Motiva Infraestrutura de Mobilidade (MOTV3) Q4 2024 earnings summary

Executive summary

• Acquired Sorocabana Route and Lot 3 of Paraná, expanding toll road portfolio by nearly 900 km and adding R$19 billion in investment commitments.

• Settled MSVia dispute, enabling future auction, and acquired a stake in Neoenergia wind farm for renewable energy self-generation.

• Achieved record operational volumes and investments in 2024, with R$2.36 billion invested in 4Q24 and R$7.34 billion for the year.

• Launched CCR Ambition 2035, focusing on profitable growth, value creation, strong balance sheet, and sustainability, including carbon credit purchases and diversity initiatives.

• Paid BRL 536 million in dividends, sold Samm stake, and issued BRL 2.3 billion in debentures for liability management.

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.

• Adjusted EBITDA reached R$8.28 billion in 2024 (margin 57.0%), up 6.6% year-over-year; 4Q24 EBITDA up 5.2%.

• Adjusted net income was R$360 million in 4Q24 (up 13% YoY), and R$1.78 billion for the year (up 25.7% YoY); net profit for the year was BRL 1.25 billion, down 26.8%.

• CAPEX reached R$2.36 billion in 4Q24 (+14.9% YoY) and R$7.34 billion for 2024 (+17.6% YoY), a record for the company.

• Gross debt rose to BRL 33.88 billion, with net debt at R$27.3 billion at year-end 2024.

Outlook and guidance

• 2025 capital budget set at R$8.19 billion, with major allocations to toll roads, mobility, and airports.

• Focus on efficiency, aiming to reduce Cash OPEX/LTM Adjusted Net Income ratio below 40% in 2025 and ongoing implementation of CCR Ambition 2035.

• Brazilian highway concession program expanding, with 22 projects and BRL 151 billion in investments expected in 2025.