Motiva Q4 Profit Surges as It Sets R$8.3 Billion 2026 Road Capex and Prepares Airport Exit

Overview

• Reported net income reached R$605.7 million in Q4 2025, up 178.1% year over year, with adjusted net income at R$606 million, up 68.3%.
• Adjusted EBITDA rose 25.2% to R$2.525 billion, lifting the adjusted EBITDA margin to 62.4%, an increase of 9.2 percentage points.
• For 2026, Motiva guides R$8.3 billion in capex, with about R$7.2 billion allocated to road concessions and no airport investments included.
• The airport platform sale to Mexico’s ASUR is valued at R$11.5 billion (equity plus debt) and awaits regulatory approvals, with airport results now reported as discontinued operations.
• Motiva ended 2025 with R$34.1 billion in net debt and adjusted leverage of 3.6x, after a record R$8.5 billion invested during the year, including R$6.35 billion in roads.