Earnings release
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Release Self-service kiosk - Brasília Airport CONFERENCE AND WEBCAST Portuguese (with simultaneous translation into English) Wednesday. October 28, 2026 9:00 a.m. (São Paulo) / 8:00 a.m. (NY) Zoom to join the webcast Earnings Release 3Q26 Recife Airport store
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2 1Q24 Earnings Release Earnings Release 3Q26 NET INCOME REACHES R$152 MILLION IN 3Q26, UP 117% Y/Y AND ABOVE GUIDANCE PROFITABILITY METRICS REACH FOUR - YEAR HIGHS, WITH ROIC OF 16.6% IN 3Q26 LTM Net Revenue EBITDA EBIT Fleet Net Income LTM ROIC Rental R$ 2.399 bn +19% Rental R$ 1.779 bn +22% R$ 1.086 bn Consolidated Rental R$ 1.091 bn +28% +117% +2.2 p.p. 16.6% R$ 152 mn 294 k Total (end of period) Operational (average) 249 k +10% 3Q26 vs. 3Q25 Changes Consolidated R$ 1.795 bn Consolidated R$ 3.870 bn ALL - TIME HIGH!! ALL - TIME HIGH!! +13% ALL - TIME HIGH!! ALL - TIME HIGH!! ALL - TIME HIGH!! ALL - TIME HIGH!! Innovation in the industry – first customer service kiosk in an airport boarding area 3Q26 Highlights
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3 1Q24 Earnings Release Earnings Release 3Q26 HIGHLIGHTS BY BUSINESS LINE Rent - a - Car (RAC) ¹ Growth in rental day volume combined with efficiency gains and RAC pricing improvements ¹ Volume of Daily Rentals increased 22.2% to 7.4 million, while revenue per car increased 9.3% vs. 3Q25; Net Revenue of R$ 1.1 billion, up 27.8% vs. 3Q25; EBITDA of R$ 780 million, up 29.6% vs. 3Q25; Record EBITDA margin of 69.8% , up 1.0 p.p. vs. 3Q25; Fleet Management and Outsourcing (GTF) Yield Predictability and Continued Growth in GTF New contracts with an average monthly yield of 3.7% (vs. 3.4% in 3Q25); Net Revenue of R$ 1.2 billion, up 15.0% vs. 3Q25; EBITDA of R$ 942 million, up 19.1% vs. 3Q25; Record EBITDA Margin of 79.2% , up 2.7 p.p. vs. 3Q25; Used Cars Assertive Asset Lifecycle Management Maximizing Profitability Through RAC Seasonality and the Flexibility of Used Car Operations 20,100 vehicles sold with a reduction in average fleet age vs. 2Q26 ; Net Revenue of R$ 1.5 billion with a gross margin of 5.8% , up 0.9 p.p. vs. 3Q25; EBITDA margin of 1.1% in 3Q26, with depreciation rates maintained . ¹ Includes Brazilian operations only
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4 1Q24 Earnings Release Earnings Release 3Q26 MESSAGE FROM MANAGEMENT We closed the third quarter of 2026 with renewed confidence in our ability to consistently deliver results. The disciplined execution of our strategic plan continues to be reflected in the consistent improvement of our operating and financial performance , demonstrating our focus on service excellence and efficient asset utilization, which has driven record levels of value creation for shareholders. We thank our customers and our People — more than 6 ,000 employees — who have been instrumental in our achievements this quarter and remain essential to our continued progress. We also extend our appreciation to our Suppliers and Shareholders for their trust and support in MOVIDA 's continued development. Our continued focus on customer experience is delivering strong results. The consistent expansion of our customer base provides further evidence of the strength our strategy and the execution capabilities of our teams . Over the past 12 months, we added more than 7 67 ,000 new Rent - a - Car customers , representing 1 8 % growth, and reached a record 2.7 million members in our loyalty program. This recognition is also reflected in customer satisfaction. In 3Q26 , we achieved a record NPS of 90 %, underscoring the quality of our services and the effectiveness of the initiatives we have implemented. In 3Q26, net income totaled R$152 million, more than doubling compared to 3Q25 and exceeding the guidance we had provided for the quarter. ROIC reached 16.6% (+2.2 p.p. y/y and 5.8 p.p. above our average cost of debt ) , while ROE reached 14.7%, reflecting the Company's improved profitability. Net Revenue totaled R$3.870 billion (+2.8% y/y), EBITDA reached a new record of R$1.795 billion (+21.4% y/y), and EBIT once again exceeded R$1 billion for the quarter (+27.2% y/y). We ended the quarter with a total fleet of 294,000 cars (+13.4% year - over - year). Average operating fleet grew 9.9%, highlighting efficiency gains and higher returns on invested capital. In RAC , daily rentals increased 22% year - over - year, driven by utilization, which increased 5.9 p.p. to 77.7% in 3Q26. This performance, combined with a 5% year - over - year increase in average daily rates — which reached R$167 in 3Q26 — resulted in a 9.3% increase in revenue per car compared to 3Q25. As a result, RAC Net Revenue reached R$1.117 billion (+27.8% year - over - year), and EBITDA totaled R$780 million (+29.6% year - over - year), with a margin of 69.8% (+1.0 p.p. year - over - year ). Average operating fleet totaled 108,000 cars (+17.4% y/y) . Em GTF , we continued to enhance portfolio quality, with average monthly revenue per car reaching R$3,332 (+10.1% year - over - year). Average yield was 3.2% per month in 3Q26, with an upward trend , as yield on new contracts added during the quarter reached 3.7% per month. Net Revenue totaled R$1.189 billion (+15.0% year - over - year) , and EBITDA reached R$942 million (+19.1% year - over - year), with a margin of 79.2% (+2.7 p.p. year - over - year). Average operating fleet totaled 134,000 cars. (+4.5% y/y). Rental EBITDA Margin reached a record 74.2% in the quarter, up 1.6 p.p. from 3Q25, reflecting the record EBITDA margins achieved by RAC and GTF, as well as the combination of higher fleet utilization, improving yields, and continued operating efficiency gains. Results also benefited from initiatives to bring maintenance services in - house, particularly the expansion of our Pit Stop network and Vehicle Preparation Centers, which have contributed to lower costs, increased productivity, and improved
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5 1Q24 Earnings Release Earnings Release 3Q26 service quality. The Company's strategy continues to be driven by disciplined asset lifecycle management , enabling it to capture strong RAC demand during the peak season, with a 22% increase in rental days volume in 3Q26, while simultaneously optimizing the management of its used car portfolio . Following the end of this seasonal period, fleet disposals resumed, resulting in a 3.3% increase in vehicles sold compared to 2Q26, totaling 20.1 thousand vehicles sold and generating BRL 1.471 billion in net revenue during the quarter. Gross margin expanded to 5.8% (+0.9 p.p. YoY), supported by a higher share of retail sales, while EBITDA margin remained at 1.1%, reflecting the stabilization of the operation. In line with our strategic plan, we reduced the average age of our fleet to 12 months in 3Q26, down 4.4% from 2Q26, reflecting the successful execution of this strateg y . Depreciation rates also remained stable, resulting in depreciation expenses of BRL 7.3 thousand per vehicle in RAC and BRL 11.2 thousand per vehicle in GTF. We closed 3Q26 with a robust cash position of BRL 3.5 billion and debt rollover agenda remained active . T he transactions completed during 3Q26, including the 28th and 29th debenture issuances, enabled a reduction in the average spread (CDI+) from 1.9% p.a. in 3Q25 to 1.8% p.a. in 3Q26, while extending the average debt maturity from 3.2 years to 4.2 years. Reducing leverage remains a key priority to support sustainable value creation, and the Company improved its Net Debt - to - EBITDA ratio from 2.74x in 3Q25 to 2.56x in 3Q26, reaching the lowest level in six years. Our People remain MOVIDA 's key differentiator and the foundation of our disciplined execution and operational excellence . We are confident in our ability to continue improving profitability , and the execution of our 2026 strategic plan reinforces our confidence in another period of exceeding targets and consistently delivering results . To our customers, employees, suppliers and shareholders, our sincere thanks for your continued support . Gustavo Moscatelli | CEO
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6 1Q24 Earnings Release Earnings Release 3Q26 KEY METRICS ¹ Over Net Rental Income ² Over Total Net Revenue *Includes the operation in Portugal
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7 1Q24 Earnings Release Earnings Release 3Q26 1. MOVIDA Consolidated Results In 3Q26, Net Revenue totaled R$3.870 billion, up 2.8% compared to 3Q25. For the first nine months of the year, Net Revenue grew 3.7% compared to 9M25. Notably, rental revenue reached R$2.399 billion in 3Q26, up 19.3%, significantly outpacing growth in the average operating fleet during the period, reflecting the Company's value creation strategy. This performance was driven by higher RAC pricing, increased yield in the Fleet Management and Outsourcing (GTF) business, and higher volumes of daily rentals. The chart below shows MOVIDA 's consolidated EBITDA performance, which reached R$1.795 billion in 3Q26, up 21.4% compared to the same period last year. Rental EBITDA (GTF + RAC) increased 21.8% in 3Q26. Rental EBITDA margin, calculated as Rental EBITDA divided by Rental Net Revenue, w as 74.1% in 3Q26, up 1.5 percentage point compared to the same period last year. In 9M26 , consolidated EBITDA totaled R$5.050 billion, up 20.4%, while Rental EBITDA increased 20.8% in 9M26. Rental EBITDA margin expanded 0.9 percentage point to 72.5%.
