By Brazil Stock Guide – Movida (B3: MOVI3) unexpectedly pre-released unaudited fourth-quarter figures on Wednesday, revealing results that came in well above both market expectations and its own guidance, according to BTG Pactual. The Brazilian car-rental operator reported net income of R$102 million in Q4, topping the company’s guided range of R$75 million to R$90 million and beating consensus estimates, as improving margins and tighter capital discipline accelerated deleveraging at the end of 2025.
The early disclosure — an unusual move for the company — showed net revenue of R$3.7 billion in the quarter, broadly in line with market forecasts. EBITDA reached R$1.5 billion, implying a margin of 41%, slightly ahead of consensus, while operating income totaled R$851 million. More importantly for investors, net debt to EBITDA declined to 2.6x, reaching the lower bound of the company’s previously communicated target range and reinforcing management’s focus on balance-sheet repair.
Operationally, Movida pointed to stable performance in its Seminovos used-car division, with EBITDA margins holding at 1% quarter-on-quarter. The company attributed the resilience to more disciplined pricing and better fleet age management following tax-related distortions earlier in the year. In the core car-rental business, the active RAC customer base expanded to 202.8,000 clients in the quarter, up 17% year-on-year, reflecting what management described as improved service perception even as pricing was raised to rebuild historical returns on invested capital.
The combination of stronger earnings, controlled depreciation and falling leverage reshapes the narrative around the stock going into 2026. Analysts at BTG Pactual reiterated a buy recommendation, arguing that the early Q4 snapshot allows investors to shift attention from balance-sheet stress toward strategy execution. With the shares trading at roughly 7 times forward earnings, Movida’s surprise Q4 “spoiler” may mark a turning point after several quarters dominated by concerns over leverage and fleet depreciation.
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