Overview Key strengths Key risks Solid position as the second largest player in the Brazilian car rental and fleet management market. Pressured credit metrics in 2024, with EBIT interest coverage at about 1.6x and funds from operations (FFO) to debt below 20%. Strong bargaining power with automakers because it's part of a larger transportation group. Generally high capital expenditure (capex) requirements to sustain fleet renewal and expansion. Access to long-term funding to finance growth. Exposure to cash flow volatility in the rent-a-car (RaC) segment, which represents about 45% of consolidated EBITDA. We expect the total fleet to shrink close to 6% to about 229,000 vehicles at year-end 2024 versus 2023, but then expand to about 246,000 in 2025. The fleet
