I'm Flávia Godoy, IRO of Motiva, and it's an honor to start this event. In this event, we are going to go through our advances, important deliveries of our strategy. We are going to cover our mission of 2035, and it's a vision of the future of Motiva. We're also going to address our agenda of sustainable value creation.
Flávia, it's an honor to be here with you. Good morning, good morning, everyone. I'm Daniela Hittner, Journalism Director of CNN Brasilia, and a hot reporter in the area of infrastructure. Since when the French President talked about doubling the road, I've been here since then. On behalf of Motiva, I would like to greet everyone and welcome those who are attending this event remotely. We devised this for those who are also distant from us because we want to shorten any distance. This is our mission.
Daniel, the Capital Market of Motiva, understands that this is a strategic movement connecting investors, analysts, governments, and other partners of the company. This year, we have a special edition, and this is the event with a new brand, Motiva. This is a brand, this is a new brand, which is part of our transformation agenda. Flávia, better than me, you know that the reason for Motiva existing is to improve people's lives through mobility. It's the largest infrastructure company for mobility, with concessions in airports, trains, subways, with non-negotiable values that are the base of all the actions. Flávia, I'm going to propose something to you. As we say in Brasilia, as we say in the National Congress, it's a metabolic order. Can you explain what the dynamics are going to be, what's going to be our work method up to lunchtime?
Yes, perfect, Daniela.
For this event today, we prepared a very complete agenda. We're going to start placing Motiva in a context of infrastructure. We understand the needs of infrastructure for our country. We are going to deliver, talk about big deliveries, the strategies that were defined in 2023. We're going to talk about our ambition for 2035 with some news. We're also going to talk about the drivers, the four main drivers of our transformation agenda, and going through efficiency, finance, allocation of capital, and CapEx, and reinforcing our commitment with assertiveness. To complete our agenda, we have two topics which cross-cut Motiva's operations that sustain this transformation agenda: people and regulatory. Without further ado, let's move on. I'm going to start off the game, so as to say, giving the floor to Miguel Settas, our CEO. Welcome, Miguel Settas.
Good morning, everyone. Good morning, everyone. Thank you very much, Flávia, Daniela, for the introduction. First of all, I would like to say that it's an honor to be here with you. So many friends that I see, former CCR, Motiva. I would like to greet our board, which is very well represented. I would like to greet investors, shareholders, analysts, all those who are presenting the market today. Not only those who are in person here, but also all those who are attending us through LinkedIn and social media. This morning, you already had a brief description of our objectives. First, we want to show what were deliveries of our company in the past two years. We are in a transformational process that we started in 2023, and we are going to look again in the long-term vision for the company for 2035. We are going to render accounts.
We are going to talk about what we've done so far, and we are going to revisit, if you will, a re-analysis of what is our ambition for 2035. Let me start introducing those who are here today, so as to welcome you. These are the people from our board. I would like to focus your attention that we have a new arrival, André, who has been with us for 10 days, and he is going to assume the platform of rails. After 10 days with us, he will introduce himself as a specialist in the sector. Good luck, André. Welcome to our journey. With André, we also have Eduardo Camargo, our Toll Road Platform CEO; Valdo Perez, our CFO and also our CEO of the Airport Platform; our friend Raquel Cardoso, who's been with us for a short while.
She's been with us for a short while, and she is focused on people and organizational development; Pedro Suter, who's not here with us in person in São Paulo, and he's at an international event representing Motiva. He has a focus on innovation, technology, sustainability, and risk, but unfortunately, he couldn't make it today. Roberto Pena, who has been in the area for a long time in the sector, and he has a lot of knowledge of our company, and he's responsible for all the areas related to compliance, legal, regulatory compliance, regulatory governmental relations. A general counselor who has the responsibility of incorporating all functions related to compliance and conformity. We started a little late. I would like to apologize for the little delay, especially for those who are attending this event remotely.
We had a little delay because we needed to accommodate those who were arriving in person here. We are going to make up for this delay along the event. In a summarized way, this is what we're going to discuss. We have representatives of our regulatory body, ARTESP, and sectorial sectors ABDIB and ANTF, who are also here with us. I would also like to welcome them all. They are all very welcome to this session. We are going to provide an updated vision of what we're doing in the infrastructure dimension. As Flávia said, we are leaders in the sector, and we have lots of opportunities in the sector. We would like to show why Motiva is, from our perspective, the best infrastructure player. Along the morning, we are going to discuss this.
For those who do not know it, we are leaders in roads in Brazil, leaders in rails in Brazil as well, and we are the third-ranking company in the airport segment. Today, we have about 16,000 employees. Of course, our company is listed, and the market cap varies a bit, of course. We are marketing at close to BRL 30 billion as a market cap. The value that you see there is related to last Friday. There was a bit of variation in relation to last Friday. We are going to get into those drivers along my presentation. Why is infrastructure a segment that today is favored by a super cycle of investment? If you see the numbers that we see here in 2025, we reached an all-time high of investments in Brazil.
We are reaching BRL 280 billion of investments up to the end of the year in those four segments: transport, energy, telecommunications, and sanitation. This amount of BRL 280 billion, even though it's the highest ever reached in the country, is a value... There was a decrease of this value, and we are now ramping up the investment. In spite of the fact that this is a high investment, it still represents about 2% of the national GDP. What do specialists say about this value? They say that we could be at the par with other markets such as Central Asia, South Asia, and this references about 4%. We can see that we have an investment potential that could double the value. It's a value that could reach BRL 500 billion and half of the gap of investment that is required to make the upgrades in the Brazilian infrastructure.
More than half of it is concentrated on logistics and transportation, especially in the sectors where Motiva is positioned. This is a reference structure when we see the future expectations. When we look into the future, we can see that there's a mega trend for the infrastructure in Brazil, and Motiva is the best-positioned company to capture all those opportunities of investments. What are we going to see today as something new in relation to the presentation of our strategy for 2023 and 2025 when we make these comparisons. We have six main messages. The first is that when we see in a situation with so many opportunities, Motiva has the opportunity of selecting which are the investments it would like to make. Our strategy, you will see later, is even more focused and even more synergistic.
When we see in a precise way, we can see clearly what are our ambitions, our growth drivers. The strategy has two purposes: creation of value and controlled risk. We're going to see this when Eduardo Camargo gives his presentation. Recently, we were awarded two concessions: Sorocabana Pioneers in Paraná and an optimization of the agreement of MS Via. Sorocabana had VOS as part of the concession in Paraná, had an event important that we already operated. There are three assets that the company knows well in a detailed manner, and the investment that we are making and the risk that we are assuming is very well controlled. The second point to mention is that in May this year, as you probably remember, we announced to the market that we were in a phase of negotiation, non-binding negotiations for a transaction in our airport platform.
We've mentioned this as a material fact that was published in May 2025. This transaction, the process is underway. Our expectations when we look into a very long-term horizon, we have an expectation that the transaction will be completed and it will simplify our portfolio. We have a more simplified portfolio, more focused on our core businesses where the company has distinctive competencies and is a market leader. We are simplifying the portfolio, and this is a hypothesis that is being completed. As you know, we moved from Barcas in Rio de Janeiro. We made a transport mold. We are no longer present there. We are focused on rails nowadays in urban transportation. This all leads to a gradual simplification of the portfolio. That means that we're going to have a simpler history, a clearer history, and with a lot of value associated with the simplification.
The third message is an acceleration of efficiency. We saw in the first material communication that we published to the market, we had an efficiency curve up to 2035. You probably know that we published the material fact before this event. Today, we're going to present an even more ambitious curve, a more accelerated curve related to efficiency and cost reduction. It's in a more completed way because the scale also benefits all this scale. It's another moment of creating value that can unlock all the value that we have in the portfolio. How are we going to make this curve viable? By means of investing with intention, directed investment on an agenda of innovation and technology. One investment that you will see is planned up to 2035 that will make us migrate to a concept of smart infrastructure.
Smart infrastructure is a word that you will hear oftentimes today: smart roads, smart rails. That means that we have a more connected infrastructure, connectivity, a more digitalized infrastructure, decarbonized structure, and of course, with better services, more efficient services, and safer. This is our important point of this strategic point. It's an intention statement, our direction that is included in this plan for 2035. We want to continue to be leaders, and this is going to come about through a technological transition that we're going to discuss today. This will also leverage the efficiency objectives. In other words, technology is associated to all this, namely more safety, service quality, efficiency, and obviously, this value creation agenda. We are going to see all this in detail. Two final messages. Along this way, we have a cycle of events to communicate with all people involved: investors, analysts.
In the beginning of the week, we talked to the innovator ecosystem, sustainability ecosystem. Tomorrow, we are going to talk about social impact ecosystem. 2035 includes a sequence of events to discuss about all the dimensions of the management of the company. The company is within a social context, and therefore, we have a clear commitment to the social dimension. You're going to see today that we have also an ambition to create value, sustainability. This dichotomy that seems to be contradictory, to be sustainable, it will not generate value. I have always been clear when communicating this strategy. Sustainability is associated to value creating. We have this commitment to decarbonization, to make the carbon neutral.
We want to reach an MPV positive because we are going to reduce about 20% of electrical energy, and the cost of energy will migrate all the consumptions to renewable areas, and this will be financed all the trajectory of decarbonization. Sustainability is a synonym of value creation and a positive impact on the society and a positive impact on our operations. Finally, we are also going to make a viability of our organization. Now I'm going to turn the floor. I'm going to try to complete my agenda. I would like you to forgive us. In 2023, we added a strategy that was based on six basic building blocks: leadership and mobility, focusing on value, and sustainable, and optimized portfolio, superior efficiency, optimized capital structure, and attractive returns, leadership and sustainability, and distinctive competencies. These were the six priorities we were focused on over the past two years.
That was also based on a transformational logic, as Flávia already mentioned. What we want is a new strategy, a new culture, a new organization. These are the building blocks, if you will, of this transformation that's underway, supported by our board of directors, our shareholders, our 16,000 employees. This is the company's transformation agenda, included in a program which we call the Value Acceleration Program, composed by over 20 initiatives. We already have 23, close to 24 strategic initiatives within those building blocks we mentioned before. We've been keeping up with them in a very professional and rigorous way, understanding the value each of these work fronts are generating. This also allowed, as a consequence of this transformation, bringing you a new corporate identity. It made no sense to change the company's brand unless there was a structural, deep transformation within the company.
Having initiated this transformation and these sturdy building blocks, we had the opportunity, again, supported by our shareholders and board of directors, to propose this change in the brand. Investors may ask, but why change? The answer is obvious. NCCR stands for highways. This is the largest urban mobility in Brazil. Highways are very important, but there are other modes of mobility which are part of our portfolio. The CC stands for Concessions Company. Our Brazilian friends understand that this acronym also sounds like the name of the founding shareholder, but this is not why the company has this name. This made the brand a dated one. It was time for us to change the name to Motiva. Just so you know, the change will take two years, and that's for two reasons. First of all, cost control.
This will be a phased change, which will be more efficient from a cost standpoint. Also, when it comes to the value proposition, from a customer experience perspective, we also wanted to generate value. This change will be phased also when it comes to our provision of services. I will now very briefly go over something, even because this material will be available to you on our IR website, and later you'll be able to go over it in a more detailed way. I'll briefly go over those six priorities. First of all, we will grow in a selective and profitable way. These are two assets that are very important in markets we consider strategic, with a very constructive demand and a very controlled risk because we already know these assets and their historic cycle. EBITDA growth, or EBITDA growth.
In the last Capital Market days, we promised our EBITDA would be growing in the high single digits. In the first six months of 2025, we've delivered over 10% of that increase, and it remains to be seen, but we expect to deliver even more growth in the next few months. This is part of our promise of minimum growth, precisely in accordance with what we had promised. Ancillary revenues. I would like you to pay attention to this figure, 17%, because we have been growing in the double digits, meaning above the average pace for the business at large. When we talk about ancillary revenue, we're talking about publicity, naming rights, retail spaces, passage rights, telecommunication, anything that's ancillary to the revenue from our core business. What we had promised was to grow over 10%.
We are now close to 8%, so perfectly in line with what we had promised. The next point in this profitable growth is being selective. If you look closely, we were very particular in how we selected the auctions we were part of. There were actions where we were more aggressive and others where we were less aggressive, always preserving the company's lease framework, ensuring the company capital was preserved. When you look at Sorocabana and PRV, those were precisely the assets we were qualifying in every opportunity when we would go to the market, whether in the last 18 or 24 months. We want precisely what we wanted within a selective, profitable logic from a growth perspective. Now, going on to the optimized portfolio. When it comes to Barcas, the ferries, we were losing about BRL 100 million per year.
Also, with MS Via, we were losing something to the tune of BRL 250 million every year. A cash burn of close to BRL 200 or BRL 500 million per year. These two assets are now excluded from our portfolio. One, because the contract was updated and there was a reworking of the agreement. These two were assets that were weighing heavy on our curve, making it less ambitious when it comes to cost reduction. Capital recycling. This is the start of our journey here. We have three assets you know really well: [Cuico Sem, Cuico] Optimization, a service provision company in the United States in airports. They were not sold. They are still in the delivery cycle, but we expect it to be concluded in the next few months. We also added a note of contract rebalancing.
Last night, you heard about the agreement to extend Via Quatro in the state of São Paulo. What was 14 is now extended to 15. There will also be an adjustment because we're based on the conditions that were set with the state of São Paulo. News from last night you probably heard of. Superior efficiency. The first message is, I would like to understand here the word potential. Potential anticipation. This means it's predictable, but it's still pending execution in the year 2025. However, we could potentially anticipate our OpEx by one year. Also, 10% decrease in our net revenue. It seems that this efficiency will be delivered one year prior than we expected. We are working toward this every day. Valdo, myself, and the entire company are working to make this anticipation come about. Also, reducing energy costs.
