Motiva recorded adjusted net profit of R$627 million in the first quarter of 2026, a result 14% above analyst consensus.
Speaking to CNN Money, Rodrigo Araújo, the company’s CFO, attributed the performance to a set of factors, including the recycling of underperforming assets and the incorporation of new concessions into the portfolio.
Motiva’s revenue in the period totaled R$3.333 billion, a value that was approximately R$850 million below market projections. Araújo explained that the difference is due to the fact that part of the analyst consensus still considered the airport platform as an integral part of the company’s results lines.
“When you clean this effect and put it on a comparable basis, we are talking about a difference of more or less 2% to what the company reported,” he stated.
Revenue grew 5.7% in the annual comparison, while the cash cost over net revenue indicator fell from 38.1% to 35.1%, contributing to a margin expansion of 2.2 percentage points compared to the previous period.
The one for Mexicana Sur, whose purchase and sale contract was signed in November last year, has been recorded as a discontinued operation in the company’s balance sheet.
Araújo informed that the closing of the transaction is scheduled for July or August this year, at which point Motiva should record a capital gain, as the sale was made above book value.
Motiva’s leverage is 3.6 times, a level that Araújo classified as natural for the infrastructure sector, especially considering that several of the company’s assets are still in the initial phase of maturation.
Among them are Rio SP, formerly Dutra, PR Vias in Paraná, Motiva Pantanal and Sorocabana.
“It is natural that these projects, when they are at the beginning of their maturation, have a greater leverage that drops over time”, he explained.
Araújo signaled Motiva’s interest in new concessions, with emphasis on the Regis Bittencourt auction, scheduled for July, which represents a connection with Curitiba and complements the company’s existing road portfolio.
In addition, he mentioned, like lines 1 and 2, still without a defined date to go to market, but aligned with the company’s strategy.
“The great connections between Brazilian logistics and the State of São Paulo by road are of great interest to us”, he stated.
