Movida Participações S A : 3Q25 Earnings Release

CONFERENCE AND WEBCAST

Portuguese (with simultaneous translation into English)

Tuesday, November 11, 2025

9:00 a.m. (Sao Paulo) / 8:00 a.m. (NY)

Zoom to join the webcast

Release

SIMPAR

All-time high! All-time high!

All-time high!

+15%

All-time high!

+19%

All-time high!

+23%

Best ROIC in the last 3 years!

2

+4% -11% +2.0 p.p.

Note: Unaudited guidance information

HIGHLIGHTS BY BUSINESS LINE

RAC : Daily Rate and Yield Adjustment Over Time

Average Ticket of RS159, up 12% vs. 3Q24, with a 4.3% yield - continued rate recovery and consistent yield improvement;

Net Revenue of RS 874 million, up J 4.3% vs. 3Q24; EBITDA of RS 601 million, up 21.8% vs. 3Q24;

Record EBITDA Margin of 68.8%, up 4.2 p.p. vs. 3Q24;

Average Operating Fleet of 92,000 cars, up 5.9% vs. 3Q24.

Rent-a-Car

(RAC)'

Capital Allocation Prioritized in GTF

Maintaining predictability and stability in results, with 61 % of the Company's average gross fixed assets allocated to GTF;

New contracts with an average monthly yield of 3.5% (vs. 3.3% in 3Q24); Net Revenue of RS 1.03 billion, up 16.2% vs. 3Q24;

EBITDA of RS 791 million, up 17.1 % vs. 3Q24; EBITDA margin of 76.5%, up 0.5 p.p. vs. 3Q24;

Average Operating Fleet of 128,000 cars in GTF, up 3.4% vs. 3Q24.

Fleet Management and Outsourcing (GTF)

Productivity Gains in Used Cars

24,500 cars sold in 3Q25 - stable volumes demonstrate resilience and continued strong operating performance;

Higher liquidity across the car mix, with an average selling price of RS79.6 thousand per car;

Net Revenue of RS 1.8 billion;

EBITDA Margin of J.0% in 3Q25, reflecting accurate depreciation rates and stabilized results.

Used Cars

¹Includes Brazilian operations only

MESSAGE FROM MANAGEMENT

We are pleased and proud to present our 3Q25 results, which reflect higher levels of ROIC, Net Revenue, EBITDA, and operating margins. We would like to thank our Clients for their trust, and our People, more than 6,000 employees whose commitment and determination drive efficient, high-quality performance and who remain enthusiastic about what lies ahead, focused on executing our annual strategic plan. To our Suppliers and Shareholders, our sincere thanks for their trust and for being part of this journey with MOVIDA.

In 3Q25, Net Income totaled RS70 million. ROIC for the quarter was 14.4%, the highest profitability of the past three years, up 2.0 p.p. vs. 3Q24 and 4.1 p.p. above the Company's average cost of debt. These results, combined with improvements in operational efficiency, demonstrate the Company's significant transformation and continued progress in creating value for shareholders.

We ended the quarter with a total fleet of 259,000 cars and Net Revenue of RS3.8 billion. We delivered record EBITDA of RH.5 billion in 3Q25, a 18.5% increase compared to 3Q24. Rental results grew even further, with Net Revenue of RS2.0 billion, up 15.3% year over year, and EBITDA of RS1.5 billion, up 19.1% vs. 3Q24. The Average Operating Fleet grew only 4%, highlighting the efficiency gains and the optimization of returns on invested capital. Rental EBIT grew even more, up 22.6% vs. 3Q24, reaching RS854 million and further driving profitability levels.

As part of our commitment to creating value for shareholders, we have made continuous progress across several key operational indicators. Our main areas of focus were: i) continued recovery of daily rates in the Rent-a-Car (RAC) segment and increased share of occasional rentals in the mix; ii) higher pricing levels in GTF; iii) greater predictability and stability in results through a higher share of GTF in invested capital; iv) continued initiatives focused on operational efficiency, with revenue growth and cost reduction; and v) higher productivity in Used Cars.

In 3Q25, we implemented various actions to gain operational efficiency and improve RAC profitability. We continued the price recovery process, posting a 12% increase in daily rates. This performance established a new pricing benchmark, with the average daily rate reaching RS159, driving best-in-class operational performance in the sector.

As the Company prioritized capital allocation in RAC toward the"occasional rentals" product, the number of rental days grew J9% in 3Q25 vs. 3Q24. Sustaining this performance in both monthly and occasional rental products will further boost results in the coming quarters. As a result, we have seen an important progress in profitability, as evidenced by the increase in yield from 4.2% in 3Q24 to 4.3% in 3Q25.

RAC Net Revenue reached RS874 million, up 14.3% from the same period in 2024. EBITDA totaled RS601 million, growing 21.8% over the same period, with a record EBITDA margin of 68.8%, an increase of 4.2 p.p., and an Average Operating Fleet of 92,000 cars.

We also highlight the performance of the Fleet Management and Outsourcing (GTF) business, with the addition of new contracts at higher price points and an average yield of 3.5% per month, supported by strong market demand. The segment ended the quarter with a total fleet of 144K cars. These contracts represent a revenue backlog of RS7.1 billion and are expected to positively impact results in the coming quarters. Capital allocated to GTF accounted for 61% of the Company's consolidated gross fixed assets in 3Q25, enhancing the predictability and resilience of consolidated results.

