Movida Participações S A : Demonstrações Financeiras em Padrões Internacionais - Versão em Inglês

(A free translation of the original in Portuguese)

FINANCIAL STATEMENTS 2023

Contents

Management Report .......................................................................................................................................... 3

Statements of financial position ....................................................................................................................... 31

Statements of income ...................................................................................................................................... 32

Statements of comprehensive income ............................................................................................................ 33

Statements of changes in equity ..................................................................................................................... 34

Statements of cash flows - indirect method ..................................................................................................... 35

Statements of value added .............................................................................................................................. 36

Notes to the parent company and consolidated financial statements .............................................................. 37

Independent auditor's report on the parent company and consolidated financial statements ...................... 118

Monitoring of projections and estimates disclosed by the Company ............................................................ 123

Statement of the Statutory Audit Committee ................................................................................................. 124

Statement of the Executive Board on the parent company and consolidated financial statements .............. 125

Statement of the Executive Board on the Independent Auditor's Report ..................................................... 126

Management Report 2023

ACTIONS TAKEN IN 2023 WILL YIELD OPERATIONAL AND PRODUCTIVITY GAINS AND POSITIVE RESULTS IN 2024

Net Profit of R$21.0 million in the first two months of the year reflects success in the implementation of operational and financial improvements

Consolidated

Total Net Revenue of R$10.3 billion, up 11.2% vs. 2022;

Net Rental Revenue of R$5.1 billion, up 19.3% vs. 2022;

Total Adjusted EBITDA of R$3.5 billion, growth of 5.1%¹ vs. 2022;

Adjusted EBITDA from Rental of R$3.3 billion, up 20.7%¹ vs. 2022; ''

Total fleet of 244 thousand cars, up 8.9% vs. 2022.

The adjusted net loss of R$167 million in 2023 is reversed into a net profit of R$21 million in the first two months of 2024 (unaudited preview);

Fleet Management and Outsourcing

Significant growth and expansion of EBITDA margin

Net Revenue of R$2.3 billion, up 32.7% vs. 2022;

(GTF)

Adjusted EBITDA of R$1.7 billion, up 38.1%¹ vs. 2022;

Adjusted EBITDA margin of 72.1%, up 2.8 p.p.¹ vs. 2022

Total fleet of 131,000 cars in GTF, up 16.4% vs. 2022.

Improved use of invested capital (increased occupancy rate)

Net Revenue of R$2.8 billion, up 10.1% vs. 2022;

Rent-a-Car

(RAC)

Adjusted EBITDA of R$1.6 billion, up 6.6%¹ vs. 2022;

Total RAC fleet of 113,000 cars, up 1.4% vs. 2022;

Overall occupancy rate² of 70.0%, up 7.0 p.p . vs. 2022.

¹Considers EBITDA without PIS/COFINS credit surplus in 2022 for comparability and excludes one-time effects recognized in 4Q23 and 2023

²Rented Fleet/Total Fleet (daily average)

Higher sales volume demonstrates ability to deliver and appropriate store

Used Cars

structureNet Revenue of R$5.2 billion, up 4.3% vs. 2022;

76,000 cars sold, up 5.2% vs. 2022;

Adjusted EBITDA margin of 5.1%, down 7.9 p.p. vs. 2022.

1) MESSAGE FROM THE MANAGEMENT

With confidence, we report the results of 2023 and the preview of the first bimester of 2024. I thank our Clients, Suppliers, Shareholders, and, especially, our People, more than 6 thousand collaborators who, with commitment and determination, allowed the results of this year - a period in which we recorded significant advances and which will allow us to continue evolving positively in 2024, as presented by the results of the first bimester of this year.

With determination, we ensured that the main pillars of our strategic planning guided our actions and, with discipline and agility in execution, we implemented the necessary actions to ensure gains in productivity, greater efficiency in our operations, and continuous evolution in all business segments. Additionally, we adjusted the profile of our debt, managing to reduce the financial cost which will bring great benefits in 2024. These measures, implemented simultaneously, were the basis for us to continue advancing on various fronts with a focus on generating value for our shareholders - one of the priority objectives of our strategy.

