Rumo SA: Rumo signs 180-day extension for Malha Oeste concession

Research evidence excerpt

Rumo SA: Rumo signs 180-day extension for Malha Oeste concession

Update

July 2, 2026 12:05 AM GMT

Morgan Stanley C.T.V.M. S.A.+MRumo SA | Latin America Julia Rizzo

Equity Analyst and Commodities Strategist

Rumo signs 180-day extension Julia.Rizzo@morganstanley.comMorgan Stanley México, Casa de Bolsa, S.A. de C.V.+ +55 11 3048-6114

Jens Spiess, CFA

Equity Analystfor Malha Oeste concession Jens.Spiess@morganstanley.com +52 55 5282-6614

RAIL3: Rumo signs 180-day extension for Malha Oeste concession; limited Morgan Stanley C.T.V.M. S.A.+

Julia Habermann

operational impact, but potentially another step toward resolving a legacy issue. Research Associate

Julia.Habermann.Oliveira@morganstanley.com +55 11 3048-6096

Rumo signed a 180-day extension for the Malha Oeste concession, maintaining

Joao Pedro Franco dos Santos

only essential asset preservation activities while the government advances the Research Associate

rebidding process. During the period, Malha Oeste will not provide rail Joao.Pedro.Franco.Dos.Santos@morganstanley.com +55 11 3048-9524

Gustavo Soares

transportation services and will only be responsible for asset custody, surveillance, Research Associate

essential maintenance and monitoring. We see the announcement as operationally Gustavo.Soares@morganstanley.com +55 11 3048-6075

immaterial, as Malha Oeste is an old, non-operating asset with no cash flow

Rumo SA (RAIL3.SA, RAIL3 BZ)

contribution to our model.

LatAm Agribusiness | Brazil

The key takeaway is the formal launch of an “Encontro de Contas” to settle Stock Rating Equal-weight

Industry View In-Line

potential credits and liabilities between Malha Oeste and the Federal Price target R$18.00

Shr price, close (Jul 1, 2026) R$13.17

Government. The process should include rebalancing claims, potential regulatory