Movida Participações (MOVI3) Q1 2026 earnings summary

Executive summary

• Net income reached R$125 million in 1Q26, up 59% year-over-year, meeting or exceeding guidance and reflecting strong operational execution, efficiency, and profitability improvements.

• Net revenue hit R$3.78 billion (+6% YoY), with EBITDA at a record R$1.57 billion (+17.2% YoY), and EBIT at R$918 million (+19.9% YoY).

• ROIC rose to 16.4%, up 4–5.3 p.p. YoY, exceeding the average cost of debt by 5.3 p.p., highlighting value creation.

• Loyalty program membership grew 25% YoY, surpassing 2.5 million members.

• Leverage dropped to 2.5x–2.6x, the lowest in five years, after a R$750 million capital increase.

Financial highlights

• Rental net revenue grew 17.4% YoY to R$2.21 billion; used car sales revenue declined 6.8% YoY to R$1.58 billion.

• EBITDA reached R$1.57 billion (+17.2% YoY), with EBITDA margin above 70%.

• EBIT totaled R$918 million (+19.9% YoY); net margin improved to 5.6%.

• Free cash flow before interest was R$17.6 million, reversing a large outflow in 1Q25.

• SG&A as a percentage of revenue reduced by 0.3 p.p. to 5.6%.

Outlook and guidance

• Net income guidance for 2Q26 is R$110–130 million, representing 78% YoY growth and exceeding consensus by 24%.

• 1H26 net income projected at R$245 million, up 67% YoY and expected to reach 77% of full-year 2025 net income.

• Focus remains on price adjustments, cost reduction, customer base expansion, and maximizing profitability.