Welcome to Movida's 3Q 2026 earnings call. Joining us today are Gustavo Moscatelli, CEO, Daniela Sabbag, CFO and IRO, and Camila Francischelli, Investor Relations Director. The event is being streamed on Zoom and also available on the company's website at ri.movida.com.br. Please note that all participants will be in listen-only mode during the presentation. Then participants may submit questions through the platform, which will be addressed by management during this call, or later by Movida's investor relations team following the conclusion of the session.
We would like to remind everyone that today's presentation will be conducted in Portuguese with simultaneous translation into English. If you want to listen to the presentation in English, please choose English on the interpretation button on the bottom right corner of the screen. As of now, participants are welcome to start submitting questions through the Zoom platform. To do so, just click on the Q&A button located at the bottom bar of your screen and type in your question.
Before we begin, we would like to clarify that any forward-looking statements made during this presentation regarding the company's business outlook, operational and financial projections and targets are based on Movida's management beliefs and assumptions, as well on information currently available to the company. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties, and assumptions as they relate to future events, and therefore depend on circumstances that may or may not occur.
General economic conditions, industry conditions, and other operational factors may affect the future performance of the company and lead to results that differ materially from those in such forward-looking statements. The results to be discussed in this call are presented in the earnings release and the financial highlights spreadsheet available on the company's IR website. I'll turn now the floor over to Mr. Moscatelli. Mr. Moscatelli.
Good morning, everyone, and welcome to Movida's third quarter 2026 earnings call. I would like to start by thanking our people, more than 6,000 employees, for their dedication and the quality of their execution in delivering results. Starting on slide three, we present our key metrics, which show consistent earnings growth in the third quarter of this year, driven by operating efficiency gains and our focus on the customer experience. The disciplined execution of our strategy is reflecting quarterly net income of BRL 152 million, up 117% year-over-year.
This result exceeded the target we committed to in our last earnings release, marking four consecutive quarters of meeting or exceeding our guidance. Return on invested capital, our profitability metric, reached 16.6%, reflecting a combination of more efficient capital allocation and improved operating performance, driven by EBITDA of BRL 1.8 billion in the quarter, up 21% compared to the same quarter last year. We achieved a record rental EBITDA margin of 74.2%, an increase of 1.6 percentage points compared to the third quarter of 2025, reflecting higher yields and the benefits of our productivity improvement and cost reduction initiatives.
Starting with Rent-a-Car, we reached a new record in rental days with 7.4 million in the quarter, up 22% compared to the third quarter of 2025. That represents an increase of more than 1 million rental days in the quarter. This growth was supported by the evolution of 5.9 percentage points in utilization rate, which reached 77.7% in the third quarter. Over the last 12 months, we added more than 767,000 new customers in Rent-a-Car, an increase of 18%, while also achieving new customer satisfaction records with an NPS of 90%.
This progress reinforces the strength of the Movida brand and the quality of the experience delivered by our team. Higher profitability, combined with disciplined capital allocation, translated into a reduction of leverage to 2.56 x net debt to EBITDA ratio, reaching its lowest level in six years. This result demonstrates not only the quality of our operational execution, but also our commitment to balancing growth, profitability, and a stronger balance sheet. Slide four shows that we delivered another quarter of new sequential records in net revenue, EBITDA, and EBIT.
In the third quarter, we reported net revenue of BRL 3.9 billion, EBITDA of BRL 1.8 billion, EBIT of BRL 1.1 billion, and net income of BRL 152 million, our highest quarterly net income in four years, resulting in return on invested capital of 16.6%, as showed before. Looking specifically at our rental businesses, the improvements are even more significant. Movida's operating fleet grew 10% compared to the same period last year, reaching 249,000 vehicles. While net rental revenue increased 19%, setting, once again, a record.
Over the same period, rental EBITDA and EBIT grew 22% and 28% respectively, both also reaching all-time highs for the company. Moving to slide five, we take a closer look at our year-to-date financial performance. Net revenue for the first nine months reached BRL 11.4 billion, with rental revenue standing out, growing 19% to BRL 6.9 billion. EBITDA reached BRL 5 billion in the first nine months, up 20% year-over-year, with EBITDA margin expanding to 72.5%. EBIT for the nine-month period exceeded BRL 3 billion, an increase of 26% compared to the same period last year.
