Earnings release
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2Q26 Hidrovias do Brasil São Paulo , August 10 , 2026 - Hidrovias do Brasil S.A. [ B3 : HBSA3 ] , a logistics solutions company focused on waterway transport , listed on B3's Novo Mercado corporate governance segment , announces today its results for the second quarter of 2026. The results presented in this report comply with Brazilian accounting standards and with International Financial Reporting Standards ( IFRS ) and , except where stated otherwise , comparisons are with 2Q25 and 1Q26 . Hidrovias do Brasil S.A. Results for the 2nd Quarter of 2026 Net operating revenue Recurring Adjusted EBITDA Net profit R $ 664 million R $ 332 million R $ 100 million Cash flow from operating activities R $ 402 million Investments R $ 23 million Main highlights : • . Operating Cash Flow of R $ 402 million in 2Q26 , resulting from working capital improvement and search for tax optimization . Leverage of 2.4x : a decrease of 0.3x vs. 1Q26 and of 1.6x vs. 2Q25 , reflecting higher operating cash generation in the period . Summary Total volume ( ktons ) 2Q26 2Q25 1Q26 2Q26 vs 2Q26 vs 2Q25 1H26 vs 1H26 1H25 1Q26 1H25 4,239 4,922 3,202 -14 % 32 % 7,441 9,084 -18 % Continuing operations 4,239 4,051 3,202 5 % 32 % 7,441 7,443 0 % Brazil 2,676 2,635 2,126 2 % 26 % 4,802 4,942 -3 % North 2,093 2,204 1,652 -5 % 27 % 3,745 4,071 -8 % Santos 582 431 474 35 % 23 % 1,057 871 21 % Paraguay 1,563 1,416 1,076 10 % 45 % 2,639 2,501 6 % Discontinued operations 872 1,641 Net operating revenue ( R $ million ) 664 690 445 -4 % 49 % 1,109 1,245 -11 % Continuing operations 664 622 445 7 % 49 % 1,109 1,111 Brazil 359 339 249 6 % 44 % 608 619 -2 % Paraguay 305 284 196 8 % 55 % 501 492 * * 0 % 2 % Discontinued operations 68 134 Recurring Adjusted EBITDA ( R $ million ) 322 348 182 -8 % 77 % 504 604 -17 % Continuing operations 322 324 182 -1 % 77 % 504 559 -10 % Brazil 184 184 111 0 % 65 % 295 327 -10 % Paraguay 138 140 71 -1 % 94 % 209 232 -10 % Discontinued operations Leverage 24 45 2.4x 4.0x 2.7x -1.6x -0.3x 2.4x 4.0x -1.6x 1
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2 2Q26 Considerations on financial and operational information The financial information presented in this document was extracted from the interim accounting information for the three-month period ended June 30, 2026, prepared in accordance with Brazilian accounting practices and the International Financial Reporting Standards (IFRS Accounting Standards) issued by the International Accounting Standards Board (IASB) and 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 Taxes), EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA, and recurring Adjusted EBITDA are presented in accordance with Resolution 156 issued by the Securities and Exchange Commission of Brazil (CVM) on June 23, 2022. The Adjusted EBITDA considers adjustments from usual transactions that affect the results but do not have the potential for cash generation, such as hedge accounting effects. For the recurring Adjusted EBITDA, the Company excludes exceptional or non -recurring items, as described in this report. This approach offers a more accurate and consistent view of operational performance, preventing distortions caused by one -off events, whether positive or negative. The reconciliation of EBITDA from net income is available on page 3 of this report. Definitions • The sale of the Coastal Navigation operation was completed in November 2025, and its results up to this date are classified as discontinued operations. • Net operating revenue excludes the hedge accounting effect, reflecting only the operational performance, considering as adjustment only the exchange rate variation of the hedged revenue recognized during the period. • Depreciation and amortization include amortization of goodwill from affiliates. • Costs and expenses are presented with separate disclosure of depreciation and amortization, to provide a clear understanding of the results. • Hedge accounting : the Company's functional currency is the Brazilian real. However, Paraguay and Coastal Navigation operations are denominated in U.S. dollar. Accordingly, hedge accounting was applied to mitigate this exposure, with debt in U.S. dollars protecting long -term contracts. There is no cash impact, the hedge accounting of Paraguay ended in January 2025 and since November 2025 we no longer have recognition of hedge accounting of the Coastal Navigation operation. • Equity accounting is net of eliminations. • Non-recurring effects are shown in the document attached to this report. • Adjusted EBITDA is adjusted for hedge accounting, and recurring Adjusted EBITDA is adjusted for non-recurring items. • EBITDA leverage LTM excludes Coastal Navigation as from 4Q25, due to the completion of its sale, with recognition of cash inflow and debt reduction. • AFRMM, tax credits and other include the positive effect from Additional Freight for Renovation of Merchant Marine (AFRMM) in Coastal Navigation and in the North. • Net debt considers the amounts reported in “Loans, financing and debentures”, “Lease liabilities”, “Grant obligation”, “Derivative financial instruments”, “Cash and cash equivalents” and “Marketable securities”.
