Earnings Release - 4Q25
São Paulo, March 06, 2026 - TPI - Triunfo Participações e Investimentos S.A., one of the main Brazilian companies in the infrastructure sector, operating in the toll road, airport and energy concessions segments, announces its results for the fourth 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.
HighlightsTermination of Concer's Operation starting in November 2025
Tijoá Asset classified as available for sale
Reduction of consolidated net debt 12.6% for fiscal year 2025
TPB: Prior License confirmed by court order.
B3: TPIS3
Conference call on the earnings release in Portuguese with simultaneous translation into English:
Information | 12/31/2025 Share price: R$ 4.82 Total Shares: 44,000,000
Outstanding Shares 18,522,521
Free Float: 42.10%
Friday, March 10, 2026
10:00 am (Brasília) | 09:00 am (ET)
For more information - IR Department
Phone Numbers:
+55 11 4700 9668 (Brazil)
Codes:
ID Webinar: 890 2572 6131
Roberto Carvalho | IRO Ricardo Medeiros, CFA
+1 646 558 8656(USA)
+1 564 217 2000 (Others) Access Password: 004784
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 Management2025 was marked by a macroeconomic scenario of gradual slowdown in Brazil, with GDP growth estimated ranging from 2.2% to 2.5%, influenced by high interest rates to contain inflation, which closed at around 4.3%. This moderation environment reinforced the need to focus on operational efficiency and prudent financial management, especially in the infrastructure sector.
In this context, Triunfo has moved forward with strategic actions to optimize its portfolio. We highlight the execution of the agreement for the sale of all shares of Juno Participações e Investimentos S.A. to AXIA Energia S.A. and Mercúrio Participações e Investimentos S.A., for the amount of R$ 247 million (subject to adjustments). Although executed by agreement, this transaction constitutes a forced sale, as provided for in the clauses of the indenture of our subsidiary Triunfo Transbrasiliana, which sets forth mechanisms for the fiduciary sale of Juno's shares as collateral to protect creditors in specific scenarios. The transaction, which has not yet been fully completed, involves the transfer of our 50.1% stake in Tijoá Energia S.A. (HPP Três Irmãos) and the settlement of pending litigation since 2021; currently, we classify Tijoá asset as available for sale in our financial statements.
Additionally, we strengthened debt management with the 3rd Amendment to Concebra's Renegotiation Agreement with BNDES, extending the debt maturity date until the end of 2026. This measure provided essential financial flexibility during a period of high interest rates, ensuring operational stability.
In the core business of highway concessions, we highlight the favorable court decision for Concer in the Federal Regional Court of the 2nd Region, which recognized the validity of the 12th Amendment to the concession agreement.
Additionally, we note the termination of the same concessionaire's operations in November 2025, after almost 30 years of management. During this cycle, we made significant investments in road widening, slope containment, and infrastructure, promoting safety and regional development.
In the port sector, we achieved an important milestone with the final and unappealable decision upholding the validity of Preliminary License No. 399/2011 for Brites Port Terminal (TPB) in Santos. This confirmation by the courts, following on from the material fact disclosed in 2021, eliminates regulatory uncertainties and paves the way for project development, reinforcing our diversification in logistics infrastructure and contributing to the resilience of the portfolio in a year of economic moderation.
In the airport segment, we maintained resilience: cargo volume remained flat, while passenger volume showed 3.5% growth, reaching 12.9 million in 2025. Despite the slowdown in economic activity, this is the result of the intensification of operations by a key airline, which concentrated flights at its main hub, directly benefiting Viracopos airport.
These initiatives position Triunfo to face future challenges with solidity, prioritizing the generation of value for shareholders and contributing to the country's development. We appreciate your trust and continued support.
Carlo Alberto Bottarelli - CEO
Proforma PerformanceMain Figures (in R$ thousand)
4Q25
4Q24
Δ
2025
2024
Δ
The 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.
Adjusted Net Revenue | 241,353 | 277,165 | -12.9% | 1,070,798 | 1,078,926 | -0.8% |
Toll Roads | 203,733 | 240,713 | -15.4% | 921,252 | 933,460 | -1.3% |
Energy | 37,620 | 36,452 | 3.2% | 149,546 | 145,466 | 2.8% |
Adjusted EBITDA* | 95,537 | 106,315 | -10.1% | 417,594 | 393,215 | 6.2% |
Toll Roads | 86,298 | 97,510 | -11.5% | 390,816 | 363,598 | 7.5% |
Energy | 17,931 | 16,380 | 9.5% | 68,099 | 67,505 | 0.9% |
Holding and Other | (8,692) | (7,575) | 14.7% | (41,321) | (37,888) | 9.1% |
Financial Result | (35,786) | (40,692) | -12.1% | (163,084) | (157,325) | 3.7% |
Toll Roads | (34,777) | (111,781) | -68.9% | (174,553) | (229,869) | -24.1% |
Energy | 142 | 569 | -75.0% | 2,035 | 1,867 | 9.0% |
Holding and Other | (1,151) | 70,520 | n/c | 9,434 | 70,677 | -86.7% |
Net Income (Loss) | (322,693) | (25,495) | n/c | (386,079) | 35,588 | n/c |
Toll Roads | (307,036) | (76,148) | n/c | (384,286) | (36,170) | n/c |
Energy | 11,373 | 10,797 | 5.3% | 42,822 | 43,782 | -2.2% |
Holding and Other | (27,029) | 39,857 | n/c | (44,615) | 27,976 | n/c |
Adjusted EBITDA Margin | 39.6% | 38.4% | 1.2pp | 39.0% | 36.4% | 2.6pp |
Toll Roads | 42.4% | 40.5% | 1.8pp | 42.4% | 39.0% | 3.5pp |
Energy | 47.7% | 44.9% | 2.7pp | 45.5% | 46.4% | -0.9pp |
*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, which excludes construction revenue, decreased by 12.9% in the fourth quarter of 2025 compared to the same period of the previous year. This decline is mainly attributable to the toll revenue line, which fell by R$ 37.9 million. The primary driver of this decrease was the termination of Concer's operations in November 2025, which had an impact of R$ 49.5 million. This effect was partially offset by an increase of R$ 14.3 million in toll revenue at Triunfo Transbrasiliana, resulting from the tariff adjustment implemented in May 2025.In 2025, adjusted net revenue showed a negative change of 14.3% due to the same reasons explained above.
In 2025, adjusted net revenue recorded a negative variation of 0.8%, mainly due to the same factors explained above.