With those improvements, we have taken our earnings to a new level, reaching BRL 412 million in net income for the first nine months of 2026. On slide six, we show the trend in our key value creation and financial metrics since 2023. Net income has followed a consistent growth trajectory, reaching BRL 515 million over the last 12 months. It is important to highlight that this improvement took place against a backdrop of persistently high rates in Brazil, demonstrating the strength of our management and resilience of our business model.
In returns, we've seen a significant improvement in return on invested capital from 6.1% in 2023 to 16.6% in 2026, mainly reflecting substantial increases in yields, both in Rent-a-Car and new GTF contracts, which, together with our cost reduction initiatives, have driven margin expansion. Return on equity reached 14.7% over the last 12 months, improving significantly and consistently compared to previous years and reinforcing the company's ability to create value for our shareholders.
In addition, we have consistently reduced leverage, measured by net debt to EBITDA, from 3.14% in 2023 to 2.56x in 2026. The result demonstrate the strength of our balance sheet and our disciplined financial management, a combination that drives value creation for Movida's several stakeholders. Now, on slide seven, we bring the trend in our rental EBITDA margins since 2017, showing that we have achieved our best operating results since the company's IPO, setting new record margins quarter after quarter.
The results demonstrate the structural improvement in the company's profitability, supported by ongoing initiatives to optimize operations, improve efficiency, and increase returns on invested capital. In Rent-a-Car, EBITDA margin reached 69.8%, while in GTF, it reached 79.2% in the quarter. Together, these metrics demonstrate Movida's ability to sustain high levels of profitability across different market cycles, strengthening cash generation and value creation for shareholders. With that, I will turn it over to Camila. Camila?
Thank you, Moscatelli. Good morning, everyone. Going on with the presentation, let's take a closer look at each of our business segments. On slide nine, starting with Rent-a-Car, we again highlight the 7.4 million rental days recorded in the third quarter of 2026, up 22% year-over-year, with more than 1.3 million additional rental days in the period, demonstrating our continued market share gains. The average daily rate in Rent-a-Car reached BRL 167 in the third quarter of 2026, up 5% year-over-year.
Once again, the combination of higher rental volumes and average daily rates demonstrates the strength of demand and customer recognition of the superior level of service we provide at Movida. Our operational utilization rate increased sequentially once again, reaching 77.7% of the third quarter, up 5.9 percentage points year-over-year, making a significant contribution to the increase in rental days. Our total utilization rate increased by 4.2 percentage points to 63%, also contributing to improved profitability metrics.
On slide 10, we bring our remaining Rent-a-Car results. In the first chart, we highlight net revenue, which totaled BRL 1.1 billion in the third quarter 2026, a growth of 27.8% compared to the third quarter of 2025. The average operating fleet grew 17.4% over the same period, reaching 108,000 cars in the quarter, reinforcing the efficiency gains we mentioned earlier. As a result, average monthly revenue per car increased 9.3% in the period to BRL 3,821, while yields remained stable at 4.3%.
RAC EBITDA totaled BRL 708 million in the quarter, an increase of nearly 30% compared to the third quarter 2025. EBITDA margin reached a record 69.8%, up one percentage point year-over-year. Reflecting this performance, monthly EBITDA per car also maintained its growth trajectory, reaching BRL 2,396 in the quarter, up 10.4% compared to last year. On slide 12, we bring our main operating highlights of our fleet management and outsourcing business. We ended the third quarter with an average operating fleet of 134,000 cars, up 4.5% compared to the third quarter of last year.
Yields on existing contracts continued to improve over the last 12 months, reaching 3.2% in the third quarter of 2026. Meanwhile, new contracts continue to be signed at higher yield levels, reaching 3.7% per month this quarter, 0.3 percentage points above the level recorded in the same period last year. This gap between yields on existing and new contracts continues to contribute positively to the renewal of our portfolio, as older contracts with lower yields are replaced by new ones with more profitable operations.