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3 2Q26 Consolidated result Consolidated result (R$ million) 2Q26 2Q25 1Q26 2Q26 vs 2Q25 2Q26 vs 1Q26 1H26 1H25 1H26 vs 1H25 Net income (R$ million) 100 51 (34) 97% - 66 49 34% Income tax and social contribution 34 48 17 -29% 98% 51 72 -28% Net financial expense (income) 100 106 119 -6% -16% 219 185 18% Depreciation and amortization 87 93 92 -7% -5% 179 214 -17% EBITDA (R$ million) 322 298 194 8% - 515 505 2% Hedge accounting - 6 - - - - 20 - Adjusted EBITDA (R$ million) 322 304 194 6% - 515 525 -2% Continuing operations 322 324 194 -1% 66% 515 559 -8% Brazil 184 184 123 0% 50% 307 327 -6% Paraguay 138 140 71 -1% 94% 209 232 -10% Discontinued operations - (20) - - - - (35) - Coastal Navigation - (20) - - - - (35) - Non-recurring effects that affected EBITDA - 44 (12) - - (12) 80 - (-) Coastal Navigation impairment - 44 (12) - - (12) 80 - Recurring Adjusted EBITDA (R$ million) 322 348 182 -8% 77% 504 604 -17% Continuing operations 322 324 182 -1% 77% 504 559 -10% Brazil 184 184 111 0% 65% 295 327 -10% Paraguay 138 140 71 -1% 94% 209 232 -10% Discontinued operations - 24 - - - - 45 - Coastal Navigation - 24 - - - - 45 -
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4 2Q26 Consolidated result Net operating revenue ex-hedge accounting: R$664 million in 2Q26 (-4% vs. 2Q25 and + 49% vs. 1Q26). In the annual comparison, the decrease mainly reflects the completion of sale of Coastal Navigation. Disregarding Coastal Navigation in 2Q25 for comparability purposes, net operating revenue increased by 7% due to the higher volume handled in Paraguay and the recognition of take or pay in fertilizer contracts in Brazil. Compared to 1Q26, the increase mainly follows the seasonality of operations with higher volume handled in the quarter and the recognition o f take or pay. Operating costs ex-depreciation: totaled R$283 million in 2Q26 ( -6% vs. 2Q25 and + 17% vs. 1Q26). In the annual comparison, the decrease reflects the completion of sale of Coastal Navigation. Disregarding Coastal Navigation in 2Q25 for comparability purposes, costs increased by 12%, reflecting higher costs in Paraguay due to the higher share of iron ore, and higher costs in Brazil, due to a concentration of maintenance expenses. Compared to 1Q26, the increase reflects higher volume handled and longer operating cycle. Operating expenses ex-depreciation: R$67 million in 2Q26 (+ 21% vs. 2Q25 and + 75% vs. 1Q26). In the annual comparison, excluding Coastal Navigation, expenses increased by 26%. The increase primarily reflects the reversal of variable compensation provisions recognized in Brazil in 2Q25 . Disregarding this effect, operating expenses increased by 11% compared to 2Q25, primarily reflecting higher one -off third-party service expenses, including contributions to associations supporting improvements to port transport access , as well as higher technology -related expenses associated with productivity and efficiency initiatives in Brazil and Paraguay . Compared to 1Q26, the increase mainly stems from the reversal of the provision for contingencies in the previous quarter, in addition to the effects mentioned above. Recurring Adjusted EBITDA : reached R$322 million in 2Q26 ( -8% vs. 2Q25 and + 77% vs. 1Q26). In the annual comparison, the decrease reflects the effect