Motiva Infraestrutura de Mobilidade (MOTV3) Q4 2025 earnings summary

Executive summary

• Achieved significant portfolio simplification with the sale of the airport platform for BRL 11.5 billion (EV/EBITDA 8.8x), supporting a focus on core businesses and value creation.

• Advanced efficiency agenda, reaching the 2026 OpEx cash to adjusted net revenue target of 37.5% one year ahead of schedule.

• Selective growth strategy and asset acquisitions led to a 25.2% increase in adjusted EBITDA and a 68.3% rise in adjusted net income for Q4 2025.

• Organizational restructuring and headcount reductions enhanced management effectiveness and cost efficiency.

• Recognized for institutional excellence and sustainability leadership, including participation in COP30 and industry awards.

Financial highlights

• Adjusted EBITDA grew 25.2% in Q4 2025 and 15% for the year, reaching BRL 9.5 billion, with margin up 9.2 percentage points.

• Adjusted net income reached BRL 606 million in Q4 (up 68.3%) and BRL 2.2 billion for 2025 (up 25%).

• Net revenue for 2025 increased by 5.5% to BRL 15.3 billion, with ancillary revenues up 17% to BRL 1.3 billion.

• ROE improved to 20.1% and ROIC to 10.5% for 2025.

• Net debt at year-end was BRL 34.1 billion, with over 50% of maturities after 2033.

Outlook and guidance

• Expectation of further leverage reduction in 2026 after closing the airports transaction.

• Projected investments for 2026 are BRL 8.3 billion, focusing on toll roads and rails, with continued CapEx in key projects.

• Efficiency and cost optimization remain top priorities, with a 2035 OpEx target and intermediate milestones for 2030.

• Traffic growth expected to continue, supported by new assets and operational improvements.

• Key 2026 initiatives include major improvements, maintenance, and commercial revenue expansion in core assets.