Motiva Infraestrutura de Mobilidade (MOTV3) Q2 2024 earnings summary

Executive summary

• Adjusted consolidated EBITDA rose 14.4% year-over-year in Q2 2024, reaching R$2.01 billion, with margin expanding by 0.9 percentage points.

• Adjusted consolidated net income grew 102.1% year-over-year to R$411 million.

• All business segments—toll roads, urban mobility, and airports—showed volume growth, with demand up 3.8% in toll roads, 7.8% in urban mobility, and 9.3% in airports.

• Major long-term financing secured: R$10.8 billion for RioSP and R$2.3 billion in debentures for liability management.

• Sale of Samm completed for R$100 million, supporting capital recycling and generating a capital gain.

Financial highlights

• Adjusted consolidated net revenue reached R$3.49 billion in Q2 2024, up 12.5% year-over-year.

• Adjusted EBITDA margin improved to 57.6% (+0.9 p.p. YoY).

• Net debt/adjusted EBITDA (LTM) stood at 3.1x, with net debt at R$24.9 billion as of June 2024.

• CAPEX totaled R$1.63 billion in Q2 2024, up 16.6% year-over-year.

• Opex (Cash)/Net Revenue LTM ratio improved by 2.0 p.p., reaching 40.5%.

Outlook and guidance

• Focus on executing CapEx commitments, especially in airports, with major investments to be delivered by November 2024.

• Efficiency program targets OpEx/revenue below 38% by 2026 and under 25% by 2035.

• Strategic focus on profitable and selective growth, value generation, and sustainability leadership.

• Major investments planned in highways, mobility, and airport infrastructure.

• Selective approach to new bid tenders, prioritizing assets with higher strategic value and expected double-digit returns.