In the fourth quarter of 2025, adjusted EBITDA decreased by R$ 10.8 million, reaching R$ 95.5 million, mainly due to the reduction in revenue as previously explained.
In 2025, adjusted EBITDA increased by 6.2%. This was mainly due to lower maintenance costs at Triunfo Concebra and the termination of Concer's operations in early November 2025, which had an impact of R$ 10.3 million, as well as R$ 51.1 million in lower maintenance costs at Triunfo Concebra, driven by a reduced need for pavement interventions.
Finally, there was a fair value adjustment of investment properties amounting to R$ 10.8 million recorded in 2024 at the holding company and its subsidiary Rio Tibagi, as well as R$ 5.4 million related to the sale of the PCHs of the subsidiary Urano. These effects were partially offset by lower revenues, as previously explained.
In financial results, there was an improvement of R$ 4.9 million in 4Q25 compared to the same period of the previous year. This variation reflects the positive impact from the termination of Concer's BNDES loan, which reduced financial expenses by R$ 71 million, as well as the forgiveness of the BNDES Subcredit B debt granted to Triunfo Concebra, further reducing financial expenses.
These effects were partially offset by the reduction in Triunfo Transbrasiliana's debt service, resulting from the lower
impact of the IPCA on the 8th debenture issuance, amounting to R$ 4.2 million, as well as the negative impact from
the renegotiation of the subrogation agreement with ABSA in 2024, totaling R$ 63 million, which allowed the recognition of credits related to debts under the extrajudicial restructuring plan.
In 2025, there was a deterioration of R$ 5.8 million, mainly due to the positive impact from the termination of Concer's BNDES loan, which reduced financial expenses by R$ 84 million, as well as the forgiveness of the BNDES Subcredit B debt granted to Triunfo Concebra, which also reduced financial expenses.
This effect was partially offset by the monetary adjustment of Triunfo Transbrasiliana's debt and the monetary adjustment of Triunfo Concebra's debt, totaling R$ 28.9 million. The monetary adjustment related to Concebra reflects lower debt payments as a result of reduced revenues.
In addition, there was a negative impact resulting from the renegotiation of the subrogation agreement with ABSA in 2024, totaling R$ 63 million, which allowed the recognition of credits related to debts under the extrajudicial restructuring plan.
As a result, the Company recorded a net loss of R$ 322.7 million in 4Q25 and R$ 386.1 million in 2025.
Toll Roads SegmentIncome Statement
(in R$ thousand) 4Q25 4Q24 Δ 2025 2024 Δ
Gross Revenue | 252,081 | 285,403 | -11.7% | 1,088,363 | 1,174,222 | -7.3% |
Revenue from Toll Roads | 225,083 | 263,020 | -14.4% | 1,029,726 | 1,036,067 | -0.6% |
Remuneration of Financial Assets | (7,964) | (3,141) | 153.5% | (33,865) | (25,659) | 32.0% |
Other Revenues | 6,259 | 3,366 | 85.9% | 14,107 | 10,253 | 37.6% |
Construction of Assets in Toll Roads | 28,473 | 21,843 | 30.4% | 77,762 | 151,214 | -48.6% |
Construction Margin of Assets in Toll Roads | 230 | 315 | -27.0% | 633 | 2,347 | -73.0% |
Deductions from Gross Revenue | (19,875) | (22,847) | -13.0% | (89,349) | (89,548) | -0.2% |
Net Revenue from Operations | 232,206 | 262,556 | -11.6% | 999,014 | 1,084,674 | -7.9% |
Operational Cost (excluding D&A) | (129,959) | (132,178) | -1.7% | (500,626) | (627,527) | -20.2% |
Operating and Maintenance | (59,342) | (73,026) | -18.7% | (274,906) | (338,025) | -18.7% |
Provision for Maintenance - IAS 37 | (25) | (258) | -90.3% | (99) | 1,750 | n/c |
Costs with Personnel | (29,881) | (26,359) | 13.4% | (99,627) | (95,688) | 4.1% |
Regulatory Agency Costs | (12,238) | (10,692) | 14.5% | (48,232) | (44,350) | 8.8% |
Construction Cost | (28,473) | (21,843) | 30.4% | (77,762) | (151,214) | -48.6% |
Operational Expenses (excluding D&A) | (366,892) | (30,141) | n/c | (515,040) | (121,043) | n/c |
General & Administrative | (286,859) | (38,287) | n/c | (417,851) | (131,790) | n/c |
Other Administrative Expenses | (80,033) | 8,146 | -1082.5% | (97,189) | 10,747 | n/c |
Depreciation and Amortization (D&A) | (39,422) | (36,791) | 7.2% | (207,614) | (161,830) | 28.3% |
EBIT | (304,067) | 63,446 | -579.3% | (224,266) | 174,274 | n/c |
Financial Result | (34,777) | (111,781) | -68.9% | (174,553) | (229,869) | -24.1% |
Financial Revenues | 1,638 | 392 | 317.9% | 3,135 | 3,346 | -6.3% |
Financial Expenses | (36,415) | (112,173) | -67.5% | (177,688) | (233,215) | -23.8% |
Income Tax and Social Contribution | 31,808 | (27,813) | n/c | 8,485 | (42,718) | n/c |
Current Tax | 596 | 6,393 | -90.7% | (836) | 0 | n/c |
Deferred Tax | 31,212 | (34,206) | n/c | 9,321 | (42,718) | n/c |
Descontinued Operations | 0 | 15,210 | -100.0% | 6,048 | 62,143 | -90.3% |
Net Income (Loss) | (307,036) | (60,938) | n/c | (384,286) | (36,170) | n/c |
Net Revenue and Operating Performance
(in R$ thousand) | 4Q25 | 4Q24 | Δ | 2025 | 2024 | Δ |
Gross Revenues | 252,081 | 285,403 | -11.7% | 1,088,363 | 1,174,222 | -7.3% |
Revenues from Toll Roads | 225,083 | 263,020 | -14.4% | 1,029,726 | 1,036,067 | -0.6% |
Remuneration of the Financial Asset | (7,964) | (3,141) | 153.5% | (33,865) | (25,659) | 32.0% |
Other Revenues | 6,259 | 3,366 | 85.9% | 14,107 | 10,253 | 37.6% |
Construction of Assets in Toll Roads | 28,473 | 21,843 | 30.4% | 77,762 | 151,214 | -48.6% |
Construction Margin of Assets in Toll Roads | 230 | 315 | -27.0% | 633 | 2,347 | -73.0% |
Deductions from Gross Revenues | (19,875) | (22,847) | -13.0% | (89,349) | (89,548) | -0.2% |
Net Revenues from Operations | 232,206 | 262,556 | -11.6% | 999,014 | 1,084,674 | -7.9% |
Construction of Assets in Toll Roads | 28,473 | 21,843 | 30.4% | 77,762 | 151,214 | -48.6% |
Adjusted Net Operating Revenue | 203,733 | 240,713 | -15.4% | 921,252 | 933,460 | -1.3% |
Note: Adjusted net operating revenue excludes construction margin on Toll Roads.