Net Revenue in GTF reached RS1.034 in 3Q25 (+16.2% vs. 3Q24), with EBITDA of RS791 million (+17.1% vs. 3Q24) and an EBITDA margin of 76.5%, a 0.5 p.p. increase compared to the same period last year. Average monthly revenue per car was Rf3,025 in 3Q25, up 12.2% from 3Q24, reflecting our pricing discipline and success in securing new contracts in the segment.

In the Used Cars segment, approximately 24,500 cars were sold in the third quarter of 2025, generating RS1.8 billion in Net Revenue. The stability of sales volumes in recent quarters has helped maintain the fleet's average age at adequate levels, reinforcing operational consistency and enhancing predictability across the business. The stable EBITDA margin of J.0% confirms our operational efficiency and the accuracy of the residual values assigned to Movida's assets. Depreciation per car remained stable in 2Q25, at Rf6.9Kper car in RAC and RR 11.0K in GTF. We improved liquidity in the car mix, with hatchbacks accounting for 63% of inventory in 3Q25 vs. 58% in 3Q24, supporting asset turnover.

We closed 3Q25 with a strong cash position of RS3.3 billion-a solid foundation to support progress across all strategic fronts. Our debt management agenda remained active over the first nine months of the year, with RS4.3 billion in new funding. Reducing leverage remains a top priority to ensure ongoing sustainable value creation. Our Net Debt/EBITDA ratio improved from 3.1x in 3Q24 to 2.7x in 3Q25.

These indicators reinforce our confidence to continue executing our strategic plans with great discipline, staying focused on advancing operational excellence while maximizing the value of our assets and driving sustainable value creation for shareholders, alongside customer satisfaction-an equation that ensures the long-term growth and resilience of our business

People are Movida's greatest asset. We sincerely thank our employees for their contributions and for everything we will continue to build together. I am confident in our planning, and the 3Q25 results confirm that 2025 will be a year of surpassing targets and achieving strong results for Movida.

To our clients, shareholders, and suppliers, thank you for your continued trust.

Gustavo Moscatelli | CEO

MAIN INDICATORS

Financial Highlights (R$ million)	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
Gross Revenue	4,032.9	4,016.7	0.4%	11,768.6	10,894.2	8.0%
Net Revenue	3,765.8	3,775.9	-0.3%	11,013.1	10,233.1	7.6%
Net Revenue from Rentals	2,010.8	1,744.7	15.3%	5,782.3	4,848.0	19.3%
Net Revenue from the Sale of Assets	1,755.0	2,031.2	-13.6%	5,230.7	5,385.1	-2.9%
Gross Profit	1,218.2	1,057.2	15.2%	3,518.5	2,959.3	18.9%
Gross Margin¹	60.6%	60.6%	-0.0 p.p	60.8%	61.0%	-0.2 p.p
Gross Margin²	32.3%	28.0%	+4.3 p.p	31.9%	28.9%	+3.0 p.p
EBITDA	1,478.7	1,247.5	18.5%	4,196.1	3,456.3	21.4%
EBITDA Margin¹	72.6%	70.3%	+2.4 p.p	71.7%	69.5%	+2.2 p.p
EBITDA Margin²	39.3%	33.0%	+6.3 p.p	38.1%	33.8%	+4.3 p.p
EBIT	854.1	696.2	22.6%	2,405.4	1,935.2	24.3%
EBIT Margin¹	42.5%	39.9%	+2.6 p.p	41.6%	39.9%	+1.7 p.p
EBIT Margin²	22.7%	18.4%	+4.3 p.p	21.8%	18.9%	+2.9 p.p
Net Income	70.0	78.2	-10.5%	216.0	169.3	27.6%
Net Margin¹	3.5%	4.5%	-1.0 p.p	3.7%	3.5%	+0.2 p.p
Net Margin²	1.9%	2.1%	-0.2 p.p	2.0%	1.7%	+0.3 p.p
¹ Over Net Rental Income ² Over Total Net Revenue
Operational Highlights	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
RAC Operational Data
Fleet - End of the Period	115,498	110,182	4.8%	115,498	110,182	4.8%
Number of points of sales*	262	258	1.6%	262	258	1.6%
Occupancy Rate (%)	71.8%	78.1%	-6.3 p.p	72.5%	78.8%	-6.3 p.p
Daily Rentals Average (R$)	159	142	12.2%	157	136	15.9%
Number of Daily Rentals (thousand)	6,085	6,005	1.3%	18,182	18,619	-2.3%
Average monthly revenue per average operational fleet	3,497	3,258	7.3%	3,421	3,149	8.6%
GTF Operational Data
Total fleet - end of period	143,449	137,405	4.4%	143,449	137,405	4.4%
Number of Daily Rentals (thousand)	11,793	11,407	3.4%	34,866	32,448	7.5%
Average monthly revenue per average operational fleet	3,025	2,696	12.2%	2,943	2,558	15.1%
Seminovos Operational Data
Number of Used Cars Stores	100	90	11.1%	100	90	11.1%
Number of Cars Sold	24,472	30,572	-20.0%	75,173	81,775	-8.1%
Average Price of Cars Sold (R$)	73,432	67,729	8.4%	71,105	67,119	5.9%
*Includes the Portugal operation

1. Leader in Customer Service

   In the third quarter of 2025, the Company advanced in its transformation journey, consolidating its position as a benchmark in the car rental sector. This progress was supported by advances in the strategic pillars of customer service and innovation:

   The first front was the expansion of the digital experience in physical stores. Currently, 10 locations already feature self-service kiosks, with plans to reach an additional 20 stores by December 2025. We achieved an NPS of 95%, with rental agreements opened in under 2 minutes. In addition, the new ticketing system reduced average service time by 33%, with 87% of customers being served in 10 minutes or less.