Reflecting the implementation of all the operational improvements during the year, we had a positive net profit of R$21 million in the first two months of 2024, reversing the loss of 2023 and showing a trend of sequential increases in results for next year. This result is based on the evolution of business operating margins, with (i) an increase in the RAC EBITDA margin from 56.8% in 2023 to 62.3% in the first 2 months of 2024; (ii) the maintenance of the high GTF margins of 72%; and (iii) an increase in the Seminovos productivity, with an increase in the number of cars sold per branch from 28 in 2023 to 35 in the first 2 months of 2024 and a reduction in the discounts applied compared to the FIPE table in both the retail and wholesale channels.

We have transformed our efficiency and productivity indicators and we will continue to evolve in these areas for even greater advancements in our profitability. Among the priorities for 2024, we have adjustments and the adequacy of the RAC tariff value to meet the needs of the business, while also working to ensure the ideal occupancy rate and the continuous improvement of our customer's satisfaction.

In 2023 we had net revenue of R$10.3 billion, up 11.2% vs. 2022, with adjusted EBITDA of R$3.5 billion, up 5.1% over the same period. Rental results grew strongly, with net revenue of R$5.1 billion, up 19.3% compared to 2022, and adjusted rental EBITDA of R$3.3 billion, up 20.7% over the same period. We ended the year with a total fleet of 244,000 vehicles, with growth basedmainly on the GTF segment, which increased its share of the company's invested capital from 45% to 56% between 2022 and 2023 - year that we had a significant increase in the GTF margin.

I would like to highlight the results in Fleet Management and Outsourcing (GTF) where we experienced significant growth with the signing of new contracts, demonstrating the market's high demand trend. We closed 2023 with 131,000 cars in the total fleet, representing a 16.4% growth for the year. GTF's net revenue was R$2.3 billion with an adjusted EBITDA of R$1.7 billion, year-over-year expansions of 32.7% and 38.1%, respectively, leading to an expansion of the adjusted EBITDA margin to 72.1% for the year. GTF's EBIT represented 66% of the rental EBIT result in 2023, and we expect to continue increasing the representation of long-term products, bringing more predictability and resilience to consolidated results.

Throughout 2023, we implemented various initiatives to drive operational efficiencies and improve the segment's profitability. We reduced implementation and retirement times by 25%, significantly improved asset turnover, and increased the productivity of invested capital by improving overall occupancy by 7.0 p.p. to 70.0%. Net revenue for 2023 was R$2.8 billion, up 10.1% from 2022, with an average daily rate of R$126, and adjusted EBITDA reaching R$1.6 billion, up 6.6% over the same period.

In 2023, the total RAC fleet reached 113,000 cars, practically stable compared to 2022 and also promoted a structural change in the mix of our fleet. We completed the change in the RAC fleet mix with a reduction from R$85,000 per car in Dec/22 to R$79,900 per car in Dec/23, optimizing the average purchase price of cars by 6%, and increasing the marginal return. As a result, the RAC operating yield increased from 3.3% per month in 2022 to 3.9% per month in 2023

We demonstrated our ability to execute in Seminovos with the sale of 76,000 cars in the year, generating revenues of R$5.2 billion. The EBITDA margin was 5.1% in 2023, following the path of normalization between quarters. In the last quarter of 2023, we optimized the used-vehicle structure by closing 6 stores and carried out a thorough reassessment of the sales force and compensation policy, which already showed significant operational improvements at the beginning of 2024, with an increase in retail sales and lower sales discounts.

In addition, due to the still challenging used car market, we conducted a detailed analysis of the residual value of our fleet. In December 2023, we took an additional depreciation charge of R$ 390.9 million on the RAC cars. This one-time impact on our fixed assets meant that marginal depreciation rates were maintained, resulting in our entire segment fleet depreciating between 8% and 9% per year from January 2024, stabilizing margins and providing a better read on the profitability of the business.

One of the priorities of our planning for 2023 was to reduce the average cost of debt, where we made significant progress with the early settlement of R$ 4.4 billion of debt at a cost of approximately 140% of CDI, and R$ 3.0 billion of new financing at an average cost of CDI + 1.8% p.a.

All of the financial management initiatives that we have undertaken throughout 2023 have already resulted in a reduction in the weighted average spread of our debt, from CDI+3.2% p.a. in

Dec/22 to CDI+2.2% p.a. in Dec/23, a reduction in the cost of debt of 1.0 p.p. per year, which represents an annual saving in financial expenses of ~R$120 million on the Dec/23 net debt. As a result, we have established a new level of financing costs for the Company, which has helped create value with a higher spread relative to our return on invested capital (ROIC).

