LatAm Transport and Capital Goods: Daily Take-Off: MOTV, ECOR

Research evidence excerpt

LatAm Transport and Capital Goods: Daily Take-Off: MOTV, ECOR

Global Research

22 July 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off:MOTV, ECOR

Industrial

Alberto Valerio

BZ Infra: Governments discuss R$150bn in concession amendments Analyst

According to Valor, federal and state governments are discussing around R$150bn in alberto.valerio@ubs.com

investments to be added to existing concession contracts through amendments, in +55-11-2767 6918

exchange for compensation such as payments or term extensions. The São Paulo Andressa Varotto

state government discusses R$40bn in new highway works (including a third lane on Analyst

Imigrantes with EcoRodovias and new interventions on Motiva's Autoban and SPVias) andressa.varotto@ubs.com

and another R$30bn with metro concessionaires (potential new stations on Motiva's +55-11-2767 6654

Line 5 and Acciona's Line 6). At the federal level, a R$24bn agreement to renew VLI's Rafael Simonetti

Ferrovia Centro-Atlântica for 30 more years is close to conclusion, negotiations with Associate Analyst

Vale on its rail concessions could yield R$7bn this year, and talks with six federal rafael.simonetti@ubs.com

highway concessionaires could unlock R$50bn in repactuations, a process in which +55-11-2767 6628

Régis Bittencourt (R$7bn in works, auction this Thursday) is one of the main

templates. Potential Impact: Positive for Motiva and EcoRodovias, as the regulatory

WACC is above the current unlevered real IRR that ECOR and Motiva are trading -

Link. We note amendments are valuable growth drivers, discussed in our latest

report.

ECOR: company signs free-flow amendment for Ecovias dos Imigrantes

Earlier today, Ecorodovias disclosed that the company had reached an agreement