25 4Q24 Δ
FINEP 8% p.a. july/2025 903 853 5.9%
China Construction Bank Performance Bonus n/a july/2025 - 4,033 -100.0% CCB - Trophy FIP Multiestratégia 140% CDI july/2025 31,243 9,040 n/c
CCB - China Construction Bank CDI + 1.5% p.a. july/2025 - 16,530 -100.0%
Bridge Loan - BNDES A and B CDI + 0.5% p.a. february/2021 - 51,287 -100.0%
Bank Credit - ABC Bank of Brasil CDI + 1.2% p.a. july/2023 1,318 7,920 -83.4%
BNDES - Bridge Loan TJLP + 2% p.a. december/2025 945,489 1,007,375 -6.1% 8th Debenture Isse of Transbrasiliana IPCA + 12.06% p.a. September/2032 309,286 316,950 -2.4% CCB - VW Bank 24.78% p.a february/2025 511 1,147 -55.4%
1,288,750 1,415,135 -8.9%
Investments INVESTMENTS(in R$ thousands) | 3Q25 % | 9M25 % |
Concer | 2,233 3.4% | 4,415 5.0% |
Triunfo Econorte | 0 0.0% | 0 0.0% |
Triunfo Concebra | 12,030 18.5% | 16,276 18.4% |
Triunfo Transbrasiliana | 45,922 70.8% | 60,117 67.8% |
Holding and other investments | 4,689 7.2% | 7,880 8.9% |
Total | 64,874 100.0% | 88,688 100.0% |
9M25 | % | |
Concer | 17,437 | 1.9% |
Triunfo Econorte | 1 | 0.0% |
Triunfo Concebra | 39,889 | 4.3% |
Triunfo Transbrasiliana | 628,626 | 68.5% |
Port | 166,083 | 18.1% |
Tijoá+ CSE | 52,840 | 5.8% |
Holding and other investments | 12,764 | 1.4% |
Total | 917,640 | 100.0% |
ASSETS - PROPORTIONAL CONSOLIDATED BALANCE SHEET (in R$ thousand)
3Q25 | % | 4Q24 | % | Δ% | |||
Current Assets (CA) | 219,826 | 8.5% | 207,939 | 7.4% | 5.7% | ||
• | Cash and Cash Equivalents | 67,250 | 2.6% | 53,126 | 1.9% | 26.6% | |
• | Restricted Cash | 8,534 | 0.3% | 10,576 | 0.3% | -19.3% | |
• | Financial Application - Warranties | 0 | 0.0% | 0 | 0.0% | n/c | |
• | Accounts Receivables | 85,490 | 3.3% | 93,513 | 3.3% | -8.6% | |
• | Indemnities receivable - additives | - | n/c | - | n/c | n/c | |
• | Advances to Suppliers | 2,516 | 0.1% | 2,375 | 0.1% | n/c | |
• | Taxes Recoverable | 33,058 | 1.3% | 14,151 | 0.5% | 133.6% | |
• | Accounts Receivables - Related Parties | 0 | 0.0% | 0 | 0.0% | n/c | |
• | Following Years Expenses | 12,552 | 0.5% | 20,402 | 0.7% | -38.5% | |
• | Dividends and JRCP to receive | 0 | 0.0% | 2 | 0.0% | -100.0% | |
• | Holdings to be sold | 0 | 0.0% | 0 | 0.0% | n/c | |
• | Assets Available for Sale | 8,701 | 0.0% | 8,701 | 0.0% | 0.0% | |
• | Other Credits | 1,725 | 0.1% | 5,093 | 0.2% | -66.1% | |
Non-Current Assets | 2,377,931 | 91.5% | 2,593,683 | 92.6% | -8.3% | ||
• | Long Term Receivables (LTR) | 1,457,811 | 56.1% | 1,574,994 | 56.2% | -7.4% | |
• | Investments | 2,480 | 0.1% | 1,639 | 0.1% | 51.3% | |
• | PP&E | 200,340 | 7.7% | 194,722 | 7.0% | 2.9% | |
• | Intangible | 717,300 | 27.6% | 822,328 | 29.4% | -12.8% | |
Total Assets (TA) | 2,597,757 | 100.0% | 2,801,622 | 100.0% | -7.3% | ||
LIABILITIES - PROPORTIONAL CONSOLIDATED BALANCE SHEET ( in R$ thousand)
3Q25 | % | 4Q24 | % | Δ% | |||||
Current Liabilities (CL) | 1,197,615 | 46.1% | 1,118,843 | 39.9% | 7.0% | ||||
• | Accounts Payable | 59,931 | 2.3% | 87,246 | 3.1% | -31.3% | |||
• | Loans and Financing | 964,895 | 37.1% | 842,371 | 30.1% | 14.5% | |||