Currently, we have a 10% lower headcount, which means the company is working with 90% of its resources from two years ago, considering December 2023. This has nothing to do with the CEO's history in the electricity sector. Anyone who works in this sector knows how this works. You will see in Valdo's presentation, there will be more information about our cost reduction process. This is just 17% of the unit cost of kilowatt-hour in energy cost reduction. Ultimately, our accuracy in CapEx. This is a topic that's cross-sectional in our segment or in our strategy. You will hear from other executives. We've had a ramp-up. We went from BRL 7 billion in 2021 to over BRL 8 billion CapEx in 2025. We're becoming progressively more accurate and excellent in managing this CapEx. You see that our CapEx execution, physically speaking, was below 80% early in this 2021-2022 cycle.
We are looking at over 95% physical execution in this year and last year. Also, leave capital structure to Valdo. We were able to extend our debt duration and lower our net debt for the holding. We could go to the market at very competitive conditions. Here, you have an example of the most incentivized venture in the country in terms of infrastructure. We issued over BRL 10 billion, the largest ever in the country, with this instrument, and over RRL 500 million in the last few months. The market has offered very favorable conditions for this management. Lastly, TSR, as I mentioned earlier, about 25% in the last few years and close to 53% this year. I'm not going to go into detail when it comes to sustainability leadership.
I just wanted to say that we delivered everything that we've set out to do: reducing climate risk, offering sustainable management, a positive impact on society, valuing people, and fostering a culture of integrity and safety. I will not go into detail, but you'll be able to see everything the company delivered in the last five years. Now, two critical things for a company such as ours. In order to be successful, these two pillars are critical: people and technology. You need to reinforce your talent pool. We've had André and Raquel come in. These are two examples at the C-level only. We're also developing our 350- 400 leaders within the group. Cultural transformation, the trainee program, also on the technology front, very consistent and systematic investment on digitalization. We'll be mentioning later the creation of an innovation center.
This will allow us to carry on with our technology plan in a deliberate and impactful way, as you'll see moving forward. When we think about our ambition for 2035, this was the framework we showed you back in 2024. The blue boxes, what we have is what we've delivered so far, which show we are keeping up with what was promised. We're growing 10%, so over high single digits. Our EBITDA has grown. Our revenue went from 6 points-1 0 points of our overall revenue. When it comes to the efficiency of our portfolio, we are advancing our CapEx. Our capital cost is at 25%. We've maintained a payout ratio of 15%. Our leverage is just over 3.5. This will be explained later on. We've incorporated two new assets. We already see the reflection of that in the balance of other concessions.
We already have a full-year debt associated with the capital raising that was required for these two assets. This will quickly allow the company to deleverage and move back to 3.5. These points where you see the clock and the arrows mean it's ongoing. With capital recycling potential, our plan was to have a renewable portfolio. We've advanced the delivery of our climate resilience plans. We have a 2016 resilience plan for the next few years. We were able to ponder investment versus risk to understand where we'll be mitigating climate risk based on a risk assessment of its viability. In carbon neutrality, 15% reduction. Our plan, a 55% reduction. In principle, we also believe that we will be executing this plan according to our expectations. We are now two years into this plan. We are confident to tell you all of this.
We know we have a critical view, but also a clear and very assured view of our vision for 2023, which we will represent to you in a revisited way, in a more ambitious way, so to speak. First of all, what we'll do is provide a clearer border of what we want in terms of growth. Here we have very simple examples. In toll roads, what we want are premium assets, what we've had so far. Premium assets in specific strategic locations, locations that make us fully confident in our investment. Strategic locations, making the most of our current concessions. We have 12 of them, so multiple opportunities for investment under controlled risk. This is what we see for toll roads. In rails, the logic is precisely the same. A focused, synergistic growth. Focused and synergistic. These words were chosen deliberately.
Our footprint is São Paulo, Rio de Janeiro, and Salvador. These are the three cities where we plan to continue investment, particularly in one of them, São Paulo. We have a very sturdy pipeline for opportunities, so there's no reason we would lose focus on what the company has paid attention to so far. In airports, obviously, unlocking value and streamlining our portfolio. All of that with the purpose of generating value with controlled risk. You see the blue streak over the three platforms, which means in terms of opportunity, we calculate something between BRL 15 billion and BRL 16 billion in opportunities across these two segments: toll roads and rails, under this logic of a more segmented view that's more focused on synergistic growth. Generating value and controlling risk are our two objectives with this offer.
Which are the proposals that we took to our board that inform what this ambition is all about? What you see in blue is the ones that we had already established. There are no changes to those. I went over them a short while. These have been preserved. What you can see at the top is the double-digit growth of our CAGR revenues. It's a simplified portfolio already, and 70% are in the segment of airports. Our commitment, considering this simplified portfolio, is to maintain the growth above our average growth of our total business, our core business. We are going to grow our ancillary revenue, growing double-digit. We had 70% growth in the past two years. Our commitment is to continue this accelerated growth with the focus on adding value and also bringing in revenues that can be associated to a higher, elevated EBITDA margin.
This is the role of the ancillary revenues. We are discussing the core and core plus of our main assets. In relation to value generation, we have two news to share with you. If you remember, we used to have the objective of reaching 35% of efficiency in 2035, so 35% in OpEx/net revenue. We are accelerating this ratio to 28% by 2035 and 30% in 2030. You're going to see that there has been a change in the curve, and the ambition is enhanced. To reach 28%, we have the assumption that will help us reach this plan. Related to innovation, we have accumulated investments of more than BRL 1 billion for innovation up to 2035, 0.5% in innovation project. This is a leverage that we adopted, an average to reach higher efficiency levels. As to sustainability, we have two commitments which are very dear to us.
I would also like to mention that Motiva Institute is also here with us. She's a member of the board, Eliane Lustosa. We are going to present the details about this. Tomorrow, we are going to have a specific event on this. We are talking about BRL 1 billion compared to BRL 750 million that used to be our previous objective. We also have an objective. With reaching this, with the support of Raquel Cardoso, we have a commitment to life. We have reached benchmarking levels related to occupational safety. We have an intentional strategy and clear for this purpose. This has been communicated to the market. We have one incident per million, one LTI per 1 million hours worked. This is an international benchmark. Below 1 is an international benchmark. We are not going to go into details about complimentary revenues.
What we need to continue doing is to work on this simplified portfolio with less space for ancillary revenue. We want to grow at a higher value compared to our core business. We are also going to be evaluating some thesis for alpha generation to go for value-added projects in areas such as energy and other areas which we are analyzing. Along the time, and in due time, it will be properly presented to the market, especially if they prove that they can create value and if the risks are controlled. We are going to leave them all to a next Motiva day, I'm sorry. We would like to talk about costs. This is the second dimension where we can see the changes that happened. We can see that in 2025, we had a curve that would go through 2026, 2030. We are anticipating this 38% by one year.
This curve is going to reach 30% in 2030 and 28% in 2035. Why is this migration possible? Why can we be more ambitious with those changes? There are four reasons for that. First, a simplified portfolio without Barcas, without problems in MS Via, a portfolio with a higher simplification as a result of what we've been working on. Simplified portfolio. Second point is the operational efficiency. An annual plan to reduce OpEx led by the CFO, who is also our Director of P&A. He's always challenging our cost structure. We have this annual plan for cost reduction. The third is scale benefits. Net revenue will help us in reaching this purpose. Also, investments in innovation and technology. It's something intentional, directed, strategic, with a logic focused on value creation. What are we going to do with technology? We want to use what we already have in the market.
I'd like to mention something. When we talk about innovation, the question is not about when, but how, because this is already there in multiple cases across the world. What we want is to include the 5.0 industry so that we can transition into smart infrastructure. We are going to give important examples with smart rails, smart roads, and we are going to talk about our technology plans. We are going to use AI and GenAI, also big data and analytics, and also robots and automation. Fifth, energy transition and new materials. These are the technologies which are already out there in multiple applications. We can see those in different sectors, and we are now beginning in 2025 to use them. In the next decade, those technologies will be scaled up. These are going to be present in our operation, which is the commitment we have now.
That commitment needs to have some level of freedom so that we can have a gradual and ever more enhanced investment. What we estimate for the day is to invest more than BRL1 billion up to 2035. It's an accumulated investment representing 0.5% of the net revenue of the operation, roughly. Any industry that would be present in an industry in a heavy activity industry. What we see is what we're doing is something very aligned with what the market does. Today, out of the 300 initiatives that we're studying, 35 are underway, and 35 initiatives have already their business case defined, all of them above 25%. Why do I say this percentage? Because it's higher than a new project. We invest in technology, and we want to look at the efficiency curves to reach efficiency levels which are ever more ambitious than what we saw in the first curve.
Of course, innovation is associated with risks. We're going to get something right, something rogue. We are going to get fewer mistakes as possible. In our projections, the effect of the technologies are backloaded, are more concentrated on the second half of the decade, up to 2030 and 2035. We have an initial phase of investment, of research, of testing. We already have some concrete cases we will see. Then we will have a scale-up moment from 2030 up to 2035, where the effects of those technologies are going to be ever more evident. When we talk about the 28% of 2035, we see that there's a difference. This is supported on the implementation of the new technologies. If you will, this is the logic behind our strategy. As to safety, you can see this indicator where it mentions the number of accidents per million. It's an international indicator.
We started with 7, and now we stand at 1.1. Our idea is to stand below 1. In 2023, we started with 10 in terms of third parties LTIs. The third parties are partner companies over which we do not have direct control. It's more difficult for us. We have more control over our own workers. That's why we're closer to our ambition. That's why all the service chain and all those activities that involve human lives have to be treated with the same criteria. Our purpose is to make this level reach below 1. We are going to continue with the leadership in safety at the domestic level, but also at international levels. I'm three minutes late. I'm going to stop soon.
Lustosa tomorrow is going to host all the impact to discuss social impact, about a proper event that we're going to hold tomorrow, where we're going to show the new strategy of Motiva, a new strategy, a catalyst of more resilient and more inclusive cities, cities which are more resilient. We saw this week, we saw the effect of drastic climate events. We are going to look at more inclusiveness. We are going to invest BRL 1 billion up to 2035, which is made possible by the laws for fiscal incentives that are in force nowadays. We are one of the major investors that use those incentive laws. A last word about organization. I would like to show you what is new. What you see here is known elements in relation to our strategy. We have some news.
The first one, in addition to reiterating that the role of the holding is strategic. They do not have to be involved in operational activities because the operations are responsibility of other platforms, and where the objective is to gain competitiveness and scale. We would like to talk about the platforms which are focused and autonomous. They are focused on their businesses, and they have the freedom to make decisions in relation to the P&L and everything, working as if they were autonomous companies. Of course, favored by the group around it that provides excellent services, digital technologies, supply chain, shared services, and everything else. We are going to talk about other boxes that you see on the slide. What did we add to this vision? There's a center of excellence of innovation.
Today, we have a central team in our corporate structure, and they are responsible for the direction, for the strategic decisions, the allocation of capital for different projects. They have the governance vision of the strategy. This team has a team with lots of synergies that would look at value-added opportunities. These are areas that have to do with our operations directly. They are part of the businesses. They are intimately correlated with our activities, such as energy efficiency. They are always looking for opportunities to complement the portfolio. We also want to intensify and cross-interact the CapEx. This is something that is going to be present in all areas of our activities. This responsibility includes CapEx management, best practices, and also sharing the competencies. You are going to see that we have the unique competencies in the market.
This expertise, this specialization, and this focus on using the CapEx is going to be included in all the dimensions of the company. The efficiency is going to be greater because the central expertise is going to be ever more transversal, based on those economies of scale and the unique knowledge that Motiva has. Finally, before passing the floor to my colleagues, why investing in Motiva is the best thesis for the Brazilian market? How does this claim be sustained? There are three blocks that you see here. First is a very attractive sector. You have the best concession program in the world. I can say that with a lot of caution. There are countries across the world, such as China and India. They have very large investments in infrastructure. What is a characteristic of the Brazilian initiative is the private involvement.
We can confirm this with the tools that we have in terms of consulting services and artificial intelligence. This is confirmed. Second, regulatory framework, which is stable and very robust. Sometimes investors say, oh, you prefer the regulatory framework of transport or the electrical sector. After I've known a lot of the electrical sector in Brazil, I would say that this is the best regulatory framework ever devised in Brazil, as to roads in Brazil and as to urban mobility, because we see that these are points which are ever more consolidated and stabilized as a result of the regulatory framework. I would also like to touch upon competition. In the electric sector, we used to have a very high level of competition, but it's no longer like that. Leading platform. We have a Brazilian platform which is totally linked and indexed to inflation.
There are investors who are concerned about the inflationary environment in Brazil. I would like to say that we are fully tagged to the inflation. We have an excellent team, and we have a total focus on value creation. We have capital allocation, which is very stringent. Sometimes when I'm talking one-to-one to investors, we have one liturgy. We have a framework of allocating capital that involves different filters, different ways of assessing. The capital allocation for the company is bulletproof. There are no mistakes that are possible. Focused on higher efficiency, both as to OpEx and CapEx, from the operational viewpoint and also in relation to the constructions that we make. We are benchmarked in the market in relation to governance, the tools that we use, the people that we have, the processes, and they all provide total confidence in what we do.