Adjusted net revenue, which excludes highway construction revenue, totaled R$ 203.7 million in 4Q25, representing a 15.4% decrease compared to the same period of the previous year. This decline is mainly attributable to the toll revenue line, which fell by R$ 37.9 million. The primary driver of this decrease was the termination of Concer's operations in November 2025, which had an impact of R$ 49.5 million. This effect was partially offset by the increase in toll revenue at Triunfo Transbrasiliana of R$ 14.3 million, resulting from the tariff adjustment implemented in May 2025.
In 2025, adjusted net revenue reached R$ 921.3 million, down 1.3% as compared to the same period of the previous year, due to the same reasons explained above.
Operational Performance (in thousand of paying vehicles)
4Q25 4Q24 Δ 2025 2024 Δ
Concer Triunfo Transbrasiliana Triunfo Concebra | 2,301 6,262 23,835 | 6,641 6,017 44,071 | -65.3% 4.1% -45.9% | 21,808 24,778 77,751 | 25,907 24,653 95,888 | -15.8% 0.5% -18.9% |
Total Equivalent Traffic | 32,398 | 56,728 | -42.9% | 124,337 | 146,448 | -15.1% |
Average Tariff (R$) | 8.52 | 8.92 | -4.5% | 9.05 | 8.87 | 2.1% |
Operating Costs and Expenses
Operational Costs (in R$ thousand) 4Q25 4Q24 Δ 2025 2024 Δ
Operational Cost (excluding D&A) | (129,959) | (132,178) | -1.7% | (500,626) | (627,527) | -20.2% |
Operating and Maintenance | (59,342) | (73,026) | -18.7% | (274,906) | (338,025) | -18.7% |
Provision for Maintenance - IAS 37 | (25) | (258) | -90.3% | (99) | 1,750 | n/c |
Costs with Personnel | (29,881) | (26,359) | 13.4% | (99,627) | (95,688) | 4.1% |
Regulatory Agency Costs | (12,238) | (10,692) | 14.5% | (48,232) | (44,350) | 8.8% |
Construction Cost | (28,473) | (21,843) | 30.4% | (77,762) | (151,214) | -48.6% |
Operational Expenses (in R$ thousand) 4Q25 4Q24 Δ 2025 2024 Δ
Operational Expenses (excluding D&A) | (366,892) | (30,141) | n/c | (515,040) | (121,043) | n/c |
General & Administrative Other Administrative Revenue (Expenses) | (286,859) (80,033) | (38,287) 8,146 | n/c -1082.5% | (417,851) (97,189) | (131,790) 10,747 | n/c n/c |
Adjusted Operational Costs and Expenses (in R$ thousand)
4Q25 4Q24 Δ 2025 2024 Δ
Adjusted Operational Costs and Expenses | (468,353) | (140,218) | 234.0% | (937,805) | (599,106) | 56.5% |
Operational Costs and Expenses | (496,851) | (162,319) | n/c | (1,015,666) | (748,570) | 35.7% |
Provision for Maintenance - IAS 37 | 25 | 258 | -90.3% | 99 | (1,750) | n/c |
Construction Cost | 28,473 | 21,843 | 30.4% | 77,762 | 151,214 | -48.6% |
Adjusted Operational Costs and Expenses - recurring figures | (386,339) | (146,029) | 164.6% | (834,545) | (605,240) | 37.9% |
Non recurring expenses (revenues) | 82,014 | (5,811) | n/c | 103,260 | (6,134) | n/c |
Adjusted operating costs and other operating income (expenses) - which exclude construction costs, maintenance provisions, depreciation and amortization - totaled R$ 468.4 million in 4Q25, representing an increase of 234.0% compared to the same period of the previous year. This increase is mainly attributable to the impairment of the financial asset and the impairment of the intangible asset of Triunfo Concebra, totaling R$ 257.0 million.
*It is worth noting that, as provided for in ANTT Resolution No. 5,860/2019 (subsequently repealed by Resolution No. 6,063/2025), the grantor authority engaged an independent verifier to certify the amounts to be indemnified. The scope of work comprised eight deliverables, with emphasis on Product 2D, aimed at determining the indemnification value of the reversible assets that had not yet been amortized. On January 20, 2026, the Company received, through ANTT, the aforementioned Product 2D, in which the independent verifier estimated the indemnification amount at R$ 832 million. Management notes that this amount was calculated based on the assumptions of the original relicensing process, adopting June 2024 as the base date for the asset composition, without including subsequent investments nor considering the Company's submissions presented during the adversarial phase of Product 2C. As a conservative measure, a provision for impairment of the financial asset corresponding to the estimated amount was recorded.
Additionally, Management reassessed the recoverability expectation of advances made to CTSA, TCE and CNSS, considering the termination of the concession contracts in the cases of Econorte and Concer, and the recovery of the advanced amounts within the construction schedule of works to be executed in the case of Concebra. As a result, a provision for expected credit losses was recognized in the amounts of R$ 13.6 million at Concer, R$ 20.6 million at Econorte and R$ 65.3 million at Concebra.
This effect was partially offset by lower maintenance costs at Triunfo Concebra amounting to R$ 42.3 million, as well as
by the termination of Concer's operations in November 2025.
In 2025, adjusted operating costs and other operating income (expenses) totaled R$ 937.9 million, representing an increase of 56.5% compared to the same period of the previous year, mainly due to the impairment of the financial asset and the impairment of the intangible asset of Triunfo Concebra, totaling R$ 257.0 million. In addition, there was an administrative fine of R$ 21.0 million imposed by ANTT, due to the partial non-execution of works by Triunfo Transbrasiliana.
Furthermore, Management reassessed the recoverability expectation of advances made to CTSA, TCE and CNSS, considering the termination of the concession contracts in the cases of Econorte and Concer, and the recovery of the advanced amounts within the construction schedule of works to be executed in the case of Concebra. As a result, a provision for expected credit losses was recognized in the amounts of R$ 13.6 million at Concer, R$ 20.6 million at Econorte and R$ 65.3 million at Concebra.
