Motiva (MOTV3.SA) Takeaways from the Fireside Chat with Motiva‘s CFO

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Motiva (MOTV3.SA) Takeaways from the Fireside Chat with Motiva‘s CFO

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16 Jun 2026 19:09:33 ET │ 11 pages

Motiva (MOTV3.SA)

Takeaways from the Fireside Chat with Motiva’s CFO

CITI’S TAKE

On June 16th, we hosted a fireside chat with Motiva’s CFO Rodrigo Araujo,

Neutral at Citi’s 18th Brazil Equities Conference. Management’s comments looked

Price (16 Jun 26 18:00) R$14.00 positive and demonstrated a cautiously optimistic approach to capex

management and capital allocation. The company seems mostly focused Target price R$15.00

on creating value within the current portfolio, through ongoing Expected share price return 7.1%

negotiations for amendments at SPVias, AutoBAn and Subway Lines 5/17. Expected dividend yield 8.3%

Management also highlighted its efforts to enhance processes and Expected total return 15.4%

governance around capex execution, in order to mitigate external risks Market Cap R$28,280M

and enhance their ability to execute bigger investments. Other comments

US$5,590M included M&A activity and more details about recently announced

amendments. More details are in the note.

Capex: The company highlighted that the scale-up in capital expenditures, increasing Filipe NielsenAC

from ~R$1.0B in 2020 to ~R$8.3B guided for this year, required ongoing efforts to +55-11-4009-5213

enhance processes, governance, and execution capabilities. Management filipe.nielsen@citi.com

emphasized building internal expertise, particularly through senior hires with

construction experience, to mitigate execution risks and ensure project quality. Input

cost pressures remain a key focus, with diesel accounting for roughly 15% and asphalt

around 5% of capex, both subject to recent price volatility; despite this, the company