In addition, we have multiple options to create value. Today, we published an announcement of the extension of line four, and this is something that is included in our portfolio. Last night, you saw in the material fact that we published. It is one among others. We also have a clear and predictable dividend policy. Everything is aligned with the logic of value creation. Do I still have time? I would like to apologize. I would like to thank you all for attending this session. We're going to go back to the end of the session, and we'll be available to you for the Q&A session. I'll turn the floor to the organization. Flávia?
Thank you, Miguel, for sharing our ambition for 2035, now in a revisited form. Agency, innovation, and technology, Miguel showed clear directions. A more focused, synergistic growth. This is a growth creation agenda, with controlled risk.
Miguel also had the opportunity to show that Motiva offers a portfolio with value generation options. To enable Motiva's transformational agenda, I'd like to call onto the stage our VP for Finance, Investor Relations, and CEO of our platform, Valdo Perez.
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Good morning, everyone. I'll be addressing three issues which are directly connected to value generation. First of all, the development of our efficiency program, which we are beginning to see major results in 2025. Second, our solid financial position and all the work we've been doing in terms of liability management to optimize our capital structure and add more and more value to shareholders. Third, our capital allocation process, which is extremely robust and focused on choosing better and better projects which are strategic and deliver more value to Motiva's portfolio. As you all know, two years ago, we began our efficiency program, and we now have over 100 initiatives with name and surname, action plans for monitoring month by month. Now, in the first half of 2025, we've begun to reap concrete results.
As an example, you might have heard that we've become an autonomous energy producer. 100% of our energy consumption is renewable, and we were able to reduce our cost per megawatt-hour by about 20%. As contracts expire, new opportunities exist, and we are working on those. We're also perfecting our monitoring technology. We're more and more adopting condition-based maintenance, which is a strategy we did not adopt before. Especially when it comes to rail, this is providing greater efficiency. You also know that we have an ambition when it comes to our toll roads, which is the ambition of being 100% cashless. We've made significant strides forward with new payment means, self-service, app-based payments. We were also pioneers in deploying free flow in Brazil. We continue to deploy that in new concessions that we were just awarded. That has provided a significant increase in productivity.
We are also focusing more and more on the mechanization of the mowing of our roads, which also generates scale and synergy, and also drone use, again using technology to add more efficiency to the group. In terms of back office, we also have examples of AI use, especially in legal processes, which allowed us to reduce our headcount substantially in this area. It also allows us to have a faster, more efficient process. Our center for shared services, which is where we've been applying AI and other types of technology, we still see major opportunity for improvement. Lastly, our contract management. We've been redesigning many of our contracts, whether in terms of scope or in terms of SLA or with our KPIs, adjusting them to bring more economies of scale and synergy. We've also been using AI when it comes to safety, registry, and service.
What is the result of all of these initiatives? When we compare the first half of 2025 with the first half of 2024, you can see that our cash cost has decreased by 1%, or BRL 433 million. That was a decrease by BRL 200 million in the period. Consequently, this is one of the most important elements to bring us to that CapEx, cash OpEx index, and we expect it to come to the end of 2026 at below 38%. Over these first six months, we've already reached that. We do believe in a significant potential to get us to the end of the year within this target, bringing us to the position we had promised the market even earlier. Our ambitions are even greater moving forward when it comes to the use of technologies and continuing our efficiency program.
Now, looking at our finances, our financial position is still under control and falling within company guidelines. The most important credit rating agencies maintain our position, so AAA with S&P, Fitch Ratings, and AA+ at Moody's. This has allowed us wide access to credit, whether that's in the capital markets or in the banking market. Since 2023, the duration of our portfolio had been between three to eight years. We worked diligently to extend that duration. We are now over what the guideline established with a 61/30. Very
Close to the 60/40 that we had promised, and as Miguel mentioned, our net debt to adjusted EBITDA is just over what we plan to operate at, 3.7%. I'll be explaining why very soon. As you can see, at times when we brought in new assets, typically we had to pay fees and new investments had to be made in these new concessions, and that always affected our cash generation and EBITDA. There's usually no cash generation and your leverage increases, but as time moves on, you see a ramp-up in growth. The leverage quickly goes down. You can see with our awards with Sorocabana, Motiva Pantanal, and PRV, which were premium assets we brought into our portfolio, we had to make investments and pay fees that amounted to close to BRL 4 billion that were financed by raising capital.
Now, after one year of operation, we believe that the EBITDA will be about BRL 1.1 billion. As Miguel said earlier, our net debt for the entire holding has decreased, but we're still far from our ambition of bringing it down to zero. We're working toward that, and there are a number of tools that will help us achieve that goal. That being said, it accounts for 16% of our debt, also still much better than what it used to be in the past. As I mentioned before, we worked diligently in optimizing the company's capital structure, which we believe to be a significant value lever. 46% of our main payments begin in 2033. Our cash position ended at BRL 6.6 billion, an extremely comfortable position which allows us to address these payments by 2028. We also structured the debt so that payments would be modest until 2026.
We're already preparing for the increased volatility of an election year. The mix of our indicators is very well balanced: 40% of TJLP, which is a very attractive one, 1% in dollar, which accounts for our assets overseas, which are obviously hedged, seeing as our revenue has been denominated in US dollars. When we look at the cost for this mix in 2023, what we had was CDI + 1, or 1.7. After all the work we've done, that is CDI - 0.2%. With that and a significant cost reduction, also our liability management work over the last 18 months, we generated BRL 560 million NVPL. That's a very substantial amount. Our dividend payment falls very much in line with our target capital structure. In our financial policy, we've always communicated that our plan is to be between 2.5% - 3.5% net debt to EBITDA.
The policy was adopted early in 2023, and if we keep the same capital structure, we'll be paying 50% of those results in dividends, which is what we've been doing so far. You see consistency across our policy and our practice. Once we go over 3.5%, dividend payments will decrease to 25%, even so we can better manage our resources within the company. If it's still below 2.5% and there are no major opportunities to invest our capital, it's still an inefficient structure. We'll be reviewing how to offer shareholders returns, going back to dividend payouts or maybe buybacks. That's how we structure the company's capital so as to make it optimal.
Now, on capital allocation, we have three critical building blocks, starting with an extremely robust governance structure, followed by an improved framework, one we have refined over the last few years, increasing our focus on selectivity and value generation, and risk pricing. This used to be more qualitative in the past, but now it's extremely quantitative and makes us extremely confident when we bid in public auctions. Now, let's talk a little bit about process. As Miguel mentioned, our holding is a strategic architecture, which is to say, our holding is where our capital allocation is defined. Our platforms offer the holding opportunities. We have the first filter, which is the board of the platform needs to be comfortable with the activity of the new business so that we can bring it in alongside the investment committee.
The investment committee is directed by me alongside the Legal Officer and Risk Officer. There are many subjects that are required for the project's assessment. That assessment is made by our Core Director, our CapEx Director, which will study the demand in fiscal terms and accounting terms. This is a multidisciplinary team that will assess the project from every angle. Once we're comfortable, the project evolves and goes to the Executive Board, where it is assessed by our CEO and our Board of Directors. If the timing is right, it goes to the Strategy Committee, which is made up of five different members from the Administrative Board. Once the committee recommends it, it moves to the Administrative Board. We've introduced the FAIL methodology, which is often used in engineering. That consists in having different approval gates, and they refine the project as it evolves.
That way, we're able to select the projects we find to be priority. Once a project that we're assessing passes, it doesn't mean it's passed all the way. It has to go through all of these different gateways. When we come with a FAIL 3, which is a request for final approval within the strategy committee, the strategy committee already knows the project back and forth. They know precisely where the risks lie and what can be mitigated, what's the risk-return ratio. It is a very sturdy process. This has allowed us to capture those premium assets you've heard about. Now, what are the most important criteria? There are others besides these, but these are the most important. First of all, we need the project to align strategically with the group.
We need to look at the market, location, the granting authority, how does that fall into our mix of assets, how does it fall into our portfolio. Also, synergies. We're always looking for assets that will allow us the largest synergies. Value generation, this needs no explanation. Our benefits or our return has to be significantly higher than our capital cost. Then cash generation, our payback in time to dividend. When we compare one concession with another, we will always prefer the ones that will allow us to share dividends to our holding earlier. Risk analysis. We currently have probability models that allow us to analyze and allocate contingencies line by line whenever we need to. Assessing P50, P70, P90 scenarios, also taking into account climate risks. With that, we can understand how resilient the project is according to those metrics we have internally and then select it or not.
Every project we select must fall in line with our ESG criteria. Last but not least, the consolidated view. We have Motiva's projections and our value vision, and we always run what we call plug-and-play analyses, meaning if we win or if we're awarded projects A, B, or A, B, and C, how will that impact our consolidated CapEx, our full leverage, and the dividends Motiva Holding pays its shareholders. As you can see, this is a robust criteria-full process focused on selecting the assets that will generate the most value to our platform. This is the result of that process. As you can see, over the past 18 months, we've assessed over 25 different projects. Fifteen of those ultimately became a priority and were studied more. We conducted in-depth studies on seven of them, and we started the auction process, and three of them were awarded.
These are three premium assets, so a success hit ratio of 43%. This is why we are very comfortable and very confident that the projects we're bringing into Motiva are actually the best ones available in the country. With that, I will now turn over to Flavio Pimentel, who will be talking about CapEx management. Flavio is the Director of our CapEx department. He's been with us for just over a year, a highly qualified professional with vast experience in civil works, contract management, and value engineering. He's the one helping us at the holding to fine-tune the process of the capital management process.
Good morning, everyone. I'm going to start by saying that in the past five years, we went through a relevant transformation in our capacity to execute investments. The work is synergistic, integrating engineering platforms, new businesses, supplies, risks, and technology, as well as several corporate areas that provide support to us. We managed to expand our CapEx by about 400%, and it's an expansion with quality. Considering the premium projects that were mentioned in the beginning of the session, in 2021, we realized BRL 1.7 billion in CapEx. In 2025, our estimate is to realize BRL 8.6 billion in CapEx, 5x as much as what we realized in 2021. We also made progress in assertiveness in the physical and the planned activities. In 2021, we realized less than 80% of all the planned CapEx.
In 2025, on the other hand, our trend is to realize more than 90% of the planned CapEx. All those advances are sustained in solid processes and mature governance. We work with multidisciplinary teams with different knowledges, strategic cooperation, so that we can have an overview of the business as a whole, so that we can reach excellence and have competitiveness when we are taking part in auctions, so that we can be competitive whenever we take part in auctions. There are engineering expertises in our platforms with a lot of knowledge, developing optimized solutions that add competitiveness in our auctions. Without forgetting our studies, our procurement levels integrated with engineering areas do a work of solution development aligned with our project. They are aligned with Motiva's commitments, our commitments. We also develop in the pre-bid strategic partnerships, which are very important to our businesses.
As to risk areas, we do a very cautious evaluation of all the risks, and we do a very pricing decision in relation to our contingencies. All the contingencies are adjusted to our business plan with competitiveness in the auctions. The legal area also prepares agreements in a customized way, meeting the needs as a company and also the needs for corporate safety and security, and allocating and defining the risks, and making a very well-prepared use of our guarantees and collateral so that we can have safe processes. In relation to the post-bid, we work with the CapEx management, and we use the FAIL methodology to plan in a structured way all the development of our engineering activities in such a way that we can define what's the maturity of the engineering expertise in each point.
In the pre-bid process, also in the post-bid, we work with integrated teams so that we can manage to have an overview of the business and we can maximize our results as a result. In our contract management, we have a CapEx committee, and they focus on a predictive management focused on innovation and efficiency. By means of using this governance structure, we are able to have an, we can ensure contract compliance, so all the contracts and agreements are compliant, and we can ensure that all the process can be traceable and auditable. Talking about innovation and technology now, I could give several examples, but I would like to focus on the investments that we make in the digitalization of engineering in the direction of Construction 4.0, adding smart intelligence, modern methodologies so that we can have efficiency, gaining productivity, and especially sustainability across all the process.
Procurement, as in the post-bid moment, we work with an integrated manner with all the engineering platforms, and we continue developing partnerships which are strategic to us. At this phase, we have qualified anticipated hires, which are very important so that we can be assertive when we execute our CapEx. We would like to address a project, and we have a graphic representation. At the company, we have two important cycles. The first cycle is more focused on engineering optimization, optimized solutions, focused on field studies. The second cycle, on the other hand, is focused on the contract management, focused on efficiency. When we look at the representation, we can see the orange curve represents the accrued cost, and it grows slowly in the first cycle. In relation to value, it's quite significant.
This first cycle is where we devote our engineering expertise, all the intelligence of engineering, so that we can optimize the CapEx and maximize the result of our businesses. In the second cycle, we look at the predictive management in such a way that we can ensure the deadlines and ensure the maintenance of our prices. This is a case of value capture with the integration of engineering and procurement. This was a specific project about an airport where we captured value of 30% of our CapEx by aligning levers of engineering and procurement. We made technical adjustments and reorganized the services, and we also involved the procurement by renegotiating contracts. Three combined levers led us to value captured and led us to a 30% improvement in this project. Another interesting case that we'd like to share is related to scope optimization, now about the roads.
A specific project that we had when we managed to reduce by 8% the value of CapEx, we also worked on value engineering. We had three levers: reduction engineering, soil treatment engineering to reduce contamination in the structures, and 30% reduction in bridge length. Three drivers which were combined led to the capture of 80% in the CapEx value. This is a specific project in the roads that cannot be replicated across all platforms because, as I said, this is a specific project and each project has its own peculiarity. As I mentioned in the pre-bid and post-bid moments, we have qualified hires as a very important tool so that we can maintain the assertiveness when we execute our CapEx. The CapEx of 2026, as to roads to be implemented in 2026, is already contracted.