On slide 13, we present GTF's financial results. Net revenue reached BRL 1.2 billion in the quarter, up 15% compared to the third quarter 2025, while the average operating fleet grew 4.5% over the same period. As a result, we set a new record for average monthly revenue per car, reaching BRL 3,332 this quarter, an increase of more than 10% year-over-year. EBITDA in the third quarter of 2026 grew 19% compared to the same period last year, totaling BRL 942 million, and accounting for 53% of consolidated rental EBITDA for the period.
EBITDA margin increased 2.7 percentage points to 79.2%, its highest level ever, following the positive trend seen in the Rent-a-Car segment. Consequently, monthly EBITDA per car also increased to BRL 2,343 per month, up 13.9% year-over-year. On slide 15, we show how effective fleet management and our understanding of the business seasonality allows us to maximize asset profitability throughout the fleet life cycle. In the first chart on the left side of the slide, we highlight the dynamics of preparing for the high season.
We prioritize keeping vehicles in Rent-a-Car operations to capture strong demand during seasonal peaks, as we showed in previous slides. As a result, we increased rental days by 22% while reducing asset sales by 18%, preserving EBITDA margin and optimizing profitability over the asset's entire life cycle. Following the seasonal peak, we accelerated fleet disposal. We increased sales volume by 3.3% compared to the second quarter 2026, selling more than 20,000 cars and generating BRL 1.5 billion in used car sales revenue during the quarter.
This allowed us to reduce the average age of our operating fleet by 4.4%, bringing it back to 12 months. The main highlight of our used car sales operation is the flexibility we have developed in selling our assets, supported by a mature structure with a strong ability to capture margin gains through a higher share of retail sales in total sales. The average selling price increased 2.5% to BRL 75,300 per car, while gross margin rose 0.9 percentage points to 5.8% in the quarter. As a result, we ended another quarter with a stable used car sales EBITDA margin of 1.1%, demonstrating the effectiveness of our fleet management strategy.
On slide 16, we once again demonstrate the stability of depreciation rates applied to our fleet. In Rent-a-Car, annualized depreciation for the third quarter 2026 was BRL 7,300 per car, while in GTF, it was BRL 11,200 per car. While depreciation rate ranges remaining unchanged to 8%-9% for Rent-a-Car and 9%-10% for GTF. I'll turn it over now to Daniela, our CFO.
Thanks, Camila. Good morning, everyone. On slide 18, the financial management initiatives we have implemented over the past few quarters have resulted in the debt maturity schedule shown in this chart. Our cash position at the end of the third quarter 2026 stood at BRL 3.5 billion. Net debt totaled BRL 17.5 billion in the third quarter, with an average cost of CDI plus 1.8% per year and an average maturity of 4.2 years. During the quarter, Movida raised approximately BRL 3 billion to refinance its debt through a 4131 loan transaction and two debenture issuances.
These transactions were structured with more favorable terms in terms of both maturity and cost. To provide a little bit more detail, in the 28th debenture issue, we managed to reduce the spread by 10 basis points, with the cost of debt declining from the original CDI + 2.5% to CDI + 2.4% upon refinancing. We also extended the maturity by one year, bringing the total term to 5.5 years. In the 4131 loan transaction, we also reduced the cost by 10 basis points and extended maturity by approximately six months.
In our 29th debenture issuance, we also extended maturity by more than one year, bringing the total term to 5.5 years while maintaining very attractive financial terms. With the transactions completed, the company has fully addressed its refinancing needs for 2026 and approximately 75% of its maturities for 2027. The remaining maturities for 2027 are at an advanced stage of refinancing negotiations, which we expect to conclude over the coming months. On slide 19, we talk about leverage, coverage ratio, and the dynamics of payments to suppliers.
On the left side of the slide, we highlight the reduction in leverage measured by net debt to EBITDA from 2.74 x to 2.56 x during the period. This is our lowest leverage level in six years. If we analyze the quarter's results, leverage would stand at 2.34x . On the right side of the slide, we show the ratio of net fixed assets to net debt, which increased to 1.45x in the third quarter 2026, meaning that the value of our fleet exceeds our net debt by more than BRL 7 billion. In the chart below, we show our outstanding payables to OEMs, which declined by near BRL 300 million during the quarter to BRL 5.2 billion in the third quarter 2026.
