Hidrovias do Brasil (HBSA3.SA): 2Q‘26 Results: Mixed Results, Confirming the Anticipated Softness

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11 Aug 2026 05:16:58 ET │ 12 pages

Hidrovias do Brasil (HBSA3.SA)

2Q'26 Results: Mixed Results, Confirming the Anticipated Softness

CITI'S TAKE

Net income of R$100M was roughly in line with Citi's and consensus

estimates. Results looked mixed as the softness anticipatedin our preview

was confirmed, with a positive highlight from North ops tariffs being offset

on the EBITDA level by higher-than-expected costs at the South system.

On the other hand, cash generation was a positive highlight that drove

leverage much lower than expected, with very low capex that may revert in

the 2H according to guidance. While results reflected high-season

operations challenged by cargo reception in the North, it's important to

understand how such challenges may evolve as we enter a critical phase

for 2H drought season - especially under El Niño impacts. We remain

Neutral/HR.

Neutral / High Risk

2Q’26 results — Net income of R$100M (EPS of R$0.07) compares to Citi’s R$97M

(R$0.07), Bloomberg consensus of R$102M (R$0.08) and to a net income of R$59M

in 2Q’25. Operating net revenue (at continued ops) decreased -3% y-o-y to

R$664M, 5% better than Citi and consensus. Brazil and Paraguay ops volumes came

overall in-line with expectations, and the top-line beat came mainly from higher

North tariffs. Within the Brazil ops, Santos volumes were slightly better than

expected offsetting marginally softer North ops volumes. Adj. recurring EBITDA, at

continued ops, of R$322M represents a reduction of -7% y-o-y, coming 1% higher

than Citi and 2% higher than consensus. Higher top-line cascaded and drove betterthan-expected North EBITDA, but South EBITDA came worse than expected with

higher costs related to iron ore shipments (which reduce operational efficiency).

Below the EBITDA line, net financial expenses and taxation were slightly higher than

anticipated, but more than offset by the EBITDA outperformance.

Filipe NielsenAC

Short-Term View: Downside, expires 21-OCT-26

Price (10 Aug 26 18:00)

Target price

Expected share price return

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Market Cap

Cash flow and leverage — Continued operations’ FCF of R$382M compares to

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