Localiza Rent a Car (RENT3) Q3 2026 earnings summary

Executive summary

• 3Q26 consolidated net revenue rose 14.4% YoY to R$12,278m; EBITDA increased 13.7% to R$4,029m and net income rose 29.1% to R$1,125m versus adjusted 3Q25.

• Rental growth, higher utilization and fleet rejuvenation supported execution; 9M26 annualized ROIC spread was 6.4 p.p.

Financial highlights

• Consolidated EBIT was R$2,516m, up 11.3% versus adjusted 3Q25; rental revenue was R$5,506m, up 12.5%, and Seminovos revenue was R$6,772m, up 16.0%.

• 3Q25 comparisons adjust for Green IPI effects, including R$137m on EBITDA, R$792m on EBIT and R$613m on net income; adjusted net income also excludes the Locamerica tax-loss carryforward write-off.

• 9M26 cash generated from rental operations was R$9,663m; cash generation before interest and other items was R$2,973m.

Outlook and guidance

• Priorities include restoring Car Rental rates, pricing new Fleet Rental contracts for lower residual values, adjusting depreciation rates and expanding Seminovos capacity and commercial execution.

• Higher depreciation and interest rates support high-single-digit Rent a Car price increases to preserve profitability and ROIC spread; volume growth may moderate or remain flat.

• Q4 enters the December peak season with good fleet availability; pricing is expected to capture more excess demand alongside good rental volumes.

• New vehicle relationships aim to grow electrified fleet share on competitive terms, with hybrids an initial focus; Mexico plans remain on track.