This reflects long payment terms for vehicle purchases, which have had a positive impact on the company's working capital. With that, I'll turn it back to Gustavo.
Thanks, Daniela. Moving now to the final slide of our presentation, we highlight our continued focus on the strategic priorities that are driving ongoing improvements in customer satisfaction and operating efficiency. In Rent-a-Car, we continue to invest in anticipating our customers' needs and in pricing management, making greater use of artificial intelligence and new technologies to support continued price improvements. This is essential to our strategy of capitalizing on the strength of our market positioning.
In GTF, we continue to improve the quality of our services with NPS increasing by 12 percentage points in 2026 compared to 2025. The yield on new contracts reached 3.7% per month, an important driver of future earnings growth. It's also worth highlighting the improvement in the quality of our contract portfolio, resulting from strict customer credit management and diversification of our customer base across multiple sectors of the economy.
In Used Cars, I would like to say that our experience and control over the asset life cycle have allowed us to maximize profitability, taking into account seasonality and flexibility we have developed across several sales channels. On the operational efficiency front, we continue to make processing, bringing maintenance services in-house to the expansion of our Pit Stops, reducing maintenance costs by an average 31%, and increasingly realize the potential to add at least one percentage point to our EBITDA margin.
All these initiatives create greater value for our operations because they are focused on customer satisfaction, which is the cornerstone of the long-term sustainability of our results. To conclude, I would like to emphasize that we are very pleased with what we have achieved so far, but what excites us the most is seeing the many opportunities still ahead of us to continue developing the company. Once again, I would like to thank our team, who work every day with dedication and relentlessly strive to improve our service levels and operating efficiency.
To our customers, shareholders, suppliers, my sincere thanks for your continued trust and partnership. We will now open the floor to your questions. Thank you very much.
The Q&A session is now open, initially for questions from analysts and investors. If an analyst or investor would like to ask a question, please click the Raise Hand button located at the bottom bar of your screen, either now or at any time. If your question is answered before your turn, please press Lower Hand. When asking your question, please make sure to speak closer to your mic so that everyone can hear you properly. Participants may also submit written questions through the platform on the Q&A button at the bottom bar of your screen.
Please hold while we collect the questions from analysts and investors. The first question comes from Matheus Sant'Anna from Bradesco BBI. Matheus?
Hello, everyone. Thanks for taking my question. I have two. First, I would like to understand a bit more about the sale of vehicles in retail. We saw there was an increase, but could you give us a bit more color just for us to know how much it does increase quarter-on-quarter, year-on-year? Also asking you how you see the performance of your auto shoppings network. Second question, how you see the breakdown for now onwards, especially in 2027, between Rent-a-Car volumes and increases in rates? Thank you very much.
Good morning, Matheus. This is Moscatelli speaking. Thanks for your questions, for attending. Starting with used cars sales. We do not disclose the information, but just for you to have an idea of the magnitude of how efficient we are in sale, not only in terms of volumes, but also profitability, if you consider the full asset life cycle. Until last year, we were working with approximately 40%-43% in the sale of used vehicles in retail. Now it is between 47%-50% of our sales in retail.
This is a significant increase in mix, which has a much higher profitability when you compare to wholesale sales. On average, you sell between 5%, 6% below the FIPE table in retail, and in retail up to 15%, which is a substantial difference, which brings stability to our used car sales margin. The auto shoppings is a new channel we started operating in the first quarter this year. It is still maturing, but it has brought a significant contribution of a mix of cars that we did not know much in terms of secondary retail market. We are trying it now with very good results.
But it is still not mature, which makes us have even higher expectation of increasing our share between 47%-50%, to something above 50% as this channel matures in terms of retail sales. As for your second question about expectation in growth in the Rent-a-Car and the trade-off between volumes and rates, I do not see things this way. I do see opportunities in the two pillars of profitability. In volumes, because we have done extensive research recently, and the market has huge room for growth. The amount of new clients we have in our customer base that have never rented a car before is growing.
So that shows that we still have much to capture in terms of growth of volumes. Not only growth by increasing market share, but the growth of the market as a whole. And rates, it's a matter of profitability, pure and simple. We have been investing lots of time and money to improve our pricing tools, not only with AI, but also automation, more information, more granularity, and that has brought much higher efficiency, not only in prices, but fleet utilization. You did see our fleet utilization growing more than 5 percentage points year-over-year.
