This report does not constitute a rating action. The company's consolidated volumes transported dropped 7.5% in first-quarter 2025, with weak agricultural volumes, down 12.6%, not compensated by industrial expansion of 19.5%. The late soybean harvests this year affected agribusiness volumes abruptly, but S&P Global Ratings believes volumes will resume in the coming months given crops in Mato Grosso state reached record levels this year. Rumo?s data from April 2025 shows soybean volumes dropped only 0.7% versus April 2024, indicating an expected recovery, and its industrial volumes expanded 36.5% year on year boosted by forest products--mainly from Suzano?s new plant that started in mid-2024. In our forecast, we assume Rumo?s volume is in the middle of its public guidance of 82
