Movida Participações (MOVI3) Q4 2024 earnings summary

Executive summary

• Net revenue reached R$13.5 billion in 2024, up 30.4% year-over-year, with all business lines showing strong operational performance and all guidance targets met ahead of schedule.

• Adjusted EBITDA rose 33.5% to R$4.7 billion, with margin improvement to 69.3%.

• Adjusted net income was R$305 million, reversing a prior year loss, and ROIC increased to 12.3%, 3.5 p.p. above cost of debt.

• Strategic focus included price recovery, cost control, capital allocation, and operational efficiency, with preliminary 2025 results showing net income doubled year-over-year in the first two months.

• Fleet expanded to 268,000 vehicles, with productivity and pricing actions supporting profitability.

Financial highlights

• Rental segment net revenue: R$6.6 billion (+29.9% vs. 2023); EBITDA: R$4.6 billion (+41.2%).

• Used Cars net revenue: R$6.8 billion (+30.8%); 103,700 cars sold (+36.1%).

• GTF (Fleet Management) net revenue: R$3.4 billion (+45.6%); EBITDA: R$2.5 billion (+50.7%).

• Adjusted EBIT: R$2.7 billion (+46.2%); adjusted net financial expenses: R$2.2 billion (+3.3%).

• Net debt/EBITDA reduced to 3.0x in 4Q24 from 3.2x in 1Q24; cash position at R$4.3 billion.

Outlook and guidance

• 2025 priorities: further price recovery and yield growth in RAC and GTF, sustained used car productivity, operational efficiency, and deleveraging.

• Preliminary 2025 (Jan–Feb): net income R$42 million (2x prior year), rental net revenue up 25.9%.

• No fleet expansion planned; focus on productivity and efficiency in used car sales.

• ROIC spread expected to reach 4–6% in 2025, with continued operational improvements.