• | Promissory Notes | 0 | 0.0% | 0 | 0.0% | n/c | |||
• | Derivatives | 0 | 0.0% | 0 | 0.0% | n/c | |||
• | Debentures | 12,134 | 0.5% | 19,489 | 0.7% | -37.7% | |||
• | Provision for Maintenance | 1,104 | 0.0% | 748 | 0.0% | 47.6% | |||
• | Concession Obligation | 7,258 | 0.3% | 7,130 | 0.3% | 1.8% | |||
• | Salaries and Benefits | 42,681 | 1.6% | 43,372 | 1.5% | -1.6% | |||
• | Tax Payables | 68,507 | 2.6% | 63,457 | 2.3% | 8.0% | |||
• | Advances from Customers | 1,449 | 0.1% | 2,923 | 0.1% | -50.4% | |||
• | Dividends | 1,596 | 0.1% | 1,597 | 0.1% | -0.1% | |||
• | Related Parties - Payables | (11,035) | -0.4% | 5,922 | 0.2% | n/c | |||
• | Lease | 1,493 | 0.1% | 2,037 | 0.1% | -26.7% | |||
• | Other Liabilities | 47,602 | 1.8% | 42,551 | 1.5% | 11.9% | |||
Non-Current Liabilities | 540,505 | 20.8% | 759,755 | 27.1% | -28.9% | ||||
• | Accounts Payable | 31,554 | 1.2% | 27,240 | 1.0% | 15.8% | |||
• | Loans and Financing | 14,569 | 0.6% | 255,815 | 9.1% | -94.3% | |||
• | Promissory Notes | - | n/c | - | n/c | n/c | |||
• | Provision for Maintenance | 5,011 | 0.2% | 5,435 | 0.2% | -7.8% | |||
• | Debentures | 297,152 | 11.4% | 297,461 | 10.6% | -0.1% | |||
• | Financial Instruments and Derivatives | 0 | 0.0% | 0 | 0.0% | n/c | |||
• | Tax Payables | 56,530 | 2.2% | 40,077 | 1.4% | 41.1% | |||
• | Deferred Income Tax and Social Contribution | 2,905 | 0.1% | 15,915 | 0.6% | -81.7% | |||
• | Deferred Revenues, Net | - | n/c | - | n/c | n/c | |||
• | Provision for Contingencies | 78,671 | 3.0% | 63,087 | 2.3% | 24.7% | |||
• | Provision for negative equity of subsidiaries | 46 | 0.0% | 46 | 0.0% | 0.0% | |||
• | Contract Liabilities | 0 | 0.0% | 79 | 0.0% | -100.0% | |||
• | Other Non-Current Liabilities | 54,067 | 2.1% | 54,600 | 1.9% | -1.0% | |||
Shareholders' Equity | 859,637 | 33.1% | 923,024 | 32.9% | -6.9% | ||||
• | Social Capital | 842,979 | 32.5% | 842,979 | 30.1% | 0.0% | |||
• | Capital Reserves | 40,447 | 1.6% | 29,553 | 1.1% | 36.9% | |||
• | Revalluation Reserves, Net | - | n/c | - | n/c | n/c | |||
• | Other Comprehensive Income | (10,894) | -0.4% | 0 | 0.0% | n/c | |||
• | Legal Reserve | 3,522 | 0.1% | 1,743 | 0.1% | 102.1% | |||
• | Retained Earnings | 46,970 | 1.8% | 13,161 | 0.5% | n/c | |||
• | Accumulated losses | (63,387) | -2.4% | 35,588 | 1.3% | n/c | |||
• | Non Controlling Shareholders | 0 | 0.0% | 0 | 0.0% | n/c | |||
Total Liabilities (TL) | 2,597,757 | 100.0% | 2,801,622 | 100.0% | -7.3% | ||||
(in R$ thousand) | 3Q25 | 3Q24 | Δ | 9M25 | 9M24 | Δ | |
Gross Operating Revenue | 333,708 | 341,341 | -2.2% | 959,612 | 1,008,942 | -4.9% | |
Toll Roads | 283,996 | 272,850 | 4.1% | 804,643 | 773,047 | 4.1% | |
Remuneration of the Financial Asset | (18,180) | (15,366) | 18.3% | (25,901) | (22,518) | 15.0% | |
Construction of Assets | 23,403 | 41,625 | -43.8% | 49,692 | 131,403 | -62.2% | |
Generation and Sales of Energy | 41,729 | 39,801 | 4.8% | 123,274 | 120,099 | 2.6% | |
Other Revenue | 2,760 | 2,431 | n/c | 7,904 | 6,911 | n/c | |
Deductions from Gross Revenue | (28,366) | (27,246) | 4.1% | (80,878) | (77,810) | 3.9% | |
