By Brazil Stock Guide – Rumo (B3: RAIL3) reduced freight tariffs in its grain portfolio in 2025 to keep rail transport competitive with road alternatives after cumulative increases of more than 60% between 2022 and 2024. Chief Executive Officer Pedro Palma said the adjustment was necessary because corn markets remained weaker than expected, requiring a reset to preserve “the fair market share” needed to support the company’s operational and financial targets.
Volumes increased even under the lower pricing. October delivered a new operational record, and November also showed strong performance. December remains uncertain, as some exporters may shift shipments to January, potentially pushing part of the EBITDA into 2026. The company said margins remain healthy due to operational efficiency, disciplined fixed costs and reductions in maintenance, third-party services, security and facilities.
“We are fully capable of operating whatever volume is put on the table,” CEO Palma said, highlighting that capacity is not a constraint despite the pricing reset.
Rumo stated that its current tariff is close to the cost of road alternatives, particularly in Rondonópolis, where freight rates average around R$230 per ton. The company also cited a mix effect, with fertilizers, cellulose, sugar and bauxite — all lower-yield cargoes — growing faster and reducing the average price level.
The company expects 2026 to begin with more load than usual. Corn carryover may reach roughly 15 million tons, compared with a historical level of 5 million, while early soybean planting should bring an earlier harvest and increase demand on the network in the first quarter. Executives said this combination creates a more favorable logistics balance for the start of the year.
Chief Financial and Investor Relations Officer Guilherme Machado said all major investment projects remain on schedule. The first phase of the Ferrovia do Mato Grosso will start operating in 2026, and upgrades to the Malha Paulista and the Port of Santos continue as planned. These expansions aim to support higher volumes and reduce structural unit costs. He also noted improved operational metrics, including lower accident frequency and higher energy efficiency.
On concessions, the company said the working group on the Malha Sul renewal concluded its technical phase, and Rumo now awaits the next regulatory steps. In the Malha Oeste, where volumes are negligible, the company will return the asset to the government when the concession expires in mid-2026.
Executives also referenced the recent shareholder changes at Cosan, noting that the entry of BTG Pactual and Perfin adds complementary expertise and aligns with the long-term value of the assets under the group.
Rumo ends the year focused on meeting its guidance — with volumes tracking near the midpoint and EBITDA near the lower end — while preparing for a more loaded cycle in 2026. Higher product availability, earlier crop flows and increased capacity from ongoing projects are expected to support stronger network utilization and a more balanced environment for future tariff recovery.
Leave a Reply