Motiva: Regis Bittencourt Auction: EPR Outbids Motiva and Arteris; Focus Remains on Contract Rebalances

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Motiva: Regis Bittencourt Auction: EPR Outbids Motiva and Arteris; Focus Remains on Contract Rebalances

J P M O R G A N Latin America Equity Research

23 July 2026

Motiva Overweight

MOTV3.SA, MOTV3 BZ

Regis Bittencourt Auction: EPR Outbids Motiva and Price (22 Jul 26):R$14.71

Arteris; Focus Remains on Contract Rebalances

Latin American Transportation

Today, the Federal Government successfully concluded the auction for the Regis Guilherme Mendes AC

Bittencourt highway following a contract renegotiation process - similar to Fernão (55-11) 4950-4105

Dias, MSVia and Eco101. The asset is currently operated by Arteris, and the new guilherme.g.mendes@jpmorgan.com

project contemplates R$7.9 billion in CapEx. EPR submitted the winning bid Julia Orsi

with a 22.5% tariff discount, followed by Motiva (OW) with a 12.1% discount. (55-11) 4950 3351

Arteris, meanwhile, presented a more conservative proposal, with a 0.01% julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

discount. In our view, Motiva’s more disciplined stance reinforces its recent

track record of conservative capital allocation, with a clear focus on contract

rebalances within its existing portfolio. Recall that Motiva is currently engaged

in discussions on three other significant contract amendments—AutoBan, SPVias,

and Line 5—likely to be announced in the near term, potentially adding ~R$15

billion in incremental CapEx and delivering a positive NPV contribution—more

details here. We see Motiva currently trading at 11.8% IRR.

• About the Project. According to ANTT, the new concession contract for BR-

116/SP/PR (Regis Bittencourt) covers 402 km linking São Paulo to Paraná and

has a 15-year term starting from the signing of the modernization agreement.