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NEW AFOB CALLLY Hidrovias do Brasil Results Call 2Q26 INVESTOR RELATIONS
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Considerations on financial and operational information • The financial information presented in this document has been extracted from the interim accounting information for the three-month period ended June 30, 2026, has been prepared in accordance with Brazilian accounting practices and with the International Financial Reporting Standards (IFRS Accounting Standards) issued by the International Accounting Standards Board (IASB) and has been presented consistently with the regulations issued by the Securities and Exchange Commission of Brazil (CVM), applicable to the preparation of the Quarterly Information. Financial and operational figures are subject to rounding and, consequently, total amounts shown in tables and charts may differ from the direct numerical sum of the preceding amounts. • The information referred to as EBIT (Earnings Before Interest and Income Taxes), EBITDA (Earnings Before Interest, Income Taxes, Depreciation, and Amortization), Adjusted EBITDA, and Recurring Adjusted EBITDA is presented in accordance with CVM Resolution 156, issued on June 23, 2022. • Adjusted EBITDA includes adjustments related to ordinary business transactions that impact earnings but do not generate cash flow. For Recurring Adjusted EBITDA, the Company excludes exceptional or non-recurring items, as described in the table and highlighted in the Release annexes, providing a more accurate and consistent view of its operational performance by avoiding distortions caused by one-off events, whether positive or negative. The reconciliation of EBITDA from net income is provided after the Release definitions. • Company announced in February 2025 the sale of the Coastal Navigation operation and the balances are presented as a discontinued operation in the financial statements. In this presentation the financial information are on a consolidated basis, considering the sum of continuing and discontinued operations, unless otherwise indicated. Initial considerations | 2Q26 Predictions about future events • This presentation may contain forward-looking statements regarding future events. Such statements reflect only the expectations of the Company's management. Words such as “believes, ” “expects, ” “plans, ” “strategy, ” “foresees, ” “predicts, ” “estimates, ” “projects, ” “anticipates, ” “may, ” and other words with similar meanings are understood as preliminary declarations regarding future expectations and projections. These statements are subject to risks and uncertainties, whether foreseen or not by the Company, and actual results may differ materially from those projected. Therefore, readers should not base their decisions solely on these estimates. 2
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Summary 2Q26 BRAZIL: Volume growth in Santos (+35% vs. 2Q25), offsetting operational challenges in the North (-5% vs. 2Q25) PARAGUAY: 10% volume growth vs. 2Q25, driven by higher iron ore shipments PERFORMANCE: Recurring Adjusted EBITDA of R$322 million in 2Q26 LEVERAGE: 2.4x - result of lower net debt 3 Operation Financial
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Volume per cargo (Kton) Cargo 2Q26 2Q25 North 2,093 2,204 Grains “integrated system” 1,272 1,484 Grains “direct road” 777 576 Fertilizers 44 144 Santos 582 431 Fertilizers 454 308 Salt 129 123 Brazil total 2,676 2,635 2Q26 vs. 2Q25 -5% -14% 35% -70% 35% 47% 5% 2% Note: Recurring Adjusted EBITDA is adjusted for non-recurring items. MT PA SP Brazil STS20 Santos (SP) ETC Miritituba (PA) TUP Barcarena (PA) Salt Fertilizer Santos North BR-163 Grains Fertilizer Area of influence 4 51% 184 184 54% 359339 Net operating revenue (R$ million) Recurring Adjusted EBITDA (R$ million) 2Q25 2Q26 2Q25 2Q26 +6% Recurring Adj. EBITDA EBITDA margin
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MS Uruguay Asunción San Nicolás Nueva Palmira Corumbá Paraguay Paraguay TGM: JV (UY) Iron Ore Grains Paraguay Note: Recurring Adjusted EBITDA is adjusted for non-recurring items. Volume per cargo (Kton) Net operating revenue (R$ million) Recurring Adjusted EBITDA (R$ million) Cargo 2Q26 2Q25 Iron Ore 1,405 1,020 Grains 139 290 Fertilizers 19 106 Paraguay total 1,563 1,416 2Q26 vs. 2Q25 38% -52% -82% 10% 45%49% 2Q25 2Q26 2Q25 2Q26 +8% -1%305284 140 138 Recurring Adj. EBITDA EBITDA margin 5
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Consolidated Results Note: Net operating revenue ex-hedge accounting. Recurring Adjusted EBITDA is adjusted for non-recurring items. Volume (Kton) Net op. revenue (R$ million) Recurring Adj. EBITDA (R$ million and EBITDA Mg.%) 6 Cargo 2Q26 2Q25 Grains 52% 58% Iron ore 33% 25% Fertilizers 12% 14% Salt 3% 3% Continued op. (Kton) 4,239 4,051 Discontinued op. (Kton) - 872 Recurring Adj. EBITDA Recurring Adj. EBITDA – continuing operations 2Q262Q25 622 2Q262Q25 322324348 690 Net op. revenue Net op. revenue – continuing operations 664 48%50% 52% EBITDA margin
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Gross debt 3,022 3,893 3,467 Lease and grant 244 275 250 Derivative financial instrument (liability) 53 15 31 Gross Debt 3,319 4,183 3,748 Cash and financial investments 1,142 1,127 1,310 Derivative financial instrument (asset) 12 - 3 Cash 1,154 1,127 1,313 Net Debt 2,165 3,056 2,435 Adjusted EBITDA LTM 906 765 909 Leverage 2.4x 4.0x 2.7x 2Q26 2Q25 2Q26 vs 2Q25 2Q26 vs 1Q26 -22% -13% -11% -3% >100% 72% -21% -11% 1% -13% - >100% 2% -12% -29% -11% 18% 0% -1.6x -0.3x 1Q26 Debt profile and amortization schedule (R$ millions) Indebtedness Indebtedness (R$ million and %) 7 Duration: 4.5 years Average weighted cost: 113.3% CDI Currency exposure 1,142 41 434 34 195 2,152 165 Cash and fin. investments Up to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years After 5 years Debenture FinepCash and fin. investments Bonds 34% 66% Total in BRL Total in USD
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I N V E S T O R R E L A T I O N S H I D R O V I A S D O B R A S I L S . A . R I @ H B S A .C O M . B R