Motiva Infraestrutura de Mobilidade (MOTV3) Q1 2026 earnings summary

Executive summary

• Achieved 9.3% year-over-year growth in Adjusted EBITDA to R$2.2 billion, with margin expansion of 2.2 percentage points, reflecting operational efficiency and portfolio resilience.

• Celebrated the one-year anniversary of the Motiva brand and ticker MOTV3, marking a strategic repositioning from the former CCR identity.

• Significant milestones included the start of Minas_SP (Fernão Dias) concession operations, extension of Renovias concession, and successful integration of new assets.

• Recognized among the World's Most Ethical Companies and included in S&P Global's Sustainability Yearbook for 2026.

• Operational efficiency initiatives reduced the Opex (Cash)/Adjusted Net Revenue ratio to 35.1%.

Financial highlights

• Adjusted Net Revenue reached R$3,327 million (+5.7% YoY); Adjusted EBITDA was R$2.2 billion (+9.3% YoY); Adjusted Net Income grew 16.3% YoY.

• Adjusted EBITDA margin improved to 67.3% (+2.2 p.p. YoY); ROE LTM doubled to 20.2%; ROIC LTM rose to 8.7%.

• CAPEX for Q1 2026 was R$1.5 billion, up 21.7% year-over-year, with major investments in road and rail infrastructure.

• Net debt increased to R$30.9 billion, with gross debt at R$40.1 billion and average debt duration of 5.4 years.

• Effective tax rate rose to 42.6%, up 4.9 percentage points year-over-year.

Outlook and guidance

• CapEx execution is expected to align with the annual guidance of BRL 8.3 billion, with Q1 typically representing 10-15% of yearly spend.

• Ongoing portfolio expansion, operational efficiency, and technology adoption are expected to sustain EBITDA growth and drive sustainable value.

• Continued focus on CAPEX execution and infrastructure investments, particularly in toll roads and rail segments.