   The second pillar was the launch of Movida Pit Stop, offering faster vehicle servicing. We implemented the first express service center (under 1 hour) to serve RAC, GTF, and Car Subscription clients. This initiative provided greater control and cost management for vehicle servicing, with dedicated spaces offering convenience outside traditional service centers The expansion plan includes 10 company-owned service centers by December 2025.

   Finally, we strengthened our relationship with customers through the Movida Loyalty Program. The program currently has over 2.4 million registered members who earn and redeem points at physical stores and through digital channels. In addition to daily rentals and discounts, the program offers exclusive benefits such as priority service, upgrades and others, strengthening the Company's value proposition.

   These initiatives reflect Movida's ongoing commitment to innovation, quality, and customer

   satisfaction.

   
   
   
2. Strategic Priorities

   Movida remains focused each quarter on structural initiatives, driven by disciplined management and a constant commitment to creating value for shareholders.

   Currently, the Company's five main priorities for continued progress are: i) ongoing recovery of RAC pricing; ii) higher pricing levels in GTF; iii) capital allocation to GTF, providing greater predictability in results; iv) improvements in operational efficiency; and v) increased productivity in Used Cars.

   These action plans reinforce Movida's commitment to creating greater value from its assets and

   delivering more solid and consistent results.

   
   
   
3. Net Income Guidance*

   Movida presents projections for 4Q25, reflecting consistent execution of its strategic plan and commitment to operational efficiency and value creation.

   For net income, expectations are to reach between BRL 75 million and BRL 90 million, representing growth of 21% to 45% compared to 4Q24, when we recorded BRL 62 million. This will be the strongest quarterly result in the past three years, reinforcing disciplined management and the strength of our business model.

   As for leverage, we project a Net Debt / EBITDA ratio between 2.6x and 2.8x, below the 3.0x recorded in 4Q24, demonstrating progress and discipline in capital structure.

   These projections reflect our confidence in executing strategies focused on sustainable profitability, customer satisfaction, and value generation for shareholders.

   
   
   

   *Unaudited information

4. Movida Consolidated Results

   Net Revenue in 3Q25 reached R$3.766 billion, in line with 3Q24. For the nine-month period, Net Revenue totaled R$11.013 billion, up 7.6% vs. 9M24. This performance was driven by the expansion of the Fleet Management and Outsourcing (GTF) operation, higher average daily rates in both Rent-a-Car (RAC) and GTF, and an increase in average selling prices in Used Cars. It is important to highlight that revenue growth outpaced the increase in the average operating fleet for the period, reflecting the Company's strategy to enhance value creation.

   
   
   

   The following chart shows Movida's consolidated EBITDA over time, which reached R$1.478 billion in 3Q25 - an 18.5% increase compared to the same period last year - and R$4.196 billion in 9M25, up 21.4% vs. 9M24. Rental EBITDA (GTF + RAC) grew 19.1% in 3Q25 and 22.8% in 9M25, remaining the Company's key indicator for sustaining operational results. Rental EBITDA Margin, calculated as Rental EBITDA divided by Rental Net Revenue, reached 72.6% in 3Q25, up 2.3 p.p. vs. the same period last year. For the nine-month comparison, this margin reached 71.6%, an increase of 2.1 p.p.

   
   
   

   EBIT totaled R$854 million in 3Q25, up 22.6% vs. 3Q24, and R$2.405 billion in 9M25, up 24.3% vs. the same period last year.

   
   
   

   In 3Q25, accounting Net Income reached R$70 million In 9M25, Net Income grew 27.6% vs. 9M24, totaling R$216 million.

   
   
   
   
   
5. Rent-a-Car (RAC)
   1. Operating Data

      Revenue per car in 3Q25 reached R$3,497, up 7% vs. the same period last year. In the nine-month comparison, it rose 9% vs. 9M24, totaling R$3,421 per car. Yield also increased by 0.1 p.p. in 3Q25 compared to 3Q24, reaching 4.3% per month, and remained at 4.3% per month in 9M25 vs. 9M24, showing significant improvement in RAC profitability. These results highlight the effectiveness of the pricing strategy combined with fleet mix adjustments.

      
      
      

      NOTE: Includes only Brazilian operations.

      Yield calculated by dividing the monthly revenue per operating car by the fleet's average RAC purchase price.

      The average daily rate in 3Q25 was R$159, representing a 12% increase compared to the same period last year, and R$157 in 9M25, up 15% vs. 9M24.

      The strategy of prioritizing occasional rentals yielded positive results, with a 7 p.p. increase in this segment compared to 3Q24. Consequently, monthly rentals decreased by 7 p.p. over the same period. These strategic priorities drove higher average ticket and improved business profitability.

      
      
      
   2. Revenue

      Net Revenue reached R$874 million, up 14.3% vs. 3Q24, driven by growth in average monthly revenue per car and in the Average Operating Fleet-which increased at a slower pace, up 5.9% over the same period and 4.3% in the nine-month comparison. In 9M25, Net Revenue rose 13.8%, reaching R$2.6 billion. These figures reflect the Company's scale and the optimization of pricing across segments.

