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5th floor Av. Dra. Ruth Cardoso, 8501 Pinheiros
São Paulo, 05425-070, SP
Brazil
Latest press releases
In the news release, Motiva - Results for the 1st quarter of 2026, issued 30-Apr-2026 by Motiva S.A. over PR Newswire, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:
Motiva - Results for the 1st quarter of 2026
SÃO PAULO, April 30, 2026 /PRNewswire/ --
Highlights
- On April 2, 2026, the Share Purchase and Sale Agreement for Minas_SP (Fernão Dias) was signed. The transaction amount was approximately R$ 381 million.
- Excluding the Airport Platform, cash OPEX/Adjusted Net Revenue (LTM) was 35.1% in 1Q26, representing a reduction of 3.0 p.p. compared to 1Q25.
- On April 30, 2026, the Company will make the payment of approximately R$ 124 million in dividends, as approved at the 2026 Annual General Meeting.
- On March 4, 2025, an amendment agreement was signed at Renovias, resulting in the extension of the concession term until June 30, 2026.
- On January 8, the Company announced the implementation of the joint operation of a digital platform for the management and processing of toll payments at free flow gantries, named Pedágio Digital (www.pedagiodigital.com).
1. For the purposes of this calculation, it considers (i) jointly owned subsidiaries and (ii) the Airport Business.
Consolidated Operational and Financial Highlights | |||
OPERATIONAL AND FINANCIAL HIGHLIGHTS (R$ MM) | 1Q25 | 1Q26 | Var.% |
Consolidated Adjusted Net Revenue¹ | 3,147 | 3,327 | 5.7 % |
Consolidated Adjusted EBITDA¹ | 2,050 | 2,240 | 9.3 % |
Adjusted EBITDA - Toll Roads | 1,685 | 1,932 | 14.7 % |
Adjusted EBITDA - Rails | 574 | 587 | 2.3 % |
Adjusted EBITDA - Others | (209) | (279) | 33.5 % |
Consolidated Adjusted EBITDA Margin² | 65.1 % | 67.3 % | 2.2 p.p. |
Adjusted Net Income¹ | 539 | 627 | 16.3 % |
ROE LTM3 | 10.0 % | 20.2 % | 10.2 p.p. |
ROIC LTM3 | 6.7 % | 8.7 % | 2.0 p.p. |
Net Debt/LTM Adjusted EBITDA (x) | 3,5x | 3,6x | 0.1x |
Toll Roads - Vehicle Equivalents (million) | 304,1 | 313,9 | 3.2 % |
Rails - Passengers Transported (million) | 181,7 | 185,0 | 1.8 % |
CAPEX4 | 1,210 | 1,473 | 21.7 % |
1. Excludes construction revenue and costs. Adjustments are described in the "non-recurring effects" section in Exhibit I (page 22).
2. The Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Adjusted Net Revenue.
3. ROE = Net Income/Equity | ROIC = NOPAT (EBIT*1-effective rate) /Invested Capital (Equity + Gross Debt).
4. Includes improvement works that do not generate future economic benefits for ViaOeste.
Discontinuation of the Airport Business and Accounting Reclassification
On November 18, 2025, the Company entered into a share purchase and sale agreement for 100% of the shares of Companhia de Participações em Concessões (CPC) with ASUR, marking the full divestment of the Airport Business. The execution of the agreement resulted in relevant accounting effects, as from that date all results and balance sheet positions related to the airport segment were consolidated into a specific line item in the Income Statement, entitled Result from Discontinued Operations, and in the Balance Sheet as Assets and Liabilities Held for Sale.
The results for 1Q25 were reclassified and restated to reflect this change, and 1Q26 is already presented excluding the contribution of airport operations from the Company's consolidated figures.
For informational purposes, in the comparison between 1Q26 and 1Q25, the Airport Platform recorded a 31% increase in net income. This result reflected higher passenger volumes across all assets, combined with the positive effects of the liability management carried out in the second half of 2025.