So this has brought us much higher profitability. So I see opportunities in both pillars, volumes and rates. I do not see any reason to decelerate volumes. Quite the opposite. Quarter-on-quarter, we are gaining market shares and new customers in the sector, and that's very clear to us, a huge opportunity ahead of us. And rates, it's what we said, an in-company work of having more granular tools to absorb more value from the assets available for rental.
Very clear. Thank you very much, Moscatelli.
Our next question comes from Filipe Nielsen from Citi. Mr. Nielsen?
Hello, everyone. Good morning. Thanks for taking my questions. We, for some months now, are seeing a relevant deterioration both in the new and used vehicles market. We see some impact on the more basic segment, more affordable cars that you are more exposed to. So I would like to try and understand the dynamics of stable depreciation vis-a-vis what we see on the FIPE table. Shouldn't your depreciation be increasing above this level that you have brought stable for some time now?
If you could give us a bit of prospect what you're using in terms of depreciation for used vehicles for the coming quarters. Thank you very much.
Good morning, Filipe. This is Moscatelli. Thanks for your question. I think this is a very relevant point because it does bring to surface the company's positioning and strategy that were taken some time ago in terms of our fleet mix. Three years ago, we had average prices for our cars of about 95,000. We decided to reduce our exposure to cars with higher prices, and we went down to BRL 85,000. This is a relevant change, which was at the same time as the new entrants came to market, particularly Chinese, that had those cars above BRL 120,000, which we stopped being more exposed to.
Most of the Chinese cars are priced at this level, and we do see an increased depreciation for these cars. As a counterpart, we more and more have an exposure of more affordable cars. As you mentioned, one month and another, the FIPE table can go down, but if you take a look in the last six months, it is a lot better than the cars above BRL 120,000. In the third quarter, we have intensified the change to our fleet mix. The average purchase price was even lower, about BRL 84,000. That is, we continue to increase exposure in more affordable cars to minimize the impact of depreciation for the coming of Chinese OEMs.
An important point in terms of depreciation is that when you improve efficiency and productivity in sales, and I am talking specifically about what I mentioned the first question, in the mix of sales channels, you improve the expectation of depreciation because sales are healthier. So because we improved the mix between retail and wholesale, that is, retail sales increased a lot, that naturally offsets the expectation of depreciation, especially when you are talking about this market niche that has much higher competition and therefore much higher depreciation. I don't know if I was clear. If you want follow-on questions, just be comfortable.
Just a little follow-up. So your expectation is for things to continue stable for the coming quarters. Is that correct?
Yes. Particularly, in the group of cars with the highest exposure, that is up to BRL 100,000. But cars with BRL 130,000, BRL 160,000 have had more depreciation, but they account for less than 4% of our fleet. Again, the impact when you dilute it in the whole is very small.
Very clear. Thank you very much.
Our next question comes from Gabriel Rezende from Itaú BBA. Mr. Rezende.
Hi, Moscatelli, Dani, Camila. Thank you for the space here. Hello, Moscatelli, Dani, Camila. Thanks for taking my questions. I would like to explore profitability. We did see an improve in the Rent-a-Car segment. I would like you to give us a bit more color on that. How can we think about profitability for the coming quarters? We do see an acceleration in PIS/COFINS credit aligned with the growth of your fleet. Just to understand if you had anything in this quarter that should not be replicated for the coming quarters, if you had a higher benefit this quarter.
And also a follow-up in the discussion of used vehicles. I understand your dynamic of mix, very healthy. But I would like how the company sees the volumes we could use as models for the coming quarters. What is the target for the company, both for rental demand, average fleet age, maintenance of profitability in Rent-a-Car, GTF, volume of used cars? Just an overall view. Thank you very much.
Hi, Gabriel. This is Moscatelli speaking. Thanks for your questions. Okay. Margins in the Rent-a-Car segment. Well, naturally, with the growth of our top line and a focus on cost and expenses efficiency, you have a natural dilution that have brought to higher margins quarter after quarter. So we talk about prices and yield in the business, but we have a very strong agenda of reducing costs. Especially when you are talking about maintenance service costs that have contributed to our business margins.
