Movida Participações (MOVI3) Q1 2025 earnings summary

Executive summary

• Net income rose 61.5% year-over-year to R$78.5 million in 1Q25, with all-time high EBITDA of R$1.34 billion (up 26.3% YoY) and net revenue of R$3.57 billion (up 18.1% YoY), driven by strong performance in all business lines.

• ROIC reached 12.4%, up 1.9 p.p. year-over-year and 3.4 p.p. above the average cost of debt, reflecting improved operational efficiency and disciplined capital allocation.

• Strategic focus on price recovery, capital allocation to higher-yield segments (notably GTF), and operational efficiency drove profitability and margin expansion.

• Operational performance improved across all business lines, with profitability indicators outpacing fleet growth.

Financial highlights

• EBITDA: R$1.34 billion (+26.3% YoY); EBITDA margin: 70.3% (+2.0 p.p. YoY); EBIT: R$766 million (+25.2% YoY); Net income: R$78.5 million (+61.5% YoY).

• Rental car average daily rate increased 21.3% YoY to R$158; rental revenue up 26%.

• Operational fleet grew 10%; Used Cars sales net revenue grew 10.7% YoY, with 24,784 cars sold (+7%).

• ROIC reached 12.4% (LTM), exceeding cost of debt by 3.4 p.p.

• Net debt/EBITDA improved to 3.07x from 3.19x in 1Q24; cash position at R$3.0 billion.

Outlook and guidance

• Management expects further margin expansion and continued focus on operational efficiency, cost control, and deleveraging.

• Cash outflows for supplier payments expected to decrease in 2Q25, supporting improved cash dynamics and deleveraging.

• Ongoing capital allocation to higher-yielding segments, especially GTF, and productivity in Used Cars.