Movida Participações (MOVI3) Q2 2025 earnings summary

Executive summary

• Achieved record financial and operational results in 2Q25, with net revenue of R$3.68B, EBITDA of R$1.4B, and net income of R$68M, up 59% year-over-year, driven by customer experience improvements and digital innovation.

• Recognized for best NPS in the car rental industry and RA1000 Seal, with 322,000 new customers in 1H25, a 25% increase year-over-year.

• Operational efficiency, pricing strategies, and customer-centric innovations drove profitability and sustainable value creation.

• Maintained focus on cost optimization, capital allocation to long-term contracts, and fleet renewal.

Financial highlights

• Net revenue reached R$3.68B (+7.1% YoY); rental revenue R$1.89B (+18% YoY); EBITDA R$1.4B (+20% YoY); EBIT R$785M (+25.2% YoY).

• Net income was R$68M in 2Q25, a 59% increase year-over-year.

• ROIC reached 12.7%, the highest in two years, exceeding cost of debt by 3.1 p.p.

• Used car sales stable at 25,917 vehicles in the quarter, with EBITDA margin at 1.1%.

• Free cash flow from rental activities was R$1.6B in 2Q25, up 309% sequentially.

Outlook and guidance

• Optimism for 2H25, with expectations of continued high daily rates, stable used car performance, and focus on price recovery in RAC and premium pricing in GTF.

• Strategy to keep fleet size flat, focusing on value extraction and operational improvements.

• Revenue backlog in GTF at R$7.0B supports growth in coming quarters.

• No significant debt maturities through 2026, supporting financial stability.

• Anticipates further expansion in right spread, targeting 4.5%-6% in the next 12 months.