Motiva Infraestrutura de Mobilidade (MOTV3) Q2 2025 earnings summary

Executive summary

• Net profit surged 235% year-over-year to BRL 897 million, with adjusted EBITDA up 4.2% and margin expansion across all platforms.

• Investments reached BRL 1.8 billion in 2Q25, up 9% year-over-year and 31% sequentially, driving improvements in toll roads, rail, and airport infrastructure.

• Efficiency initiatives led to a 10% reduction in headcount since December 2023 and a drop in OpEx cash to adjusted revenue ratio to 38% in H1 2025.

• Portfolio expanded with new concessions (Sorocabana, PRVias) and contract optimizations, including MSVia.

• Recognized for ESG leadership and sustainability, with inclusion in major indexes and sector decarbonization initiatives.

Financial highlights

• Net profit reached BRL 897 million, up 235% year-over-year, supported by a BRL 320 million gain from liability management.

• Adjusted EBITDA grew 4.2% to BRL 2,094 million in 2Q25, with margin expansion to 58.8%.

• CapEx increased 31% sequentially to BRL 1.8 billion, up 9% year-over-year.

• Efficiency ratio improved to 38% in H1 2025 from 40% in the last 12 months.

• Gross debt rose to BRL 38,966 million, with net debt at BRL 32,305 million and 50% maturing after 2032.

Outlook and guidance

• Efficiency ratio target of 38% expected to be maintained through 2025, with ambitions to reach 2026 targets ahead of schedule.

• CapEx for 2026 projected to be similar to 2025, with higher execution rates anticipated.

• Margin levels expected to remain attractive, especially in new concessions focused on efficiency.

• Portfolio expansion and disciplined asset selection to continue, with selective participation in new projects and contract renegotiations.

• Leverage expected to normalize as new concessions mature and contribute to EBITDA.