Motiva Infraestrutura de Mobilidade (MOTV3) Q4 2024 earnings summary

Executive summary

• Acquired Sorocabana Route and Lot 3 of Paraná, expanding toll road portfolio by nearly 900 km and R$19 billion in investment commitments.

• Achieved record operational volumes and investments in 2024, with R$2.36 billion in 4Q24 and R$7.34 billion for the year.

• Settled MSVia dispute, acquired a stake in Neoenergia wind farm, and advanced sustainability initiatives including carbon credit purchases.

• Launched CCR Ambition 2035, focusing on profitable growth, value creation, and sustainability.

• Reduced headcount by 620 and realized R$235 million in gains from liability management.

Financial highlights

• Adjusted net revenue rose 9.2% in 4Q24 to R$3.79 billion; full-year 2024 up 10% to R$14.54 billion.

• Adjusted EBITDA grew 5.2% in 4Q24 to R$2.02 billion; all segments reported EBITDA and margin growth.

• Adjusted net income reached R$360 million in 4Q24, up 13% YoY, and R$1.78 billion for the year, up 25.7%.

• OPEX (Cash)/Adjusted Net Revenue ratio was 41.2% in 2024.

• Cash costs increased due to paving, disposals, and a R$100 million legislative impact.

Outlook and guidance

• 2025 capital budget set at R$8.19 billion, with major allocations to toll roads, mobility, and airports.

• Focus on improvements, maintenance, commercial revenue expansion, and efficiency, targeting OPEX/Net Income ratio below 40%.

• Ongoing implementation of CCR Ambition 2035 and strong project pipeline in mobility and MSCV.

• Targeting occupancy below 40% in 2025, with further operational improvements expected.

• Mobility platform and other operations expected to contribute to 2025 results.