The Movida rental car company The third quarter of 2025 ended with a net profit of R$70 million, a decrease of 10.5% on an annual basis. Despite improvements in operating indicators during the period, the bottom line of the balance sheet was put under pressure due to an increase in financial costs due to higher interest rates and increased debt.
The company’s net revenue was R$3.765 billion, a slight decrease of 0.3% on an annual basis. The rental company’s EBITDA (earnings before interest, taxes, depreciation and amortization) reached a new record of R$1.478 billion, an increase of 18.5% on a like-for-like basis.
In its balance sheet, the group pointed to a recovery in rental prices as central to its improved performance. The average RAC (rental car) ticket for the quarter amounted to R$159, an increase of 12.2% year-on-year, a record for the group.
On the GTF (Fleet Management and Outsourcing) side, the company managed to increase its average monthly revenue per vehicle by 12.2% to R$3,025 in the quarter, reflecting updated contract prices and fleet renewals.
The company ended the quarter with a negative net financial result of R$795.3 million, with losses increasing by 36.4% compared to the same period last year.
The group said the biggest financial outlay was due to an increase in net debt, which rose from 14.2 billion reais in the third quarter of last year to 15.5 billion reais this quarter. Selic ratethe annual average CDI went from 10.43% to 14.99%. Despite the scenario, the group highlighted major debt restructuring efforts in its disclosure.
“After raising capital throughout 2025, the company has significantly improved its debt maturity schedule through longer terms and lower average spreads, reaching an average cost of CDI + 1.9% p.a. in Q3 2025 (Q3 of this year), with an average debt term of 3.2 years. Additionally, there are no associated payment concentrations until the end of 2026,” he said.
The group expects maturities next year to total R$2.3 billion. The company’s improved operating performance has led to a decline in leverage (measured as net debt to trailing 12-month EBITDA), which reached 2.7x in the third quarter, the lowest in five years. Leverage for the same period last year was 3.1x.
Fourth quarter outlook
Movida expects net income for the fourth quarter of this year to be between R$75 million and R$90 million, which corresponds to a growth of between 21% and 45% compared to the fourth quarter of 2024. The company said the fourth quarter should be Movida’s best quarterly performance in the past three years. Analysts expected a profit of about 53 million reais for the fourth quarter.
The company also announced its forecast that leverage (measured as net debt to trailing 12-month EBITDA) should be between 2.6x and 2.8x. In the fourth quarter of 2024, leverage was 3x. EBITDA is an English acronym for earnings before interest, taxes, depreciation and amortization.
“These forecasts reflect our confidence in the execution of our strategy focused on sustainable profitability, customer satisfaction and shareholder value creation,” the company said in guidance issued alongside its third-quarter results.
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