For 2026, we have 60% already implemented and 48% of the CapEx has been contracted for airports. If we go to 2028, we can see that 51% of the CapEx to be realized in 2028 is already contracted as to roads. As for rail, 72% for 2028 is already contracted, and 64% of the CapEx for airports to be implemented in 2028 is already contracted. We make an average of all the three platforms: 65% to be implemented in 2026 is already contracted, and our projection is that we are going to get to 2025 with 80% of the CapEx to be executed in 2026 already contracted. We're going to start 2026 with 80% of the CapEx already contracted. I would like to share another action, a very important action in the procurement area, which is a program of supplier management.
We monitor the performance of our suppliers by means of KPIs of suppliers in such a way that we can ensure that the commitments of Motiva are completed and also all the risks are controlled. We have 400 CapEx suppliers being monitored. That would account for more than 1,000 contracts, and our target is to maintain 70% of the balance to be monitored. What are the KPIs that we chose? Of course, the KPIs which are aligned with our values, our strategies, our proposals, and our commitments. Namely, first indicator, operational performance. This is very important for us. The second one would be the financial health. Another one would be health and safety. As Settas has mentioned, non-negotiable values for Motiva. Another indicator is tax compliance. Joint documentation is another one, and environmental compliance.
We do, with this, the availability of our sustainability so that we can include that in all our supply chain and sustainability assessment. With this, I complete this introduction related to CapEx. We are going to discuss CapEx along the day, all morning. The platforms are going to bring what is being done in relation to CapEx for their respective platforms by their respective CEOs. I would like to thank you for your attention. Valdo, the floor is yours.
Thank you. Now, we're going to talk about airports. We have 20 airports, 17 in Brazil, 3 abroad. The airports based abroad are more mature. In Brazil, the airports are in a ramp-up and growth process. As to geographies, our portfolio in Brazil is present in the south, to the north, to the northeastern part of Brazil. It's a very diversified presence. This diversification of geographies, together with the diversification of level of maturities, considering all the airports, have brought us resilience and robustness, which is very relevant to our platform. In the first half of 2024, we had growth. This first half, we reached 23 million passengers. As you can see, the airports in Brazil and abroad all grew. This is a growth that is a result of a proactive action. The commercial area is very well involved.
We work with a number of strategic initiatives, including the expansion of domestic network to key markets, direct destinations using international hubs, lines that did not exist before, and regional routes to increase the connectivities of our parts with other airports. We can see the CAGR reached 16% in the first half of 2023, up to the first half of 2025. As to international airports, we understand they are mature airports, but we can adopt actions to increase them. We increase the frequency and we increase the route. It increased the load factor of our airports. Now, focused on Latin America and North America and Europe, these are the focus. In Curacao, especially, there was a big increase of tourism. Many resorts were built during the pandemic.
As a result, we went after this movement and we are capturing new markets that did not exist before, which were previously focused on the Netherlands. We are moving towards new geographies and Curacao's performance has been spectacular. In consolidated results, we had a 10% increase year on year of our demand. This results in an increased revenue. Adjusted revenue for this period grew by 15%. For commercial revenue, 16%. Growing just for the sake of it is not our purpose. Growth has to come along with efficiency, with value generation. We can see that our adjusted EBITDA increased by 23%, a CAGR of 23%, much higher than the growth of the revenue. That reinforces the importance of our efficiency program and our operational leverage. The OpEx , cash over net revenue, which is the largest that we have in our portfolio, dropped from 53% - 46%.
It's going to go along this downward trend, considering all the initiatives that we have been adopting. As for commercial revenue, it's a very important lever for our company. It's a big source of increase of commercial revenue, which is in airports. We have been restructuring our contracts. We are developing master contracts so that we can have a higher scale of our suppliers and therefore be more efficient. We have had a more efficient management of our commercial contracts. We revisited the different commercial contracts and we saw the service provider, the services prices. The mix has undergone some improvements. We optimized the mix and we maximized the commercial revenue for each of the airports and used the scale not only of the domestic airports, but including all the platforms so that we can bring imports and players. As to benchmarks, we compared one airport to the other.
There are different KPIs that we use for comparison reasons to challenge the commercial teams. Lastly, we also have additional sources to expand the revenue in real estate, media. In other words, we still have a lot to do and we are on the right track. You can see here that we have important projects of logistics warehouses. In Goiânia, we are opening two warehouses. We are going to be ready by the end of the year. They are 100% contracted. As of January 2026, they are going to start generating revenue. In Araxá, we have a warehouse which is likely to start operating in 2027. Now we have much more to do. The land around our airports is very large. We mapped out 50 areas where we saw investment potential in real estate, such as this, so that we can lever our commercial revenue.
2.8 million square meters of areas. We're offered this opportunity that accounts for 30% of this value. There's a lot to be captured yet. I don't know if you noticed, but we are signing a 45-year contract. The concessions will last three years. With the change in the regulations, we are making much longer contracts that would provide us with a financial economic feasibility much larger to this project. We'll maximize the return to our airports. It's important to mention that this week we opened in Goiânia Airport. We inaugurated the first pharmaceutical cargo terminal, which is refrigerated in Brazil. I was surprised to know that we didn't have that. As you know, Goiânia is a pharmaceutical complex, which is very relevant. We have just inaugurated this terminal, and as of the fourth quarter, we'll also have revenues coming from this area.
The focus is not only in increasing revenues, but also efficiency. I show the OpEx cash over net revenue and the results, and we can see here the cost per passenger. This is information provided by independent sources. We can see that we operate in different areas, and the comparison is with different parts of the globe. Regardless of how happy we are now, we are going to continue going for improvements. Also, safety. Our operations are focused on safety. There is a KPI that has been dropping by 30% since 2022. Our target is zero. We can see that in 2024, we reached zero. In this first half of this year, we stand at one, but we want to go below that. We want a zero accident culture for our company.
I talked about efficiency. Where does the efficiency we've brought in the airport platform come from? That comes from digitalization, innovation, and sustainability. We've centralized a number of vendors, which were third parties. We unified their contracts, enforced more demanding delivery conditions, and that generated efficiency and synergy via scale. We also centralized and streamlined a number of processes which were standardized. We also brought more efficiency with that. When it comes to digitalization, we've been introducing AI-based solutions in accreditation processes, for example. In accreditation, many people would do only that. It was a lengthy process of over 72 hours, which has now been reduced to less than 24. A clear result of the deployment of technology and how much it can bring efficiency. In terms of sustainability and circular economy, SEI actually awarded us the Green Airport Award in 2024.
That's because we were able to align efficiency and sustainability. We achieved efficiency by reducing 117 tons in metallic materials and also the reuse of a material that we use in asphalt. As you can see, sustainability can derive value. The International Airport Association widely recognizes that. This is not the only award we have been given. From our delivery quality and our customer experience, it has been recognized with many awards and very consistently so. Remember, our airport platform is relatively new. It's existed within the holding since 2022. The Curitiba Airport was elected the best airport in Brazil within this category. The Goiânia Airport, the most punctual airport. The Belo Horizonte Airport, the one with highest surface quality in Brazil. Of course, that's the result of our search for efficiency and customer satisfaction.
In our more mature international airports, we have been awarded in several different categories for several years. Our Quipport is the only Latin American airport with a 5-star Skyax award since 2020. It's also the best award in Costa Rica. I think that speaks about the synergy and what we've achieved in these more mature airports. Lastly, you must remember that last year we were strictly focused on our CapEx and de-risking this platform. We've deployed BRL 2 billion in investments to our airport platform. We've concluded our B-stage last year in this process. As a result, we were able to fully comply with our services indicators. 98% of construction has already been licensed by the national regulator, ENAC. There are works still underway in terms of offering new sources of boarding and expanding the parking lots. The new cargo terminal, as I just mentioned. The portfolio has been significantly de-risked.
Of course, there are still investments to be made. For now, these are smaller in size. With that, I conclude my presentation and turn it over to Daniel.
Valdo, I have to be very honest. You deserve my congratulations. You took the stage right after Miguel Settas, who's a showman. I hope I do not run into any trouble with the CVM, but would you like to host a show on CNN? That would be great. He, Valdo, resisted the pressure of coming after Miguel, just like his soccer team did last night. I don't know if you knew that, but André Salcedo has a line 16 violet called Abel Ferreira. I don't know if you knew this, but I think they've paid tribute to Palmeiras, his soccer team. I think it's important to understand about these prospects and results.
It's very interesting, as Miguel Settas did at the beginning, comparing it with the regulatory framework. We have the transport regulatory framework, which has grown very mature. I remember a time where we would have one auction a year for these federal roads, and sometimes no one would bid. Now, there's another challenge for a holding that has 12 different assets in their portfolio. It's important then to look at these opportunities, which is what Eduardo is doing. Over to you, Eduardo.
Thank you, Daniel. I hope you can all hear me well. Thank you. Thank you, Daniel. Good morning, everyone. I'd like to greet Roger from ARTESP, who's here with us, and also Marcelo Fonseca and Bezerra from the National Land Transport Agency. Thank you for your presence. I wanted to share six different messages.
If I'm competent enough in my presentation, by the end, you'll have understood all these messages. First of all, I'd like to talk about how we are successfully delivering on our toll road strategy, which is part of the Motiva strategy Miguel talked about. Second, how we are leading and using innovation to deliver efficiency, sustainability, and becoming more competitive, in addition to deriving value to our shareholders. The third message is how on point we were with our bids, especially the latest ones, with smart decisions and how we are de-risking this portfolio very successfully. The fourth message is our execution capacity. Flávia talked about our CapEx, a higher CapEx volume, and how we're doing that with excellence alongside our partners. Also, how we are leading the railway or the highway industry, impacting society profoundly. I’d like to talk about safety.
As you may know, this is the National Accident Prevention Day. Lastly, how we are addressing complex issues in our concession contracts, adding value along the way. For those who have been to our events before, you know that we've faced the challenge since our last CCR Day, now Capital Markets Day, which was to extend the duration of our portfolio, seeing as some of our contracts were maturing. Meanwhile, we wanted to add value with quality. Today, I can safely say that not only do we have the largest toll road platform, but the platform with the highest value when it comes to value generation. Miguel has talked about this, but if you could look at our internal documents last year, we were awarded precisely the top priority assets we had in our strategy. We implemented it very successfully.
I’d like to show you that we've been investing in innovation and technology for a long time. You'll be seeing this along our presentation. That’s why we've been so competitive and why we've become leaders in our industry. I'll give you an overview of what we consider a smart road, looking at 2035. The way we plan for Motiva and for our toll road platform, what we do is imagine the future, outline what that looks like, and chart the path all the way there. Much of what you'll see, we're already working on and already delivering. These are topics one and another company are adopting, but generally speaking, we do not see anywhere else what we're seeing in our toll road platform. I'll start by talking about automated traffic operation monitoring. We were the first company to establish a partnership with Waze to manage our traffic.
We're talking about dynamic signage control. What we have is dynamic lighting control, which should be available across our concessionaires. Also, demand and risk intelligence, and I'll show you how assertive we've been in demand forecasting, and how we're adding AI to that. I'll talk a little bit about sustainability. As I'll say later, Motiva is the only concessionaire with a research center, a pavement lab, which is outside. You'll be able to look at it, and we'll also watch a video. We have been very skillful in using what we call reused asphalt. We were the first company to use that last year, not only in our asphalt mix, but also in landfills, showing how much potential we have to reuse up to 100% of that material. We've talked about safety as an obsession for the company, and I'll give you two highlights.
Flavio and Miguel talked about labor safety and talked about TFI, and we've been investing a lot in that, and we've been talking about that a lot, using equipment, identifying daily intrusions with equipment on our roads to protect our employees. Automated incident response. With our detection cameras, we can also make our roads a lot safer. Connectivity is at the heart of everything. In the medium term, we expect cars to be all connected to the road and connected to one another. Connectivity is at the core of everything. As I said last Tuesday, in the most important logistic corridors in Brazil, we should have full connectivity over the course of the next three years. That's already embedded in our new contracts, but we've been discussing with the granting authorities to add that to our existing contracts as well.
We are the first company to have a full free-flow toll road, which is Rio Santos. That has accelerated the way the industry is introducing free-flow. That's embedded in our new contracts, and we expect new contracts in different industries to have that included as well. We are talking about a fully digitalized asset base, and with that, we're talking about digital engineering. We're talking about BIM 5.0 for engineering, for maintenance. Lastly, smart maintenance, sensor-equipped infrastructure, so that we can have not only preventive maintenance, but predictive maintenance, which will make it a lot more efficient. This is a summary of what we believe smart roads will look like in 2035, and we are paving the way to get there. We're talking a lot about efficiency.
This efficiency target that Miguel talked about is what we've been investing on, and I think the Toll Road Platform has an important role to play in order for us to achieve that. Here you can see the cash OpEx /net revenue ratio has a very important role to play. We're looking at major results, and those efficiency levers that we've already identified and deployed will help us reduce that curve to a lot more aggressive levels. We've been working with many efficiency levers, a few MVPs where we spend little money, test, and then scale within our own platform. Now, along the lines of what I mentioned earlier, I would like to show you how accurate we were in our bids. With the first asset, Sorocabana, this was part of VOS. As Miguel said, we know this asset really well. We had been studying it for a long time.