These effects were partially offset by lower maintenance costs at Triunfo Concebra amounting to R$ 51.1 million, driven by the reduced need for pavement interventions, as well as by the termination of Concer's operations in November 2025, with an impact of R$ 10.3 million.
Excluding non-recurring effects, there was an increase of 164.6% in 4Q25 and an increase of 37.9% in 2025, compared to the same periods of the previous year, respectively.
EBIT and Adjusted EBITDA
(in R$ thousands) 4Q25 4Q24 Δ 2025 2024 ΔAdjusted EBIT | 46,876 | 60,719 | -22.8% | 183,202 | 201,768 | -9.2% |
EBIT | (304,067) | 63,446 | -579.3% | (224,266) | 174,274 | n/c |
Financial Asset Remuneration | 7,964 | 3,141 | n/c | 33,865 | 25,659 | n/c |
Non-recurring Expenses (Revenues) | 82,014 | (5,811) | n/c | 103,260 | (6,134) | n/c |
Provision for Maintenance - IAS 37 | 25 | 258 | -90.3% | 99 | (1,750) | n/c |
Construction Margin of Assets in Toll Roads | (230) | (315) | -27.0% | (633) | (2,347) | -73.0% |
Apportionment of Parent Company Expenses | 3,326 | 0 | n/c | 13,033 | 12,066 | 8.0% |
Impairment | 257,844 | 0 | n/c | 257,844 | 0 | n/c |
Adjusted EBITDA | 86,298 | 97,510 | -11.5% | 390,816 | 363,598 | 7.5% |
Depreciation and Amortization (D&A) | (39,422) | (36,791) | 7.2% | (207,614) | (161,830) | 28.3% |
Adjusted EBITDA (ex-construction margin) | 86,068 | 97,195 | -11.4% | 390,183 | 361,251 | 8.0% |
Construction Margin of Assets in Toll Roads | (230) | (315) | -27.0% | (633) | (2,347) | -73.0% |
As a result, adjusted EBITDA - which excludes non-recurring effects that did not impact cash generation in the period totaled R$86.3 million in the fourth quarter of 2025. In 2025, adjusted EBITDA amounted to R$390.8 million.
Net Income (Loss) and Financial Result
(in R$ thousand) 4Q25 4Q24 Δ 2025 2024 ΔFinancial Result | (34,777) | (111,781) | -68.9% | (174,553) | (229,869) | -24.1% |
Financial Income Fiancial Expenses | 1,638 (36,415) | 392 (112,173) | 317.9% -67.5% | 3,135 (177,688) | 3,346 (233,215) | -6.3% -23.8% |
Income Tax and Social Contribution | 31,808 | (27,813) | n/c | 8,485 | (42,718) | n/c |
Current Tax Deferred Tax | 596 31,212 | 6,393 (34,206) | -90.7% n/c | (836) 9,321 | 0 (42,718) | n/c n/c |
Descontinued Operations | 0 | 15,210 | -100.0% | 6,048 | 62,143 | -90.3% |
Net Income (Loss) | (307,036) | (76,148) | n/c | (384,286) | (36,170) | n/c |
In financial results, there was an improvement of R$ 77.0 million in 4Q25 compared to the same period of the previous year. This variation reflects the positive impact from the termination of Concer's BNDES loan, which reduced financial expenses by R$ 71 million, as well as the forgiveness of the BNDES Subcredit B debt granted to Triunfo Concebra, which also reduced financial expenses. In addition, there was a reduction in Triunfo Transbrasiliana's debt service, resulting from the lower impact of the IPCA on the 8th debenture issuance, amounting to R$ 4.2 million.
In 2025, financial results improved by R$ 55.3 million, mainly due to the positive impact from the termination of Concer's BNDES loan, which reduced financial expenses by R$ 84 million, and the forgiveness of the BNDES Subcredit B debt granted to Triunfo Concebra, which also reduced financial expenses. This effect was partially offset by the monetary adjustment of Triunfo Transbrasiliana's debt and the monetary adjustment of Triunfo Concebra's debt, totaling R$ 28.9 million. The monetary adjustment related to Concebra reflects lower debt payments as a result of reduced revenues.
As a result, the segment recorded a net loss of R$ 307.0 million in 4Q25 and a net loss of R$ 384.3 million in 2025.
Energy SegmentINCOME STATEMENT (in thousand) 4Q25 4Q24 Δ 2025 2024 Δ
Gross Revenues Deductions from Gross Revenues Net Operating Revenue | 41,454 (3,834) 37,620 | 40,167 (3,715) 36,452 | 3.2% 3.2% 3.2% | 164,784 (15,238) 149,546 | 160,290 (14,824) 145,466 | 2.8% 2.8% 2.8% |
Operational Cost (excluding D&A) | (18,951) | (18,723) | 1.2% | (73,964) | (73,639) | 0.4% |
Operating and Maintenance | (2,754) | (2,657) | 3.7% | (8,540) | (8,133) | 5.0% |
Costs with Personnel | (2,072) | (2,021) | n/c | (7,595) | (7,634) | n/c |
Regulatory Agency Costs | (14,125) | (14,045) | 0.6% | (57,829) | (57,872) | -0.1% |
Operational Expenses (excluding D&A) | (738) | (1,349) | -45.3% | (7,483) | (4,322) | 73.1% |
General & Administrative | (738) | (1,349) | -45.3% | (7,483) | (4,322) | 73.1% |
Other Administrative Revenues (Expenses) | 0 | 0 | n/c | 0 | 0 | n/c |
Depreciation and Amortization (D&A) | (819) | (797) | 2.8% | (3,286) | (3,185) | 3.2% |
EBIT | 17,112 | 15,583 | 9.8% | 64,813 | 64,320 | 0.8% |
Financial Result | 142 | 569 | -75.0% | 2,035 | 1,867 | 9.0% |
Financial Revenue | 276 | 793 | -65.2% | 2,656 | 2,679 | -0.9% |
Financial Expenses | (134) | (224) | -40.2% | (621) | (812) | -23.5% |
Income Tax | (5,881) | (5,355) | 9.8% | (24,026) | (22,405) | 7.2% |
Current Tax | (5,936) | (5,415) | 9.6% | (24,070) | (22,366) | 7.6% |
Deferred Tax | 55 | 60 | -8.3% | 44 | (39) | n/c |
Net Income (Loss) | 11,373 | 10,797 | 5.3% | 42,822 | 43,782 | -2.2% |
EBIT and Adjusted EBITDA 4Q25 4Q24 Δ 2025 2024 Δ
Adjusted EBIT EBIT | 17,112 17,112 | 15,583 15,583 | 9.8% 9.8% | 64,813 64,813 | 64,320 64,320 | 0.8% 0.8% |
Adjusted EBITDA | 17,931 | 16,380 | 9.5% | 68,099 | 67,505 | 0.9% |
Depreciation and Amortization (D&A) | (819) | (797) | 2.8% | (3,286) | (3,185) | 3.2% |
In 4Q25, net operating revenue was R$37.6 million, stable compared to the same period of the previous year.
