Motiva Infraestrutura de Mobilidade (MOTV3) Q4 2025 earnings summary

Executive summary

• Achieved significant portfolio simplification with the sale of the airport platform for BRL 11.5 billion (EV/EBITDA 8.8x), supporting a strategic focus on core businesses and capital recycling.

• Advanced efficiency agenda, reaching the 2026 OpEx cash to adjusted net revenue target (37.5%) one year ahead of schedule, with significant reductions in energy costs and headcount.

• Selective growth strategy and new toll road concessions, including Autopista Fernão Dias and SPVias amendment, led to a 25.2% increase in adjusted EBITDA and a 68.3% rise in adjusted net income for the quarter.

• Ancillary revenues grew 22% in the quarter and 17% for the year, reaching BRL 1.3 billion.

• Recognized for ESG leadership, innovation, and workplace excellence, with multiple national and international awards.

Financial highlights

• Adjusted EBITDA for the quarter grew 25.2% year-over-year, with a margin increase of 9.2 percentage points; full-year adjusted EBITDA reached BRL 9.5 billion, up 15%.

• Adjusted net income reached BRL 606 million for the quarter (up 68.3%) and BRL 2.2 billion for the year (up 25%).

• Net revenue for the year increased 11.9% to BRL 13.89 billion, with adjusted net revenue at BRL 15.3 billion, up 5.2%.

• Cash costs reduced by 14% quarter-on-quarter, driven by portfolio optimization and operational efficiency.

• Net debt at year-end was BRL 34.1 billion, with over 50% of maturities after 2033.

Outlook and guidance

• Projected investments for 2026 will focus on toll roads and rails, with a capital budget of BRL 8.3 billion and continued CapEx in Via São Paulo, Sorocabana, and ViaQuatro.

• Expectation of further leverage reduction after the airport platform transaction closes in 2026.

• Efficiency targets for 2030 and 2035 remain, with intermediate milestones and ongoing cost optimization.

• Selective participation in new auctions, prioritizing strategic and profitable growth.

• Ongoing transition to IFRS S1/S2 for sustainability reporting, with full compliance expected by 2026.