of the completion of sale of Coastal Navigation. Disregarding Coastal Navigation in 2Q25, Recurring Adjusted EBITDA fell by 1%, mainly impacted by higher operating expenses and costs observed in the period. Compared to 1Q26, the growth is the result of higher volume handled in the quarter, in line with the seasonality of operations, and better use of assets. Financial result: R$100 million negative in 2Q26 (-5% vs. 2Q25 and -16% vs. 1Q26). Compared to 2Q25, the improvement primarily reflects lower expenses related to the mark -to-market of financial instruments, impacted by the variation in Consolidated result (R$ million) 2Q26 2Q25 1Q26 2Q26 vs 2Q25 2Q26 vs 1Q26 1H26 1H25 1H26 vs 1H25 Net revenue (R$ million) 664 684 445 -3% 49% 1,109 1,225 -9% Net operating revenue 664 690 445 -4% 49% 1,109 1,245 -11% Hedge accounting - (6) - - - - (20) - Operating costs (362) (384) (328) -6% 10% (690) (724) -5% Operating costs ex-depreciation (283) (300) (243) -6% 17% (525) (550) -5% Depreciation (costs) (79) (85) (85) -7% -7% (165) (173) -5% Operating expenses (revenue) (74) (63) (45) 18% 67% (119) (127) -6% Operating expenses (revenue) ex-depreciation (67) (55) (38) 21% 75% (105) (110) -4% Depreciation (expenses) (8) (8) (7) -4% 19% (14) (17) -17% AFRMM, tax credits, and other (2) (44) 26 -95% - 24 (71) - Equity Accounting 9 13 3 -27% >100% 12 10 15% EBITDA (R$ million) 322 298 194 8% 66% 515 505 2% EBITDA margin % 48% 43% 43% 5 p.p. 5 p.p. 46% 41% 6 p.p. (-) Hedge accounting - 6 0 - - - 20 - Adjusted EBITDA (R$ million) 322 304 194 6% 66% 515 525 -2% Adjusted EBITDA margin % 48% 44% 43% 4 p.p. 5 p.p. 46% 42% 4 p.p. (-) Non-recurring - 44 (12) - - (12) 80 - Recurring Adjusted EBITDA (R$ million) 322 348 182 -8% 77% 504 604 -17% Recurring Adjusted EBITDA margin % 48% 50% 41% -2 p.p. 8 p.p. 45% 49% -3 p.p. Continuing operations 322 324 - -1% - 504 559 -10% Discontinued operations - 24 - - - - 45 - Depreciation and amortization (87) (93) (92) -7% -5% (179) (191) -6% Financial result (100) (106) (119) -5% -16% (219) (185) 18% IR/CSLL (34) (48) (17) -29% 98% (51) (79) -35% Net profit (loss) 100 51 (34) 97% - 66 49 34% Investments 23 91 37 -75% -39% 60 208 -71% Cash flow from operating activities 402 307 (25) 31% - 377 422 -11%
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5 2Q26 interest rates curve , and a lower average debt balance, partially offset by the financial income recognized from the repurchase of the 2031 Bond in 2Q25. Compared to 1Q26, the improved financial result primarily reflects lower mark - to-market expenses on financial instruments and lower costs of debt. Net income (loss): totaled R$100 million in 2Q26 vs. R$51 million in 2Q25 and loss of R$34 million in 1Q26. In the annual comparison, the increase mainly reflects the effect of impairment from the cabotage sale in 2025, in addition to lower financial expenses and lower tax burden. Compared to 1Q26, the improvement stems mainly from higher volume handled, in line with the seasonality of operations, as well as lower financial expenses. Cash flow from operating activities: cash generation of R$402 million in 2Q26 compared to R$307 million in 2Q25, and cash consumption of R$25 million in 1Q26, driven by the normalization of working capital following one -off effects of mismatches in customer receipts in the previous quarter.