Traffic adhering is absolutely in line with what we had calculated. Our debt cost, by an opportunity we identified right after bidding, we were able to secure funding that was very competitive. Here in São Paulo, our contracted CapEx is at 43%. It is not higher only because São Paulo is a market that has many opportunities. We decided not to secure a higher share of CapEx just so that we could maybe make the best of future opportunities for additional savings. We will start collecting in the Sorocabana tolls just as we predicted in our plan on October 1. The state decided to change a few gantries. We are signing an amendment this week, which will allow us to preserve the economic balance of this contract. PRV, most of this is included in RodoNorte, which we also know really well.
You remember from a call we had with investors and analysts to introduce the PRV as project. Traffic from the outset was over 40% of what the government had presented in its study. That has exceeded even our expectations, which means we were also very accurate in our traffic projections. When it comes to debt costs, we were also able to secure even more competitive costs than we expected. The market in Paraná is a bit more complex when it comes to availability for vendors. We secure close to 70% of our CapEx for 2029. Motiva Pantanal, this was the first contract we had secured in the country. Here, the risk framework is a lot more balanced. I don't know if you remember, we had great competition across models. Now we have a wide range of demand, which protects us from that competition.
With Motiva Pantanal, there's a transition period, and we have three-month targets we need to fulfill under penalty of having our capacity accelerated. What we did is we established partners for 100% of the main construction projects for the first three years of the concession, which makes us very confident. We started working on construction right after the auction process, even before we signed the contract. Flávia mentioned here, there's a huge challenge with CapEx here, and the market is looking very closely at that. I just wanted to add a few details per concession as to how much of CapEx has already been secured. With complex construction, we already have 75% of Rio SP, with PRV is 69%, Motiva Pantanal 72%, and Sorocabana 43%.
This is only possible because we set up a very smart partnership strategy to develop these projects since the pre-bid stage, which allows us great confidence. Even so, we can make our competence tangible, our ability to spend complex CapEx, I would like to make a few things tangible. This is SPVs, and it might be one of the last construction works in the original SPVs contract. We started with over BRL 1 billion that was already secured with SPVs. We'll be talking more about this later, but we are in the final stages of negotiating with the state government to include new investments to add value to this project. In Autoban, we are working on a large-scale asphalt overlay. This is being conducted in the night shift. This allows us to put into practice everything that we believe in terms of safety and sustainability.
We've been able to use 68% of the generated RAP, and we've already rubberized the asphalt in a significant amount. One of the most important projects we have is the Serra das Araras project in Rio São Paulo. This might be one of the best examples of the strategy Flávia mentioned when it comes to strategies. This was something we developed pre-bid alongside the partner that is working on this project. We were able to secure it at the exact price we had calculated. This is a complex project. To give you an idea, we are essentially building a major highway within this mountainous area. It's an outstandingly complex work. Just to give you an idea, the project is finishing one year earlier.
We are now in advanced negotiations to be able to deliver it one year earlier and also to be able to apply an additional percentage to our tolls. The Rio São Paulo is no less complex. This is in the metropolitan area of São Paulo, a highly complex area. Might be the highest traffic volume in Brazilian roads across the country. This weekend, we will be delivering the entire metropolitan area of São Paulo. We've delivered the overpasses that connect with Fernão Dias, also the overpass that connects with Elie Smith. We're now working on two final work of art enlargements. I just wanted to give you an example of our ability to generate a competitive edge in our projects. For those of you who don't know, the plan predicted a reversible lane. During the day, you'd have three lanes in one way and three in the other.
At another time, you'd have three lanes going one way and two going the other. Our solution was cheaper, or it was more economical, and we've now delivered 100% of the lighted stretch and 100% of connectivity in that place. This will be the first road with variable rates throughout the day. We'll start charging them in the second half of October. Via Sul, we're also finishing an important stage of investment in duplicating BR 386. In the coastal road, the most important works were the marginal roads and also BR 101. To make it tangible, this was also delivered within schedule. Talking about efficiency, we've centralized our operational control center for all our operations in the city of Jundiaí, creating major synergy and providing better service to our customers.
We introduced a chatbot that already accounts for 52% of our service, which shows this was a demand our customers were expecting. We didn't mention this about PRV, which was the first to have a fleet of tow trucks that was hybrid. With our existing technology, we expect to replace our existing fleet for one of fully electric vehicles and hybrid vehicles by 2029. We've also revised our conservation model, improving the quality that we provide and also delivering greater efficiency. Now, what have we been doing in terms of value engineering as well? In the case of Rio São Paulo, the image that you see is the largest rest stop that any concession offers in Brazil. This was built with CapEx zero. It will have OpEx zero throughout the concession period. We were able to secure this in partnership with a major gas station operator.
Only Motiva can do that. Now, what have we been doing in terms of technology? In our asset, within our assets, we've also been using technology, satellite-based technology. That way, we can better adjust our teams that work on maintenance. By 2027, we should go from 35% mechanization to 50% mechanization, which will allow us to, in the future, reach even higher percentages. Our control center is also embedded with artificial intelligence so that we can better serve our clients and also work a data-oriented management. I'll show you a quick video so you understand what our research lab looks like.
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Congratulations on CPR team, who are here in person with us. Along the lines with what I said, when we dream about the future, when we said that we wouldn't have money in the booth, two stations, but we have, we are reaching 5%. What you see on the photograph is the first totem to serve commercial vehicles, and it was very successful when we implemented this strategy. Here, I also mentioned that we have an obsession for safety. Toll road platforms, we are at the level of one, excellent per million, and we want to reach zero. As to safety, as leaders of the sector, we are obsessed with this topic. I would like to talk about road safety. We have always mentioned that we managed to reach important results, reducing accidents, and we have European level standards as for reduction of accidents in the concessions.
We want to change this level. We are investing in a campaign to use mobiles in a responsible way. You are going to see the campaign that is out on the streets. We have partnerships at very low costs, and this is already included in the campaign. It has no cost, a low cost to us. We recognize the need to use the cell phone in a very responsible manner. As we had a campaign for smoking, we have a partnership with Tim saying, if you are going to drive, do not use the cell phone. Contract management now is the topic we are going to discuss, and this has to do with the regulatory environment. In São Paulo and at the country level, we have been seeing this concern in regulation. We have an environment to talk about complex topics.
The impact of COVID also required some balance, and we worked together and developed a consolidated methodology. We like to formalize the impact of COVID, and we expect to finish this still this year. Here are São Paulo claims, and we had an extraordinary event in Maracatiba. We managed to strike a balance, and we got BRL 160 million as part of the requirement to make the adjustment in São Paulo Road. We also include the impact of the pandemics and wars in the materials that we use. The methodology and this imbalance caused by those causes are also included. We are also making some negotiations with ANTT as to the impacts of the climate events. In the line of value captured, we have been working on this. Yesterday, I was talking to the secretary, and he knows that I am going to mention this.
We have been making negotiations with investments in the SPVs and out-of-burn contracts. We have already made large investments in those roads, and those investments are going to be included. We are going to make balances that will generate value to our shareholders. Now, talking about growth, I would like to reinforce what Miguel mentioned. We have been very disciplined. We have been improving the efficiency of our studies. When we do the risk analysis, we can see the dots in different regions in the map of Brazil, just to show you that we have opportunities across Brazil. Motiva will not look at all the opportunities in all geographies. We know what are the geographies we want to operate. We understand what are the characteristics of the projects that we want to develop.
I would like to say that we understand that there are assets to different players, different sizes, different levels of constructions, with geographies which are more or less compliant with our strategies. We are going to continue to be very disciplined and deliver value to our shareholders. I would like to invite André Salcedo to continue.
Thank you, Eduardo, to take us along this pathway filled with the achievements, premium assets that were conquered by the company in the past 18 months. We also had the MS Via Consensual Solution, which was the first consensual solution related to this agreement that brought along a reshifting and optimization of the portfolio of the company. It's very important what Eduardo Camargo mentioned related to the smart road concept. A more intelligent operation focused on safety, including the monitoring activities and looking into the future.
Another highlight that I would like to share in relation to Eduardo's presentation is how he showed the controlled risk reinforcing our CapEx assertiveness and our anticipated hiring of personnel and vendors. In the flows of investments, we have a large part of the investment already contracted. That shows how we control risks. Following the agenda of our agenda, I would like to invite somebody who has just joined the company, André Salcedo, our CEO of our rail platform, to discuss a very important segment to our country, which is mobility.
Hello, good morning. Good morning. Wonderful. I'm very happy to be here. Back on the game with a selection of a group of celebrities. I would like to thank you for the opportunity of being here. I would like to thank Raquel. This is how everything started. After a talk, I would like to thank the board members on behalf of our board chairman, John Smith, all the confidence you have placed on me. It's a very good company considering all the background of the people, of the company's history. It's a company with a focus with history. It has a unique human capital. Motiva has a reputation, developed a reputation, and evolved all those structures along the time. Therefore, we have a human material which is very rich and with which we can work. I'm very happy to be here to present the rail platform. It's a unique platform.
There's nothing similar to that in the country, considering the asset quality and the potential that the assets have to generate value. When we combine the qualification of the government and our intention to improve the services and provide better services and value generation, we understand that this platform is a driver for our services to expand and expand the quality that we can generate, serving the population. This can be done by means of new concessions and the adjustments that we can make to the agreements. Motiva Rails, we are the largest urban mobility operator in Latin America, the seventh largest operator in the world. We transported 370 million passengers, about an evolution of 4% in the CAGR terms from 2023. We have pre-pandemic already reached. That accounts for 189 kilometers of railroad tracks in Brazil.
Across Brazil, Rio de Janeiro, Bahia, we have about 7,000 direct employees to make this gear work. We have 124 stations. Something important to mention, since last year, we work with renewable energy at 100%. For those who do not know me, I'm from Bahia. We operate in Salvador City. I was born, I was raised in Rio de Janeiro, you can see from my accent. I work here, and we work with rails. This is the most technological platform that we have at present. Via mobilidade, so we have all those lines. Via mobilidade lines 8 and 9 is the most recent one that we have. From this learning and from this structure, we analyze the learnings and we apply in the new businesses.
It's a 13-year duration platform, and we are always discussing with the government how we can possibly expand this duration with the new services that we can provide. This is something, this discussion that involves the government and the regulators.
We transported 370 million passengers, and there was an evolution that we can see in the blue bar. We can see the evolution of the revenue. There are some adjustments along the way. We moved from BRL 1.404 billion to BRL 1.910 billion in the first half of 2025. The differentiator in terms of value generation is something that is combined with services. This is a result of the commercial activities that we call ancillary revenues. These are related to the modes of operation that started operating. We have been diversifying our commercial strategy by means of the work done by João Pitta, who is also in person here with us, in the search of alternatives to build value, establish partnerships, offering better services to our clients.
Along the time, as we evolve with those initiatives and also with the new meaning of the vocation of each station, we have been increasing the leasable areas that we can see. We more than doubled the leasable area in the period, reaching 14,000 meters. This is aligned with our strategy of rebranding or rethinking the brand and retrofitting our stations. We have two retrofitting underway that are about to be re-inaugurated, which are Pinheiros and Faria Lima, where we look at sustainability, where we look at the new flow, and we also look at the commercial potential of those areas. Also, sustainability, a more optimized flow, a more rational use of our structure. A look at the climate resilience, several initiatives that are converging into the group strategy. All those initiatives of optimization, different value of, in addition to what has been granted to us, what can we add?
We also look at the cost allocation. We look at a new portfolio. All those studies allowed us to have a reduction of cost. There's another factor which is non-recurring. When Barcas operations exited our platform, we can see what happened in 2024 to 2025. It is an agenda on which we are going to continue working so that we can direct the company into a more efficient production so that the OpEx/net revenue can be below what we are targeting. We moved from 51% to 80%. That is reflected in the EBITDA margin and the gross EBITDA that also increased in a significant way, a CAGR of 16% up to the first half of 2025. How did that come about? In addition to the turnaround, the optimization of the portfolio that are now stable.
We operate Line 9 at service level, which is adequate, which is proper, that we consider to be ideal. We are going after the growth of value generation, and we expect to have some news along the time. In addition, items that Valdo has already mentioned, we have been working on a change in our maintenance profile, predictive maintenance that would optimize the stoppage of the trains for the proper maintenance. We are going to follow what the manufacturers recommend, and we also will adapt to our needs. We're also going to include a relevant reduction of energy that comes basically from the migration for self-production. In addition to having 100% of our energy coming from renewable sources, in the beginning of last year, we have a strategy for self-production, and we know that we can make headway in this direction. Self-production of energy involves some regulatory incentives.
The cost of energy will have a more predictable, manageable result in the long term. We are going to zero Scope 2. Now we use 100% renewable energy, and the effect is on sustainability. Sustainability cannot only be in the media. It has to have a direct impact on our costs. One of the largest costs is energy, is electricity. We have reduced BRL 26 million, which is higher than 20%, which was our target. That contributed for the target that we set of 20% that we established. Safety, which is very relevant to us. We have a target to reach the LTI below 1. We are going to work in this direction. We have been working hard so that this can be decreased. This is an obsession that we have because that involves the lives of our employees and also the lives of those who use our structure.
This is our priority. To make this happen, we need investments. In the past 18 months, and in June this year, we've invested more than BRL 2 billion in materials such as trains. We invested in 34 stations in Buitão and Santo Amaro, which already have this concept of sustainability and a better flow for the passengers. We have 10 substations of energy to provide electricity resilience to our operations. As we can see, climate events are ever more often, and we need to have a resilient structure for this type of mode. This is something that we must have.