\ Videoconference
Conference call in Portuguese with simultaneous translation into English:
April 30th, 2026
10:00 a.m. São Paulo / 9:00 a.m. New York
Videoconference link:
https://motiva-br.zoom.us/webinar/register/WN_37Xv5m_DTeGZp9nkY5u_FA#/registration
\ IR Contacts
Flávia Godoy: (+55 11) 3048-5900 - flavia.godoy@motiva.com.br
Douglas Ribeiro: (+55 11) 3048-5900 - douglas.ribeiro@motiva.com.br
Cauê Cunha: (+55 11) 3048-5900 - caue.cunha@motiva.com.br
Caique Moraes: (+55 11) 3048-5900 - caique.moraes@motiva.com.br
Ana Beatriz Bovo:(+55 11) 3048-5900 - ana.bovo@motiva.com.br
Correction: The conference call date now reads April 30th, 2026.
View original content:https://www.prnewswire.co.uk/news-releases/motiva---results-for-the-1st-quarter-of-2026-302758114.html
SÃO PAULO, Feb. 10, 2026 /PRNewswire/ --
Highlights
- On November 13, 2025, the Amendment at SPVias was signed, resulting in the extension of the concession term by 322 days.
- On November 18, 2025, the Company announced the sale of its Airport Business for R$5 billion (EV/EBITDA of 8.8x @Stake), in line with its portfolio simplification and capital recycling strategy. As of that date, airport operations have been classified as Assets and Liabilities Held for Sale and as Discontinued Operations.
- On December 5, 2025, the Company announced the recognition of an economic–financial rebalance related to the impacts of the COVID–19 pandemic on tariff revenues, totaling approximately R$ 1.5 billion.
- On December 5, 2025, the Company announced that, starting on December 19, it would begin paying approximately R$ 294 million in interim dividends related to the results accrued through September 30, 2025.
- On December 11, 2025, the Company was awarded the Bidding Process for Autopista Fernão Dias S.A., offering a 17.05% discount on the basic toll rate.
- In 2025, ancillary revenues (excluding the Airports Platform) grew by 10.2%, in line with the Ambition 2035 target of double-digit growth.
- The OPEX (cash)/Adjusted Net Revenue ratio reached 37.5%1 in 2025, representing the delivery, one year ahead of schedule, of the commitment set for 2026 (<38%). Excluding the Airport Business, the ratio would have been 36.1%.
1. For the purposes of this calculation, it considers (i) jointly owned subsidiaries and (ii) the Airport Business. |
Consolidated Operational and Financial Highlights | ||||||
OPERATIONAL AND FINANCIAL HIGHLIGHTS (R$ MM) | 4Q24 | 4Q25 | Var. % | 2024 | 2025 | Var. % |
Consolidated Adjusted Net Revenue¹ | 3,790 | 4,047 | 6.8 % | 14,538 | 15,296 | 5.2 % |
Consolidated Adjusted EBITDA¹ | 2,017 | 2,525 | 25.2 % | 8,281 | 9,522 | 15.0 % |
Adjusted EBITDA - Toll Roads | 1,584 | 1,917 | 21.0 % | 6,237 | 7,139 | 14.5 % |
Adjusted EBITDA - Rails | 552 | 670 | 21.4 % | 2,113 | 2,422 | 14.6 % |
Adjusted EBITDA - Airports | 221 | 303 | 37.1 % | 1,014 | 1,215 | 19.8 % |
Adjusted EBITDA - Others | (342) | (368) | 7.6 % | (1,082) | (1,254) | 15.9 % |
Consolidated Adjusted EBITDA Margin2 | 53.2 % | 62.4 % | 9.2 p.p. | 57.0 % | 62.3 % | 5.3 p.p. |
Adjusted Net Income¹ | 360 | 606 | 68.3 % | 1,780 | 2,225 | 25.0 % |
ROE LTM3 | 8.9 % | 20.1 % | 11.2 p.p. | 8.9 % | 20.1 % | 11.2 p.p. |
ROIC LTM3 | 5.9 % | 10.5 % | 4.6 p.p. | 5.9 % | 10.5 % | 4.6 p.p. |
Net Debt/LTM Adjusted EBITDA (x) | 3.3x | 3.6x | 0.3x | 3.3x | 3.6x | 0.3x |
Toll Roads - Vehicle Equivalents (million) | 309.0 | 313.6 | 1.5 % | 1,218.7 | 1,154.1 | -5.3 % |