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6 2Q26 Results from operations: Brazil Operating performance: Total volume handled in Brazil was 2,676 thousand tons in 2Q26 (+2% vs. 2Q25 and +26% vs. 1Q26). In the North, the volume totaled 2,093 thousand tons (-5% vs. 2Q25 and + 27% vs. 1Q26), primarily due to lower volume entering the integrated system, in addition to lower fertilizer volume. In Santos, the volume totaled 582 thousand tons (+35% vs. 2Q25 and +23% vs. 1Q26), reflecting the results of the new commercial and operational strategy adopted for the operation. Net operating revenue: totaled R$359 million in 2Q26 (+6% vs. 2Q25 and + 44% vs. 1Q26). In the annual comparison, the growth is mainly due to higher volume handled in Santos and the recognition of take or pay related to fertilizer contracts in the North. Compared to 1Q26, the growth stems from higher volume handled, in line with the seasonality of operations. Operating costs ex-depreciation: totaled R$114 million in 2Q26 (+6% vs. 2Q25 and +1% vs. 1Q26). The increase in the annual comparison reflects a higher concentration on maintenance costs. Compared to 1Q26, the increase primarily reflects higher maintenance costs, partially offset by improved operational efficiency resulting from better asset utilization. Operating expenses ex-depreciation: R$58 million in 2Q26 (+ 30% vs. 2Q25 and + 116% vs. 1Q26). In the annual comparison, the increase primarily reflects the reversal of variable compensation provisions recognized in 2Q25 . Disregarding this effect, operating expenses increased by 12% vs. 2Q25, due to higher one -off third -party service expenses, such as initiatives to improve port transport access and higher technology expenses linked to productivity and efficiency structuring projects. Compared to 1Q26, the increase reflects a comparison base impacted by the reversal of the provision for contingencies recorded in the previous quarter, as a result of the change in the likelihood of loss. Recurring Adjusted EBITDA: reached R$184 million in 2Q26, a similar level compared to 2Q25, with a margin of 51% (- 3 p.p. vs. 2Q25), due to lower volume in the integrated system, higher operating expenses and higher costs. Compared to 1Q26, there was a growth of 65%, resulting from growth of volume handled, in line with the seasonality of operations, and higher operational efficiency from better use of assets. Brazil (Continuing operations) 2Q26 2Q25 1Q26 2Q26 vs 2Q25 2Q26 vs 1Q26 1H26 1H25 1H26 vs 1H25 Total volume (thousand tons) 2,676 2,635 2,126 2% 26% 4,802 4,942 -3% North 2,093 2,204 1,652 -5% 27% 3,745 4,071 -8% Grains "integrated system" 1,272 1,484 1,205 -14% 6% 2,477 2,818 -12% Grains "direct road" 777 576 423 35% 84% 1,201 988 22% Fertilizers 44 144 23 -70% 88% 67 265 -75% Santos 582 431 474 35% 23% 1,057 871 21% Fertilizers 454 308 373 47% 22% 827 609 36% Salt 129 123 101 5% 27% 230 262 -12% Net revenue (R$ million) 359 339 249 6% 44% 608 619 -2% Net operating revenue 359 339 249 6% 44% 608 619 -2% Operating costs (114) (108) (113) 6% 1% (228) (202) 13% Operating expenses (revenue) (58) (45) (27) 30% >100% (86) (88) -3% AFRMM, tax credits, and other (2) (2) 17 2% - 15 (2) - Equity Accounting (0) 1 (3) - -94% (3) 1 - Adjusted EBITDA (R$ million) 184 184 123 0% 50% 307 327 -6% Adjusted EBITDA margin % 51% 54% 49% -3 p.p. 2 p.p. 50% 53% -2 p.p. (-) Non-recurring - - (12) - - (12) - - Recurring Adjusted EBITDA (R$ million) 184 184 111 0% 65% 295 327 -10% Recurring Adjusted EBITDA margin % 51% 54% 45% -3 p.p. 6 p.p. 49% 53% -4 p.p.