Ok, great. What's the potential of the rail platform? We have operating initiatives. We can reduce costs. We can increase CapEx together with Flavio. When we look at CapEx in a holistic way, how can we better allocate our investments? There's another lever, though, that is coordinated by Valdo, and Marcos Rosa is also included. We wonder what we can do from the financial view to enhance this. We also have a third lever that increases the value to shareholders, but also to those who use our lines and to the passengers. We understand that we need to negotiate with the regulators and say, what can we improve? Can I invest more in technology? Can I change the materials that I use? Can I change the routes? Can we expand the lines? This is what we've been doing with line 4. This is what we did yesterday.
Alexandre Hiper is the president of the agency with which we negotiated. We discussed what we can do to improve the lives of our users. Line 4 is going to connect Taboão da Serra Municipality. It's the first station out of São Paulo. We are going to add 55,000 additional passengers per day, helping those people's lives and reducing the commuting for those periods and providing more opportunities for people to study, to practice sports, rest, whatever. It's a safe mode. You can use your time in a more useful way within the mode. It's a very efficient means of transportation, providing something unique, which is the time they have. Taboão da Serra and Chácara do Jockey are the stations which are going to be underground.
We are going to do a different structure, different technology by means of excavation that ensures that more control can be exerted for the construction activities. We are about to announce those new attachments. Line 5 has a proposal for extension to two other stations, up to Jardim Ângela station. We are going to meet 55,000 passengers a day. We have already published the bid for the pricing of this event. We have started the negotiations with the government so that we can understand how we can allocate all this structure and include those new stations. Wonderful.
What else André? There's a lot. We have an ambition for 2035. We are going to use innovation technology. We are going to adopt new ideas to our platform. Autonomous trains. This is a reality that we have today. We expand this so that we can reduce natural failures caused by human professionals.
We are going to combine autonomous trains with people. We also have a smart station service, robots, and visual programs, digital twins. The metro station is the one with the best vocation to use this technology. These digital twins would replicate the real world. We know in real time what is happening on the rails, at the station, at the moving vehicles. We can make the proper monitoring and make decisions whichever is needed. Maybe stop the operation and make the changes. This all demands investment, demands attention in technology. It makes a lot of sense for us to include this technology in our operations in Brazil. Sustainability. Regenerative braking. It has a lot of potential to evolve using batteries so that we can use the energy generated when braking in our batteries. This can be used for sensors.
We can also use sensors to monitor the number of people, and we can check whether it's too cold or too hot so that we can also save energy. Safety, again, our obsession. Facial recognition, artificial intelligence being used to identify people who are being looked by the police, people who seem to show erratic behavior. We can help those people to find their ways if they are looking for service. You can provide a more humane service. We can be closer to the population. We use technology to see what's happening in those stations, synchronize the doors and collision systems to reduce the number of intervals between trains. Client experience. Subway stations are part of the coming and go of everyone. 300,000 people, 750 million people per year.
To provide this integration, more modes arriving at the same place so that the commuting experience can be improved, provide more convenience, use the space for convenience and providing services, clinics, purchase birthday cake to your child. These are possibilities that we can see. These are actions that are not so often used nowadays. Airports have a great potential to be included in the other modes. Use of lockers, partnerships with logistics companies, omnichannel channels can be connected as well. We can add services. We can add life quality. We deliver more time to people. Smart maintenance. Not only maintenance of our train with real-time monitoring of the conditions of the trains, but that would include the training of our employees using augmented reality and artificial intelligence. We expand the training to different people. These are all things that we are studying. This is not only a future.
We have 10 years ahead of us. What have we been doing nowadays? Line four is the most technology service that we have. Service level is very high. We transport millions of passengers a day. We have an expansion project for the autonomous trains. We also have a smart center checking whether the trains are dented or not. These are all things that can be improved by using cameras and train component monitoring at the stations. Again, I go back to the smart predictive maintenance activities. You would know when is the right time to make any changes or make any adjustments, not only according to the manufacturer's manual, but knowing where you can act at the right time, at the correct cost, and save money and deliver a better service. An example is the oil change.
You can measure the viscosity of the oil and know what's the right time to make the oil change. These are actions showing that we are walking fast towards this goal. Wonderful. In addition to having an excellent platform with no parallel service, where else can we go? How further can we get? We can have a focused project that would make sense for us using the same methodology presented by André and Flavio, the FAIL methodology, that BRL 60 billion in CapEx have the potential to transport more than 4 million passengers a day, adding to this network. More than that, providing opportunity for those clients and passengers to be served by us. I would like to thank everyone for the opportunity. It's a great pleasure to be here. We'd like to thank the team.
I wouldn't be able to mention or to say so many things about the smart technology if they hadn't taught me this along those 10 days. Thank you very much.
We're reviewing all of them. If you want your name on one station, just talk to me and João Pita and we'll get that settled, okay?
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Are you sure you've been with us for just a month? Actually, less than 15 days.
No, here there isn't...
Aren't you fooling our entire audience? I feel like you know too much. There's no choice. Either you're trained or you're drowning.
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André was CEO of Sabesp, comes from one of the sexiest areas in infrastructure, which is sanitation, but I think you'll have fun with us as well.
After having looked at our results and strategies, all of which is critical to our conversation here today, I'm sure we need to bring two absolutely important aspects to our conversation. One of these aspects is the people, because they're the ones who make it happen. Transformation is only possible via culture, engagement, well-being, development, and maintenance of our talent. Another dimension we must also add to this conversation is the respect to the regulating agencies and our partnership with the granting authorities, respect to our contracts. All of these pillars ensure stability, predictability, security for Motiva's business endeavors. I would like to propose a conversation based on these two points I'm mentioning, and I'd like to bring on two critical characters for that purpose. Our Director for Organizational Development at Motiva, Raquel Cardoso, and our VP for Legal, Governance, Compliance, and Government Relations, Roberto Pena. Welcome.
Now I'm going to do what I like best, which is to ask questions. Raquel, [Foreign language]
Raquel, let me start with you.
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You've been with Motiva for one and a half year?
Yes, one and a half. Time flies, right, André?
All right, let me hear from you. Out of everything you've seen in the past 17 months, what would you say were the most impressive developments with regards to people and what's ahead for you?
Okay, thank you, Daniela, and good morning, everyone. I think a year and a half was enough time to understand every challenge, and most importantly, ever since I arrived, I was able to position the people department with Motiva's strategy. We've looked at the challenges, our 2035 ambition, and our role as enablers of the company's value generation. I actually have a slide where we try to put our strategic plan in the business department with our most important strategic building blocks.
Because more than a symbol, this gives us clarity and shows the need to accelerate what we call skills or competencies, our talent attraction, and being an employer brand so that we can have the right people at the right time and address the right challenges to be able to transform the company. Ever since I joined the company, obviously, I was very connected with the business, and I was bringing all the competencies within the people's team to the business department. A few priorities came up, and I'll mention a few of them. Most importantly, we wanted to continue to consolidate the strong culture we have, which is translated in our three I's in Portuguese: integrity, integration, and impact. This is something I think we've been living in practice more and more via a more and more human leadership, more technological, and more sustainable leadership as well.
I think that our culture paves the way for leaders to play their role and develop people, ensure a good succession pipeline, and also sustainability and operational excellence. Culture and leadership, I think, was our main focus, first and foremost, and I think the second was to create an environment that's more and more conducive to learning. Of course, having the right skills, and within everything that we've seen, accelerate distinctive skills, whether that's for CapEx spending, digital innovation, people, and to bring that talent to the company, whether that's attracting people from outside or building those skills internally. More and more, I think that the people department and leaders must be curators of this learning conducive environment. I think that learning and development were already a focus of the company, and now even more in face of all of these challenges.
Lastly, I'd be remiss not to mention, because all of my colleagues did, mentioning safety. Our health, safety, and well-being building block is an obsession, and I always like to say a precondition. It is a condition for us to have perennial and sustainable results within the company. Yeah, everyone talked about our targets, so we'll see after a few years.
All right, Pena, let me bring you into the fold. How do our legal frameworks or regulatory frameworks have affected the business, the predictability, and the legal certainty of Motiva's contracts?
Coming to this event from Brazil, of course, I can bring up two cases. We have Gustavo Borrero and Patricia Lira, who deal with this on their everyday lives in Brazil. We've had two legislative groups where it is very challenging to be able to approve a new regulatory framework.
You approve one in urban mobility at the House, and it goes to the Senate, and then it stops. These new frameworks have added predictability and security to Motiva's contracts. Daniel, as an infrastructure specialist, will understand very well what I'm about to say. A concession contract usually lasts 30 years. A regulating agency, a regulatory board, will stay for five years. Usually, we see several boards during the duration of a contract. Usually, we would see things change according to the different boards. That's no longer the case, especially ANTT and ARTESP have worked to stabilize and create a uniformity in how these agencies work, to also add predictability and certainty of what will happen. Even though the PPP regulatory framework is still being addressed or being discussed in Congress, I think that the regulating agencies are way ahead.
If they take too long, that regulatory framework will be outdated once it's approved, because these agencies are adding a lot of efficiency and confidence to these investments. I don't think we have the slide up yet, but ANTT, for example, has issued five different road concession regulations, creating uniformity in how it looks at these contracts across its different stages. ARTESP brought all of these regulations it's issued and will issue over the next two years. We have predictability about what it will do over the next two years, which brings a lot of confidence to what we do. I think to these agencies' merit, we are now in an infinitely better place than we were a few years ago. Even if the boards of these agencies change over time, these initiatives that they took will allow us to continue to have predictability.
All right, I'm back.
Now, Raquel, we're seeing significant strides when it comes to diversity at Motiva, but I just wanted to understand what the next steps will be in terms of representation, especially when speaking about gender and race. Not to be politically correct, what do we have that's tangible?
This is a constant issue. It's on the agenda of our Executive Board and our People's Committee. Last year, we launched our governance program so that we had the right rituals and a way to monitor via targets and indicators which were clear. What do we want as a company and how do we want to position ourselves? Now, what are we saying when we talk about diversity, equity, and inclusion? We're actually talking about respect. We're talking about having our society represented within the company.
I think that a recent data point that we have from our engagement survey shows how minority groups who are part of Motiva nowadays feel respected and feel a sense of pride and belonging to those communities and also have a sense of justice. I think that this first stage of leadership, literacy, sensitization, selection, recruitment, all of this work has been done. We now have a solid foundation. What we need to do now is look at our development, succession processes, and have intentional projects and initiatives to trigger. For example, yesterday we launched Impulsione, which is our first mentorship program for our race pillars. We'll be working with our Black talent to train and accelerate their readiness for the managerial pipeline. Between mentors and mentees, we'll have 40 people who will be upskilled and monitored so that we can have more and more equitable opportunities across the organization.
This is one of the institutional examples that we have, but also nowadays within our platforms, also under our colleagues, we also have a number of initiatives underway. It's about looking at the community where we are positioned and being able to develop that community. It's to offer them opportunity. It's also to look at upskilling and reskilling opportunities within the company. This is not just a program or an isolated process. This is part of our associate journey within the organization. I think that's how it should work in a natural, free-flowing way.
All right, Pena, I'd like to bring back a topic that was raised in our previous presentations, which is our contractual amendments. We talked about line four yellow, for example. Now, let's take that as an example, but maybe extend that to other platforms as well.
If we're to think about these agendas and the opportunities that have created for the company, what has that allowed? What are the regulatory processes? What type of dialogue have you had with regulating agencies to allow this topic to move forward in such an interesting way in the last few years?
Daniel, I think the way agencies look at the future is very much in line with Brazil's needs. What they're doing is staying ahead of the fold and trying to have technical conversations with our business platforms so as to develop new projects, much like the ones we've presented here today. In addition to that, I should highlight, and this is something that was also mentioned in previous presentations, those are two topics.
First, the renegotiation of contracts, such as the CSEC, ANTT developed within the agency itself a way to eliminate conflict within the granting authority and the concessionaires, which has been very productive in that it shifts away these issues when it comes to infrastructure. I think that was critical for the safety of our contract. Also, the rebalancing of these contracts. Before, when you were to rebalance the contract, it took three or four years before a final decision, and then you added an addendum. Nowadays, we've mentioned, for example, COVID. You don't have to wait until the entire administrative process for that to be recognized. Imagine, it takes four years, and after three years, the bill that you have to pay will no longer be the same. It will be much higher.
This device that they developed, once the merit is acknowledged, executive measures are already established to rebalance the contract. Throughout the process, that will be adjusted, what we've received up or down. To your first question about stability and development of new business, I think that these two topics have provided very good conditions for us to develop our investments.
All right, is there any pending item, or put another way, are there still challenges in a regulatory sense that might help you move forward with new investments within Motiva in the next cycle?
I could mention one major challenge, which I think is not only facing Motiva, but any infrastructure company. If we were to eliminate it, it would be favorable to everyone, which is environmental licensing in the country. This has been a huge bottleneck for us.
Just to give you a few figures, IBAMA, the environmental agency, was at a standstill for 23 or 24 months. That's nothing because environmental licensing took 23 years to be approved, right? Yes, exactly. Over the last 10 years, we also saw an increase in environmental licensing requests from 13,000 to 4,000 more. I think that we need to look at that issue very carefully. We need to better equip the agency, improve its governance, and streamline processes so that, and I'm not talking just about Motiva's processes, but we need that so that we can deploy the necessary investments. This is a topic that our engineering teams are bringing forward many of their projects because they know this will have to be dealt with.