In 2025, net revenue totaled R$149.6 million, an increase of 2.8% compared to the same period of the previous year, due to the RAG adjustment.
Operating costs (excluding depreciation and amortization) showed an increase of 1.2% and 0.4% in 4Q25 and 2025, reaching R$18.9 million and R$74.0 million, respectively.
Operating expenses totaled R$0.7 million in 4Q25, stable compared to the same period of the previous year, and R$7.5 million in 2025, showing a significant variation compared to the prior period. This positive variation results from higher expenses with legal consulting and court costs in 2025.
As a result, the net profit of the energy segment totaled R$11.4 million in 4Q25 and net profit of R$42.8 million in 2025.
It is worth noting that Tijoá asset was classified as a discontinued operation and the asset was made available for sale, subject to precedent conditions.
Parent Company and Others(in R$ thousand) | 4Q25 | 4Q24 | Δ | 2025 | 2024 | Δ | |
Expenses | (26,266) | (18,688) | 40.6% | (53,915) | (25,235) | 113.7% | |
General & Administrative | (6,447) | (11,688) | -44.8% | (32,622) | (42,196) | -22.7% | |
Other Administrative (revenue) Expenses | (19,625) | (6,553) | 199.5% | (20,416) | 19,191 | n/c | |
Equity Income Result | 0 | 0 | n/c | 0 | 0 | n/c | |
Depreciation and Amortization | (194) | (447) | -56.6% | (877) | (2,230) | n/c | |
EBIT | (26,266) | (18,688) | 40.6% | (53,915) | (25,235) | 113.7% | |
Financial Result | (1,151) | 70,520 | n/c | 9,434 | 70,677 | -86.7% | |
Financial Revenue | 2,333 | 58,823 | -96.0% | 13,021 | 68,876 | -81.1% | |
Financial Expenses | (3,484) | 11,697 | n/c | (3,587) | 1,801 | n/c | |
Income Tax | 388 | (11,975) | n/c | (134) | (17,466) | -99.2% | |
Current Tax | 388 | (11,975) | n/c | (134) | (13,783) | -99.0% | |
Deferred Tax | 0 | 0 | n/c | 0 | (3,683) | -100.0% | |
Net Income (Loss) | (27,029) | 39,857 | n/c | (44,615) | 27,976 | n/c | |
Adjusted EBIT | (8,886) | (8,022) | 10.8% | (42,198) | (40,118) | 5.2% | |
Non recurring expenses (revenues) | 20,706 | 10,666 | 94.1% | 24,750 | 8,016 | 208.8% | |
Fair value adjustment of investment properties | 0 | 0 | n/c | 0 | -10,833 | -100.0% | |
Apportionment of Parent Company Expenses | (3,326) | 0 | n/c | (13,033) | -12,066 | 8.0% | |
Adjusted EBITDA | (8,692) | (7,575) | 14.7% | (41,321) | (37,888) | 9.1% | |
Depreciation and Amortization (D&A) | (194) | (447) | -56.6% | (877) | (2,230) | -60.7% | |
The performance of the Parent Company and Others in 4Q25 was primarily impacted by the change in financial results and other operating revenues (expenses). This change stems from the fair value adjustment of investment properties (R$ 10.8 million in 2024, in the holding company and in Rio Tibagi, resulting from the sale of Urano's small hydro power plants for R$ 5.4 million) and the negative impact of R$ 63.0 million related to the renegotiation of the subrogation agreement with ABSA in 2024, which allowed the recognition of credits in the out-of-court reorganization plan. By the end of 2025, the same factors prevailed.
Thus, net loss amounted to R$27.0 million in 4Q25 and R$ 44.6 million in 2025.
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 dropped 1.8% in 4Q25 compared to the same period of previous year. The reduction stems from a change in cargo profile, with a higher concentration on low-weight, high-CIF-value goods.
In 2025, total cargo volume reached R$ 283.9 million, flat compared to the same period of the previous year.
In 4Q25, the number of passengers reached 3.3 million, up 0.9%. 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 2025, the number of passengers reached 12.8 million, a 3.5% increase due to the same reasons explained above.
