By Brazil Stock Guide – Motiva Infraestrutura de Mobilidade S.A. (B3: MOTI3), formerly known as CCR, delivered the strongest quarterly results in its history, with adjusted net income rising 22% year-on-year to R$683 million in the third quarter of 2025. The performance reflects higher traffic volumes, tariff readjustments, and continued efficiency gains across the company’s road, rail, and airport assets.
The company’s adjusted EBITDA grew 16.3%, reaching R$2.55 billion, while the EBITDA margin expanded 6.5 percentage points to 64.4%, the highest ever recorded by the group. Net revenue increased 4.6% to R$3.96 billion, supported by the performance of key assets and a 17% rise in complementary revenues such as commercial leases, parking, and advertising.
According to CEO Miguel Setas, the results “confirm the assertiveness of Motiva’s strategic pillars and operational discipline,” underscoring the benefits of a more diversified portfolio and digital transformation initiatives. The company continues to focus on operational excellence and financial sustainability following its rebranding from CCR earlier this year — a move designed to align the group with its broader vision of sustainable mobility and smart infrastructure.
Road operations remained the backbone of the business, with EBITDA of R$1.98 billion, a 22% increase compared with the same quarter of 2024. The growth was driven by tariff adjustments in São Paulo and Mato Grosso, strong traffic recovery, and contributions from recently acquired concessions PRVias and Rota Sorocabana.
In the rail segment, EBITDA advanced 3% to R$588 million, helped by non-recurring gains at ViaQuatro, which operates São Paulo’s Line 4-Amarela. The airport division posted a 14.6% increase in EBITDA to R$314 million, supported by robust passenger growth and operational improvements across BH Airport, Bloco Sul, and Curaçao International Airport.
The company’s cash operating expenses accounted for 38.3% of net revenue, ahead of its 2026 target, signaling success in cost control and procurement optimization. Motiva emphasized that these gains stem from its integrated management platform and new digital tools for monitoring maintenance and energy use, which have helped reduce overhead and environmental impact.
Financial expenses rose to R$955 million, compared with R$746 million a year earlier, due to higher interest rates and new debt issuances tied to long-term infrastructure investments. Even with leverage at 3.6x adjusted EBITDA, up from 3.1x, Motiva said its balance sheet remains robust, supported by R$3.1 billion in new financings during the quarter, including debenture issues for AutoBAn and ViaCosteira.
Capital expenditure reached R$2.3 billion, 11% higher than in the same quarter last year. The main investments were concentrated in RioSP, ViaSul, and the expansion of Metro Lines 8 and 9 in São Paulo — key assets that are expected to drive growth in 2026 and beyond.
One of the quarter’s milestones was the 20-year extension of the ViaQuatro concession, which adds R$4 billion in new investments to expand the Line 4-Amarela to Taboão da Serra. The extension reinforces Motiva’s position as a long-term partner in São Paulo’s mobility strategy and a cornerstone of Brazil’s infrastructure modernization.
Motiva’s rebranding from CCR marks more than a change of name — it represents a strategic repositioning. The company now presents itself as an integrated infrastructure operator with a focus on sustainability, technology, and user experience. The “Motiva” identity, launched in mid-2025, seeks to convey a sense of purpose, agility, and innovation aligned with global ESG standards.
Despite macroeconomic uncertainties and persistent inflationary pressures, Motiva reaffirmed its 2025 guidance, citing resilience in cash generation and strong liquidity. The group’s cash position remained solid at R$5.3 billion, up from R$4.2 billion at the end of 2024.
Setas said the quarter confirms Motiva’s “ability to grow with profitability and purpose,” emphasizing that the integration of new assets and the company’s focus on efficiency “prepare the ground for sustained value creation.”
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