Motiva Infraestrutura de Mobilidade (MOTV3) Q3 2025 earnings summary

Executive summary

• Achieved record Adjusted EBITDA of R$2.5 billion, up 16.3% year-over-year, and Adjusted Net Income of R$683 million, a 22% increase, with margin expanding by 6.5 p.p.; strong execution on growth and efficiency initiatives.

• Portfolio simplification, contract renegotiations (notably Motiva Pantanal), and major regulatory milestones (ViaQuatro 20-year and SPVias 73-day extensions) contributed to risk protection and cost efficiency.

• Significant cost reduction initiatives led to an 11.4% decrease in adjusted cash cost, with cash Opex over net revenue improving to 38.3%.

• Investments reached R$2.3 billion in the quarter, up 11.1%, supporting expansion and modernization projects across road, rail, and airport infrastructure.

• Recognized among Brazil's top companies to work for, with improved S&P Corporate Sustainability Assessment Index score by 9 points.

Financial highlights

• Adjusted EBITDA margin rose to 64.4% (+6.5 p.p. year-over-year), exceeding high single-digit growth targets.

• Adjusted Net Revenue grew 4.6% year-over-year to R$3,957M, mainly from tariff adjustments and operational gains.

• ROE improved to 18.0% (+6.6 p.p.), and ROIC to 11.0% (+4.3 p.p.) year-over-year.

• Cash cost, adjusted to a recurring base, fell 11.4% versus Q3 2024.

• Efficiency ratio (cash OpEx to net income) was 36.9% for the last nine months and 38.3% for the last 12 months.

Outlook and guidance

• Efficiency ratio target of below 38% is expected to be achieved a year ahead of schedule, with a new ambition to reach 28% by 2035.

• No critical bottlenecks are anticipated for CapEx execution; regulatory CapEx is expected to remain stable next year.

• Strategic focus remains on premium assets in strategic geographies for future auctions and investments, with ongoing infrastructure and modernization projects.

• Double-digit growth targeted for complementary revenues and R$1 billion cumulative social investment by 2035.

• Commitment to zero-accident culture and LTIFR < 1 reaffirmed.