Net Operating Revenue | 305,342 | 314,095 | -2.8% | 878,734 | 931,132 | -5.6% | |
Operating Costs | (194,420) | (215,252) | -9.7% | (591,370) | (669,899) | -11.7% | |
Toll Roads Operations and Maintenance | (64,053) | (84,256) | -24.0% | (215,564) | (264,999) | -18.7% | |
Maintenance Cost - IAS 37 | (25) | (114) | -78.1% | (74) | 2,008 | n/c | |
Construction Cost | (23,194) | (41,100) | -43.6% | (49,289) | (129,371) | -61.9% | |
Energy Generation | (2,533) | (1,924) | 31.7% | (5,786) | (5,476) | 5.7% | |
Personnel Costs | (24,437) | (18,852) | 29.6% | (75,269) | (74,942) | 0.4% | |
Depreciation and Amortization (cost) | (53,550) | (43,763) | 22.4% | (165,690) | (119,634) | 38.5% | |
Regulatory Agency Costs | (26,628) | (25,243) | 5.5% | (79,698) | (77,485) | 2.9% | |
Gross Profit | 110,922 | 98,843 | 12.2% | 287,364 | 261,233 | 10.0% | |
Operating Expenses | (66,253) | (38,406) | 72.5% | (187,511) | (108,215) | 73.3% | |
General & Administrative Expenses | (26,619) | (34,915) | -23.8% | (104,995) | (77,480) | 35.5% | |
Management Compensation | (7,216) | (7,014) | 2.9% | (25,171) | (19,870) | 26.7% | |
Personnel Expenses | (12,458) | (8,944) | 39.3% | (33,746) | (29,634) | 13.9% | |
Depreciation and Amortization (cost) | (2,013) | (3,064) | -34.3% | (5,652) | (9,576) | -41.0% | |
Other Administrative Revenues (Expenses) | (17,947) | 15,531 | -215.6% | (17,947) | 28,345 | -163.3% | |
Equity Income Result | 0 | 0 | n/c | 0 | 0 | n/c | |
Profit Before Financial Income | 44,669 | 60,437 | -26.1% | 99,853 | 153,018 | -34.7% | |
Financial Result | (36,327) | (44,632) | -18.6% | (127,298) | (116,633) | 9.1% | |
Financial Revenue | 6,777 | 6,033 | 12.3% | 14,565 | 14,893 | -2.2% | |
Financial Expenses | (43,104) | (50,665) | -14.9% | (141,863) | (131,526) | 7.9% | |
Profit Before Taxes | 8,342 | 15,805 | -47.2% | (27,445) | 36,385 | n/c | |
Income Tax | (24,600) | (16,267) | 51.2% | (41,990) | (37,446) | 12.1% | |
Current Tax | (7,479) | (7,804) | -4.2% | (20,088) | (25,152) | -20.1% | |
Deferred Tax | (17,121) | (8,463) | 102.3% | (21,902) | (12,294) | 78.2% | |
Descontinued Operations | 0 | 15,247 | -100.0% | 6,048 | 46,933 | -87.1% | |
Net Income (Loss) | (16,258) | 14,785 | n/c | (63,387) | 45,872 | n/c | |
Net income from continuing operations | (16,258) | 14,785 | n/c | (63,387) | 45,872 | n/c |
CONSOLIDATED INCOME STATEMENT
(in R$ thousand) 3Q25
100%
Adj* 3Q25 Proportional
3Q24
100%
Adj* 3Q24
Proportional
Gross Operating Revenue | 310,442 | (23,266) | 333,708 | 320,469 | (20,872) | 341,341 |
Toll Roads | 301,751 | 17,755 | 283,996 | 290,250 | 17,400 | 272,850 |
Remuneration of Financial Asset | (18,180) | - | (18,180) | (15,366) | - | (15,366) |
Construction of Assets | 23,830 | 427 | 23,403 | 42,910 | 1,285 | 41,625 |
Generation and Sales of Energy | - | (41,729) | 41,729 | - | (39,801) | 39,801 |
Other Revenue | 3,041 | 281 | 2,760 | 2,675 | 244 | 2,431 |
Deductions from Gross Revenue | (26,070) | 2,296 | (28,366) | (25,102) | 2,144 | (27,246) |
Net Operating Revenue | 284,372 | (20,970) | 305,342 | 295,367 | (18,728) | 314,095 |
