Motiva Infraestrutura de Mobilidade (MOTV3) Q3 2024 earnings summary

Executive summary

• Achieved record traffic across all platforms, with toll roads up 4.4%, urban mobility up 5.1%, and airports up 8.8% year-over-year, reflecting robust demand growth in all business segments.

• Adjusted net income grew 12% year-over-year to R$560 million in Q3 2024, excluding non-recurring items.

• Announced R$304 million in dividends to be paid in November 2024.

• Won the strategic Rota Sorocabana concession, adding 460 km of toll roads with a 30-year contract and R$1.6 billion grant.

• Recognized as a top 10 employer in Brazil and advanced use of generative AI for operational efficiency.

Financial highlights

• Consolidated adjusted EBITDA rose 3.2% to R$2.2 billion in Q3 2024, with growth in all segments: 5% in toll roads, 3% in mobility, and 16% in airports.

• Supplemental revenues increased 21% year-over-year, confirming the strategy to grow non-tariff income.

• Toll road traffic increased 4.4%, heavy vehicles 6.2%, and passenger vehicles 2.1% year-over-year.

• Airport passenger growth was nearly 9%, with Curaçao up 23.1% and BH Airport domestic traffic up 22.2%.

• OpEx cash-to-adjusted net revenue ratio stable at 41.5%.

Outlook and guidance

• Expecting mid-teens income from Rota Sorocabana, with immediate value and cash generation.

• CapEx execution projected at 95% physical and 80% financial for 2024, totaling around R$7 billion.

• Forecasts continued strong growth in traffic and demand, supported by positive macroeconomic trends.

• Targeting OpEx to net revenue ratio below 38% by 2026, with cost reduction initiatives underway.

• Focus remains on efficiency, digitalization, and sustainability, including a commitment to carbon neutrality by 2035.