Motiva Infraestrutura de Mobilidade (MOTV3) Q2 2025 earnings summary

Executive summary

• Net profit surged 235% year-over-year to R$897 million, with adjusted EBITDA up 4% and margin expansion across all platforms.

• Efficiency initiatives led to a 10% reduction in headcount since December 2023 and a 24% year-over-year drop in total costs.

• Investments reached R$1.8 billion in 2Q25, up 31% sequentially and 9% year-over-year, accelerating improvements in toll roads, rail, and airports.

• Portfolio expanded with new concessions (Sorocabana, PRVias), contract optimizations (MSVia), and key milestones in bidding and infrastructure projects.

• Recognized for sustainability and governance, with inclusion in B3's Corporate Sustainability Index for the 14th consecutive year.

Financial highlights

• Net profit reached R$897 million, up 235% year-over-year, supported by a R$320 million gain from liability management.

• Adjusted EBITDA grew 4.2% year-over-year to R$2,094 million, with margin expansion of 1.2 percentage points.

• CapEx increased 31% sequentially to R$1.8 billion, reflecting accelerated investment.

• Efficiency ratio improved to 38% in 1H25 from 40% in the last 12 months.

• Non-recurring tax effects and deferred tax assets (R$480 million) positively impacted results.

Outlook and guidance

• Efficiency ratio target of 38% expected to be maintained through 2025, with ambitions to reach 2026 targets ahead of schedule.

• CapEx for 2026 projected to be similar to 2025, with higher execution rates anticipated.

• Margin levels for new concessions expected to remain attractive, though not at initial highs.

• Portfolio and capital recycling strategies to continue, with leverage expected to decrease as projects mature.

• Sustained productivity gains expected from digitalization and organizational redesign.