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7 2Q26 Results from operations: Paraguay Operating performance: 1,563 thousand tons handled in 2Q26 ( +10% vs. 2Q25 and + 45% vs. 1Q26). In the annual comparison, the growth mainly reflects higher volume handled of iron ore, in line with the commercial strategy of expanding this product's share in the cargo mix. Compared to 1Q26, the increase stems from the usual seasonality fo r the period, associated with improved navigation conditions, which favored higher volume transported. Net operating revenue ex-hedge accounting: R$305 million in 2Q26 (+8% vs. 2Q25 and + 55% vs. 1Q26). In the annual comparison, the growth is the result of higher volume transported and execution of longer routes, partially offset by the appreciation of the real against the U.S. dollar. Disregarding the exchange rate variation effect, revenue in U.S. dollar increased by 21% vs 2Q25. Compared to 1Q26, the increase is due to the same effects previously mentioned. Excluding the exchange rate variation effect, revenue in U.S. dollar increased by 62% vs 1Q26. Operating costs ex-depreciation: R$169 million in 2Q26 (+ 16% vs. 2Q25 and + 31% vs. 1Q26). The annual variation mainly reflects the higher share of iron ore, whose operational cycle was challenging, incurring lower operational efficiency. Compared to 1Q26, the increase is mainly due to higher volume handled. Operating expenses ex-depreciation: R$8 million in 2Q26 (+2% vs 2Q25 and -27% vs 1Q26). In the annual comparison, the increase is mainly due to higher personnel expenses, reflecting the appreciation of the PYG against the U.S. dollar (30% vs 2Q25), and higher technology expenses. Compared to 1Q26, the reduction is mainly the result of lower fee payments in navigation operations. Recurring Adjusted EBITDA: R$138 million in 2Q26 ( -1% vs. 2Q25 and + 94% vs. 1Q26), with a margin of 45%. In the annual comparison, the higher volume handled was offset by increased operating costs, resulting from the longer navigation operational cycle in iron ore transport, as well as the appreciation of the real against the U.S. dollar in the translation effect of the presentation of results. Compared to 1Q26, the growth reflects higher volume handled in the period and lower operating expenses. Paraguay 2Q26 2Q25 1Q26 2Q26 vs 2Q25 2Q26 vs 1Q26 1H26 1H25 1H26 vs 1H25 Average dollar 5.05 5.67 5.26 -11% -4% 5.15 5.76 -11% Total volume (thousand tons) 1,563 1,416 1,076 10% 45% 2,639 2,501 6% Iron ore 1,405 1,020 875 38% 60% 2,280 1,874 22% Grains 139 290 201 -52% -30% 340 475 -28% Fertilizers 19 106 - -82% - 19 152 -87% Net revenue (R$ million) 305 284 196 8% 55% 501 485 3% Net operating revenue 305 284 196 8% 55% 501 492 2% Hedge accounting - - - - - - (7) - Operating costs (169) (145) (129) 16% 31% (298) (256) 16% Operating expenses (revenue) (8) (8) (11) 2% -27% (19) (18) 10% AFRMM, tax credits, and other (0) (3) 9 -99% - 9 4 >100% Equity Accounting 9 12 6 -21% 70% 15 9 60% EBITDA (R$ million) 138 140 71 -1% 94% 209 225 -7% EBITDA margin % 45% 49% 36% -4 p.p. 9 p.p. 42% 46% -4 p.p. (-) Hedge accounting - - - - - - 7 - Recurring Adjusted EBITDA (R$ million) 138 140 71 -1% 94% 209 232 -10% Recurring Adjusted EBITDA margin % 45% 49% 36% -4 p.p. 9 p.p. 42% 47% -6 p.p.
