Motiva Plans $11 Billion in Roads and Rail by 2035, May Sell Airports

Strategy targets São Paulo, Rio and Bahia; company looks to recycle assets and boost synergies.

Sep 19, 2025 10:34 AM

By Brazil Stock Guide – Motiva (B3: MOTV3) will invest R$60 billion ($11.3 billion) in capex through 2035, with most of the spending concentrated by 2030. The plan prioritizes highway concessions and urban mobility and may include an exit from the airport segment. The strategy aims to capture scale gains in regions where the company already holds a dominant position, such as São Paulo, Rio de Janeiro and Paraná.

Public concessions remain central to Motiva’s agenda. Brazil’s Transport Ministry scheduled for October the auctions of Inter-Rodovias lots 4 and 5, covering more than 1,000 km (621 miles) and requiring R$19.7 billion ($3.7 billion) in investments. In 2024, still under the CCR brand, Motiva won lot 3, a 570 km (354 miles) stretch, offering a 26.6% toll discount, creating regional synergies and reinforcing its appetite for new assets.

Miguel Setas, Motiva’s CEO, said in an interview with Exame that the company may streamline its portfolio. The review includes selling 20 airports to finance growth in roads and rail-based urban transit.

Betting on Urban Mobility

Setas noted that São Paulo and Rio have less than half the rail density of Santiago, Chile, and fall far behind New York. He estimates the total addressable market for rail-based urban mobility in Brazil at R$240 billion ($45 billion), with about R$75 billion ($14 billion) within Motiva’s reach. Upcoming projects include the Trem Intercidades line to Sorocaba and the concession of São Paulo’s Line 10–Turquesa, which also involves construction of the new 14-Ônix station.

The shift marks the end of Motiva’s caution in 2024 and reflects the company’s effort to cut execution risk and expand synergies in established markets. According to BTG Pactual, a potential airport sale at 7–8x EV/EBITDA multiples could raise R$4.8–6.2 billion ($0.9–1.2 billion) for capital recycling.

In the short term, investors await next week’s Investor Day, when Motiva is expected to detail efficiency gains, governance improvements and potential dividends. BTG projects return on invested capital reaching 14.1% in 2026, with EV/EBITDA at 5.9x and a dividend yield of 2.1%.