      
      
      

      ReNvOeTEn: Iunceludpeseonrly cBraazril,iancoapelcrautiolnas.ted as the monthly average of gross revenue divided by the operating fleet, grew 7.3% in 3Q25 vs. 3Q24, reaching R$3,497 in average monthly revenue per car. In 9M25, the increase was 8.6%, reaching R$3,421 in revenue per car.

      
      
      

      NOTE: Includes only Brazilian operations.

   3. Operating Results

      EBITDA reached R$601 million in 3Q25, up 21.8% vs. 3Q24. In 9M25, EBITDA grew 19.2% compared to 9M24. EBITDA Margin increased 4.2 p.p. year over year, reaching 68.8% in 3Q25, and rose 3.1 p.p. in the nine-month comparison, reaching 67.6% in 9M25 - the highest margin reported by the Company since its IPO.

      
      
      

      NOTE: Includes only Brazilian operations.

      EBITDA per car grew 15.1% in 3Q25 vs. 3Q24, reaching a monthly average of R$2,170, reflecting improvements in pricing and operational scale. In the nine-month comparison, EBITDA per car increased 14.4%, reaching R$2,085 per car on a monthly average basis.

      
      
      

      NOTE: Includes only Brazilian operations.

      EBIT reached R$387 million in 3Q25, up 25.6% year over year, driven by operational improvements and changes in depreciation levels during the period. EBIT also increased in 9M25 vs. 9M24, reaching R$1.119 billion, up 24.6%.

      
      
      

      NOTE: Includes only Brazilian operations.

      
      
      
6. Fleet Management and Outsourcing (GTF) B2B GTF, CS Frotas, and Car Subscription Services
   1. Operating Data

      In 3Q25, the average operating fleet grew 3.4% vs. 3Q24, reaching 128,000 vehicles and

      accounting for 55% of the Company's total fleet.

      Commercial activity growth and higher average ticket for long-term contracts generated a GTF revenue backlog of R$7.1 billion, up 2% year over year, providing greater stability for the coming periods. The sustained share of GTF within the business contributes to more predictable results, with the segment maintaining its share of around 61% of gross fixed assets in 3Q25.

      
      
      
   2. Revenue

      In 3Q25, GTF Net Revenue reached R$1.03 billion, up 16.2% vs. the same period last year. In the nine-month comparison, Net Revenue expanded 24.6%, totaling R$3.023 billion in 9M25. The Average Operating Fleet grew 3.4% from 3Q24 to 3Q25 and 7.9% from 9M24 to 9M25, reflecting greater efficiency in the Company's strategy.

      
      
      

      Revenue per car in the quarter grew 12.2% vs. the same period of 2024, reaching a monthly average of R$3,025 in 3Q25, driven by higher yields and fleet renewal. In the nine-month comparison, revenue per car increased 15.1%.

      
      
      
   3. Operating Results

      EBITDA R$791 million in 3Q25, up 17.1% vs. 3Q24, with a margin of 76.5%, up 0.5 p.p. year over year. In the nine-month comparison, EBITDA and margin grew 25.9% and 0.8 p.p., respectively.

      
      
      

      EBITDA per car increased 13.2% in 3Q25 vs. 3Q24, reaching a monthly average of R$2,057, reflecting improvements in pricing and operational scale. In 9M25, this indicator grew 16.7% vs. 9M24, totaling R$2,005 in monthly average EBITDA per operating car.

      
      
      

      EBIT totaled R$429 million in 3Q25, up 18.2% year over year, driven by operational improvements and changes in depreciation levels during the period. EBIT also grew in 9M25 vs. 9M24, totaling R$1.265 billion, an increase of 23.7%.

      
      
      
      
      

7. Used Cars

   1. Operating Data

      Used Cars sales have shown a consistent upward trend since 1Q25, consolidating a positive performance over the first nine months of the year. Quarterly data for the year indicate continued solid performance, with a total of 24,472 cars sold in 3Q25, reinforcing the consistency of our growth.

      In the first nine months of 2025, 75,173 vehicles were sold, representing a decline of 8.1% compared to the 81,775 vehicles sold in the first nine months of 2024. The average age of the RAC operational fleet ended the period at 10 months, reinforcing the Company's commitment to continuous renewal and maintaining the quality of its assets.

      
      
      

      We also highlight the quarterly evolution throughout 2025, with a stable level of 25,000 cars

      sold per quarter to maintain the fleet's average age.

      
      
      

      In addition to the increase in sales volume, the mix of cars in the used car inventory continues to improve sequentially, in line with the Company's current strategy of increasing the share of entry-level cars (hatchbacks), which have greater liquidity in resale. As shown in the chart below, hatchbacks accounted for 63% of the inventory profile in 3Q25, compared to 58% in 3Q24.

      Regarding the monthly variation in FIPE prices for Used Cars, there has been a slowdown in price declines throughout the year, with October recording a 0.4%

      drop. The 2025 monthly average stands at -0.4%, representing a significant improvement

      compared

      to 2024, which recorded -0.8%.

      
      
      

      NOTE: The car mix above includes only vehicles currently in inventory. * The Company has 38 electric vehicles in inventory and 38 in its operating fleet.