Institutionally, with the help of ABDIB and ABCR, we're also pushing for the government to offer a solution to this major bottleneck in the infrastructure industry. I'd like to thank you for bringing this up because looking at the General Environmental Licensing Act, I see that the scarcity of personnel at IBAMA was mentioned very often by those who resisted the progress of this project because there was no structure for it to move forward. The lack of personnel should not be a clutch for the lack of improvements because, of course, one mistake doesn't justify another.
Now, going back to you, Raquel, earlier, Miguel mentioned cultural transformation. During your term, how have you been addressing this agenda?
Culture transformation is not a specific project. It is a process that you live in your everyday work, especially when it comes to decision-making.
When we were determining the outlines of our culture two years ago, we have been working on how we understand these three building blocks: integrity, integration, and impact, and what type of behavior we expect across the organization so that we can deliver more results and derive more value and become more sustainable. You can't talk about culture without talking about the business, just as you cannot talk about people without taking care of the business. What we want is to become more of a protagonist in that sense. We want our people to be really architects so that we can define the application of symbols, systems, and attitudes, and really spread this culture wherever our employees go. Now, as an example of symbols, we talked about the change in our brand. Recently, we also moved the space where we operate our headquarters. We need more open, collaborative spaces.
Another effect, we want to symbolically reflect what we want our people's behavior to look like. Our discussions nowadays, whether in our talent fora or our development programs, we always want to bring succession as a topic that must be assessed and considered a risk, a source of risk for the organization. You mentioned the lack of manpower. We need to look outside and inside the company and prepare the company for the future. That's connected to that culture of looking forward to generate more value. When it comes to collaboration, unless we live that in practice, the topic of simplicity, which is another value of ours, without that, we can't create a digital innovation-based culture. We need an environment that's conducive to psychological safety, where people can feel confident to try out new ideas.
The new trainee program was mentioned, the digital literacy, the review of our HR processes, bringing more technology. We're moving out from 35 different systems to have 12 systems only over time. We're adding more efficiency and convenience to our associates and to our leaders. There's no point in having our culture hanging on the wall unless it is translated into symbols and behavior. Yeah, that's a strong culture, right? Culture is not a picture hanging on the wall. That's very, very important.
I will apologize for my lack of manners, but I will ask to put a pin on this conversation. The fact is we need to move forward with the event. As we rearrange things here on the stage, I would like to ask those of you who can to please do what I'll ask you because it's really interesting for those ahead of these processes at Motiva.
If you could please scan the QR code that we have up on the screen, this is a survey about Motiva, and your opinion is extremely important to us. This is not lip service. If you can, please go ahead. It will help the team immensely to understand a little bit better how people see the company. We will now go into a session that has no specific time frame, which will be a Q&A. Now, my honest recommendation as a reporter, we often have questions about whether our question is pertinent or whether we're being naive in asking this, but that's never the case. It's just that the sentence from a football player, there's no such thing as an ugly goal, except no goals. There's no ugly question. The ugly thing is to not ask the question. Now I'd like to ask all of you to really ask away.
Please, Miguel Settas, Valdo Perez, Eduardo Camargo, and André Salcedo, as well as Flávia Godoy, please join us on stage for the Q&A session. As a reminder, if you have a question, please raise your hand, and I'll try to make sure that every question is answered. I'm sure your friends, please agree on who will come first.
[Foreign language]
You can stay here.
You can stay here.
I will kick off the session, and right after that, I'll hand it over to you. I have just the starting question, which I will ask Miguel Settas. Miguel, Valdo and you left me with the impression that when Motiva looks at new assets and new opportunities, there's a natural tendency of looking at assets that will generate revenue in the short term or are already generating revenue. Of course, considering it's a brownfield. In this case, thinking about your planning, what would a project such as Tico Sorocabana look like? A project that would take years until operation starts, or say line 16, Violet, of the subway. How does that speak to Motiva's strategy?
Thank you. Thank you for your question, and thank you for seeing in such a high-spirited way.
This session, which has a high analytical burden and is very heavy with information, it makes it all lighter and friendlier. We have an allocation framework, a capital allocation framework that's very well defined. This was shown clear in Valdo's presentation. He talked about our time to cash, our risk assessment, our sustainability assessment, our consolidated impact. Whenever we look at a project, we run that analysis holistically. There are projects where we have a value generation bias, where you might have anticipated revenue that is more immediate, or projects that are more backloaded. That's included in the general analysis. It's part of our framework when we assess any project. Any specific characteristic that might not be as aligned with our preferences can be excluded.
What Valdo showed is that we obviously prefer projects that will generate value more immediate with a faster time to cash, which will not exclude from our analysis projects that might generate value longer into the future. The takeaway message that we want to make very clear for you is that our value generation logic is always focused very clearly in a very well-controlled risk, which is why today we communicated a more focused, synergistic, profitable, and selective strategy. Whenever we look at a project, this entire assessment has to lead us to a risk-return ratio that's appropriate. That's why we run the scrutiny that we do with every project. You asked about two projects. Thinking, for example, about our infrastructure, as André Salcedo well explained, we have lines eight and nine, which show great synergy with Tico Sorocabana, which you mentioned in your question.
Obviously, Tico Sorocabana is an asset that the group is looking into. In an eventual auction, of course, the decision hasn't been made yet, but it's part of our assessment. It's one of the projects we're looking into. It's in our pipeline.
I'm going to turn to the audience. Would anybody like to ask a question? I would kindly ask you to identify yourself because there are some people who are on YouTube, on LinkedIn. If you kindly introduce yourself, please.
If this were the UN, we'd already be getting scolded by Donald Trump because the microphone isn't working.
Donald Trump would be very angry if we were at the U.N. There are many microphones, and everything has been planned.
Guilherme Mendes, JP Morgan .
Thank you for the presentation. Congratulations on the event. I would like to go back to Flávia about CapEx. In different presentations, you talked about contracted balance, and you also mentioned the risk management that is still connected to what is about to be invested. What has been contracted? How do you revise this balance? Do you see any upside or any downside in this remaining balance, considering that this is a very important topic to the company? Thank you.
Flávia, would you like to take this question? Maybe Eduardo complement?
Olá, Guilherme.
Hello, Guilherme.
Tudo bem?
Can you hear me well?
Obrigada pela.
Thank you very much for the question. When we look at the company's P&L and we look at the investment balance, we can see that there's a volume of about BRL 55-BRL 56 billion, considering the latest achievement of the company, which was Motiva Pantanal. That balance would reflect to the company's position when we made the business. Everything that was approached by the company during what Flávia said. We can see that there's a medium-long-term perspective of value engineering on which the company has been working. We really expect that optimizations will come out of those when we have construction works in those concessions. When we look at the balance of BRL 55 or BRL 56 billion, we would like to mention that 80% is concentrated on new assets, assets which are still heavier cycles in terms of construction activities in the next eight years.
USP would be an example, Sorocabana, PRV, and also Motiva Pantanal. These are projects that had conform bidding processes and were made through strategic partnerships. A large part of the investment is already contracted for the next years, for the next cycles. This would bring some good level of assertiveness when we realize those investments for Motiva. Only to add from another viewpoint, Flávia showed a graph. I don't know if you noticed. There are some phases where we can generate value with those CapEx, PAC CapEx. What Motiva has been doing in the past two years is to anticipate the projects. We have contracted a very large number of projects because this is the phase we can do the value engineering based on the examples that were provided by Flávia. We can optimize this value balance. Another comment that I would like to make is in relation to contingency.
There has been an evolution within our risk management area. When we start with a bid, of course, we have a capacity. We do not have the detail necessary to be very precise. Nowadays, we can identify what are the details. We are sure that when we execute the CapEx, we have this leeway. In the negotiations that we have been making with the partners, we create incentives so that if we do not use that contingency that we prepared for each project, we share this with the partners. We have a very interesting system of contingency sharing.
Hello? Hello? Felipe Citi analyst. Thank you very much for taking my question, and thank you for the event. I have a curiosity in relation to what's about to come in terms of new projects. We have a very comprehensive agenda for this year, major projects, large-sized projects with very attractive returns.
I would like to understand how you are allocated across those projects. We understand that there is a step being developed in airports that can open the way for these new projects. In addition to that, I would like to understand how you consider the time and division of the pipeline, thinking about 2026, because we are going to have an election in 2026, and there's a lot of discussion about what's going to happen and what will be the likely schedule. I would like to understand how you see this. Do you think there will be a slowdown in the number of auctions, or is this going to speed up? How do you see all this situation?
Thank you, Felipe. First of all, we have a pipeline that has already been public for the next quarter.
The analysis we have for today identified a number of interesting projects for the next 6, 12, or 18 months when we talk about time horizon. We conveyed a very clear message today that we are going to continue to be selective. We recently saw that there were auctions in which we did not participate. We are going to continue participating in a very selective manner. We are going to consider which are the premium projects for us. What would be a premium project? A project which is strategically located and is also in major cities, major logistics areas, and where the agribusiness area is located. These are the drivers we're going to consider. That would limit our operation geographically, as Eduardo Camargo mentioned. We have more strategic regions. I would like you to understand that our competition is also attending this session.
We would like to say that we are going to be selective. We will be very stringent when we allocate our capital, as we have been showing in the projects in which we have taken part. We are going to continue.
Those goals, we are going to concentrate our energy, our focus on this. We conduct a two-year, three-year study to come to those positions. The decisions are very well defined. We have specific targets, and we do not want to be distracted with investments which are not the focus of our company or investments which are not strategic or profitable to our portfolio. We have strategic investments. We are ready to take part in some of the actions that are out there for the next quarters, and we are going to continue pursuing this logic of being selective. Capital recycling is a very important variable. One of the assumptions that we have is to evolve to a simplification of our portfolio and go after opportunities. There are analyses that are going to be part of this portfolio recycling.
We created a vision on capital recycling, and the value stands at BRL 5-BRL 10 billion. This is the range that we are going to adopt for the financial quantification in the medium and long term. We are going to preserve the guidance that we provided in 2024, if I'm not mistaken. This guidance is still valid, and this is the reference with which we work so that we can ensure a controlled leverage, clear policy, 50% payout, 25% if it's below 3.5 as a leverage, a escalated dividend policy, and the growth is going to be in the high single digit and a strong generation of cash from our operations and a progressive deleveraging of our portfolio. This equation is very well defined based on what our growth targets that we have established. Our strategy, in other words, is very well defined.
A brief reminder, we assume the commitment and we maintain it. Those who are accompanied from a distance, it's just a physical distance. If you are on YouTube, on Zoom, on LinkedIn, you can ask questions as well, and the Investor Relations team will answer your question in due time. Okay, so that you can understand that we have a commitment to all of you. In this Capital Market Day, we are going to be on the road as of next week. We are going to have one-on-one meetings, more customized and personalized with analysts and investors who would like to have this kind of interaction with the company. Within two weeks, we'll be in New York, and we have many meetings and travels already scheduled.
If you do not have the opportunity to ask a question in this session, we are available to take your question in a one-on-one conversation as we complete this event.
[Foreign language]
Banc of America, thank you very much for the opportunity. Let's talk about the future based on what we saw that you said about the present. You said about BRL 160 billion of investments in your pipeline at the rate of 30%. You mentioned 43% of success rate. We are talking really about BRL 20 billion of investment is the number you would be able to reach in those pipelines. That would include three or four auctions. That would also include the sale of airports. The palace would allow, according to our calculations, it's a good way to see the future, thinking about all those numbers of auctions for the years to come. Also, in terms of capital structure, is the capital structure proper for what you seek for the next years? If I could add, I would ask what would be the bottleneck.
We heard that people say that labor is not very easy for the sector. How do you see the legal potential problems we have to look at?
I usually like to read your reports. You're always very competent when you analyze the companies and the markets you follow. I believe that the calculations you made are a possible calculation. We communicated this in the previous investor days that we held. There are different capital recyclings that are not necessarily limited to what you mentioned about the airports. We can attract an international partner for rail concessions. We also talked about specific asset recycling, considering that our assets are at different levels of maturity. Mature assets which may be available for recycling. We also have some assets which are under development, such as PRV and Sorocabana, which have independent investments. We also have assets which are in distress, not many nowadays.
We do not have any critical asset in the situation. We solved the problem of Barcas. We also solved the problem of MS Via in Mato Grosso do Sul. Every strategy includes a flexible portfolio. I would like to reinforce that the possibility of capital recycling is not limited to the airport platforms. We also have other possible plans for recycling capital. I'm going to turn the floor to Valdo to complete my question and to make some comments about the bottlenecks.
Rogério, as Miguel mentioned, when we analyze new projects, and I mentioned some in my presentation, we do a number of analyses of the consolidated results so that we can check which were the years where the CapEx would be too much, the level of leverage, if that would cause a risk or a stress for refinancing at a certain point in time. There are a number of criteria that we use to define whether or not we are going to go ahead with the project and what would be the impact. As I mentioned, the purpose in the average, the medium, and long terms is to work at a 2.6 rate. If it comes in a sequential way, it will be viable considering we are using different levers to bring in capital to the group. However, we do not have a target.
This is what we're going to continue doing. We are going to do a very stringent, rigorous analysis and selection. We are going to be selective in choosing the assets that make sense to the portfolio. If there is one, two, three, four assets out there that would meet all our criteria, we are going to take the opportunity. We're going to use our creativity so that the capital structure will be maintained at a reasonable level and also analyze in the medium and long terms according to the involvement of the company. That will depend on the development and the quality of each project.