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8 2Q26 Investments In 2Q26, investments totaled R$23 million (-75% vs. 2Q25 and -39% vs. 1Q26). In the annual comparison, the decrease mainly reflects the docking of HB Tucunaré in the Coastal Navigation operation, in addition to investments in modular expansion in the North carried out in 2Q25. Compared to 1Q26, the decrease stems from the concentration of modular expansion investments in the North and maintenance in 2H26. Consolidated investment (R$ million) 2Q26 2Q25 1Q26 2Q26 vs 2Q25 2Q26 vs 1Q26 1H26 1H25 1H26 vs 1H25 Maintenance 20 42 19 -53% 7% 38 79 -51% Expansion 3 49 19 -94% -83% 22 106 -79% STS20 Grant - - - - - - 23 - Total investment 23 91 37 -75% -39% 60 208 -71%
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9 2Q26 Indebtedness Gross debt ended 2Q26 at R$3,319 million, a 21% decrease compared to 2Q25, resulting from initiatives to improve the capital structure and debt management, such as the early redemption of the 1 st series of the 2 nd debenture issuance carried out in May 2026 in the amount of R$400 million. With this, the cash position ended 2Q26 at R$1,154 million, 2% higher than in 2Q25, with operating cash generation in the period offsetting the early redemption mentioned above. Compared to 1Q26, the cash position was 12% lower, reflecting the mentioned early redemption, with impact minimized by operating cash generation in 2Q26. Leverage at the end of 2Q26 was 2.4x, a 1.6x decrease vs . 2Q25, resulting from lower net debt, as well as improved operating results over the last 12 months. Compared to 1Q26, there was a 0.3x decrease in leverage. The Company maintains a balanced capital structure, with the exposure protected by hedging instruments and strategies, mitigating exchange rate and interest rate risks. Cash and amortization profile and gross debt breakdown by currency (R$ million): The Company has a long amortization schedule, with an average tenor of 4.5 years and a weighted average cost of 113.3% the CDI rate. Debt (R$ million) 2Q26 2Q25 1Q26 2Q26 vs 2Q25 2Q26 vs 1Q26 Gross debt 3,319 4,183 3,748 -21% -11% Gross debt 3,022 3,893 3,467 -22% -13% Leases payable 244 275 250 -11% -3% Derivative financial instruments (liabilities) 53 15 31 >100% 72% Cash 1,154 1,127 1,313 2% -12% Cash and financial investments 1,142 1,127 1,310 1% -13% Derivative financial instruments (assets) 12 - 3 - >100% Net debt 2,165 3,056 2,435 -29% -11% EBITDA leverage LTM 906 765 909 18% 0% Leverage 2.4x 4.0x 2.7x -1.6x -0.3x
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10 2Q26 Capital markets HBSA3 performance vs. Ibovespa (100 Base) Sustainability During the second quarter, the Company advanced initiatives aimed at strengthening its culture of integrity and sustainable development in the regions where it operates. Among the highlights of the period are the launch of new Integrity trainings, aligned with the update of the Code of Ethics and corporate policies, and the continuation of communication and awareness actions aimed at promoting ethics and compliance. Initiatives were also developed in partnership with public and private institutions, notably support for the SESI Saúde Conectada vessel and the implementation of the Pará Fishing Agreements, a public policy conducted by the State Secretariat for Environment and Sustainability (SEMAS), through the Regulariza Pará Program, recognized by the United Nations (UN) for its contribution to participatory management of fishery resources. In addition, the Company supported the Faça Bonito campaign, reinforcing its co mmitment to promoting health, sustainable development of communities, and generation of positive social impact. Capital Markets 2Q26 2Q25 1Q26 Final number of shares (thousands) 1,360,382,643 1,360,382,643 1,360,382,643 Market value (R$ million) 4,728 4,089 5,550 B3 Average volume/day (thousand shares) 2,557 4,401 2,136 Average financial volume/day (R$ thousand) 8,886 13,228 8,500 Average price (R$/share) 3.5 3.0 4.0