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8 1Q24 Earnings Release Earnings Release 3Q26 EBIT once again exceeded the R$1.0 billion mark in 3Q26, up 27.2% compared to the same period last year. For the first nine months, EBIT totaled R$3.0 billion, an increase of 25.5% compared to 9M25. Rental EBIT margin expanded 2.3 percentage points to 43.9 %. MOVIDA ended 3Q26 exceeding its Net Income guidance, with Net Income reaching R$152 million, up 117.4% compared to 3Q25. In 9M26, Net Income totaled R$412 million, an increase of 90.8% compared to 9M25. These results demonstrate the consistency of our execution, supported by improvements in operating and financial performance and enhanced service quality.
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9 1Q24 Earnings Release Earnings Release 3Q26 Rent - a - Car (RAC) a. Operating Data MOVIDA ended 3Q26 with significant improvements in RAC performance, reflecting higher utilization and stronger pricing. This performance was driven by an improved fleet mix, combined with disciplined pricing and distribution strategies. Total rental days increas ed 22% during the quarter to 7.4 million. RAC average daily rates also delivered solid performance, reaching R$167 in the quarter, up 5% compared to 3Q25. Utilization reached 77.7% in 3Q26, up 5.9 p.p. year - over - year, reflecting healthy RAC demand and the capture of structural fleet efficiency gains. b. Revenue Net Revenue reached R$1.1 billion, up 27.8% compared to 3Q25, driven by growth in average monthly revenue per car and, to a lesser extent, the average operating fleet, which increased 17.4% over the same period. In 9M26, Net Revenue increased 27.8% to R$3. 3 billion. These figures reflect the Company's scale and pricing optimization across segments. NOTE: Includes only Brazilian operations.
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10 1Q24 Earnings Release Earnings Release 3Q26 Revenue per car, calculated as average monthly gross revenue divided by the average operating fleet, increased 9.3% in 3Q26 compared to 3Q25, reaching an average monthly revenue of R$3,821 per car and a yield of 4.3% for the period. In 9M26, revenue per ca r increased 11.4% to R$3,810. c. Operating Performance EBITDA totaled R$780 million in 3Q26, up 29.6% compared to 3Q25. On a nine - month basis, EBITDA increased 29.3% compared to 9M25. EBITDA margin expanded 1.0 percentage point year - over - year to 69.8% in 3Q26 and 0.8 percentage point to 68.4% in 9M26. EBITDA per car increased 10.4% in 3Q26 compared to 3Q25, reaching a monthly average of R$2,396, reflecting the segment's pricing strategy and operating scale. On a nine - month basis, EBITDA per car increased 12.5% to an average monthly R$2,346 per operating car. ¹ Yield calculated as monthly gross revenue per operating car divided by the average acquisition price of the RAC fleet
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11 1Q24 Earnings Release Earnings Release 3Q26 EBIT reached R$ 513 million in 3Q26, up 32.6 % compared to the prior year, driven by stronger operating performanc e . On a nine - month basis, EBIT also increased, totaling R$1.462 billion in 9M26, up 30.6% compared to 9M25.
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12 1Q24 Earnings Release Earnings Release 3Q26 2. Fleet Management and Outsourcing (GTF) B2B GTF, CS Frotas, and Car Subscription Services a. Operating Data In 3Q26, GTF average operating fleet increased 4.5% compared to 3Q25, reaching 134,000 cars and representing 54% of the Company's consolidated operating fleet. Yield on new contracts maintained its positive trend in 3Q26, reaching 3.7%, up 0.3 percentage point compared to 3Q25, reinforcing the Company's ability to capture additional value through renewals and new contracts. In addition, yield on the existing portfolio continued to improve, driven by the gradu al convergence toward the pricing levels of more recently signed contracts as renewals take place, strengthening portfolio pricing over time. ¹Yield calculated by dividing the monthly revenue per operating car by the average acquisition price of the fleet for new GTF contracts.
