EcoRodovias Infraestrutura e Logística S.A.

EcoRodovias Infraestrutura e Logística S.A.

ECOR3.SA
EcoRodovias Infraestrutura e Logística S.A.BR flagB3 S.A.
7.44
BRL
-0.12
- -
5.18BMarket Cap
EcoRodovias Infraestrutura e Logística S.A.
ECOR3.SA
(B3 S.A.)

Recent

price

7.44

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
2.39
3.23
3.69
4.67
5.21
4.86
5.02
5.44
5.62
7.02
7.17
7.38
8.71
12.72
14.19
16.56
16.75
Revenue per Share
0.99
0.68
0.75
0.7
0.84
0.19
-1.71
0.7
0.66
-0.33
-0.76
0.59
0.35
0.82
1.3
1.27
1.05
Basic EPS, GAAP
0.49
0.57
0.89
0.75
0.57
0.59
1.13
1.21
1.05
0.7
0.66
-0.76
-1.15
-1.85
0.37
-2.55
0.71
Free Cash Flow per Basic Share
0.47
0.5
0.37
0.77
1.42
0.45
0.26
0.42
0.71
- -
- -
- -
0.01
0.08
0.19
0.31
- -
Dividend per Share
2.21
2.33
2.34
2.34
2.34
2.34
0.64
0.64
0.64
0.31
-0.01
3.26
2.95
2.95
2.95
2.95
2.94
Book Value per Share
-1.59
-1.62
-2.28
-3.03
-4.56
-5.91
-6.58
-6.75
-9.02
-13.2
-14.52
-14.46
-15.84
-21.55
-25.33
-33.09
-33.62
Tangible Book Value per Share
598
566
566
565
564
563
563
563
563
563
558
630
696
696
696
696
696
Basic Weighted Avg Shares
1,428
1,827
2,088
2,639
2,937
2,736
2,829
3,066
3,169
3,953
4,000
4,652
6,061
8,845
9,872
11,521
11,654
Sales/Revenue/Turnover
67.91
43.15
41.46
35.14
29.19
34.66
37.3
38.49
36.21
30.04
32.42
33.19
26.46
33
35.78
35.1
34.02
Operating Margin (%)
140
168
204
237
309
344
340
419
434
568
547
691
581
798
985
1,358
1,604
Depreciation Expense
594
383
422
398
472
109
-965
392
375
-185
-424
372
246
570
904
886
729
Net Income, GAAP
22.85
35.96
35.83
37
33.85
54.74
218.05
44.46
44.63
293.76
628.62
43.71
52.69
53.41
46.9
51.62
54.49
Effective Tax Rate (%)
41.61
20.96
20.22
15.08
16.07
3.98
-34.1
12.8
11.82
-4.69
-10.6
8
4.05
6.44
9.16
7.69
6.26
Profit Margin (%)
-44
16
-241
201
-352
-609
-506
380
1,080
-1,681
-769
-1,488
-1,234
-94
-2,329
1,986
2,348
Working Capital
1,003
1,134
2,032
2,865
3,238
3,963
3,910
4,849
6,010
5,384
6,896
6,777
9,395
14,445
14,704
24,724
25,547
LT Debt
1,788
1,885
2,125
2,098
1,784
1,638
573
757
640
455
56
2,330
2,519
2,986
3,691
4,374
4,352
Total Equity
25.26
14.08
12.62
10.57
9.55
6.6
-19.88
10.58
8.43
-26.37
-76.96
8.27
5.69
7.62
8.23
7.05
6.09
Return on Invested Capital (%)
31.41
16.36
14.7
12.06
12.82
4.78
-25.34
9.77
8.38
-14.41
-31.52
6.39
5
6.61
7.84
7.22
6.22
Return on Capital (%)
68.09
29
31.96
30.13
35.74
8.25
-114.74
108.75
103.77
-69.16
- -
- -
11.96
27.73
44.01
43.12
34.35
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
1,890
1,933
1,811
LT Borrowings
23,049
24,595
25,402
LT Finance Leases
123
130
145
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
696
696
696
Market Capitalization
5,447
7,374
5,864

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
5,232
5,828
5,741
Cash, Cash Equivalents & STI
4,116
4,780
4,612
Accounts Receivable, Net
602
611
627
Inventories
- -
- -
- -
Total Current Liabilities
3,467
3,842
3,393
Payables & Accruals
- -
- -
- -
ST Debt
1,890
1,933
1,811
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
395.13%
823.23%
18.53%
Free Cash Flow
-97.5%
-203.89%
-796.81%
Net Income, GAAP
-118.45%
-6.64%
-2.02%
Sales/Revenue/Turnover
16.19%
24.17%
16.7%
Total Cash Common Dividend
- -
- -
58.73%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,127
2,414
2,535
2,797
9,872
2025
2,426
2,718
2,993
3,383
11,521
2026
2,559
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.33
0.39
0.38
- -
1.3
2025
0.21
0.29
0.62
- -
1.27
2026
-0.01
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.19
2025
- -
- -
- -
- -
0.31
2026
- -
- -
- -
- -
- -
Business
EcoRodovias Infraestrutura e Logística S.A. (ECOR3.SA) operates as one of Brazil's largest highway concessionaires, managing approximately 4,800 kilometers of toll roads across 12 concessions in eight states, spanning key commercial corridors in the South, Southeast, North, Northeast, and Midwest regions; it also oversees a port asset under transition at the Port of Santos and a truck staging area. The company's core offerings include highway operation and maintenance, toll collection, infrastructure improvements such as road widening, paving, bridges, tunnels, and beltways; port operations encompassing cargo handling, storage, empty container services, and customs clearance; and associated logistics integration linking intermodal terminals, distribution centers, and ports to support import/export flows connecting major ports like Santos, Paranaguá, and Rio Grande. Its subsidiaries, including Ecovias dos Imigrantes, Ecopistas, Eco101 (now Ecovias Capixaba), EcoRioMinas, Ecovias do Araguaia, and Ecovias Noroeste Paulista, serve diverse customers such as freight transporters, commuters, agricultural producers, and industrial shippers, primarily within Brazil. Founded in 1997 and headquartered at Rua Gomes de Carvalho, 1510, in São Paulo, Brazil, EcoRodovias focuses on import/export corridors, tourist routes, and grain transport links, positioning it as a critical player in Brazil's infrastructure sector with around 5,400 employees. A subsidiary of Italy's ASTM Group, it listed on B3's Novo Mercado in 2010 following its IPO and has pursued strategic growth through auctions, establishing control via Igli. In recent developments, EcoRodovias won and began operations for the Nova Raposo Lot (Ecovias Raposo Castello) in 2024, adding urban stretches of SP-280 (Castello Branco) and SP-270 (Raposo Tavares) highways linking São Paulo's metropolitan region to Santos Port, with toll collection starting in March 2025; it also signed amendments to key concession agreements, including the Ecovias 101 contract on August 26, 2025, extending the term to 24 years and rebranding to Ecovias Capixaba, alongside amendments for Ecovias Leste Paulista and Ecovias Imigrantes. The company completed long-term financings for Ecovias Noroeste Paulista (September 2025) and EcoRioMinas (January 2025), tapped R$2 billion in debt markets, issued debentures, and executed an exchange offer; it further manages Ecoporto Santos under a transition contract signed December 2024 and underwent a brand repositioning in March 2025. These moves, including six new concessions since 2018 representing nearly 50% of adjusted EBITDA, extend average contract terms beyond 20 years and solidify its market leadership.