As a result, we end 2023 with a strong cash balance of R$3.0 billion, which puts us in a comfortable position to continue executing our strategic plan. Better payment terms with the OEMs contributed to the Company's working capital and cash flow dynamics in 2023. Leverage ended the year stable at 3.1x net debt/EBITDA, a level we consider healthy.

These indicators give us confidence to continue working with great discipline in the execution of our strategic planning and focus on evolving in operational excellence while extracting the maximum value from our assets and promoting the appropriate value generation for our shareholders with customer satisfaction in an equation that ensures the sustainable and enduring development of our businesses.

I thank our employees for their contributions and for all that we will still build together. To our shareholders, suppliers, and customers, our sincere thanks for your trust.

Gustavo Moscatelli

CEO

2) Movida: Life is to be Moved

Founded on October 1, 2014, Movida Participações S.A. consolidates the activities of RAC - Rent a Car - and GTF - Fleet Management and Outsourcing. Since its inception, the company has been working to delight the customer with technology and innovation, in order to build a long-lasting relationship.

Movida's activities are based on these two businesses - RAC and GTF. Operations are integrated through a permanent process of renewal of the operational fleet, with the retirement of assets and consequent sale of used vehicles in the company's own stores, under the Movida Seminovos brand, as well as through other sales channels. By the end of 2023, the Company owned more than 244,000 vehicles, 113,000 of which in the RAC division and 131,000 in GTF.

RAC - Rent a Car

The RAC operation provides light vehicle rental services on a daily and monthly basis for up to 12 months for individuals and companies. By the end of 2023, the Company had 253 service locations in every state and major airport in the country. With a focus on value-added services, customers are offered differentiators such as: a 27-hour daily rate, free mileage, automatic toll service to reduce the time customers spend waiting in line - a partnership with Sem Parar, youth rentals for those over 19, and a pioneering offer in the sector that has allowed customers to pay through PIX since 2021.

Movida has been a pioneer in sustainable initiatives such as Carbon Free - a program created in 2009 to neutralize carbon by planting trees - which can be contracted at the time of rental.

One step ahead of market trends, the company has developed Movida Aluguel Mensal (Monthly Rental), a fully digital and flexible rental platform with added service and economic benefits. It also expanded its product line with Movida Cargo, which is beginning to occupy a promising space in the e-commerce segment.

In terms of marketing products and services, Movida is investing in digitalization and optimizing the customer experience, with launches such as QR Code Pickup and Web Check-in, which reduce in-store service time and enable even greater efficiency. It also offers a mobile application on the main systemic platforms, with a growing presence on social networks and a service via ChatBot, using state-of-the-art artificial intelligence tools to optimize the car rental experience. In 2023, Movida expanded the use of tablets for the delivery and return of vehicles throughout Brazil, reducing the time taken for this operation from 15 minutes to 4 minutes at its service locations.

Focused on meeting customer needs, Movida's Quality Management department specializes in identifying opportunities, improving customer service journeys, and enhancing customer experience with the company's products and services. It has a multifunctional call center, specialized and focused on service excellence, operating 24 hours a day. It also offers customer service via WhatsApp, an app that is constantly updated with the best user experience trends, and an easy-to-navigate website designed to speed up the purchase process. The Net Promoter Score (NPS), which measures customer satisfaction, continues to improve, reaching 82% in 2023.

With the acquisition of Drive on Holidays - DoH, based in Portugal, in September 2022, the RAC division now also has an international arm. With a focus on occasional tourist rentals and locations near airports and downtown Lisbon, DoH currently adds more than 5,000 vehicles to the company's RAC fleet in a mature and highly dispersed market. Movida has been working hard to capture synergies between the businesses and restructure the DoH brand and visual identity to serve our customers in Portugal as well.

In addition, Movida launched SAT in 2022 with the aim of verticalizing vehicle tracking and 24-hour assistance and generating revenue by providing customers with a high level of service. The company focuses on technology and market intelligence to deliver greater operational efficiencies across the enterprise.

GTF - Fleet Management and Outsourcing

GTF provides car rental services based on long-term contracts with public and private corporate clients, individuals and companies. Contracts vary in length from 12 to 60 months, with an average of 30 months. Services include a fleet sizing study, including acquisition, customization and standardization of the customer's fleet, as well as rental, maintenance management, provision of temporary vehicles, replacement vehicles, documentation management and asset retirement. To control these services, customers have key performance indicators at their disposal - dashboards and management reports that offer transparency and agility in fleet management. Customers can count on various contractual arrangements, which include added services such as corrective and preventive maintenance, insurance, tire replacement, replacement vehicles for maintenance periods, as well as a wide range of vehicle makes and models.

