On Wednesday, October 28, 2026, Motiva (MOTV3) released its results for the third quarter of 2026 (3Q26). The company reported adjusted net income of R$ 750 million, an increase of 9.8% compared to 3Q25, on adjusted net revenue of R$ 3.806 billion, up 13.6% in the same comparison. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 2.521 billion, a rise of 13.4%.
According to the company, performance was driven mainly by the start of operations of the Minas_SP concession, the start-up of free-flow gantries in RioSP, Paraná and Sorocabana, as well as tariff adjustments and the positive evolution of operations. In the period, comparable highway traffic grew 1.6% and rail traffic 0.5%, while ancillary revenues totaled R$ 92 million, an increase of 23% versus 3Q25.
Motiva reported that leverage, measured by Net Debt to adjusted EBITDA over the last 12 months, fell from 3.6x in 3Q25 to 3.2x in 3Q26. The decrease is mainly due to the completion of the sale of the airports platform, which had an equity value of R$ 5.2 billion, allowing for the early redemption of debentures from the 17th and 18th issuances in the approximate amount of R$ 3.7 billion. Consolidated gross debt ended September 2026 at R$ 40.382 billion, with cash and securities of R$ 10.343 billion.
In the quarter, the company made investments (Capex) of R$ 2.275 billion, 2.9% above 3Q25, totaling R$ 5.579 billion in the first nine months of 2026. The largest allocations were directed to the RioSP, Pantanal, SPVias and Sorocabana concessions, as well as to rail projects such as ViaQuatro and ViaMobilidade Lines 8 and 9. The consolidated adjusted EBITDA margin stood at 66.2%, practically stable compared to 66.4% in 3Q25.
The company also highlighted profitability indicators, with return on equity (ROE) on a last-12-months basis of 31.5%, versus 18.0% a year earlier, and return on invested capital (ROIC) of 8.1%, compared to 11.0% in 3Q25. The operational efficiency ratio, measured by OPEX (cash)/Adjusted Net Revenue over the last 12 months, reached 34.4%, a reduction of 1.5 percentage points in relation to 3Q25, excluding the airports platform.
