Overview Key strengths Key risks Brazil?s largest railroad operator, with more than 13,500 kilometers (km) of network. Reliance on agricultural cargo can result in cash-flow swings. Ongoing investments to expand capacity will bolster cash flows. High capex amid relevant expansion project. Controlled leverage despite elevated capital expenditure. Smaller and more geographically concentrated than global peers. . The company registered an increase of 4.4% in consolidated volumes transported during January to November 2024, versus the same period last year, mostly due to the solid production of soybean, fuel, and forest products, offsetting the lower corn volumes transported due to lower exports. Of the total 74,206 million tons transported in the first 11 months of 2024, 83% is agricultural products, 12% industrial,
