SÃO PAULO, Feb. 9, 2026 /PRNewswire/ —
Highlights
- On November 13, 2025, the Amendment at SPVias was signed, resulting in the extension of the concession term by 322 days.
- On November 18, 2025, the Company announced the sale of its Airport Business for R$5 billion (EV/EBITDA of 8.8x @Stake), in line with its portfolio simplification and capital recycling strategy. As of that date, airport operations have been classified as Assets and Liabilities Held for Sale and as Discontinued Operations.
- On December 5, 2025, the Company announced the recognition of an economic–financial rebalance related to the impacts of the COVID–19 pandemic on tariff revenues, totaling approximately R$ 1.5 billion.
- On December 5, 2025, the Company announced that, starting on December 19, it would begin paying approximately R$ 294 million in interim dividends related to the results accrued through September 30, 2025.
- On December 11, 2025, the Company was awarded the Bidding Process for Autopista Fernão Dias S.A., offering a 17.05% discount on the basic toll rate.
- In 2025, ancillary revenues (excluding the Airports Platform) grew by 10.2%, in line with the Ambition 2035 target of double-digit growth.
- The OPEX (cash)/Adjusted Net Revenue ratio reached 37.5%1 in 2025, representing the delivery, one year ahead of schedule, of the commitment set for 2026 (<38%). Excluding the Airport Business, the ratio would have been 36.1%.
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1. For the purposes of this calculation, it considers (i) jointly owned subsidiaries and (ii) the Airport Business. |
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Consolidated Operational and Financial Highlights |
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OPERATIONAL AND FINANCIAL HIGHLIGHTS (R$ MM) |
4Q24 |
4Q25 |
Var. % |
2024 |
2025 |
Var. % |
|
Consolidated Adjusted Net Revenue¹ |
3,790 |
4,047 |
6.8 % |
14,538 |
15,296 |
5.2 % |
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Consolidated Adjusted EBITDA¹ |
2,017 |
2,525 |
25.2 % |
8,281 |
9,522 |
15.0 % |
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Adjusted EBITDA – Toll Roads |
1,584 |
1,917 |
21.0 % |
6,237 |
7,139 |
14.5 % |
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Adjusted EBITDA – Rails |
552 |
670 |
21.4 % |
2,113 |
2,422 |
14.6 % |
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Adjusted EBITDA – Airports |
221 |
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