This report does not constitute a rating action. We expect revenue to rise to about R$16.0 billion in 2026 from approximately R$14.7 billion in 2025. The company's EBIT margin has been increasing over the past few quarters, reaching 23.9% in the 12 months ended September 2025, versus 21.7% in 2024. This was due to operational efficiency measures, including price adjustments exceeding inflation, improved customer service, and higher fleet utilization resulting from fleet optimization efforts. Although we expect more modest tariff increases in 2026, continued efficiency improvements should enable EBIT margin rise above 25%. . Despite a stable fleet size of approximately 260,000 vehicles and sustained used-car sales, thanks to a well-managed vehicle mix and a balanced retail and wholesale channel
