Motiva (MOTV3.SA) 2Q‘26 Results: In-Line Results, Capex Under Control, New Details About Fernão Dias

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Motiva (MOTV3.SA) 2Q‘26 Results: In-Line Results, Capex Under Control, New Details About Fernão Dias

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29 Jul 2026 20:59:43 ET │ 12 pages

Motiva (MOTV3.SA)

2Q'26 Results: In-Line Results, Capex Under Control, New Details

About Fernão Dias

CITI'S TAKE Buy

Price (29 Jul 26 18:00) R$14.16 Motiva's adj. net income of R$664M was a slight beat to Citi's estimates.

Target price R$16.20 Although revenue came slightly higher than expected, thepreviewed

impacts from higher costs were bigger and drove in-line EBITDA Expected share price return 14.4%

generation in the quarter, despite the lower margins. Capex ramped up as Expected dividend yield 5.4%

expected from seasonally lower 1Q, while the investments' backlog Expected total return 19.8%

progressed in line with expectations. FCF was also in-line while leverage Market Cap R$28,603M

came slightly higher as the company incorporated the Fernão Dias US$5,589M

concession. The main news was that the company provided more detail

about capex and opex expectations for Fernão Dias (now called Minas SP).

Although the capex economies of 20% were slightly higher than our

estimates when adjusted to 2Q26 basis, the 5% opex reduction looked Filipe NielsenAC

marginally better than our forecast, with the concession starting at lower +55-11-4009-5213

EBITDA margins but expanding to stronger-than-expected EBITDA in the filipe.nielsen@citi.com

longer term. We maintain our Buy-rating.

2Q26 results — Pro-forma adj. net income of R$664M (EPS of R$0.33) compares

to Citi's R$647M (EPS of R$0.32) and Bloomberg consensus of R$541M (EPS

of R$0.27), increasing +66.8% y-o-y. Net operating revenues (excluding

construction) came in at R$3.74B, a slight decline of -1.6% y-o-y, higher than Citi's

estimate of R$3.67B. Adj.