Motiva Infraestrutura de Mobilidade (MOTV3) Q1 2025 earnings summary

Executive summary

• Rebranded from CCR to Motiva Infraestrutura de Mobilidade S.A., marking a strategic transformation and repositioning focused on profitable growth, value creation, and sustainability leadership.

• Delivered robust 1Q25 results: adjusted net revenue up 7.2%, adjusted EBITDA up 14.0%, and adjusted net income up 20.2% year-over-year, reflecting operational efficiency and diversified strategy execution.

• Portfolio optimization included signing new concessions (Rota Sorocabana, PR Vias/PRVias), and terminating underperforming assets (Barcas, MS Via/ViaOeste), improving profitability.

• Advanced efficiency agenda with significant cost reductions, technology investments, and generative AI initiatives.

• Approved and distributed BRL 320 million in dividends for 2024, maintaining a 50% payout ratio.

Financial highlights

• Adjusted EBITDA rose 14.0% year-over-year to BRL 2,356 million, with margin up 3.8 p.p. to 63.2%.

• Adjusted net income increased 20.2% year-over-year to BRL 539 million.

• Net revenue reached BRL 3,728 million, up 7.2% year-over-year.

• OPEX to net revenue ratio improved to 36.0% for Q1 2025, down from 40.3% LTM.

• Net debt increased 29% year-over-year to BRL 31.2 billion, with leverage (Net Debt/EBITDA) at 3.6x.

Outlook and guidance

• Targeting OPEX to net revenue ratio of 38% by 2026, with expectations to approach this level by year-end 2025.

• CapEx expected to accelerate in subsequent quarters to meet the annual target, after a slower Q1 execution.

• Focus on selective, sustainable growth, operational efficiency, and leadership in ESG and digital transformation, including generative AI.

• Gradual EBITDA contribution from new concessions expected to offset increased leverage.