#Brazil #São Paulo #Motiva S.A. #SPVias #Airport Business

Overview

In February 2026, Motiva S.A. announced its financial results for the fourth quarter of 2025, demonstrating solid operational and financial performance following a series of strategic decisions made throughout the year. The highlight was the signing of an amendment at SPVias on November 13, 2025, which successfully extended the concession term by 322 days. This extension reflects the company's ongoing commitment to enhancing infrastructure and service delivery.

Key Developments

On November 18, 2025, Motiva executed a significant sale of its Airport Business for R$5 billion, with an impressive EV/EBITDA of 8.8x at stake. This sale aligns with Motiva's strategy of portfolio simplification and capital recycling, emphasizing the firm's focus on core business areas. Following this divestiture, airport operations were classified as discontinued, highlighting the strategic shift towards streamlining operations.

The company further recognized a substantial financial rebalance on December 5, 2025, accounting for approximately R$1.5 billion in losses attributed to COVID-19 impacts on tariff revenues. This recognition showcases Motiva's vigilance in managing financial fluctuations resulting from external pressures.

In terms of shareholder value, Motiva announced a payout of approximately R$294 million in interim dividends starting December 19, based on results accrued through September 30, 2025. Such moves reflect the company’s dedication to returning value to shareholders while managing operational costs effectively.

On December 11, 2025, Motiva also secured a significant win in the bidding process for Autopista Fernão Dias S.A., presenting a 17.05% discount on the basic toll rate, further bolstering its revenue streams.

Financial Highlights

Motiva's financial results illustrated remarkable growth across multiple metrics:

• - Consolidated Adjusted Net Revenue reached R$4,047 million for 4Q25, marking a healthy increase of 6.8% from the previous year. For the full year 2025, adjusted net revenue was R$15,296 million, up by 5.2% year-over-year.
• - Consolidated Adjusted EBITDA surged to R$2,525 million in 4Q25, reflecting a 25.2% increase compared to 4Q24. The annual EBITDA figure for 2025 amounted to R$9,522 million, up 15.0% from 2024.
• - The Revenue from Toll Roads saw a significant rise of 21.0%, while Rail EBITDA recorded a 21.4% increase, demonstrating the strong performance of Motiva's core business units.
• - The Adjusted EBITDA Margin improved to 62.4%, showcasing efficient cost management and operational optimization.
• - Net Income for 4Q25 effectively doubled, rising to R$606 million (up 68.3% YOY).
• - Motiva's Return on Equity (ROE) improved significantly to 20.1%, reflecting enhanced shareholder returns compared to 8.9% a year prior.

Strategic Outlook

Looking ahead, Motiva aims to sustain its growth trajectory and achieve its 'Ambition 2035' targets, aiming for continuous double-digit growth in ancillary revenues. The operational efficiency achieved by maintaining a low OPEX ratio reaffirms its commitment to cost-effectiveness, yielding a cash/Adjusted Net Revenue ratio of 37.5%, a year ahead of its own 2026 target.

Despite challenges, including those posed by external economic factors and the residual impacts of the pandemic, Motiva's strategic focus on operational excellence and prudent financial management positions it well for future success. As the company continues to navigate the complexities of the transportation sector, stakeholders can anticipate further positive developments in Motiva's comprehensive operational strategy.

Conclusion

Motiva S.A.'s 4th quarter results for 2025 showcase not only a robust financial performance but also a clear strategic direction aimed at enhancing its core operations and shareholder value. With the recent divestment of non-core assets and a strong operational framework, Motiva is well-positioned to capitalize on emerging opportunities and sustain its growth in the competitive landscape of infrastructure and utility services.