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11 2Q26 Attachments Note 06/30/2026 12/31/2025 Note 06/30/2026 12/31/2025 Current assets Current liabilities Cash and cash equivalents 4.1 658,857 1,083,247 Trade payables 14 173,533 138,946 Marketable securities 4.2 88,730 29,284 Loans, financing and debentures 13.1 40,990 67,059 Trade receivables 5 154,113 100,901 Salaries and related charges 62,109 75,002 Related parties 7.1 1,392 576 Provision for contingencies 15 5,213 5,884 Inventories 135,681 144,324 Taxes payable 31,343 63,581 Recoverable taxes 6 215,574 195,461 Income tax and social contribution payable 45,678 31,460 Derivate financial instruments 23.3 464 ‐ Payables to related parties 7.1 6,735 4,997 Dividends receivable 7.1 ‐ ‐ Lease liabilities 10.2 19,869 23,341 Other assets 116,453 104,979 Other payables 35,499 147,837 Total current assets 1,371,264 1,658,772 Total current liabilities 420,969 558,107 Non-current liabilities Loans, financing and debentures 13.1 2,980,733 3,413,938 Payables to related parties 7.1 ‐ ‐ Non-current assets Derivate financial instruments 23.3 53,460 11,798 Lease liabilities 10.2 223,655 223,799 Marketable securities 4.2 394,068 415,723 Other payables 114,593 90,503 Related parties 7.1 1,522 1,618 Deferred income tax and social contribution 8.2 27,589 ‐ Judicial deposits 15.2 74,453 71,896 Provision for contingencies 15 4,251 27,111 Deferred income tax and social contribution 8.2 30,029 35,107 Provision for loss on investment 9 ‐ ‐ Recoverable taxes 6 2,220 238 Total non-current liabilities 3,404,281 3,767,149 Derivate financial instruments 23.3 12,033 2,728 Other assets 61,211 111,435 Equity Investments 9 138,490 135,974 Share capital 16 2,559,469 2,559,469 Property and equipment 11 3,496,559 3,704,077 Cost of issuance of shares (24,885) (24,885) Intangible assets 12 53,209 61,007 Capital reserve 14,640 13,299 Right-of-use assets 10.1 280,640 288,733 Accumulated losses (889,500) (955,685) Other comprehensive income 430,724 569,854 Total non-current assets 4,544,434 4,828,536 Total equity 2,090,448 2,162,052 Total assets 5,915,698 6,487,308 Total liabilities and equity 5,915,698 6,487,308 ConsolidatedConsolidated
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12 2Q26 Note 06/30/2026 06/30/2025 - Restated Net revenue from sales and services 17 1,109,281 1,104,039 Cost of services provided 18 (689,987) (631,234) Gross profit 419,294 472,805 Operating income (expenses) General and administrative 18 (119,020) (122,124) Other operating income (expenses), net 18 24,235 658 Operating result before share of profit (loss) of investees, financial result and income tax and social contribution 324,509 351,339 Share of profit (loss) of investees 9 11,798 9,856 Profit before income tax and social contribution 336,307 361,195 Financial income 19 408,137 222,265 Financial expenses 19 (626,865) (405,524) Net financial result (218,728) (183,259) Profit (loss) before income tax and social contribution 117,579 177,936 Income tax and social contribution Current 8.1 (18,727) (4,531) Deferred 8.1 (32,667) (94,067) Profit (loss) from continuing operations 66,185 79,338 Discontinued operations ‐ (30,019) Loss for the period 66,185 49,319 Earnings (loss) per share from continuing operations (weighted average number for the period) – R$ Basic 20 0.0487 0.0826 Diluted 20 0.0487 0.0826 Earnings (loss) per share from discontinued operations (weighted average number for the period) – R$ Basic 20 ‐ (0.0313) Diluted 20 ‐ (0.0313) Earnings (loss) per share (weighted average number for the period) – R$ Basic 20 0.0487 0.0514 Diluted 20 0.0487 0.0514 Consolidated
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13 2Q26 Note 06/30/2026 06/30/2025 - Restated CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS Profit for the period from continuing operations 66,185 79,338 Net cash provided by (used in) operating activities: Share of profit (loss) of investees 9 (11,798) (9,856) Amortization of right-of-use assets 10.1 16,535 29,286 Depreciation and amortization 11 and 12 162,095 161,299 Interest, monetary and foreign exchange variations 248,259 120,737 Current and deferred income tax and social contribution 8.1 51,394 98,598 Effect of hedge accounting on net revenue ‐ 6,906 Gain (loss) on disposal or write-off of assets (8,229) 2,710 Long-term incentive plan with restricted shares 7.4 1,341 (4,621) Provisions for tax, civil and labor risks (21,492) - Other provisions and adjustments ‐ (274) (Increase) decrease in operating assets: Trade receivables (52,627) (64,782) Inventories 8,643 (6,767) Recoverable taxes (16,647) (4,808) Related parties (816) 653 Other assets 36,188 (14,854) Increase (decrease) in operating liabilities: Trade payables 49,553 (16,258) Social and labor obligations (12,893) (130) Taxes payable (31,314) (19,334) Income tax and social contribution (4,509) (803) Other payables (88,246) 16,314 Related parties 1,738 288 Dividends received from subsidiaries, associates and joint ventures 1,691 ‐ Payment of contingencies (2,766) - Net cash (used in) provided by operating activities from continuing operations 392,285 373,642 Net cash (used in) provided by operating activities from discontinued ‐ 48,277 Net cash (used in) provided by operating activities 392,285 421,919 CASH FLOWS FROM INVESTING ACTIVITIES Financial investments, net of redemptions (47,871) 60,983 Acquisition of property and equipment and intangible assets (75,343) (176,435) Capital increase in subsidiaries ‐ - Costs of initial lease recognition ‐ (2,396) Interest received on financial transactions ‐ - Intercompany loans ‐ - Cash received on sale of investments 11,555 ‐ Net cash (used in) provided by investing activities from continuing operations (111,659) (117,848) Net cash (used in) investing activities from discontinued operations - (22,204) Net cash (used in) provided by investing activities (111,659) (140,052) CASH FLOWS FROM FINANCING ACTIVITIES Loans, financing and debentures, net of funding costs Proceeds from borrowings ‐ 1,773,497 Amortization of principal 13.1 (397,453) (2,235,579) Interest paid 13.1 (202,481) (167,365) Payments of leases Principal 10.2 (20,699) (54,321) Interest paid 10.2 (2,439) (5,423) Intercompany loans payable Proceeds from loans obtainedborrowings ‐ - Amortization of principal ‐ ‐ Payment of interest on loans obtained ‐ - Derivative financial instruments paid (28,240) (118,244) Capital increase ‐ 700,000 Net cash provided by (used in) financing activities from continuing operations (651,312) (107,435) Net cash provided by (used in) financing activities from discontinued ‐ (40,033) Net cash provided by (used in) financing activities (651,312) (147,468) Effect of exchange rate changes on the cash balance held in foreign currency (53,704) (16,830) Increase (Decrease) in cash and cash equivalents (424,390) 117,569 Cash and cash equivalents at the beginning of the period 1,083,247 988,450 Cash and cash equivalents from continuing operations at the end of the period 658,857 1,094,499 Cash and cash equivalents from discontinued operations at the end of the period - 11,520 Non-cash transactions: Additions and remeasurements of right-of-use assets and lease liabilities 10.1 10,546 16,040 Acquisition of property and equipment and intangible assets without cash effect 14,967 13,489 Consolidated
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14 2Q26 Disclaimer This report contains forward-looking statements and prospects based on strategies and beliefs related to the growth opportunities of Hidrovias do Brasil S.A. and its subsidiaries (“Hidrovias” or “Company”), based on the Management’s analyses. This means th at statements included herein, based on an in -depth study of public information available to the market in general, although deemed reasonable by the Company, may not materialize and/or may contain miscalculations and/ or inaccuracies. This disclaimer on th e information provided herein indicates the existence of adverse situations that may impact the expected results so that our ex pectations might not materialize within the reporting period, as such factors are beyond Hidrovias’ control. As such, the Company does not guarantee the performance mentioned in this document and, therefore, this document does not represent an offer for purchase and/or subscription to its securities. Brazil (R$ million) Non-recurring Coastal Navigation Impairment - - (12) - - (12) - - Total - - (12) - - (12) - - 1H25 1H26 vs 1H252Q26 2Q25 1Q26 2Q26 vs 2Q25 2T26 vs 1Q26 1H26 Coastal Navigation (R$ million) Non-recurring Coastal Navigation Impairment - 44 - - - - 80 - Total - 44 - - - - 80 - 1H26 1H25 1H26 vs 1H252Q26 2Q25 1Q26 2Q26 vs 2Q25 2T26 vs 1Q26