Airport Performance | 4Q25 | 4Q24 | Δ | 2025 | 2024 | Δ |
Total Cargo (ton) | 74,755 | 76,145 | -1.8% | 283,865 | 284,744 | -0.3% |
Import | 25,180 | 32,112 | -21.6% | 98,877 | 115,738 | -14.6% |
Export | 21,377 | 26,468 | -19.2% | 85,770 | 93,320 | -8.1% |
Domestic | 24,594 | 15,282 | 60.9% | 87,063 | 67,003 | 29.9% |
Other | 3,604 | 2,283 | 57.9% | 12,154 | 8,683 | 40.0% |
Total Passengers (thousand) | 3,283 | 3,254 | 0.9% | 12,828 | 12,394 | 3.5% |
Domestic | 1,517 | 1,312 | 15.6% | 5,531 | 5,131 | 7.8% |
International | 278 | 230 | n/c | 1,109 | 858 | 29.2% |
Conexion | 1,488 | 1,712 | -13.1% | 6,188 | 6,404 | -3.4% |
Total Planes | 30,789 | 31,061 | -0.9% | 124,613 | 121,934 | 2.2% |
Indebtedness | |||
DEBT (in R$ thousand) | |||
4Q25 | 4Q24 | Δ | |
Triunfo (holding) and other | 30,463 | 30,456 | 0.0% |
Toll Roads | 1,244,170 | 1,384,679 | -10.1% |
Gross Debt | 1,274,633 | 1,415,135 | -9.9% |
Cash and Cash Equivalents | 96,263 | 63,702 | 51.1% |
Net Debt | 1,178,370 | 1,351,433 | -12.8% |
GROSS DEBT (FINANCIAL DEBT) - (in R$ thousand)
Triunfo
(holding)
Concer Triunfo Concebra
Triunfo Transbrasiliana Gross Debt
DEBT INDEX MATURITY 4Q25 4Q24 Δ
FINEP 8% p.a. Decemebr/2026 920 853 7.9%
China Construction Bank Performance Bonus n/a july/2025 - 4,033 -100.0% CCB - Trophy FIP Multiestratégia CDI+4% november/2026 29,543 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. January/2026 - 51,287 -100.0%
Bank Credit - ABC Bank of Brasil CDI + 1.2% p.a. January/2024 - 7,920 -100.0%
BNDES - Bridge Loan TJLP + 2% p.a. december/2026 921,918 1,007,375 -8.5% 8th Debenture Isse of Transbrasiliana IPCA + 12.06% p.a. March/2033 321,923 316,950 1.6% CCB - VW Bank 24.78% p.a september/2026 329 1,147 -71.3%
1,274,633 1,415,135 -9.9%
Investments INVESTMENTS(in R$ thousands) | 4Q25 % | 2025 % |
Concer | 283 0.9% | 4,698 3.9% |
Triunfo Econorte | 0 0.0% | 0 0.0% |
Triunfo Concebra | 9,133 29.9% | 25,409 21.3% |
Triunfo Transbrasiliana | 18,869 61.7% | 78,986 66.2% |
Holding and other investments | 2,291 7.5% | 10,171 8.5% |
Total | 30,576 100.0% | 119,264 100.0% |
2025 | % | |
Concer | 1,372 | 0.2% |
Triunfo Econorte | 1 | 0.0% |
Triunfo Concebra | 17,966 | 2.0% |
Triunfo Transbrasiliana | 631,029 | 71.4% |
Port | 168,334 | 19.0% |
Tijoá+ CSE | 52,417 | 5.9% |
Holding and other investments | 12,608 | 1.4% |
Total | 883,727 | 100.0% |
ASSETS - PROPORTIONAL CONSOLIDATED BALANCE SHEET (in R$ thousand)
4Q25 | % | 4Q24 | % | Δ% | ||
Current Assets (CA) | 196,197 | 8.8% | 207,939 | 7.4% | -5.6% | |
• | Cash and Cash Equivalents | 87,707 | 3.9% | 53,126 | 1.9% | 65.1% |
• | Restricted Cash | 8,556 | 0.4% | 10,576 | 0.3% | -19.1% |
• | Financial Application - Warranties | 0 | 0.0% | 0 | 0.0% | n/c |
• | Accounts Receivables | 62,772 | 2.8% | 93,513 | 3.3% | -32.9% |
• | Indemnities receivable - additives | - | n/c | - | n/c | n/c |
• | Advances to Suppliers | 2,170 | 0.1% | 2,375 | 0.1% | n/c |
• | Taxes Recoverable | 15,961 | 0.7% | 14,151 | 0.5% | 12.8% |
• | Accounts Receivables - Related Parties | 0 | 0.0% | 0 | 0.0% | n/c |
• | Following Years Expenses | 7,964 | 0.4% | 20,402 | 0.7% | -61.0% |
• | 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 | 2,366 | 0.1% | 5,093 | 0.2% | -53.5% |
Non-Current Assets | 2,035,783 | 91.2% | 2,593,683 | 92.6% | -21.5% | |
• | Long Term Receivables (LTR) | 1,149,576 | 51.5% | 1,574,994 | 56.2% | -27.0% |
• | Investments | 2,480 | 0.1% | 1,639 | 0.1% | 51.3% |
• | PP&E | 201,840 | 9.0% | 194,722 | 7.0% | 3.7% |
• | Intangible | 681,887 | 30.6% | 822,328 | 29.4% | -17.1% |
Total Assets (TA) | 2,231,980 | 100.0% | 2,801,622 | 100.0% | -20.3% | |
4Q25 | % | 4Q24 | % | Δ% | ||
Current Liabilities (CL) | 951,192 | 42.6% | 1,118,843 | 39.9% | -15.0% | |
• | Accounts Payable | 83,268 | 3.7% | 87,246 | 3.1% | -4.6% |
• | Loans and Financing | 688,385 | 30.8% | 842,371 | 30.1% | -18.3% |
• | Promissory Notes | 0 | 0.0% | 0 | 0.0% | n/c |
• | Derivatives | 0 | 0.0% | 0 | 0.0% | n/c |
• | Debentures | 21,945 | 1.0% | 19,489 | 0.7% | 12.6% |
• | Provision for Maintenance | 1,223 | 0.1% | 748 | 0.0% | 63.5% |
• | Concession Obligation | 6,990 | 0.3% | 7,130 | 0.3% | -2.0% |
• | Salaries and Benefits | 32,349 | 1.4% | 43,372 | 1.5% | -25.4% |
• | Tax Payables | 48,024 | 2.2% | 63,457 | 2.3% | -24.3% |
• | Advances from Customers | 1,858 | 0.1% | 2,923 | 0.1% | -36.4% |
• | Dividends | 30,240 | 1.4% | 1,597 | 0.1% | n/c |
• | Related Parties - Payables | (7,370) | -0.3% | 5,922 | 0.2% | n/c |
• | Lease | 720 | 0.0% | 2,037 | 0.1% | -64.7% |
• | Other Liabilities | 43,560 | 2.0% | 42,551 | 1.5% | 2.4% |
Non-Current Liabilities | 767,600 | 34.4% | 759,755 | 27.1% | 1.0% | |
• | Accounts Payable | 2,055 | 0.1% | 27,240 | 1.0% | -92.5% |
• | Loans and Financing | 264,325 | 11.8% | 255,815 | 9.1% | 3.3% |
• | Promissory Notes | - | n/c | - | n/c | n/c |
• | Provision for Maintenance | 4,870 | 0.2% | 5,435 | 0.2% | -10.4% |
• | Debentures | 299,978 | 13.4% | 297,461 | 10.6% | 0.8% |
• | Financial Instruments and Derivatives | 0 | 0.0% | 0 | 0.0% | n/c |
