Motiva Infraestrutura de Mobilidade (MOTV3) CMD 2025 summary

Strategic Vision and 2035 Ambition

• Outlined a 2035 vision focused on sustainable value creation, portfolio simplification, and leadership in mobility infrastructure, with a new brand identity reflecting a broader, synergistic approach to roads, rails, and airports.

• Refined strategy emphasizes focused and synergistic growth, controlled risk, and a shift toward premium assets, with value unlocking compared to 2023.

• Efficiency targets accelerated: OpEx/net revenue ratio goal improved from 35% to 28% by 2035, with interim targets of <38% in 2025, <35% in 2026, and <30% in 2030, leveraging innovation, digitalization, and smart infrastructure investments exceeding BRL 1 billion.

• Portfolio streamlined by divesting non-core or loss-making assets, focusing on premium assets in strategic locations, and capital recycling of BRL 5–10 billion.

• Social investment ambition increased to ~BRL 1Bn by 2035, with Instituto Motiva as a catalyst for resilient, inclusive cities.

Financial Performance and Capital Allocation

• Adjusted EBITDA LTM (Jun/25) at BRL 9.3Bn (+7% YoY), with a market cap of ~BRL 31Bn (Sep/25) and TSR of 53% YTD.

• EBITDA growth exceeded 10% in the first half of 2025, with ancillary revenues growing at double digits and a high single-digit growth target maintained.

• Net debt/EBITDA at 3.7x (2Q25), with a target range of 2.5–3.5%, debt duration extended to 5.6 years, and a 23% reduction in holding company net debt since Jun/23.

• Clear 50% dividend payout policy, with dividend yields between 2.6% and 3.3% over 2022-2024, and payout tied to leverage.

• Largest infrastructure debenture (RiOSP - BRL 9.4Bn) issued, with a 1.1 p.p. reduction in debt cost spread.

Operational Excellence and Innovation

• Over BRL 1Bn invested in innovation by 2035, targeting >20% IRR on projects and leveraging AI, automation, and digitalization across platforms.

• Efficiency program delivered BRL 433 million in cash cost reduction in H1 2025, with further gains expected from technology, AI, and process optimization.

• CapEx execution improved from below 80% in 2021 to over 90% in 2025, with a fivefold increase in CapEx volume and 80% of 2026 CapEx already contracted.

• CAPEX excellence through integrated multidisciplinary teams, predictive management, and supplier quality monitoring covering 1,000+ contracts.

• Smart infrastructure initiatives in toll roads and rails: AI-powered traffic management, predictive maintenance, and eco-friendly materials.