This report does not constitute a rating action. S&P Global Ratings thinks strong operational execution supports Movida Participacoes S.A.'s profitability. Movida's focus on efficiency, pricing, and asset productivity has underpinned improving operating performance through the first nine months of 2026. In the rent-a-car (RaC) segment, volume expansion, steady utilization (above 77% in the third quarter of 2026), and price increases slightly above inflation drove revenue growth. Profitability improved despite modest fleet growth, reflecting disciplined capital allocation and the scaling of verticalization initiatives. The expansion of the"Pitstop"maintenance network is driving cost efficiencies, with recent results showing improved cost control and asset utilization. Used car operations remain stable despite a more selective disposal strategy. Movida's used car sales volumes in
