Movida Participações (MOVI3) Q1 2026 earnings summary

Executive summary

• Achieved record net income of R$125 million in 1Q26, up 59% year-over-year, exceeding guidance and market expectations, driven by operational efficiency and profitability improvements.

• Net revenue reached an all-time high of R$3.78 billion in 1Q26, up 6% year-over-year, with EBITDA at R$1.569 billion (+17.2% YoY) and EBIT at R$918 million (+19.9% YoY).

• ROIC rose to 16.4%, up 4.0–5.3 percentage points year-over-year, exceeding the cost of debt by 5.3 points.

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

• Loyalty program membership grew 25% year-over-year, surpassing 2.5 million members.

Financial highlights

• Rental net revenue grew 17.4% year-over-year to R$2.21 billion, with EBITDA up 17.2% to R$1.569 billion and EBIT up 19.9% to R$918 million.

• EBITDA margin for rental operations remained strong at 70.3%.

• Net margin improved to 5.6% from 4.2% year-over-year.

• Free cash flow before interest was R$17.6 million, reversing a R$1.225 billion outflow in 1Q25.

• Net debt stood at R$16.3 billion, with average maturity of 3.7 years and average cost of CDI +1.7%.

Outlook and guidance

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

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

• Focus remains on stable fleet size, maximizing profitability, and expanding customer base, with future fleet growth under review.