The company’s financial performance benefited significantly from the integration of the Minas_SP (Fernão Dias) operation, which contributed R$ 370 million to the quarterly results. Strategic adjustments further bolstered the balance sheet, including a R$ 75 million credit recognized through the 26th Amendment to the Renovias concession agreement and a 15-year term extension for Minas_SP secured in May.
Motiva S.A. Reports 30% EBITDA Surge in Second Quarter
Motiva S.A. posted strong growth in the second quarter of 2026, driven by a 30.1% increase in adjusted EBITDA to R$ 2.37 billion. The surge reflects the company’s expanded infrastructure portfolio and successful contract renegotiations across its toll road and rail divisions, signaling robust operational momentum for the first half of the year.
Operational efficiency improved as well, with the adjusted EBITDA margin climbing to 65.3% from 60.6% in the same period last year. Excluding the airports platform, cash operating expenses relative to adjusted net revenue fell to 34.1%. While net debt remained steady at 3.7x adjusted EBITDA, the company saw a substantial rise in volume, with toll road traffic reaching 363 million equivalent vehicles and rail passenger numbers hitting 192.3 million.
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