Movida Participações (MOVI3) Q4 2024 earnings summary

Executive summary

• Achieved record consolidated net revenue of R$13.5B in 2024, up 30.4% year-over-year, with all business lines showing strong operational performance and value creation for shareholders.

• Adjusted net income reached R$305M in 2024, reversing prior year losses and reflecting enhanced efficiency and profitability.

• All 2024 guidance targets were met ahead of schedule, demonstrating disciplined management and agility.

• Strategic focus for 2025 includes continued price adjustments, operational efficiency, and deleveraging.

• Preliminary 2025 results show net income doubled year-over-year in the first two months, with net rental revenue up 26%.

Financial highlights

• 2024 net revenue: R$13.5B (+30.4% YoY); EBITDA: R$4.7B (+41% YoY); adjusted EBIT: R$2.65B (+46.2%).

• Adjusted net income: R$305M; accounting net income: R$232M, reversing 2023 losses.

• 4Q 2024 net revenue: R$3.25B (+30% YoY); rental revenue up 34% YoY.

• EBITDA margin reached 69.3% in 2024 (+5.5 p.p. YoY); EBIT up 84% YoY.

• Net margin: 3.5% (+15.6 p.p. YoY); gross margin: 60.5% (-1.4 p.p. YoY).

Outlook and guidance

• 2025 priorities: maintain price discipline, operational efficiency, and leverage reduction.

• No fleet expansion planned; focus on maximizing per-store productivity and maintaining used car margins around 1%.

• Early 2025 results: net income R$42M in first two months (+100% y/y), net rental revenue up 26%, total fleet reduced by ~7,500 cars.

• GTF contracts signed at higher price levels, with a future revenue backlog of R$6.8B.

• Expect continued strong EBITDA margins and ROIC spread between 4% and 6%.