Motiva Infraestrutura de Mobilidade (MOTV3) Q3 2026 earnings summary

Executive summary

• Airport Platform sale closed September 1 for R$12.2bn enterprise value and R$5.2bn equity proceeds, simplifying the portfolio and supporting debt reduction.

• Adjusted Net Revenue rose 13.6% to R$3.806bn, Adjusted EBITDA increased 13.4% to R$2.521bn, and Adjusted Net Income grew 9.8% to R$750m.

• Net debt/Adjusted EBITDA improved to 3.2x from 3.6x; all three major national-scale credit ratings reached AAA.

Financial highlights

• Consolidated net income was R$3.424bn, including R$2.674bn of non-recurring airport-sale effects; Adjusted Net Income was R$750m.

• 9M26 Adjusted Net Revenue was R$10.764bn (+13.3%), Adjusted EBITDA R$7.128bn (+16.9%), and Adjusted Net Income R$2.040bn (+25.9%).

• 3Q26 CAPEX and maintenance totaled R$2.275bn (+2.9%); 9M26 CAPEX was R$5.579bn (+10.8%).

• Cash OPEX/Adjusted Net Revenue (LTM, excluding Airport Platform) was 34.4%, down 1.5 p.p. YoY.

Outlook and guidance

• Management expressed confidence in long-term value generation, with investment execution aligned to concession commitments and construction schedules.

• Q4 CapEx acceleration is expected, though full-year execution is forecast below the prior-year 90% level, mainly due to licensing and granting-authority approvals.

• The 2027 CapEx program is under review; spending is assessed by flexibility, from discretionary and schedule-flexible investments to mandatory commitments.