   2. Revenue

      In 3Q25, net revenue from vehicle sales totaled R$ 1.8 billion, a decrease of 13.6% compared to 3Q24. This variation reflects the lower sales volume in the period, partially offset by the increase in the average price of vehicles sold, which rose from R$ 67.7 thousand to R$ 73.4 thousand.

      In 9M25, net revenue reached R$ 5.2 billion, down 2.9% from the R$ 5.4 billion recorded in 9M24. The average price of vehicles sold during the period was R$ 71.1 thousand, higher than the R$ 67.1 thousand in the same interval of the previous year, reinforcing the strategy of asset appreciation and efficient fleet management.

      
      
      

   3. Operating Results

      EBITDA Margin was 1.0% in 3Q25, a stable and normalized level for Used Cars margins.

      
      
      

   4. SG&A

      SG&A expenses represented 4.9% of Net Revenue in 3Q25, remaining stable compared to the same quarter last year, and up 0.1 p.p. in the nine-month comparison.

      
      
      
8. Depreciation
   1. RAC depreciation

      Annualized depreciation per operating car in the RAC was R$6,900 in 3Q25, reflecting the accuracy of the fleet mix, with depreciation rates for new cars ranging between 8.0% and 9.0% per year. This figure is in line with the previous quarter, maintaining a healthy depreciation rate level in RAC.

      
      
      
   2. GTF depreciation

      Annualized depreciation per operating car in the GTF segment was R$11,000 in 3Q25, reflecting a stable car mix, with depreciation rates for new cars ranging between 9.0% and 10.0% per year. This figure is in line with the previous quarter, maintaining a healthy depreciation rate level in GTF.

      
      
      

      ¹Depreciation per operating fleet = depreciation fleet in the quarter * 4 / average operating fleet.

9. Financial Results

   Financial result (R$ million)	3Q25	3Q24	Var% YoY	9M25	9M24	Var% 9Mo9M
   Financial result	(795.3)	(582.9)	36.4%	(2,144.6)	(1,703.9)	25.9%
   Finance income	100.6	104.9	-4.1%	289.3	293.2	-1.3%
   Finance expenses	(879.2)	(673.2)	30.6%	(2,384.4)	(1,957.4)	21.8%
   Interest and charges on leases (IFRS 16)	(16.7)	(14.5)	14.7%	(49.5)	(39.7)	24.8%

   Net financial result totaled R$ 795.3 million in 3Q25, an increase of 36.4% compared to 3Q24. In the first nine months of 2025, financial result reached R$ 2,144.6 million, up 25.9% over the same period in 2024, reflecting the dynamics of financial expenses, which grew 21.8% during the period, explained mainly by:

   • the increase in Net Debt, from R$14.2 billion in 3Q24 to R$15.5 billion in 3Q25; and

   • the rise in the SELIC rate, with the average CDI increasing from 10.43% p.a. in 3Q24 to 14.99% p.a. in 3Q25.

   
   
   
10. Fleet Investment

    In 3Q25, RAC recorded a negative Net CAPEX of R$123.0 million, reflecting fleet renewal and the seasonal reduction in fleet size during the quarter, with the total fleet decreasing by 3,300 cars compared to the end of 2Q25. GTF, in turn, reported Net CAPEX of R$564.0 million, resulting from fleet renewal within a longer replacement cycle.

    On a consolidated basis, Net CAPEX totaled R$441.0 million in 3Q25. The average purchase prices were R$97,870 in RAC and R$103,390 in GTF, representing increases of 17.1% and 6.0% vs. 3Q24, respectively. These increases reflect the renewal profile in RAC and the characteristics of new contracts in GTF.

    CAPEX (R$ million)	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
    RAC
    Fleet	898,0	1.605,7	-44,1%	3.292,6	3.543,4	-7,1%
    Renewal	898,0	1.295,4	-30,7%	2.664,4	3.162,3	-15,7%
    Expansion	-	310,2	n.a.	628,2	381,1	64,8%
    Gross Revenue from the Sale of Assets	(1.017,5)	(1.214,9)	-16,2%	(2.948,3)	(3.309,6)	-10,9%
    Total net CAPEX	(119,5)	390,8	-130,6%	344,3	233,8	47,3%
    GTF
    Fleet	1.321,5	1.352,7	-2,3%	3.334,7	4.245,8	-21,5%
    Renewal	1.178,2	1.288,9	-8,6%	3.129,4	3.121,7	0,2%
    Expansion	143,3	63,8	124,6%	205,3	1.124,1	-81,7%
    Gross Revenue from the Sale of Assets	(779,5)	(855,7)	-8,9%	(2.396,9)	(2.179,1)	10,0%
    Total net CAPEX	542,0	497,0	9,1%	937,8	2.066,7	-54,6%
    TOTAL GROSS (RAC+GTF)	2.219,5	2.958,3	-25,0%	6.627,3	7.789,2	-14,9%
    Gross Revenue from the Sale of Assets	(1.797,0)	(2.070,6)	-13,2%	(5.345,2)	(5.488,7)	-2,6%
    TOTAL NET	422,5	887,7	-52,4%	1.282,1	2.300,5	-44,3%

11. Capital Structure

    Net debt ended the quarter at R$15.5 billion, with a current cash position of R$3.3 billion. Following the debt offerings carried out in 2024, the Company significantly improved its debt maturity schedule by extending terms and reducing the average spread, reaching an average cost of CDI + 1.9% p.a. in 2Q25, with an average debt maturity of 3.2 years. In addition, there are no significant debt payments due until the end of 2026.

