Motiva S.A. - Results for the 2st quarter of 2026
PR Newswire
SÃO PAULO, July 29, 2026
SÃO PAULO, July 29, 2026 /PRNewswire/ -- Highlights
- On April 2, 2026, the Share Purchase Agreement for Minas_SP (Fernão Dias) was signed, and operations began accordingly.
- On May 8, 2026, the 26th Amendment to the Renovias concession agreement was signed, recognizing a balance of R$75 million (base date jul/25), in favor of the Company.
- On May 11, 2026, the Modernization Amendment for Minas_SP was signed, extending the concession term by 15 years, in addition to applying the tariff step-up and the discount offered in the auction.
- On June 30, 2026, an Amendment to the Renovias concession agreement was signed, resulting in the extension of the concession term until October 31, 2026.
- Adjusted EBITDA increased by 30.1% in the period, with emphasis on the R$ 370 million contribution from Minas_SP, Paraná, Pantanal and Sorocabana in 2Q26.
- Excluding the Airports Platform, Cash OPEX/LTM Adjusted Net Revenue reached 34.1% in 2Q26, down 3.7 p.p. compared to 2Q25.
Consolidated Operational and Financial Highlights
OPERATIONAL AND FINANCIAL HIGHLIGHTS | 2Q25 | 2Q26 | Var.% | 1H25 | 1H26 | Var.% |
Adjusted Net Revenue¹ | 3,006 | 3,631 | 20.8 % | 6,152 | 6,958 | 13.1 % |
Adjusted EBITDA¹ | 1,822 | 2,370 | 30.1 % | 3,872 | 4,607 | 19.0 % |
Adjusted EBITDA – Toll Roads | 1,540 | 1,995 | 29.5 % | 3,234 | 3,930 | 21.5 % |
Adjusted EBITDA – Rails | 582 | 696 | 19.6 % | 1,158 | 1,284 | 10.9 % |
Adjusted EBITDA – Others | (300) | (321) | 7.0 % | (520) | (607) | 16.7 % |
Adjusted EBITDA Margin² | 60.6 % | 65.3 % | 4.7 p.p. | 62.9 % | 66.2 % | 3.3 p.p. |
Adjusted Net Income¹ | 397 | 663 | 67.0 % | 937 | 1.290 | 37.7 % |
ROE3 LTM | 13.9 % | 21.6 % | 7.7 p.p. | 13.9 % | 21.6 % | 7.7 p.p. |
ROIC3 LTM | 9.5 % | 9.0 % | -0.5 p.p. | 9.5 % | 9.0 % | -0.5 p.p. |
Net Debt/LTM Adjusted EBITDA | 3,6x | 3,7x | 0.1x | 3,6x | 3,7x | 0.1x |
Toll Roads - Equivalents Vehicle (million) | 252.8 | 363.0 | 43.6 % | 556.9 | 676.8 | 21.5 % |
Rails - Transported Passengers (million) | 188.9 | 192.3 | 1.8 % | 369.7 | 377.3 | 2.0 % |
Capex4 | 1,617 | 1,831 | 13.2 % | 2,832 | 3,304 | 16.7 % |
1.Excludes construction revenue and costs. Adjustments are described in the "non-recurring effects" section in Exhibit I I (page 25).
2. The Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Adjusted Net Revenue.
3. ROE = Net Income/Equity | ROIC = NOPAT (EBIT*1-effective rate) /Invested Capital (Equity + Gross Debt).
4. Includes improvement works that do not generate future economic benefits for ViaOeste.
\ Videoconference
Conference call in Portuguese with simultaneous translation into English:
July 30th, 2026
10:00 a.m. São Paulo / 9:00 a.m. New York
Videoconference link:
https://motiva-br.zoom.us/webinar/register/WN_j5HTwJ6uR7WgY_x99AWNtQ#/
\ IR Contacts
Flávia Godoy: (+55 11) 3048-5900 - flavia.godoy@motiva.com.br
Douglas Ribeiro: (+55 11) 3048-5900 - douglas.ribeiro@motiva.com.br
Cauê Cunha: (+55 11) 3048-5900 - caue.cunha@motiva.com.br
Caique Moraes: (+55 11) 3048-5900 - caique.moraes@motiva.com.br
Ana Beatriz Bovo:(+55 11) 3048-5900 - ana.bovo@motiva.com.br
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