MOVI3: quote, dividends and indicators for Movida

Movida Participações S.A. is a publicly held company in the vehicle rental sector, with common shares traded on B3 under the ticker MOVI3. The company is part of the SIMPAR Group and originated from JSL’s expansion movement in the mobility segment, with the acquisition in 2013 of Movida Locação de Veículos and APTA Veículos e Representações. Since then, it has consolidated a business model based on light vehicle rentals for individuals and legal entities, fleet management and outsourcing, as well as the resale of pre-owned vehicles. In 2014, the company unified the rent-a-car and fleet management activities, going on to operate with more than 36,000 vehicles. The corporate structure was simplified over the years through internal reorganizations and mergers, culminating in the initial public offering in 2017, which raised R$ 600.1 million, and subsequent transactions involving the issuance of Level 1 ADRs and bonds in the international market, including through its subsidiary Movida Europe, in Luxembourg.

Movida’s business model is based on three integrated pillars: the rent-a-car (RAC) segment, the fleet management and outsourcing (GTF) segment, and asset disposal through the Seminovos Movida network. The company acquires vehicles directly from automakers, financed with its own capital, working capital lines, and local and international debt, and uses this fleet under short-, medium-, and long-term contracts. At the end of the usage cycle, assets are sold mainly at retail, through its own pre-owned vehicle outlets distributed across the country, or wholesale to large groups and dealers. In December 2025, the company had a total fleet of more than 275,000 vehicles, approximately 131,000 dedicated to RAC and 144,000 to GTF, and reported consolidated net revenue of R$ 14.672 billion, net income of R$ 318.4 million and EBITDA of R$ 5.686 billion in fiscal year 2025.

In the rent-a-car (RAC) segment, Movida operates with daily and monthly rentals for individuals and companies at strategically located branches, both inside and outside airports. On December 31, 2025, the company had 267 own RAC service points, 100 of which were located in airports, serving tourism and business customers, insurers, ride-hailing drivers and travel-industry partners. The RAC fleet totaled 130,634 cars, with an average operating fleet of 98,880 vehicles throughout 2025 and an occupancy rate of 73.4%, including operations in Brazil and Portugal, where it also operates through Drive on Holidays. Movida offers a range of value-added services, such as 27-hour daily rate on the return day, unlimited mileage, 24-hour roadside assistance, Carbon Free rentals with emissions offsetting, electronic toll services, prepayment options, young driver rentals, a loyalty program, and digital solutions such as web check-in, self-service kiosks, its own app, and support via online channels.

In the fleet management and outsourcing (GTF) segment, Movida structures long-term contracts, generally ranging from 12 to 36 months, aimed primarily at corporate clients, as well as individuals under subscription formats. This segment involves sizing the fleet, vehicle acquisition and customization, preventive and corrective maintenance, replacement of damaged vehicles, document management, and provision of insurance and additional services. At the end of 2025, GTF had a fleet of 144,207 vehicles, with average monthly revenue per average operating fleet of R$ 3,493. The company also developed products such as Movida Carro por Assinatura (Car by Subscription) and Mensal Flex, aimed at extended vehicle use with a full package of services, taxes, and maintenance included. GTF expansion was reinforced by acquisitions such as Vox Frotas and, especially, by the merger of CS Brasil Frotas, which added tens of thousands of vehicles serving public and mixed-capital clients, expanding contract base diversification and sector reach.

Fleet disposal is a core part of Movida’s economic cycle and occurs mainly through the Seminovos Movida brand, which in December 2025 had 112 resale outlets, distributed across 26 states and the Federal District. In 2025, 97,345 pre-owned vehicles were sold, excluding stolen cars, with activity in both retail and wholesale. The company seeks to optimize the residual value of assets, deciding between retail or dealer sales based on factors such as mileage, vehicle condition, operating cost, and expected margin. The pre-owned segment accounted for 46.3% of consolidated revenue in 2025, although with an operating result very close to breakeven, reflecting the role of this business arm as the fleet cycle’s closing component rather than as an isolated margin generator.

Movida operates in a fragmented sector in which, according to ABLA data, there were more than 21,000 rental companies in Brazil in 2025, with a total fleet of 1.7 million light vehicles, an average age of 16.4 months, and an approximate split of 54% in GTF and 46% in RAC. Within this context, Movida is ranked as the second-largest vehicle rental company in Brazil in terms of fleet size and revenue among publicly traded companies in the sector, according to Fitch Ratings in June 2025. The company has a highly diversified customer base, with no relevant concentration, as no individual client accounted for more than 10% of net revenue in 2025. The operation combines a strong physical presence in airports and urban centers with digital sales and service channels, including e-commerce for subscription service contracts, and pricing and analytics tools that use statistical models and languages such as Python to optimize rates in RAC, GTF, and pre-owned vehicles.

Movida’s geographic footprint is predominantly domestic, with operations in all regions of Brazil through rental branches and pre-owned vehicle outlets. The company has also consolidated an international presence in Portugal through Drive on Holidays, with a fleet of approximately 4,900 vehicles at the end of 2025 and service focused on locations near major airports. In terms of funding, in addition to the traditional financing structure in the domestic market, Movida has issued international bonds through Movida Europe, in significant amounts, with the goal of extending its debt maturity profile and strengthening liquidity, and it has obtained credit lines from multilateral institutions such as IDB Invest and IFC, linked to fleet renewal and environmental targets. In 2026, the company also reinforced its capital through a private capital increase within the SIMPAR Group.

From a regulatory standpoint, Movida’s core activity does not depend on specific concessions beyond the obligations common to service companies, such as CNPJ, operating permits and Fire Department inspection certificates. Operating in airports, the company maintains area-use concession contracts with INFRAERO and other airport authorities. In contracts with the public sector, Movida and its subsidiaries are subject to the general bidding and procurement regime, historically set out in Laws 8,666/93 and 10,520/2002, differentiated regimes and, more recently, Law 14,133/2021, under the oversight of audit institutions such as courts of accounts and the Public Prosecutor’s Office, with no specific sector regulations comparable to those of regulated industries such as power or telecommunications.

The environmental, social, and governance (ESG) agenda is a distinctive element of Movida’s operations. The company has been part of B3’s Corporate Sustainability Index (ISE) portfolio since 2020 and, in 2025, was the only vehicle rental company included in the index, in addition to being part of the Carbon Efficient Index (ICO2 B3). The company received an A score from CDP in Climate Change, making it part of the A List, and maintained an “AA” ESG rating from MSCI, at the “Leadership” level. Movida also earned the Gold seal in the Brazilian GHG Protocol Program, has emission-reduction targets approved by the Science Based Targets initiative (SBTi), and is certified as a B Corp, signaling a formal alignment of management with the generation of positive social and environmental impact. In its services, initiatives such as Carbon Free rentals and accelerated fleet renewal, tied to financings linked to environmental targets, reflect the incorporation of sustainability criteria into the company’s business model, whose MOVI3 shares are traded on B3.