• | Tax Payables | 52,767 | 2.4% | 40,077 | 1.4% | 31.7% |
• | 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 | 88,678 | 4.0% | 63,087 | 2.3% | 40.6% |
• | 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 | 51,976 | 2.3% | 54,600 | 1.9% | -4.8% |
Shareholders' Equity | 513,188 | 23.0% | 923,024 | 32.9% | -44.4% | |
• | Social Capital | 842,979 | 37.8% | 842,979 | 30.1% | 0.0% |
• | Capital Reserves | 40,447 | 1.8% | 29,553 | 1.1% | 36.9% |
• | Revalluation Reserves, Net | - | n/c | - | n/c | n/c |
• | Other Comprehensive Income | (10,894) | -0.5% | 0 | 0.0% | n/c |
• | Legal Reserve | 0 | 0.0% | 1,743 | 0.1% | -100.0% |
• | Retained Earnings | 26,735 | 1.2% | 13,161 | 0.5% | 103.1% |
• | Accumulated losses | (386,079) | -17.3% | 35,588 | 1.3% | n/c |
• | Non Controlling Shareholders | 0 | 0.0% | 0 | 0.0% | n/c |
Total Liabilities (TL) | 2,231,980 | 100.0% | 2,801,622 | 100.0% | -20.3% | |
PROPORTIONAL CONSOLIDATED INCOME STATEMENT | ||||||
(in R$ thousand) | 4Q25 | 4Q24 | Δ | 2025 | 2024 | Δ |
Gross Operating Revenue | 293,535 | 325,570 | -9.8% | 1,253,147 | 1,334,512 | -6.1% |
Toll Roads | 225,083 | 263,020 | -14.4% | 1,029,726 | 1,036,067 | -0.6% |
Remuneration of the Financial Asset | (7,964) | (3,141) | 153.5% | (33,865) | (25,659) | 32.0% |
Construction of Assets | 28,703 | 22,158 | 29.5% | 78,395 | 153,561 | -48.9% |
Generation and Sales of Energy | 41,422 | 40,155 | 3.2% | 164,696 | 160,254 | 2.8% |
Other Revenue | 6,291 | 3,378 | n/c | 14,195 | 10,289 | n/c |
Deductions from Gross Revenue | (23,709) | (26,562) | -10.7% | (104,587) | (104,372) | 0.2% |
Net Operating Revenue | 269,826 | 299,008 | -9.8% | 1,148,560 | 1,230,140 | -6.6% |
Operating Costs | (187,574) | (187,505) | 0.0% | (778,944) | (857,404) | -9.2% |
Toll Roads Operations and Maintenance | (59,342) | (73,026) | -18.7% | (274,906) | (338,025) | -18.7% |
Maintenance Cost - IAS 37 | (25) | (258) | -90.3% | (99) | 1,750 | n/c |
Construction Cost | (28,473) | (21,843) | 30.4% | (77,762) | (151,214) | -48.6% |
Energy Generation | (2,754) | (2,657) | 3.7% | (8,540) | (8,133) | 5.0% |
Personnel Costs | (31,953) | (28,380) | 12.6% | (107,222) | (103,322) | 3.8% |
Depreciation and Amortization (cost) | (38,664) | (36,604) | 5.6% | (204,354) | (156,238) | 30.8% |
Regulatory Agency Costs | (26,363) | (24,737) | 6.6% | (106,061) | (102,222) | 3.8% |
Gross Profit | 82,252 | 111,503 | -26.2% | 369,616 | 372,736 | -0.8% |
Operating Expenses | (395,473) | (51,162) | n/c | (582,984) | (159,377) | n/c |
General & Administrative Expenses | (277,904) | (30,649) | n/c | (382,899) | (108,129) | n/c |
Management Compensation | (6,599) | (5,315) | 24.2% | (31,770) | (25,185) | 26.1% |
Personnel Expenses | (9,541) | (15,360) | -37.9% | (43,287) | (44,994) | -3.8% |
Depreciation and Amortization (cost) | (1,771) | (1,431) | 23.8% | (7,423) | (11,007) | -32.6% |
Other Administrative Revenues (Expenses) | (99,658) | 1,593 | -6356.0% | (117,605) | 29,938 | -492.8% |
Equity Income Result | 0 | 0 | n/c | 0 | 0 | n/c |
Profit Before Financial Income | (313,221) | 60,341 | n/c | (213,368) | 213,359 | n/c |
Financial Result | (35,786) | (40,692) | -12.1% | (163,084) | (157,325) | 3.7% |
Financial Revenue | 4,247 | 60,008 | -92.9% | 18,812 | 74,901 | -74.9% |
Financial Expenses | (40,033) | (100,700) | -60.2% | (181,896) | (232,226) | -21.7% |
Profit Before Taxes | (349,007) | 19,649 | n/c | (376,452) | 56,034 | n/c |
Income Tax | 26,315 | (45,143) | -158.3% | (15,675) | (82,589) | -81.0% |
Current Tax | (4,952) | (10,997) | -55.0% | (25,040) | (36,149) | -30.7% |
Deferred Tax | 31,267 | (34,146) | n/c | 9,365 | (46,440) | n/c |
Descontinued Operations | 0 | 15,210 | -100.0% | 6,048 | 62,143 | -90.3% |
Net Income (Loss) | (322,692) | (10,284) | n/c | (386,079) | 35,588 | n/c |
Net income from continuing operations | (322,692) | (10,284) | n/c | (386,079) | 35,588 | n/c |
(in R$ thousand) 4Q25
100%
Adj* 4Q25 Proportional
4Q24
100%
Adj* 4Q24
Proportional
Gross Operating Revenue | 259,814 | (33,721) | 293,535 | 304,460 | (21,110) | 325,570 |
Toll Roads | 231,638 | 6,555 | 225,083 | 280,557 | 17,537 | 263,020 |
Remuneration of Financial Asset | (7,964) | - | (7,964) | (3,141) | - | (3,141) |
Construction of Assets | 28,772 | 69 | 28,703 | 23,224 | 1,066 | 22,158 |
Generation and Sales of Energy | - | (41,422) | 41,422 | - | (40,155) | 40,155 |
Other Revenue | 7,368 | 1,077 | 6,291 | 3,820 | 442 | 3,378 |
Deductions from Gross Revenue | (20,555) | 3,154 | (23,709) | (24,417) | 2,145 | (26,562) |
Net Operating Revenue | 239,259 | (30,567) | 269,826 | 280,043 | (18,965) | 299,008 |
Operating Costs | (174,981) | 12,593 | (187,574) | (180,213) | 7,292 | (187,505) |
Toll Roads Operations and Maintenance | (60,621) | (1,279) | (59,342) | (76,221) | (3,195) | (73,026) |
Maintenance Cost - IAS 37 | (25) | - | (25) | (258) | - | (258) |
Construction Cost | (28,542) | (69) | (28,473) | (22,909) | (1,066) | (21,843) |
Energy Generation | - | 2,754 | (2,754) | - | 2,657 | (2,657) |
Personnel Costs | (31,613) | 340 | (31,953) | (27,935) | 445 | (28,380) |
