Motiva (MOTV3) reported consolidated net income of R$ 1.4 bn in the second quarter of 2026 (2Q26), up 57.5% compared to 2Q25. Adjusted net income, which excludes the effect of the bargain purchase of the Minas_SP concession, totaled R$ 663 mn in the period, an increase of 67.0%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 2.4 bn in 2Q26, growth of 30.1% year over year, with an expansion of 4.7 percentage points in the EBITDA margin. Of this total, R$ 370 mn came from the new Paraná, Pantanal, Sorocabana and Minas_SP concessions.
In the highways segment, adjusted EBITDA was R$ 2.0 bn, with a margin of 78%, supported by a 3.8% increase in equivalent vehicles, an average 4.1% tariff adjustment and 22.5% growth in ancillary revenues. In rail, adjusted EBITDA came to R$ 696 mn, with a margin of 64% and a 1.8% increase in the number of passengers transported.
The company reported an Opex (Cash)/Adjusted Net Revenue ratio, over the last 12 months, of 34.1%, a reduction of 3.7 percentage points from the previous level of 37.8%. CAPEX totaled R$ 1.8 bn in 2Q26, up 13.2% from the same period in 2025, with investments in new highway concessions and rail projects.
In financial terms, gross debt grew 31.8% year over year, with the addition of R$ 4.1 bn in new businesses and R$ 1.2 bn in capital injections, while net debt reached R$ 33.1 bn in 2Q26, compared to R$ 27.4 bn in 2Q25. The net debt/adjusted EBITDA ratio for the last 12 months went from 3.6x to 3.7x, with 44% of the debt maturing as of 2033.
