Published Wednesday, 28 October, 5:50 p.m. ET · Source: Motiva third-quarter results release
Key Facts
- The number. Adjusted profit hit R$750 million (about US$140 million), up 9.8% from a year earlier.
- The beat. Analysts expected R$627 million (about US$117 million), so the result came in roughly 20% higher.
- The debt. Debt relative to earnings fell to 3.2 times, from 3.6 times a year earlier.
- Next. Shares trade on Thursday, 29 October, when the company also holds its results call.
New toll collection on Brazil’s roads gave Motiva a richer third quarter. The company, a Brazilian toll-road and rail operator formerly known as CCR, reported adjusted profit, meaning profit with one-off items stripped out, of R$750 million (about US$140 million, at 5.35 reais per dollar) after the market closed on Wednesday, 28 October.
The figure beat analyst forecasts of R$627 million by about a fifth, according to LSEG, a financial data provider. It also marks a 9.8% rise on the third quarter of 2025 and a 13% rise on the R$663 million (about US$124 million) of the second quarter.
Why New Toll Booths Made the Difference
Motiva said the start of toll collection on its concessions in Paraná, São Paulo and Rio de Janeiro helped drive the quarter. A concession is a contract under which a company runs public roads in return for the fees drivers pay.
Adjusted operating profit, known as EBITDA, rose 13.4% to R$2.52 billion (about US$471 million). EBITDA is a rough measure of the cash a business earns from its operations.
EBITDA stands for earnings before interest, taxes and the writing-down of assets. The margin, meaning the share of each real of revenue that becomes EBITDA, was 66.2% and practically unchanged.
Revenue Grew, and Debt Shrank
Adjusted net revenue rose 13.6% to R$3.8 billion (about US$711 million). That is the money from tolls and rail fares before the company pays its costs.
Motiva ended September with adjusted leverage, its debt measured against EBITDA, at 3.2 times, down from 3.6 times a year earlier. A lower multiple means the company needs fewer years of earnings to repay what it owes.
Motiva also sold its 20-airport business to Mexico’s Asur, an airport operator, in a deal that closed this year. We covered that deal in Motiva Hands 20 Airports to Mexico’s Asur, and the earlier quarter in Motiva Q2 Profit Jumps 67%.
What It Means for US Readers
Motiva trades on B3, the São Paulo stock exchange, under the ticker MOTV3, and all its earnings are in reais. A dollar investor therefore owns two bets, the roads and the currency, and a weaker real would shrink these profits when translated into dollars.
Toll contracts allow annual fee increases, which gives the business a steady base. Falling debt makes the story safer.
See our Motiva company profile, our guide to Brazil’s stock market, and the wider Brazil economy picture.
What Is Not Known
The market has not yet reacted, because the results came after the close. Dividend plans and the share-price reaction on Thursday are the next things to watch.
Frequently Asked Questions
How much profit did Motiva make in the third quarter?
Motiva reported adjusted profit of R$750 million (about US$140 million), up 9.8% from a year earlier. That beat the R$627 million analysts expected.
What is Motiva?
Motiva, formerly CCR, is a Brazilian toll-road operator that also runs passenger rail lines. It sold its airport business to Mexico’s Asur this year.
Sources: Motiva third-quarter 2026 results release (filed 28 October 2026); LSEG analyst consensus; RT exchange rate of 5.35 reais per US dollar on 28 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
Brazil runoff, Sunday, October 25: Brazil runoff start time and results schedule. Latest: Brazil runoff polls, Flávio 51%, Lula 49%.