    
    
    

    The following debt indicators reflect the Company's strategy of maintaining disciplined balance sheet management. Leverage, measured by net debt/EBITDA (covenant), stood at 2.7x in 3Q25, a reduction of 0.4x vs. 3Q24. If considering annualized 3Q25 EBITDA, the ratio would be even better, demonstrating the strength of operational results as a foundation for continued deleveraging.

    Regarding payments to OEMs-one of Movida's main liability lines-the balance decreased by R$873 million compared to the previous quarter, in line with the Company's fleet renewal strategy.

    
    
    

    ¹ Check reconciliations in the Release on page 31

    *Net Debt in 3Q25 divided by annualized 3Q25 EBITDA (*4)

12. Profitability

    Return on Invested Capital (ROIC) for 3Q25 LTM was 14.3% (+1.9 p.p. vs. 2024), representing another relevant sequential improvement in profitability. The metric exceeded the average cost of debt by 4.0 p.p. in the period, reflecting the accuracy of initiatives implemented since 2023. Combined with ongoing actions, these efforts will enable even greater and more sustainable value creation.

    
    
    

    NOTE: ROIC and cost of debt calculations are net of income tax.

    Excludes one-time impairment effects from 2023 (calculated using a 34% tax rate). Excludes one-time effects from the climate disaster in Rio Grande do Sul in 2Q24 and 3Q24. The ROIC calculation considers the effective income tax rates accumulated over the periods and the average cost of debt for the last twelve months.

    ROIC Reconcilitation (R$ million)	3Q25
    Annualized Accounted EBIT 3,090.4

    (-) Taxes (Effective Tax Rate 18.0%)¹	(555.1)
    NOPAT	2,535.3
    Average Net Debt²	14,919.8
    Avegare Equity³	2,723.4
    Average Invested Capital	17,643.3
    LTM ROIC	14.4%

    ¹Takes into account the average of 3Q24 and 3Q25 and excludes the hedge in net debt, as it is already included in "Other Comprehensive Income" of shareholders' equity.

    ²Based on the average of 3Q24 and 3Q25.

13. Cash flow

    Free cash flow generated by rental activities in 3Q25 totaled R$ 1.1 billion, representing an increase of 10.3% compared to 3Q24, mainly due to the increase in EBITDA during the period. Net fleet investment consumed only R$ 476.2 million in cash in 3Q25. Thus, we highlight free cash flow before interest of R$ 572.6 million, an increase of 250.4% in the same period.

    	Free Cash Flow Generated (R$ million)	3Q25	3Q24	VAR% Y/Y		9M25	9M24 Va	r% 9M/9M
    S	EBITDA	1,478.7	1,247.5	18.5%		4,196.1	3,456.3	21.4%
    ON	Revenue from the sale of decommissioned cars, net of taxes	(1,755.0)	(2,031.2)	-13.6%		(5,230.7)	(5,385.1)	-2.9%
    ATI	Net book value of vehicles written-off	1,668.4	1,928.6	-13.5%		4,951.9	5,074.8	-2.4%
    ER	(-) Income tax and social contribution	-	- 0.59	-100.0%		- -	2.16	-100.0%
    OP	Change in working capital	(269.9)	(126.9)	112.7%		(799.5)	(587.6)	36.1%
    A	Cash generated by rental operations	1,122.2	1,017.5	10.3%		3,117.9	2,556.3	22.0%
    	Used car sale revenue, net from taxes	1,755.0	2,031.2	-13.6%		5,230.7	5,385.1	-2.9%
    	Fleet investment	(2,196.9)	(2,967.6)	-26.0%		(6,607.8)	(7,798.5)	-15.3%
    PEX	Net capex - cars	(441.9)	(936.4)	-52.8%		(1,377.1)	(2,413.4)	-42.9%
    CA	Change in accounts payable to car suppliers	(34.3)	154.6	-122.2%		(872.7)	(1,016.5)	-14.1%
    B	Net investment in fleet	(476.2)	(781.8)	-39.1%	(2,249.7) (3,429.8) -34.4%
    C	Investment, property and intangible	(73.4)	(72.2)	1.6%	(180.8) (171.2) 5.6%

    A+B+C

    Free cash generated (applied) before interest and others

    572.6

    163.4

    250.4%

    687.4

    (1,044.7)

    165.8%

14. Strategy Consolidation

    For 2025, actions are already being implemented to further enhance efficiency and profitability. The main pillars currently being executed are: i) Customer Service Excellence; ii) Operational Efficiency; iii) Higher Return on Invested Capital; and iv) Improved Capital Allocation.

