Motiva (MOTV3) projects EBITDA growth of ~10% per year and capex of R$ 60 bn

On the balance sheet, leverage is at 3.2x, with a target of 2.5x to 3.5x. Capital recycling reached R$ 5.2 bn, with a R$ 3.7 bn reduction in debt. The holding company's net debt fell from R$ 6.1 bn in 2025 to R$ 2.4 bn in 9M26, and the AAA rating (credit rating) was obtained from all 3 agencies. The share of the portfolio in AAA and AA assets rose from 55% in 2023 to 85% in 2026.

On efficiency, the ratio of OPEX (cash costs and expenses) to net revenue is 34.4% in the last 12 months through September 2026, versus 37.5% in 2025. The targets are below 30% in 2030 and below 28% in 2035, with more than R$ 1 bn in technology and innovation through 2035. The dividend policy maintains a payout target of 50% of adjusted net income. Shareholder remuneration totaled R$ 1,578 mn in 9M26, including JCP (Interest on Equity) of R$ 1.45 bn paid on September 17, 2026, with a dividend yield of 5.1%.

In highways, there are 12 concessionaires and 4,698 km, with adjusted EBITDA of R$ 7.7 bn in the last 12 months and a CAGR of 11.1%. In rail, there are 180 km under management and adjusted EBITDA of R$ 2.2 bn. The company maps more than R$ 30 bn in investment opportunities in highways in the current portfolio and more than R$ 12 bn in rail, including the extension of Line 5, with estimated CAPEX of R$ 7.5 bn.

The company also expects Motiva Negócios, focused on new revenues tied to the platforms, to account for about 10% of the company's value in 2035.