We talked about the verticalization of maintenance in other calls. Just for you to have an idea today, we have 11 Pit Stops and four centers for fleet disposal. We are going to get to the end of the year with 27 shops, and for next year, 50. So this is something that, combined with our top-line utilization and prices, have brought margins that are much higher to historical margins. And that is why I do consider this level of margin a new level for the company. I am very confident to say that we still have a lot of room to grow margins, both for the Rent-a-Car and GTF segments.
When you talk specifically about PIS/COFINS credit, that was very correct. It grew as much as the fleet. But still, if you take a look at how much it accounts for in terms of revenue this quarter, it was 10.6%. Third quarter last year, it was 11.2%, so it was lower. That is less impact on the margin compared to the same period last year. As for your second point, in terms of volume of used vehicles, I think we have a strength here. Quite modestly, this is something that we have been learning to operate more and more efficiently.
The whole asset cycle, considering the different seasonalities of the business. We have a small operation in Portugal, but there it is even clearer. We reduce the fleet by more than 50% after the seasonal peak. So very clear. Differently than in Brazil, that we have a bit more stability, although we do have seasonal peaks in November, December, and January, and we are learning how to allocate more capital in these periods. That is, having more cars in the rental business instead of continuing the same MO of disposal and sales.
As you saw in the second and third quarter, that brought a lot more profitability to us, a lot more utilization, a lot more new clients. You find the material, almost 800,000 new clients in 12 months. That, thanks to us learning to operate better comparing to before in terms of life cycle. Specific numbers. We should work in this range of 12 months fleet age in Rent-a-Car, which I think is quite efficiency in terms of cost, customer experience, mileage in the cars, and sales. So we are going to work at this range of 12 months fleet age. If you do the math backwards, we should have 20,000- 20,000 cars per quarter.
Very clear, Moscatelli. Thank you very much.
Our next question comes from Rogério Araújo from Bank of America. Mr. Araújo.
Good morning. Thanks for taking my questions. Congratulations on your results. I have two follow-ups on my side. The first is still about costs. You did talk about Pit Stop services costs quarter-on-quarter. Just for us to understand the breakdown. In Rent-a-Car, revenue grew 6%, and in GTF 3%, SG&A dropping by 12 in Rent-a-Car and 10 in GTF. Anything you could give us in terms of more color here? The other follow-up is used vehicles volumes. You said 20,000 - 20,000 cars. I imagine this in the Rent-a-Car, it would be 10,000 - 11,000, if I am not mistaken.
We estimate that a 24-month cycle would need 15,000 cars. For 16 months, 21,000 cars. We do not understand the math without considering fleet aging. So just to understand your rationale. If you are considering fleet growth in the period because that also decreases fleet age, or you are considering fleet age of constant fleet. So just for us to understand your rationale, how you got to this 12 months fleet age, where this is coming from. I suppose the discount that you have in purchase, the longer you carry this car, the worse sale and depreciation.
But I might be wrong. So if you could, just share with us your rationale. Thank you very much.
Hi, Rogério. Good morning. This is Moscatelli speaking. Thanks for your questions. Your first question, the reduction of costs and expenses, SG&A. In this quarter, we had lots of marketing actions to indeed have a high season with the numbers that we are reporting. In the third quarter, of course, you have less expenses. So it is natural that you have this drop and that was planned, and it was successful. You have PIS/COFINS credits that also increase quarter-on-quarter. I did mention that in the previous question.
That also reduces costs as a whole. But other than these two points, we also have the reduction in service costs with the initiatives we have implemented. So it is the three things together. Again, a specific market action that we had in the pre-season for us to have a very good seasonal peak. Then PIS/COFINS credits in the third quarter, and then service and maintenance initiatives that are very important in terms of costs, as you know. Your second question, average fleet age. We can sit down with you and do the math together.
Your rationale is obviously correct. The sooner you sell the car, the smaller the spread of purchase and sale. But we have to get to the optimal point, considering the whole portfolio and all the moving parts that we have in terms of depreciation by model, by category, as we mentioned before, with the coming of the Chinese automakers. So later on, the team is going to sit down with you and show you the strategy in detail if you are interested, but your rationale is correct. Now, the reality we are living is slightly different.