    
    
    
15. Exhibits

Historical Income Statement

RAC Income Statements - Brazil (R$ million)	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
Gross Revenue	969.1		852.9	13.6%	2,857.5	2,522.9	13.3%
Deductions	(95.1)		(88.1)	7.9%	(280.7)	(257.8)	8.9%
Net Revenue Cost	874.0 (324.1)		764.8 (293.8)	14.3% 10.3%	2,576.7 (960.8)	2,265.1 (902.4)	13.8% 6.5%
Cost Ex-depreciation	(109.4)		(108.0)	1.3%	(338.0)	(339.5)	-0.4%
Depreciation	(214.7)		(185.8)	15.6%	(622.7)	(562.9)	10.6%
Fleet Depreciation Depreciation (Other) Amortization of right of use (IFRS 16)	(160.0) (21.8) (32.9)		(140.0) (18.6) (27.2)	14.3% 17.2% 21.0%	(465.7) (64.1) (93.0)	(427.4) (55.3) (80.2)	9.0% 15.9% 16.0%
Gross Profit	550.0		471.0	16.8%	1,615.9	1,362.7	18.6%
Gross Margin General and Administrative Expenses	62.9% (163.1)		61.6% (163.0)	+1.3 p.p 0.1%	62.7% (496.7)	60.2% (464.7)	+2.6 p.p 6.9%
EBITDA	601.5		493.7	21.8%	1,742.0	1,460.9	19.2%
EBITDA Margin	68.8%		64.6%	+4.3 p.p	67.6%	64.5%	+3.1 p.p
EBIT	386.8		308.0	25.6%	1,119.3	898.0	24.6%
EBIT Margin	44.3%		40.3%	+4.0 p.p	43.4%	39.6%	+3.8 p.p
RAC Income Statements - Portugal (R$ million)	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
Gross Revenue	103.3		90.5	14.1%	183.1	157.1	16.5%
Deductions	-		-	n.a.	-	-	n.a.
Net Revenue Cost	103.3 (58.7)		90.5 (55.1)	14.1% 6.5%	183.1 (141.7)	157.1 (122.1)	16.5% 16.1%
Cost Ex-depreciation	(29.7)		(25.3)	17.4%	(69.0)	(56.6)	21.9%
Depreciation	(29.0)		(29.8)	-2.7%	(72.8)	(65.5)	11.1%
Fleet Depreciation Depreciation (Other) Amortization of right of use (IFRS 16)	(12.6) 0.3 (16.7)		(14.8) (0.6) (14.4)	-14.9% -150.0% 16.0%	(36.9) (0.9) (35.0)	(32.6) (2.5) (30.3)	13.2% -64.0% 15.5%
Gross Profit	44.6		35.4	26.0%	41.4	35.0	18.3%
Gross Margin General and Administrative Expenses	43.2% (6.1)		39.1% (8.9)	+4.0 p.p -31.5%	22.6% (21.2)	22.3% (21.2)	+0.3 p.p 0.0%
EBITDA	67.5		56.3	19.9%	92.9	79.3	17.2%
EBITDA Margin	65.4%		62.2%	+3.2 p.p	50.8%	50.5%	+0.3 p.p
EBIT	38.5		26.5	45.3%	20.2	13.9	45.3%
EBIT Margin	37.3%		29.3%	+8.0 p.p	11.0%	8.8%	+28.4 p.p
RAC Income Statements - Consolidated (R$ million)	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
Gross Revenue	1,072.4		943.4	13.7%	3,040.6	2,680.0	13.5%
Deductions	(95.1)		(88.1)	7.9%	(280.7)	(257.8)	8.9%
Net Revenue Cost	977.4 (382.8)		855.3 (348.9)	14.3% 9.7%	2,759.9 (1,102.5)	2,422.2 (1,024.4)	13.9% 7.6%
Cost Ex-depreciation	(139.1)		(133.3)	4.4%	(407.0)	(396.1)	2.8%
Depreciation	(243.7)		(215.6)	13.0%	(695.5)	(628.3)	10.7%
Fleet Depreciation Depreciation (Other) Amortization of right of use (IFRS 16)	(172.6) (21.5) (49.6)		(154.8) (19.2) (41.6)	11.5% 12.0% 19.2%	(502.5) (65.0) (128.0)	(460.0) (57.8) (110.5)	9.2% 12.5% 15.8%
Gross Profit	594.6		506.4	17.4%	1,657.3	1,397.8	18.6%
Gross Margin General and Administrative Expenses	60.8% (169.2)		59.2% (171.9)	+1.6 p.p -1.6%	60.1% (517.9)	57.7% (485.9)	+2.3 p.p 6.6%
EBITDA	669.1		550.0	21.6%	1,835.0	1,540.2	19.1%
EBITDA Margin	68.5%		64.3%	+4.1 p.p	66.5%	63.6%	+2.9 p.p
EBIT	425.3		334.5	27.1%	1,139.5	911.9	25.0%
EBIT Margin	43.5%		39.1%	+4.3 p.p	41.3%	37.6%	+3.6 p.p

