Motiva Infraestrutura de Mobilidade (MOTV3) Q3 2025 earnings summary

Executive summary

• Achieved record adjusted net revenue of BRL 3.96B (+4.6%) and adjusted EBITDA of BRL 2.55B (+16.3%) in 3Q25, with adjusted net income up 22% to BRL 683M.

• Adjusted EBITDA margin expanded by 6.5 p.p. to 64.4%, with strong cost reductions and efficiency gains.

• Investments reached BRL 2.3B in the quarter (+11.1%), focused on highways, rail, and airport expansions.

• Major regulatory milestones included a 20-year extension for ViaQuatro, a 73-day extension for SPVias, and a modernization contract for Motiva Pantanal.

• Recognized among Brazil's top companies to work for, with improved S&P Corporate Sustainability Assessment Index score by 9 points.

Financial highlights

• Adjusted net revenue: BRL 3.96B in 3Q25 (+4.6% YoY); adjusted EBITDA: BRL 2.55B (+16.3% YoY); adjusted net income: BRL 683M (+22% YoY).

• Adjusted EBITDA margin rose to 64.4% (+6.5 p.p. YoY); cash Opex/net revenue improved to 38.3%.

• ROE improved to 18% (+6.6 p.p. YoY); ROIC to 11% (+4.3 p.p. YoY).

• Net debt/adjusted EBITDA: 3.6x (up 0.5x YoY), reflecting recent acquisitions and higher gross debt.

• CAPEX: BRL 2.3B in 3Q25 (+11.1% YoY).

Outlook and guidance

• Efficiency ratio target of below 38% expected a year ahead of schedule; new ambition to reach 28% by 2035.

• Strategic focus on premium assets, profitable growth, value creation, and sustainability leadership.

• No critical bottlenecks for CapEx execution; regulatory CapEx expected to remain stable next year.

• Double-digit growth targeted for complementary revenues and R$1B cumulative social investment by 2035.