Motiva Infraestrutura de Mobilidade (MOTV3) Q2 2024 earnings summary

Executive summary

• Adjusted consolidated EBITDA rose 14.4% year-over-year, with margin expanding by 0.9 percentage points and adjusted consolidated net income surging 102%.

• Demand volumes increased across all segments: toll roads up 3.8–4%, urban mobility up 7.8–8%, and airports up 9–9.3% year-over-year.

• Ancillary/complementary revenues grew 18.6% year-over-year, reflecting successful diversification and new initiatives.

• Operational efficiency improved, with Opex (Cash)/Net Revenue LTM ratio dropping 2.0 percentage points to 40.5%.

• Major long-term financing for RioSP (R$10.75–10.8 billion) and sale of Samm (R$100 million) completed.

Financial highlights

• Adjusted EBITDA reached R$2.0–2.009 billion, up 14.4% year-over-year.

• Adjusted net income was R$411 million, a 102–102.1% increase year-over-year.

• Adjusted net revenue reached R$3,488 million, up 12.5% year-over-year.

• CAPEX totaled R$1,628 billion in 2Q24, with major allocations to toll roads and airport improvements.

• Opex (cash)/adjusted net revenue (LTM) ratio improved by 2.0 percentage points, reaching 40.5%.

Outlook and guidance

• Focus on executing CapEx, especially in airports, with major investments to be completed by November 2024.

• Efficiency program targets OpEx to revenue below 38% by 2026 and under 25% by 2035.

• Strategic focus on profitable, selective growth, value generation, and sustainability leadership.

• CapEx execution is on track, though some disbursements may shift to next year due to weather impacts.

• Commitment to expand ancillary revenues and maintain operational efficiency.