Motiva Infraestrutura de Mobilidade (MOTV3) Q2 2026 earnings summary

Executive summary

• Adjusted Net Revenue rose 20.8% year-over-year to R$3.6 billion in 2Q26, driven by new concessions, portfolio optimization, and tariff adjustments.

• Adjusted EBITDA increased 30.1% to R$2.4 billion, with margin expansion of 4.7 p.p. to 65.3%.

• Adjusted Net Income surged 67.0% to R$663 million, reflecting strong operational performance and portfolio optimization.

• Major investments of R$1.8 billion focused on capacity expansion and modernization across key concessions.

• Recognized for ESG leadership, winning first place in Exame's best ESG awards and launching new environmental projects.

Financial highlights

• Adjusted EBITDA reached R$2.4 billion (+30.1% YoY), with margin at 65.3% (+4.7 p.p. YoY).

• Adjusted Net Income was R$663 million (+67.0% YoY), excluding Minas_SP bargain purchase gain.

• CapEx totaled R$1.8 billion in 2Q26 (+13.2% YoY), supporting expansion and modernization.

• Cash OPEX/Adjusted Net Revenue improved to 34.1%, down 3.7 p.p. YoY.

• Net Debt/Adjusted EBITDA (LTM) at 3.7x, up 0.1x YoY.

Outlook and guidance

• Continued focus on operational efficiency, disciplined execution, and innovation.

• Expansion and modernization of key concessions, with Minas_SP and Renovias as priorities.

• CapEx execution expected to remain on track, with major expansion works ahead of schedule.

• OPEX and CAPEX for Minas_SP projected ~5% and ~20% lower than government feasibility model.

• Commitment to sustainability, diversity, and social responsibility initiatives.