Motiva Infraestrutura de Mobilidade (MOTV3) Q4 2024 earnings summary

Executive summary

• Achieved record operational volumes and robust financial results in 2024, with new concessions (Rota Sorocabana, Paraná Lot 3) adding nearly 900 km and R$19 billion in investment commitments.

• Adjusted EBITDA rose 6.6% to R$8.28 billion, with a margin of 57.0%, while net profit dropped 26.8% to R$1.25 billion due to non-recurring effects and higher costs.

• Major events included the sale of Samm, acquisition of wind power assets, and settlement of the MSVia dispute.

• Launched CCR Ambition 2035, focusing on profitable growth, value creation, and sustainability, with new Diversity & Inclusion and CO2 reduction initiatives.

• Dividends paid totaled R$840.6 million in 2024, with 6.9 million shares repurchased.

Financial highlights

• Adjusted net revenue rose 9.2% in 4Q24 to R$3.79 billion; full-year 2024 up 10% to R$14.54 billion.

• Toll revenue increased 8.6% year-over-year, driven by a 4.7% higher average tariff and 3.7% growth in vehicle traffic.

• Construction revenue surged 83.5% to R$7.25 billion, reflecting major investments in rolling stock and infrastructure.

• Adjusted EBITDA margin was 57.0% in 2024 (down 1.8 p.p. YoY); net profit margin at 8.0%.

• Net debt/LTM adjusted EBITDA increased to 3.3x at year-end 2024; gross debt R$33.9 billion; cash and equivalents R$6.7 billion.

Outlook and guidance

• 2025 capital budget set at R$8.19 billion, with major investments planned in roads, mobility, and airports.

• Focus on efficiency, aiming to reduce Cash OPEX/LTM Adjusted Net Income ratio below 40% in 2025.

• Ongoing implementation of CCR Ambition 2035 strategic plan, emphasizing sustainable and selective growth.

• The Brazilian highway concession program is expanding, with 22 projects and R$151 billion in investments expected in 2025.

• Airports and urban mobility platforms will continue to receive investments, with ongoing modernization and expansion projects.