Rails - Passengers Transported (million) | 191.9 | 191.4 | -0.3 % | 752.5 | 756.3 | 0.5 % |
Airports - Passengers Boarded (million)4 | 10.3 | 11.0 | 6.5 % | 39.7 | 42.5 | 7.0 % |
CAPEX5 | 2,360 | 3,038 | 28.7 % | 7,342 | 8,508 | 15.9 % |
1. Excludes construction revenue and costs. Adjustments are described in the "non-recurring effects" section in Exhibit I. |
2. The Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Adjusted Net Revenue. |
3. ROE = Corporate Net Income/Equity | ROIC = NOPAT (EBIT*1-effective rate)/Invested Capital (Equity + Gross Debt). Equity and Gross Debt are presented at book value. Does not exclude "non-recurring effects". |
4. As of 1Q25, all operational data for the airport business contained in this Release will be presented as total passengers versus passengers boarded (which only considers passengers that generate revenue). |
5. Includes improvement works that do not generate future economic benefits for ViaOeste. |
Discontinuation of the Airport Business and Accounting Reclassification
On November 18, 2025, the Company entered into a share purchase and sale agreement for 100% of the shares of Companhia de Participações em Concessões ("CPC") with ASUR, marking the full divestment of the Airport Business. The execution of the agreement resulted in relevant accounting effects, as from that date aall results and balance sheet positions related to the airport segment were consolidated into a specific line item in the Income Statement, entitled Result from Discontinued Operations, and in the Balance Sheet as Assets and Liabilities Held for Sale.
The 2024 results were reclassified and restated to reflect this change, and the 2025 results have already been presented without the contribution of airport operations to the Company's consolidated figures. These reclassifications took place in 4Q24 and 4Q25 and had a significant impact on the figures reported for the period, making the comparison of key indicators unfeasible. Below is a table with the consolidated figures reflecting the reclassifications of the Airport Business:
IFRS - Key Indicators – Includes the reclassification of the Airport Business | ||||||
OPERATIONAL AND FINANCIAL HIGHLIGHTS (R$ MM) | 4Q24 | 4Q25 | Var. % | 2024 | 2025 | Var. % |
Adjusted Net Revenue1 | 1,663 | 1,685 | 1.3 % | 12,411 | 12,933 | 4.2 % |
Adjusted EBITDA1 | 1,003 | 1,309 | 30.6 % | 7,268 | 8,306 | 14.3 % |
Adjusted EBITDA Margin2 | 60.3 % | 77.7 % | 17.4 p.p. | 58.6 % | 64.2 % | 5.7 p.p. |
Adjusted Net Income1 | 360 | 606 | 68.2 % | 1,780 | 2,225 | 25.0 % |
1. Excludes construction revenue and costs. Adjustments are described in the "non-recurring effects" section in Exhibit I. |
2. The Adjusted EBITDA Margin was calculated by dividing Adjusted EBITDA by Adjusted Net Revenue. |
\ Videoconference
Conference call in Portuguese with simultaneous translation into English:
February 10th, 2026
9:30 a.m. São Paulo / 7:30 a.m. New York
Videoconference link:
https://motiva-br.zoom.us/webinar/register/WN_37Xv5m_DTeGZp9nkY5u_FA#/registration
\ IR Contacts
Flávia Godoy: (+55 11) 3048-5900 - flavia.godoy@motiva.com.br
Douglas Ribeiro: (+55 11) 3048-5900 - douglas.ribeiro@motiva.com.br
Cauê Cunha: (+55 11) 3048-5900 - caue.cunha@motiva.com.br
Caique Moraes: (+55 11) 3048-5900 - caique.moraes@motiva.com.br
Ana Beatriz Bovo:(+55 11) 3048-5900 - ana.bovo@motiva.com.br
View original content:https://www.prnewswire.co.uk/news-releases/motiva---results-for-the-4th-quarter-of-2025-302683238.html