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13 1Q24 Earnings Release Earnings Release 3Q26 b. Revenue In 3Q26, GTF Net Revenue reached R$1.2 billion, up 15.0% compared to the same period last year. Average operating fleet increased 4.5% from 3Q25 to 3Q26, reinforcing the effectiveness of the Company's pricing strategy. Revenue per car increased 10.1% compared to the same period in 2025, reaching an average monthly R$3,332 in 3Q26, driven by changes in yields and fleet renewal.
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14 1Q24 Earnings Release Earnings Release 3Q26 c. Operating Performance EBITDA reached R$942 million in 3Q26, up 19.1% compared to 3Q25, with an EBITDA margin of 79.2%. EBITDA per car increased 13.9% in 3Q26 compared to 3Q25, reaching an average monthly EBITDA of R$2,343 per car, reflecting the segment's pricing strategy and operating scale. EBIT reached R$5 51 million in 3Q26, up 28.5 % compared to the prior year.
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15 1Q24 Earnings Release Earnings Release 3Q26 3. Used Cars a. Strategic Fleet Management and Asset Profitability The strategic management of vehicle lifecycles enables the Company to capture strong RAC demand during the peak season, driving growth in rental days volume, while knowledge and control of the used - car asset lifecycle provide flexibility to rotate assets a t the most appropriate time, resulting in the sale of 20.1 thousand vehicles in 3Q26. With the end of the RAC peak season, the Company resumed increasing fleet disposals, leading to a 3.3% increase in vehicles sold compared to 2Q26, while also reducing the average age of the operating fleet by 4.4% compared to 2Q26, reinforcing the efficien cy of its asset management strategy.
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16 1Q24 Earnings Release Earnings Release 3Q26 b. Operating Performance Effective sales management across different channels, supported by a higher share of retail sales, contributed to an average selling price of BRL 75.3 thousand in 3Q26, representing a 2.5% increase, as well as a 0.9 p.p. expansion in Used Car gross margin compared to the same period of the previous year, reaching 5.8%. As a result, EBITDA margin reached 1.1% in 3Q26, remaining at a stable and normalized level for the Used Car business.
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17 1Q24 Earnings Release Earnings Release 3Q26 4. Depreciation a. RAC depreciation Annualized depreciation per operating car in RAC was R$7.3 thousand in 3Q26, reflecting effective fleet mix management, with depreciation on new vehicles ranging between 8.0% and 9.0% per year. This figure is in line with the previous quarter, maintaining a healthy depreciation rate level in RAC. b. GTF depreciation Annualized depreciation per operating car in GTF stood at R$11.2 thousand in 3Q26, with depreciation for new cars ranging between 9.0% and 10.0% per year. This figure is in line with the previous quarter, maintaining a healthy depreciation rate level in GT F. ¹ Depreciation per operating fleet = depreciation fleet in the quarter * 4 / average operating fleet.
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18 1Q24 Earnings Release Earnings Release 3Q26 5. Financial Results Net financial result totaled R$900.7 million in 3Q26, up 13.3% compared to 3Q25. In 9M26, net financial result totaled R$2.500 billion, up 16.6% compared to 9M25. These changes were primarily driven by a 12.0% increase in gross debt compared to 3Q25. 6. Fleet Investment In 3Q26, RAC reported negative net CAPEX, releasing R$146.5 million in capital, a 22.8% improvement reflecting a reduction in the fleet during the quarter, in line with the strategy to adjust fleet size to seasonal demand. GTF reported net CAPEX of R$1.553 billion, driven by the addition of 13,100 vehicles to the fleet during the period, in line with the increase in new contracts and organic growth in operations. On a consolidated basis, net CAPEX totaled R$1.407 billion in 3Q26, up 232.8% year - over - year, reflecting fleet expansion, primarily in GTF in 3Q26 . Note: For better comparability with 2025, the breakdown between financial income and financial expenses has been adjusted to exclude the gross impact of bond internalization, as detailed in the reconciliation on page 2 5 of this release. Net financial result was not affected by this accounting change, which was implemented as of the financial statements dated December 31, 2025.