With the quality of service in mind, in addition to strategic information tools, Movida offers a Customer Service team specifically dedicated to GTF customers, providing continuous support and answers to questions and incidents, prioritizing agility in resolving requests.

This line of business accounted for 48% of service revenue in 2023, with growth coming primarily from small and medium-sized customers. The addressable market remains promising, as the penetration of fleet outsourcing in the country is still low and the culture is gradually spreading to companies of different sizes. In addition, the allocation of capital to a company's core business is clearly important, especially during periods of low visibility such as the last few years. In 2023, the company continued to focus on transforming contract prices and adapting operational structures, as well as greater diversification - at the end of 2023, the average was 25 cars per contract with legal entities, showing the fragmentation of the customer base.

Following the merger with CS Frotas, a company specializing in the rental of special vehicles, in 2021, GTF significantly expanded its fleet, diversifying the company's corporate customer portfolio. This transaction enabled the company to enter a new market, as well as diluting its fixed costs and its bargaining power with suppliers. In 2023, CS Frotas achieved a success rate in tenders of 69.54% (39.97% in 2022) and increased its operational fleet by around 29% compared to 2022.

The Movida Subscription Car product - a subscription rental service for individuals with a contract of more than 12 months - continued in 2023 to revolutionize the relationship between using and owning a new car, maximizing the experience by reducing the bureaucracy of buying a car. The proposal is innovative for the complete package offered, which includes taxes, fees, insurance, and maintenance. Seeking to offer the shortest delivery times, Movida has developed an e-commerce service that enables 100% online contracting. The company believes that long-term monthly products will become even more relevant as Brazil continues to undergo a cultural shift that will create significant market potential over the next several years.

Seminovos

During the fleet renewal period or at the end of contracts, rental assets are put up for sale. The sale of the assets used to provide the service results in a significant residual value, which is characteristic of the business. The age, mileage, and condition of the vehicle are all factors considered when deciding whether to sell the vehicle at retail or to a dealer.

The company has focused on new pricing systems, as well as on improving the increasingly effective distribution of vehicles according to their profile, in a project with specialized consultants, in order to maximize profitability in asset sales and increase success in interactions with customers. To this end, the teams are dedicated to expanding the business in potential markets and to running an increasingly efficient operation.

In 2023, the brand Movida Seminovos advanced to a new level of operation, increasing sales volume with a significant share in the market of used cars from 1-3 years. During the same period, stores were expanded and standardized to increase brand exposure. As a result of the focus on digital channels and increased advertising, customers have the option to purchase 100% online, using the website or app, and simply pick up the car at the nearest location when it is available. There are cases, such as purchases made outside of business hours or through financing - which requires time to confirm the purchase - that prevent the vehicle from being released immediately.

At the end of the cycle, Movida sells its assets on the retail market (through used car "retail stores" distributed throughout the country) and to large wholesale groups (large volumes, mainly for vehicles coming from GTF). The company also concludes smaller-volume deals for small shopkeepers (a model known in Brazil as atacarejo), always with the aim of maximizing the value of the sale and, consequently, generating more capital to reinvest in the process. The company offers a 1-year warranty on all its cars sold at retail, along with a precautionary report, providing greater security for its customers. With a focus on improving quality and asset turnover, centers dedicated to preparing cars for sale were opened in 2023.

3) Fleet Evolution

Movida's strategy is based on the commitment to improve the customer's experience every day, prioritizing service quality and offering technological vehicles with low mileage and maximum comfort. In addition, the company has demonstrated consistent growth by focusing on profitability to support strong demand in underpenetrated markets.

Final Fleet Evolution

243,931 223,984

113,150 111,632

2022 2023

GTFRAC

4) Growth in the number of RAC service locations and used car sales outlets (Seminovos stores)

The company has achieved a national presence in every state in the country and continues to focus on growth by expanding service locations in promising RAC areas. In Seminovos, the closure of 1 store in the period reflects the strategy of always optimizing the structure given the volume of cars to be sold and the efficiency per store. On December 31, 2023, Movida had 253 RAC locations and 88 Seminovos stores.

Increased number of service and sales locations

10

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