Operating Costs | (187,847) | 6,573 | (194,420) | (208,084) | 7,168 | (215,252) |
Toll Roads Operations and Maintenance | (66,783) | (2,730) | (64,053) | (87,132) | (2,876) | (84,256) |
Maintenance Cost - IAS 37 | (25) | - | (25) | (114) | - | (114) |
Construction Cost | (23,621) | (427) | (23,194) | (42,385) | (1,285) | (41,100) |
Energy Generation | - | 2,533 | (2,533) | - | 1,924 | (1,924) |
Personnel Costs | (24,221) | 216 | (24,437) | (18,552) | 300 | (18,852) |
Depreciation and Amortization (cost) | (60,201) | (6,651) | (53,550) | (47,645) | (3,882) | (43,763) |
Regulatory Agency Costs | (12,996) | 13,632 | (26,628) | (12,256) | 12,987 | (25,243) |
Gross Profit | 96,525 | (14,397) | 110,922 | 87,283 | (11,560) | 98,843 |
Operating Expenses | (59,211) | 7,042 | (66,253) | (29,213) | 9,193 | (38,406) |
General & Administrative Expenses | (28,111) | (1,492) | (26,619) | (27,472) | 7,443 | (34,915) |
Management Compensation | (7,258) | (42) | (7,216) | (7,704) | (690) | (7,014) |
Personnel Expenses | (12,849) | (391) | (12,458) | (8,998) | (54) | (8,944) |
Depreciation and Amortization (cost) | (1,987) | 26 | (2,013) | (3,045) | 19 | (3,064) |
Other Administrative Revenues (Expenses) | (21,095) | (3,148) | (17,947) | 6,874 | (8,657) | 15,531 |
Equity Income Result | 12,089 | 12,089 | 0 | 11,132 | 11,132 | - |
Profit Before Financial Income | 37,314 | (7,355) | 44,669 | 58,070 | (2,367) | 60,437 |
Financial Result | (38,288) | (1,961) | (36,327) | (49,655) | (5,023) | (44,632) |
Financial Revenue | 6,073 | (704) | 6,777 | 6,098 | 65 | 6,033 |
Financial Expenses | (44,361) | (1,257) | (43,104) | (55,753) | (5,088) | (50,665) |
Profit Before Taxes | (974) | (9,316) | 8,342 | 8,415 | (7,390) | 15,805 |
Income Tax | (22,462) | 2,138 | (24,600) | (10,994) | 5,273 | (16,267) |
Current Tax | (1,454) | 6,025 | (7,479) | (1,736) | 6,068 | (7,804) |
Deferred Tax | (21,008) | (3,887) | (17,121) | (9,258) | (795) | (8,463) |
Discontinued Operations | 0 | 0 | 0 | 15,247 | 0 | 15,247 |
Minority Interests | 7,178 | 7,178 | - | 2,117 | 2,117 | - |
Net Income (Loss) | (16,258) | - | (16,258) | 14,785 | - | 14,785 |
Net income from continuing operations | (16,258) | - | (16,258) | 14,785 | - | 14,785 |
CONSOLIDATED INCOME STATEMENT
(in R$ thousand) 9M25
100%
Adj* 9M25 Proportional
9M24
100%
Adj* 9M24 Proportional
Gross Operating Revenue | 889,503 | (70,109) | 959,612 | 943,791 | (65,151) | 1,008,942 |
Toll Roads | 855,996 | 51,353 | 804,643 | 823,470 | 50,423 | 773,047 |
Remuneration of Financial Asset | (25,901) | - | (25,901) | (22,518) | - | (22,518) |
Construction of Assets | 50,641 | 949 | 49,692 | 135,342 | 3,939 | 131,403 |
Generation and Sales of Energy | - | (123,274) | 123,274 | - | (120,099) | 120,099 |
Other Revenue | 8,767 | 863 | 7,904 | 7,497 | 586 | 6,911 |
Deductions from Gross Revenue | (74,005) | 6,873 | (80,878) | (71,130) | 6,680 | (77,810) |
Net Operating Revenue | 815,498 | (63,236) | 878,734 | 872,661 | (58,471) | 931,132 |
Operating Costs | (574,911) | 16,459 | (591,370) | (647,351) | 22,548 | (669,899) |
