Motiva Infraestrutura de Mobilidade (MOTV3) Q3 2024 earnings summary

Executive summary

• Achieved record traffic across all platforms: toll roads up 4.4%, urban mobility up 5.1%, airports up 8.8% compared to 3Q23.

• Adjusted net income rose 12% year-over-year to R$560 million in 3Q24, with double-digit revenue growth and strong demand in all segments.

• Announced R$304 million in dividends to be paid in November 2024.

• Won the Rota Sorocabana concession, securing a 30-year contract with a R$1.6 billion grant, adding 460 km of toll roads.

• Investments reached a historic R$5 billion in 9M24, with R$2.1 billion in 3Q24, up 57.9% year-over-year.

Financial highlights

• Adjusted EBITDA increased 3.2% to R$2.19 billion in 3Q24; 9M24 up 7.0% to R$6.27 billion.

• Consolidated adjusted net revenue grew 10.7% year-over-year to R$3.78 billion in 3Q24; 9M24 up 10.3% to R$10.75 billion.

• Supplemental revenues increased 21% year-over-year, confirming the strategy to grow non-tariff income.

• Net Debt/LTM Adjusted EBITDA at 3.1x; CCR Holding's net debt fell 8% year-over-year.

• CAPEX in 3Q24 was R$2.1 billion, up 57.9% year-over-year; 9M24 CAPEX reached R$5.0 billion.

Outlook and guidance

• Optimistic about future opportunities, with disciplined capital allocation and a focus on efficiency, digitalization, and sustainability.

• Commitment to carbon neutrality (Scopes 1 and 2) by 2035.

• CapEx execution projected at 95% physical and 80% financial for 2024, totaling around R$7 billion.

• Targeting OpEx to net revenue ratio below 38% by 2026, with cost reduction initiatives underway.

• Forecasts continued strong growth in traffic and demand, supported by positive macroeconomic trends.