Depreciation and Amortization (cost) | (41,100) | (2,436) | (38,664) | (41,400) | (4,796) | (36,604) |
Regulatory Agency Costs | (13,080) | 13,283 | (26,363) | (11,490) | 13,247 | (24,737) |
Gross Profit | 64,278 | (17,974) | 82,252 | 99,830 | (11,673) | 111,503 |
Operating Expenses | (434,138) | (38,665) | (395,473) | (84,427) | (33,265) | (51,162) |
General & Administrative Expenses | (278,892) | (988) | (277,904) | (30,415) | 234 | (30,649) |
Management Compensation | (6,740) | (141) | (6,599) | (4,522) | 793 | (5,315) |
Personnel Expenses | (9,130) | 411 | (9,541) | (15,564) | (204) | (15,360) |
Depreciation and Amortization (cost) | (1,796) | (25) | (1,771) | (1,426) | 5 | (1,431) |
Other Administrative Revenues (Expenses) | (102,425) | (2,767) | (99,658) | (125) | (1,718) | 1,593 |
Equity Income Result | (35,155) | (35,155) | 0 | (32,375) | (32,375) | - |
Profit Before Financial Income | (369,860) | (56,639) | (313,221) | 15,403 | (44,938) | 60,341 |
Financial Result | (36,133) | (347) | (35,786) | (56,922) | (16,230) | (40,692) |
Financial Revenue | 2,629 | (1,618) | 4,247 | 59,654 | (354) | 60,008 |
Financial Expenses | (38,762) | 1,271 | (40,033) | (116,576) | (15,876) | (100,700) |
Profit Before Taxes | (405,993) | (56,986) | (349,007) | (41,519) | (61,168) | 19,649 |
Income Tax | 32,169 | 5,854 | 26,315 | (43,802) | 1,341 | (45,143) |
Current Tax | 1,116 | 6,068 | (4,952) | (4,452) | 6,545 | (10,997) |
Deferred Tax | 31,053 | (214) | 31,267 | (39,350) | (5,204) | (34,146) |
Discontinued Operations | 46,534 | 0 | 46,534 | 58,073 | 0 | 58,073 |
Minority Interests | 4,598 | 4,598 | - | 16,964 | 16,964 | - |
Net Income (Loss) | (322,692) | - | (322,692) | (10,284) | - | (10,284) |
Net income from continuing operations | (322,692) | - | (322,692) | (10,284) | - | (10,284) |
(in R$ thousand) 2025
100%
Adj* 2025
Proportional
2024
100%
Adj* 2024
Proportional
Gross Operating Revenue | 1,149,317 | (103,830) | 1,253,147 | 1,248,251 | (86,261) | 1,334,512 |
Toll Roads | 1,087,634 | 57,908 | 1,029,726 | 1,104,027 | 67,960 | 1,036,067 |
Remuneration of Financial Asset | (33,865) | - | (33,865) | (25,659) | - | (25,659) |
Construction of Assets | 79,413 | 1,018 | 78,395 | 158,566 | 5,005 | 153,561 |
Generation and Sales of Energy | - | (164,696) | 164,696 | - | (160,254) | 160,254 |
Other Revenue | 16,135 | 1,940 | 14,195 | 11,317 | 1,028 | 10,289 |
Deductions from Gross Revenue | (94,560) | 10,027 | (104,587) | (95,547) | 8,825 | (104,372) |
Net Operating Revenue | 1,054,757 | (93,803) | 1,148,560 | 1,152,704 | (77,436) | 1,230,140 |
Operating Costs | (749,892) | 29,052 | (778,944) | (827,564) | 29,840 | (857,404) |
Toll Roads Operations and Maintenance | (284,455) | (9,549) | (274,906) | (349,858) | (11,833) | (338,025) |
Maintenance Cost - IAS 37 | (99) | - | (99) | 1,750 | 0 | 1,750 |
Construction Cost | (78,780) | (1,018) | (77,762) | (156,219) | (5,005) | (151,214) |
Energy Generation | - | 8,540 | (8,540) | - | 8,133 | (8,133) |
Personnel Costs | (106,069) | 1,153 | (107,222) | (102,025) | 1,297 | (103,322) |
Depreciation and Amortization (cost) | (228,987) | (24,633) | (204,354) | (173,808) | (17,570) | (156,238) |
Regulatory Agency Costs | (51,502) | 54,559 | (106,061) | (47,404) | 54,818 | (102,222) |
Gross Profit | 304,865 | (64,751) | 369,616 | 325,140 | (47,596) | 372,736 |
Operating Expenses | (596,355) | (13,371) | (582,984) | (166,572) | (7,195) | (159,377) |
General & Administrative Expenses | (389,429) | (6,530) | (382,899) | (104,971) | 3,158 | (108,129) |
Management Compensation | (31,890) | (120) | (31,770) | (25,006) | 179 | (25,185) |
Personnel Expenses | (43,575) | (288) | (43,287) | (45,289) | (295) | (44,994) |
Depreciation and Amortization (cost) | (7,418) | 5 | (7,423) | (10,953) | 54 | (11,007) |
Other Administrative Revenues (Expenses) | (124,043) | (6,438) | (117,605) | 19,647 | (10,291) | 29,938 |
Equity Income Result | 0 | 0 | 0 | 0 | 0 | - |
Profit Before Financial Income | (291,490) | (78,122) | (213,368) | 158,568 | (54,791) | 213,359 |
Financial Result | (168,642) | (5,558) | (163,084) | (180,257) | (22,932) | (157,325) |
Financial Revenue | 15,587 | (3,225) | 18,812 | 74,190 | (711) | 74,901 |
Financial Expenses | (184,229) | (2,333) | (181,896) | (254,447) | (22,221) | (232,226) |
Profit Before Taxes | (460,132) | (83,680) | (376,452) | (21,689) | (77,723) | 56,034 |
Income Tax | 4,894 | 20,569 | (15,675) | (65,005) | 17,584 | (82,589) |
Current Tax | (1,154) | 23,886 | (25,040) | (13,983) | 22,166 | (36,149) |
Deferred Tax | 6,048 | (3,317) | 9,365 | (51,022) | (4,582) | (46,440) |
Discontinued Operations | 52,582 | 46,534 | 6,048 | 105,006 | 42,863 | 62,143 |
Minority Interests | 16,577 | 16,577 | - | 17,276 | 17,276 | - |
Net Income (Loss) | (386,079) | - | (386,079) | 35,588 | - | 35,588 |
Net income from continuing operations | (386,079) | - | (386,079) | 35,588 | - | 35,588 |
*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 FS 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.