GTF Income Statements (R$ million)	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
Gross Revenue	1,163.5		1,002.7	16.0%	3,382.8	2,725.6	24.1%
Deductions	(130.0)		(113.3)	14.7%	(360.3)	(299.8)	20.2%
Net Revenue Cost	1,033.4 (496.4)		889.4 (440.9)	16.2% 12.6%	3,022.5 (1,440.1)	2,425.8 (1,169.7)	24.6% 23.1%
Cost Ex-depreciation	(138.4)		(129.4)	7.0%	(410.8)	(366.3)	12.1%
Depreciation	(358.0)		(311.4)	15.0%	(1,029.3)	(803.4)	28.1%
Fleet Depreciation Depreciation (Other)	(353.6) (4.4)		(307.1) (4.4)	15.1% 0.0%	(1,014.1) (15.2)	(787.7) (15.7)	28.7% -3.2%
Gross Profit	537.0		448.6	19.7%	1,582.4	1,256.2	26.0%
Gross Margin General and Administrative Expenses	52.0% (108.1)		50.4% (85.8)	+1.5 p.p 26.0%	52.4% (317.0)	51.8% (232.9)	+0.6 p.p 36.1%
EBITDA	791.0		675.8	17.0%	2,304.7	1,831.0	25.9%
EBITDA Margin	76.5%		76.0%	+0.5 p.p	76.3%	75.5%	+0.8 p.p
EBIT	428.8		362.8	18.2%	1,265.4	1,023.2	23.7%
EBIT Margin	41.5%		40.8%	+0.7 p.p	41.9%	42.2%	-0.3 p.p
Seminovos Income Statements (R$ million)	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
Gross Revenue	1,797.0		2,070.6	-13.2%	5,345.2	5,488.6	-2.6%
Deductions	(42.0)		(39.4)	6.6%	(114.4)	(103.5)	10.5%
Net Revenue Cost Gross Profit	1,755.0 (1,668.4) 86.6		2,031.2 (1,928.6) 102.6	-13.6% -13.5% -15.6%	5,230.7 (4,951.9) 278.8	5,385.1 (5,074.8) 310.3	-2.9% -2.4% -10.2%
Gross Margin	4.9%		5.0%	-0.1 p.p	5.3%	5.8%	-0.4 p.p
Administrative Expenses Depreciation	(86.7) (18.7)		(98.9) (18.0)	-12.3% 3.9%	(278.2) (55.8)	(278.6) (53.4)	-0.1% 4.5%
Depreciation (Other) Amortization of right of use (IFRS 16)	(6.4) (12.3)		(6.5) (11.5)	-1.5% 7.0%	(20.3) (35.6)	(21.0) (32.4)	-3.3% 9.9%
EBITDA	18.6		21.7	-14.3%	56.4	85.1	-33.7%
EBITDA Margin	1.1%		1.1%	-0.0 p.p	1.1%	1.6%	-0.5 p.p
EBIT	(0.1)		3.7	-102.7%	0.6	31.7	-98.1%
EBIT Margin	0.0%		0.2%	-0.2 p.p	0.0%	0.6%	-0.6 p.p
Consolidated Income Statements (R$ million)	3Q25	3Q24	Chg% Y/Y	9M25	9M24	Chg% 9M/9M
Gross Revenue	4,032.9		4,016.7	0.4%	11,768.6	10,894.2	8.0%
Deductions	(267.1)		(240.8)	10.9%	(755.5)	(661.1)	14.3%
Net Revenue	3,765.8		3,775.9	-0.3%	11,013.1	10,233.1	7.6%
Net Revenue from Services	2,010.8		1,744.7	15.3%	5,782.3	4,848.0	19.3%
Cost	(2,547.7)		(2,718.6)	-6.3%	(7,494.6)	(7,273.8)	3.0%
Cost Ex-depreciation	(1,923.1)		(2,167.4)	-11.3%	(5,703.9)	(5,752.7)	-0.8%
Depreciation	(624.6)		(551.3)	13.3%	(1,790.7)	(1,521.1)	17.7%
Cars Depreciation Depreciation (Other) Amortization of right of use (IFRS 16)	(526.2) (32.3) (66.1)		(461.9) (34.8) (54.6)	13.9% -7.2% 21.1%	(1,516.6) (100.4) (173.6)	(1,247.7) (126.1) (147.3)	21.6% -20.4% 17.9%
Gross Profit	1,218.2		1,057.2	15.2%	3,518.5	2,959.3	18.9%
Gross Margin¹ Gross Margin² General and Administrative Expenses	60.6% 32.3% (364.1)		60.6% 28.0% (361.0)	-0.0 p.p +4.3 p.p 0.9%	60.8% 31.9% (1,113.1)	61.0% 28.9% (1,024.2)	-0.2 p.p +3.0 p.p 8.7%
EBITDA	1,478.7		1,247.5	18.5%	4,196.1	3,456.3	21.4%
EBITDA Margin¹ EBITDA Margin²	72.6% 39.3%		70.3% 33.0%	+2.4 p.p +6.2 p.p	71.7% 38.1%	69.5% 33.8%	+2.2 p.p +4.3 p.p
EBIT	854.1		696.2	22.7%	2,405.4	1,935.2	24.3%
EBIT Margin¹ EBIT Margin²	42.5% 22.7%		39.9% 18.4%	+2.6 p.p +4.3 p.p	41.6% 21.8%	39.9% 18.9%	+1.7 p.p +2.9 p.p
Financial Result	(795.3)		(594.4)	33.8%	(2,144.6)	(1,649.5)	30.0%
Financial Expenses Financial Income	(895.9) 100.6		(707.3) 112.9	26.7% -10.9%	(2,433.9) 289.3	(1,946.9) 297.4	25.0% -2.7%
EBT	58.8		101.8	-42.2%	260.8	317.3	-17.8%
EBT Margin¹ EBT Margin²	2.9% 1.6%		5.8% 2.7%	-2.9 p.p -1.1 p.p	4.5% 2.4%	6.5% 3.1%	-2.0 p.p -0.7 p.p
Net Income	70.0		78.2	-10.5%	216.0	169.3	27.6%
Net Margin¹ Net Margin²	3.5% 1.9%		4.5% 2.1%	-1.0 p.p -0.2 p.p	3.7% 2.0%	3.5% 1.7%	+0.2 p.p +0.3 p.p

¹ Sobre Receita Líquida de Locação

² Sobre Receita Líquida Total