Toll Roads Operations and Maintenance | (223,834) | (8,270) | (215,564) | (273,637) | (8,638) | (264,999) |
Maintenance Cost - IAS 37 | (74) | - | (74) | 2,008 | 0 | 2,008 |
Construction Cost | (50,238) | (949) | (49,289) | (133,310) | (3,939) | (129,371) |
Energy Generation | - | 5,786 | (5,786) | - | 5,476 | (5,476) |
Personnel Costs | (74,456) | 813 | (75,269) | (74,090) | 852 | (74,942) |
Depreciation and Amortization (cost) | (187,887) | (22,197) | (165,690) | (132,408) | (12,774) | (119,634) |
Regulatory Agency Costs | (38,422) | 41,276 | (79,698) | (35,914) | 41,571 | (77,485) |
Gross Profit | 240,587 | (46,777) | 287,364 | 225,310 | (35,923) | 261,233 |
Operating Expenses | (162,217) | 25,294 | (187,511) | (82,145) | 26,070 | (108,215) |
General & Administrative Expenses | (110,537) | (5,542) | (104,995) | (74,556) | 2,924 | (77,480) |
Management Compensation | (25,150) | 21 | (25,171) | (20,484) | (614) | (19,870) |
Personnel Expenses | (34,445) | (699) | (33,746) | (29,725) | (91) | (29,634) |
Depreciation and Amortization (cost) | (5,622) | 30 | (5,652) | (9,527) | 49 | (9,576) |
Other Administrative Revenues (Expenses) | (21,618) | (3,671) | (17,947) | 19,772 | (8,573) | 28,345 |
Equity Income Result | 35,155 | 35,155 | 0 | 32,375 | 32,375 | - |
Profit Before Financial Income | 78,370 | (21,483) | 99,853 | 143,165 | (9,853) | 153,018 |
Financial Result | (132,509) | (5,211) | (127,298) | (123,335) | (6,702) | (116,633) |
Financial Revenue | 12,958 | (1,607) | 14,565 | 14,536 | (357) | 14,893 |
Financial Expenses | (145,467) | (3,604) | (141,863) | (137,871) | (6,345) | (131,526) |
Profit Before Taxes | (54,139) | (26,694) | (27,445) | 19,830 | (16,555) | 36,385 |
Income Tax | (27,275) | 14,715 | (41,990) | (21,203) | 16,243 | (37,446) |
Current Tax | (2,270) | 17,818 | (20,088) | (9,531) | 15,621 | (25,152) |
Deferred Tax | (25,005) | (3,103) | (21,902) | (11,672) | 622 | (12,294) |
Discontinued Operations | 6,048 | 0 | 6,048 | 46,933 | 0 | 46,933 |
Minority Interests | 11,979 | 11,979 | - | 312 | 312 | - |
Net Income (Loss) | (63,387) | - | (63,387) | 45,872 | - | 45,872 |
Net income from continuing operations | (63,387) | - | (63,387) | 45,872 | - | 45,872 |
*Exclusion of minority interest (mainly in subsidiary Concer), presented in the FSs under IFRS as "Non-controlling interest" and inclusion of the results proportional to TPI interest in Tijoá and CSE, in the FSs under IFRS as "Discontinued Operations".
DisclaimerThis document may include forward-looking statements largely based on our current expectations and projections of future events and financial trends that affect or may affect our business. Although we believe these estimates and forward-looking statements are based on reasonable assumptions, many important factors could significantly affect our operating results. Any forward-looking statements, according to the definition under the U.S. Private Securities Litigation Reform Act of 1995, involve diverse risks and uncertainties and there is no guarantee that these results will materialize.