Motiva Infraestrutura de Mobilidade (MOTV3) CMD 2025 summary

Strategic vision and 2035 ambition

• Outlined a 2035 vision focused on sustainable value creation, technological innovation, and a simplified, synergistic portfolio concentrated on toll roads and rails, with airports as a potential divestment area.

• 2035 ambition targets high single-digit adjusted EBITDA CAGR, double-digit ancillary revenue growth, and over 10% of total revenue from adjacent businesses.

• Accelerated efficiency targets: OpEx/net revenue ratio goal improved from 35% to 28% by 2035, with milestones of <38% in 2025, <35% in 2026, and <30% in 2030.

• Committed to over BRL 1 billion in innovation investments by 2035, focusing on smart infrastructure, AI, automation, and energy transition.

• Social investment ambition increased to BRL 1 billion by 2035, with Instituto Motiva as a catalyst for resilient, inclusive cities and a goal of reducing lost-time injuries below international benchmarks.

Financial performance and capital allocation

• Delivered double-digit EBITDA growth, with adjusted EBITDA LTM (Jun/25) at BRL 9.3Bn (+7% YoY), and a market cap of ~BRL 31Bn (Sep/25), maintaining high single-digit growth guidance.

• Portfolio optimization included divesting loss-making assets, rebalancing contracts, and a 23% reduction in holding company net debt since Jun/23.

• Net debt/EBITDA at 3.7x (2Q25), with a target range of 2.5–3.5x, debt duration extended to 5.6 years, and a clear dividend policy (50% payout below 3.5x, 25% above).

• Largest infrastructure debenture (RiOSP - BRL 9.4Bn) issued, with a 1.1 p.p. reduction in debt cost spread.

• Robust governance and capital allocation framework using FEL methodology, with a 43% success rate in premium asset acquisitions.

Operational excellence and innovation

• CapEx execution increased fivefold since 2021, with over 90% of planned CapEx realized in 2025 and 80% of 2026 CapEx already contracted.

• Efficiency gains achieved through digitalization, AI, automation, and centralized procurement, with significant cost reductions in energy and operations.

• Smart infrastructure initiatives include free-flow tolling, predictive maintenance, digital twins, autonomous trains, and AI-powered traffic management.

• CAPEX excellence through integrated multidisciplinary teams, predictive management, and supplier quality monitoring covering 1,000+ contracts.

• Efficiency levers include mechanized maintenance, cashless payments, and digital contract management.