Brazilian Toll Roads: From the pen blackout to a surge in amendments

Research evidence excerpt

Brazilian Toll Roads: From the pen blackout to a surge in amendments

Global Research

15 June 2026ab

Brazilian Toll Roads Equities

AmericasFrom the pen blackout to a surge in

amendments Transportation Services

Alberto Valerio

Analyst

alberto.valerio@ubs.com

Amendments: recent years, Car Wash operation, and COVID +55-11-2767 6918

The analysis shows a shift in the profile of contract amendments over time: Rafael Simonetti

amendment activity slowed materially during the peak of the Car Wash operation, Associate Analyst

as heightened regulatory uncertainty and lower appetite for contractual rafael.simonetti@ubs.com

renegotiations reduced the execution of relevant, value-accretive amendments. +55-11-2767 6628

This was later reversed by a combination of the COVID-19 force majeure event and Andressa Varotto

the subsequent normalization of the regulatory environment, which supported a Analyst

sharp acceleration in amendment activity in recent years. To assess this trend, we andressa.varotto@ubs.com

analyzed 100 contract amendments signed since 2010 across Ecorodovias and +55-11-2767 6654

Motiva concessions, covering both federal and state highways. These amendments

span a wide range of purposes, including new investments, contractual rebalancing,

and leniency agreements.

Scope of analysis and key takeaways

What stood out most in the analysis was the sharp increase in the number and

relevance of contract amendments after 2021. While the 2014–2018 period

averaged low single-digit amendments per year, the 2021–2025 period averaged low

teens amendments per year, highlighting a clear acceleration in regulatory and

contractual resolutions. In our view, this does not indicate a deterioration in

contract discipline, but rather the unlocking of a backlog of negotiations that had