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19 1Q24 Earnings Release Earnings Release 3Q26 7. Capital Structure Our liability rollover agenda remains active in 2026. Financing transactions completed in 3Q26, including the 28 th and 29 th debenture issuances, enabled the Company to reduce its average spread from 1.9% in 3Q25 to 1.8% in 3Q26. The transactions were structured under more favorable terms, including longer maturities and lower spreads . MOVIDA ended the period with gross debt of R$21.0 billion and net debt of R$17.5 billion and l everage, measured by net debt - to - EBITDA (covenant), declined to 2.56x at the end of 3Q26, its lowest level in six years. Trade payables to OEMs totaled R$5.2 billion, down 5.2% compared to the balance at the end of December 2025. ¹ For comparability purposes, please refer to the debt reconciliation on page 2 5 of the Earnings Release. ¹ For comparability purposes, please refer to the net debt reconciliation on page 2 5 of the Earnings Release.
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20 1Q24 Earnings Release Earnings Release 3Q26 8. Profitability and Capital Efficiency MOVIDA continued to improve its key profitability and capital structure metrics over the last twelve months. Net Income reached R$515 million, while ROIC and ROE reached 16.6% and 14.7%, respectively, reflecting the Company's increased earnings generation capaci ty and returns. The spread between ROIC and the Company's after - tax average cost of debt (CDI + 1.8% p.a.) expanded to 5.8 percentage points, reinforcing MOVIDA 's ability to generate returns above its cost of capital and enhance shareholder value creation. In parallel, financial discipline and strong operating cash generation contributed to continued deleveraging, with the net debt - to - EBITDA ratio ending the period at 2.56x, the Company's lowest level in six years , demonstrating the Company's ability to deleverage and expand profitability even in a scenario where the Selic rate remains at similar levels. ROIC Reconcilitation (R$ million) 3Q26 3Q26 LTM Accounting EBIT 3,870.1 (-) Taxes (Effective Tax Rate 3Q26 LTM of 15.1%)¹ (584.2) NOPAT 3,285.9 Average Net Debt² 16,347.8 Average Equity³ 3,489.6 Average Invested Capital 19,837.4 3Q26 LTM ROIC 16.6% * Source: Central Bank of Brazil Note: ROIC calculation is presented net of income tax. Non - recurring impairment effects in 2023 are excluded, using a 34% income tax rate. The non - recurring impact of the climate disaster in Rio Grande do Sul in 2024 is also excluded. The ROIC calculation considers the cumulative effective income tax rates for the respective periods over the last 12 months. ¹ Based on the average of 3Q25 and 3Q26 and excludes hedges from net debt, as these are already recognized in Other Comprehensi ve Income (OCI) within shareholders' equity. ² Based on the average of 3Q25 and 3Q26. ¹ Based on the average of 3Q25 and 3Q26.
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21 1Q24 Earnings Release Earnings Release 3Q26 9. Cash flow Free cash flow before interest totaled R$ 224.0 million in 3Q26, compared to R$572.5 million generated in 3Q25, driven by growth in the GTF business. Free Cash Flow Generated (R$ million) 3Q26 3Q25 9M26 9M25 EBITDA 1,794.8 1,478.7 5,050.2 4,196.1 Revenue from the sale of decommissioned cars, net of taxes (1,471.2) (1,755.0) (4,516.8) (5,230.7) Net book value of vehicles written-off 1,385.8 1,668.4 4,249.1 4,951.9 Change in working capital (298.1) (269.9) (968.4) (799.5) Cash generated by rental operations 1,445.4 1,122.2 3,814.1 3,117.9 Used car sale revenue, net from taxes 1,471.2 1,755.0 4,516.8 5,230.7 Fleet investment (2,838.1) (2,197.1) (8,245.9) (6,607.8) Net capex - cars (1,366.8) (442.0) (3,729.1) (1,377.1) Change in accounts payable to car suppliers 211.0 (34.3) (282.7) (872.7) Net investment in fleet (1,155.8) (476.3) (4,011.8) (2,249.7) Investment, property and intangible (65.5) (73.4) (216.7) (180.8) Free cash generated (applied) before interest and others 224.0 572.5 (414.4) 687.4 CAPEX OPERATIONS
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22 1Q24 Earnings Release Earnings Release 3Q26 10. Exhibits Historical Income Statement
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23 1Q24 Earnings Release Earnings Release 3Q26 ¹ Based on Net Rental Revenue ² Based on Total Net Revenue
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24 1Q24 Earnings Release Earnings Release 3Q26 Historical Balance Sheet
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25 1Q24 Earnings Release Earnings Release 3Q26 Leverage Reconciliation