Rogério, I would like to bring to light a topic that you did not include in your analysis that I included in my presentation. In addition to the primary market, there are other opportunities considering the existing contract. I do not know if you ever made a simulation of what each would mean to the BRL 4 billion that we include in the existing CapEx, in existing contracts that we have. We have one calculation that defines the level of return that the project would provide. This is a company that we look at very carefully. The contracts, as I mentioned in my presentation, have already gone through the main cycle of investments. This is another avenue for value creation, namely the investments in the existing contracts. This is what's happening in the rail in Via 4. In relation to the bottlenecks, we have seen this heating in this infrastructure market.
We look at the value chain of the services provided in this area. This market can show possibilities of where I can find some bottlenecks. In the construction area, we didn't find any constraints. You mentioned that the market in São Paulo offers more solutions in different areas. The markets may be more restricted. Santa Catarina, Paraná, they are more restrictive. As to construction, we do not have any limitation nowadays. Some segments such as services, we felt that the offer is different in relation to the demand. For example, designers is a problem that we might have because there was a downturn of designers for nearly a decade since 2014. Of course, the market made the proper adjustments according to the demand. We understand that the solutions are going to be found by the market itself.
For us to get ready to those possible bottlenecks, we have long-term partnerships that were established. We also provide visibility about the project pipelines that we have. We also ensure that we have allocated capacity that is not going to be tightened in the moment of stress of those supplies. With the procurement and with the CapEx areas, we do a preventive analysis based on the projections that have already been public or the projects that are already public, including the previous auctions and the market predictions. We do a gap analysis to understand what's about to come in the next years, what are the offers available in the market, and because this is part of the value segment. Sometimes we see a red or yellow flag, and we found this yellow flag in the designers' supply.
We have planned a visit, a guided visit to lines 8 and 9 for those who registered.
We are making an adjustment to the plan. We are going to start at 1:40 P.M. so that we can answer the questions. The next question? Okay, the person who's going to ask that next question, please.
Hello. Good afternoon. Thank you very much for the event. Pedro Bruno with XP. I would like to take the opportunity to talk about new projects and focus on competitiveness, especially in the toll roads. We come from a scenario where we used to have a lot of projects, but not many players, not many years ago. Now we can say that there are many projects for many players. I would like to understand how you see the reason for the mitigation of competitiveness so that the returns can be maintained at a healthy level.
That's a great question. I made a remark in my presentation. I talked about the competition, the competitiveness of our segment. I used the word moderate when I talk about the competitiveness when I compare it to the electrical sector. Why do I say that? Because in spite of the fact that there's a growing number of competitors in the market, and we see that those competitors come from different segments of the market, we see competitors such as Motiva with long-term strategies. We saw competitors in the segment of constructions. We also saw financial players, financial sponsors, some international competitors who didn't use to operate in the Brazilian market. In other words, there is a number of competitors who are being present so that they can take part in this market. Somehow that would segment the opportunities as well.
We have seen that the large-sized assets, more complex assets, the number of competitors is more limited, more selected. With less complex assets, we see different players involved. We believe that there are opportunities for the market at large. We can see opportunities for all players, and somehow the market will self-segment itself. We will see what's the focus of each of the players, and we will try to understand which are the competencies of each player. There are not so many that can have a laboratory of materials. Not all companies can have hundreds of people in the engineering department, and not all companies can do an analysis for two years. Not many companies will have staff with 20 years of experience and will use all this experience to prepare for the decision of the investments to be made. There are not many companies which have this characteristic.
That provides us with the confidence that we make the right choices. We see that when we take part in some auctions. We see that the level of quality of the analysis of the company, the way the company defines the risks, and the level of how they are prepared in the engineering, they are not equivalent to what we can offer. We can see that when we take part in an auction, it involves a qualification, a proof qualification that would be translated into higher competitiveness. When we take part in a bid, we understand that the capital allocation has been studied deeply. We understand also that Motiva is one of the few companies that is doing this rigorous and stringent analysis. From our viewpoint, in spite of higher competition, we understand that some auctions are still very empty, some auctions that had no bidders.
We do not see this to the detriment of our operations in terms of the profitability of the segment of toll roads and rails. Our evaluation is very accurate in Brazil. Obviously, when we take part, we need to have this competence. When we study the project, it's when we generate value. This is where we see the most variables that are going to be at play and that need to be used in a very assertive way. I think this has been a recurrent question that we receive. We evaluated that the competitive environment is very favorable, is very benign. The players was a transmission auction in which 10 players would take part, and we would see that the returns would not be so good. This is not what we see in the transport segment.
If we have enough questions, I'd like to propose that we have two questions. One question, its answer, and then another question. Because we have this guided tour at 1:40 P.M., maybe we would have enough time for brunch. I'm absolutely confident that every director here will have time to answer any outstanding question one-on-one. Meanwhile, I'd just like to ask you, we have a second survey. Please do not confuse this with the first one, which was about Motiva itself. This is a second QR code that we have up on the screen, and this is about the event itself. Please feel free to criticize or to make comments and suggestions. We really appreciate your input. Let's go to our questions. We definitely have time for two more.
Good afternoon, everyone. This is Lucas Barbosa with Santander.
Miguel, Valdo, Flávia, thank you so much for the event, and thank you for having us. My question is about the CapEx securing. If you could add a bit more detail about what were the terms of this contract, meaning is there raw material cost transfer? What's the risk sharing? What are the incentives for delivering productivity? Also, a little bit about how you are hiring this. That's essentially what I had to ask.
Thank you for the question. Essentially, the model we've been adopting is the sharing of incentives. As I mentioned earlier, generally speaking, we establish that these contracts come from the pre-bid work that we did. During that period, we have already developed that engineering solution alongside the partner. We had our engineering project that we developed again alongside that partner.
Just to add a bit of detail about where or how deep we'll go, the level of topography, we do not run any estimate based on parametric amounts. We develop 100% of the obligations within the contract. We have a very good sense of what we can expect to find in terms of what we call the basic functional project and the executive project. That way, we can know whether that area is more subject to soft soil or not. Price, for example, we have a framework, a Monte Carlo framework, through which we can calculate how the prices of those materials can range over time, over the following 30 years. We also can calculate the contingency we will need to go into the bidding process with. On top of that, if we were awarded the concession, we get in touch with that partner to develop the executive project.
The project, the executive project is developed on the premise that we will be hiring them at a lower value. I mean, we'll have a lower contingency because we have more detail. The executive project also includes a contingency. This is what I mean when I say our incentive is shared with our partners. If by the end of the project, we can deliver a better result for the project without eating up that contingency over time, that outstanding figure is shared with the partner. This is the strongest source of incentive. For most of our projects, the risks are transferred almost in full to our counterpart, except for specific geotechnics projects. All of that is contained in that contingency cushion I mentioned.
In addition to that, in a few cases where it makes sense to have direct billing, for example, we have a lot of gains of scale when we buy CAP, which is a basic raw material for asphalt pavement. We hire that in separate. We have large supply contracts. We often buy steel directly as well. We also benefit from our own gains of scale. The indicators by which these contracts are adjusted are often the tariff adjustment indicators themselves, such as the Consumer Price Index, IPCA, except in a few contracts where we have specific construction indicators. We can say that IPCA is usually the indicator. I think we can move on to the last question, right, Daniel?
Yes, exactly, with the pressure that that entails.
Hi, this is Rafael Simonetti with UBS. Congratulations on the event. You mentioned the change in your OpEx/net revenue ratio guidance.
My question is, thinking about the recycling of assets, especially airports, which is a closer topic, could there be room for an upside for this ratio? If I'm not mistaken, airports is where we see the highest of these ratios. If you could also talk about this, what would be the main driver for that improvement, considering the topics you've addressed? I'd like to know if much of that improvement would come from the leverage, the operational leverage the company will enjoy from now through 2035. Thank you for your question. You were a bit far, but I think I understood where you're coming from.
First of all, this projection is based on a simplified portfolio assumption, which is to say by 2035, the group will be focused on its two core businesses, so the rails business and the toll roads business.
To be very honest, we committed to that ratio regardless of whether the portfolio will include the third platform, the airports platform. Currently, airports account for 10%- 15% of our EBITDA. Our commitment is to reach the established levels regardless of the airport scenario within our portfolio. That's not the assumption that we worked with. We worked with the simplified or streamlined portfolio assumption, which is why we obviously included some variation, which is what we would accommodate in our optimization targets. What we have so far is four different complementary dimensions to simplify our portfolio. I saw you were more conservative two years ago. We were. We had ferries. We had other assets that were detrimental to our performance and are now out. We have a much cleaner and streamlined P&L.
The streamlining of our portfolio, what we've done so far and what we're still to do, gains of scale, as you mentioned, and our operational leverage also contributed to that. As Valdo mentioned, within those six cost categories, we have the annual OpEx efficiency program, where we go line by line from counter P to this long list of MSO lines. We have our optimization program. We have another round, just as with those sequel movies, right? Rambo 1, Rambo 2, and 3. We have a number of OpEx rotating programs. We also gave you the examples of energy, maintenance. Rodrigo talked about our operations for conservation and mowing. All of these cost lines are being looked over once again so that we make sure we can deliver the cost reduction as expected. The last lever I brought today was the technology lever.
A few of our projects are already technology-based, but this is a lever that is still underexplored within our portfolio. What we brought you was this fourth dimension to ensure that we deliver efficiency. This goes from embedding it into our operations, embedding the technologies we just mentioned, GenAI, automation and robotics, big data and analytics, and decision-making, and the way we choose our assets, the materials issue, as we saw with recycling and circular economy, which also has an impact on sustainability, energy transition, and also connectivity. The entire free flows and digital toll payment means. Instead of the traditional toll charging, we'll have the technology options. There's an entire encyclopedia of optimization fronts.
We have these four dimensions within the portfolio that's more simplified with gains of scale, then recurring cost control that has nothing to do with technology, but rather with streamlining our contracts and the renegotiation of vendor contracts, outsourcing and insourcing models, whichever makes more sense. All of that is underway. Another layer that we brought today, perhaps one of the great pieces of news we added today, is our start in this smart infrastructure road. We want to be leaders in deploying these new technologies, the so-called exponential technologies, in a more traditional operation, which is the case of the infrastructure industry.
Miguel, we started this journey at 9:00 A.M. We traveled through all your business platforms. We talked about people, regulatory aspects.
Now I'd like to ask you to lead us in this last stop, which is to leave us a message about the roads Motiva will go down, and then I have a final message.
All right, Daniela, I won't be long. I just have a quick message to share. First of all, I just wanted to thank two parts of our governance for joining us. I'd like to state for the record the presence of our Fiscal Council, all female. They've been with us since the beginning. Thank you to our colleagues from the Fiscal Council, our independent Audit Committee. George Manuel is here as well, and our Board. I don't know if all our members are still here, but I mentioned them from the beginning. I'd also like to thank the organization.
These events of ours would not come to be without this very dedicated, very professional team that's with us. I'd like to thank Flávia, Daniela, Vanessa from Comms, who did an amazing job, the entire Investor Relations team. Above all, I'd like to thank our investors and analysts who were with us throughout, our business partners. I see Ana, Patricia, a few friends from the industry, friends from our partner associations, ABDIB, ANTF, Motiva Institute, our regulating agencies. We had members from ANTT and ARTESP. Distinguished members of these regulating agencies are with us. I just wanted to thank all of you for joining us this morning. I just wanted to leave you with a word of thank you. I wanted to say that this relationship with you is critical.
A company such as ours, that changes people's lives, which has an impact in an economy of a country such as Brazil, with such great investments, as Flávia said, of over BRL 15 billion, which has structuring projects for the Brazilian economy. We know of the responsibility that we carry, and we're very proud of what we do, and we have a lot of conviction in our mission. For investors and analysts here today, a word of confidence. The last two years were years of delivery. As we showed here today, we are committed to our deliveries, and we want the next 10 years to reflect the confidence that we built over the last 10 years. Our commitment as a team, as I say these last few words, I'd also like to thank our VPs on the stage.
André, as a standout, only 10 days within the company, already speaking like a specialist in infrastructure. Thank you so much for your inputs. Confidence, this is what we work every day for. We want your confidence. I'd like to say that everything that we do will be very rigorously executed. We have a very qualified governance team. I made a point to mention our committee, our fiscal council, and our independent audit compliance and risk committee. I have to say that our governance team is a very demanding one. Your interest, the interest of our investors, who may not be major investors, you might be minority investors, you are very well taken care of. We're taking care of the company every day and making sure that it is well positioned to execute the strategy just as it was presented here today.
I just wanted to thank all of you, wish you a great visit, a great time here. I'll turn it back to Daniela. I just wanted to say, whether it's in one-on-one conversations, I mentioned that we're going on the road. I hope to find you and to sit down with you at some point for whatever reason. I started calling the company CCR, but we have a lot of respect for our history. I hope you join us again for our next events. Thank you very much, and thank you for being with us this morning.
Two very quick messages. I'd like to ask for your generosity, that's the word. Those who answered our satisfaction survey were very generous and remind you that at 1:40 P.M. local time, we will leave for the visit to lines 8 and 9. That's for those who gave their names previously.
Flávia Godoy, André Salcedo, Raquel Cardoso, Roberto Pena, Valdo Perez, Eduardo Camargo, and Miguel Settas. Thank you so much for having me. Thank you because I'm not usually part of the Motiva team, but this morning, it made me really proud to, in a way, be part of such an affectionate team. Thank you, but especially thank you who are with us remotely throughout the morning. Thank you who are here in person. This is a special note of appreciation because, after all, Motiva is a major manager of people's times. No one goes through an airport or toll road or train because they're on a train or on a set of rails or a terminal. They are on the way to someplace else. For allowing us to reach someplace safely, we thank you and thank you for your time. See you next time.