As we mentioned, there are lots of changes. Cars with a depreciation of 5%, 6% a year. Now we have cars with 10% a year, and cars that were 8% and continue to be 8%. So you have to look at each car and also the volume of disposals at GTF. Because we are growing GTF quarter after quarter, you have a different mix at the sale. So putting together all these variables, I think, is very important for you to get to a final conclusion. But our team is here with me, they are listening, and they are going to contact you right after the call to make it as clear as possible.
Thank you very much, Moscatelli.
The next question comes from Alberto Valério from UBS. Alberto.
Hi, Moscatelli. Thanks for taking my question. I have one. More about trend and change in mix. Last quarter, you had a major purchase for Rent-a-Car, this quarter in fleet management. I would like to know if the strategy is changing. Is it just for you to balance the portfolio? Because last quarter you had more purchases in Rent-a-Car. Also, we see a growth in daily rentals in Rent-a-Car, a deceleration in rates. Can we consider that occasional rentals are more relevant for you, or is it just a one-off adjustment? Thank you very much.
Hi, Alberto. This is Moscatelli speaking. Thanks for your questions. Your question about the purchase of cars for Rent-a-Car and GTF, your remark is correct. We did buy more cars in the second quarter for the Rent-a-Car business because of the high season, that is, to have a larger offer. We allocated more capital in the periods that is the most profitable because of volumes and prices. The months of July, beginning of August, were very, very good. I think we are right in allocating capital there.
For GTF, we had large contracts being signed in the third quarter, and therefore we had more purchases for GTF. Just to close, again, one point that we have been learning to operate better and better is those specific seasonalities that the Rent-a-Car business has. These ups and downs in terms of purchases and sales, more and more, we will try to be more precise. That has brought huge creation of value, something we did not have before. More granularity, understanding the seasonality of the business certainly brings us huge opportunities to continue to growth and absorb value with greater margins.
As for your second point in terms of acceleration, volumes, and prices. Once again, I think there is no reason for us to decelerate volumes. We have two important things here based on a lot of research we have conducted. The volume of new clients for this market is growing month after month. There are lots of people that are renting cars for the first time, and this is an opportunity that we have to continue to grow. The main factor here is the level of services provided, so total focus on services for really to be a differentiator for customers to come to us and not to the competition.
Prices. This is not a trade-off with volume, as I mentioned before. This has to do with, first having a level of service that is better than the competition with the high excellence to be able to continue increasing prices above inflation, which is what we have been doing this year. We grew our prices this year by about 6%. Occasional rentals have not gone down, as you mentioned, quite the opposite. Capital allocation is helping us to understand more and more the micro-seasonalities of Rent-a-Car. That gives us an opportunity to increase occasional rentals and do better than what we have done so far.
I think I have answered all your questions, but if you have any other ones, just let me know.
No, very good. Thank you very much.
Our next question comes from Pedro Bruno from XP. Mr. Bruno.
Good morning. Thanks for taking our questions. I would just like to go back to depreciation just to try and understand more structurally how you see some specific factors, that is the coming of the Chinese, but the market as a whole. First, just a more specific point, what do you think can explain this deterioration of the FIPE table? It seems that it is concentrated in higher priced cars, but do you consider those few months where we saw a worse deterioration as something that is more specific, or do you think it is more structural?
How do you explain that after a longer period of resilience, as we saw in mid last year? The second point is how do you see the risk of impact getting to more affordable cars? Because your strategy is focused on that. It has been proved to be correct, but new cars are coming. How do you think this can happen? Third, discounts. What do you see? We are very much concerned about prices in the short term, but in the mid and long term, that can also bring a very important bargaining power to you. I would like to hear you on these points.
Hi, Pedro. Thanks for asking your questions. This is Moscatelli speaking. The drop on the FIPE table that we saw in recent months, as you mentioned, is very much concentrated on cars above BRL 130,000, which is explained by the higher amount of Chinese cars. It is not only in terms of more supply, but also in terms of products. Cars have a different technology. You have hybrid flex cars being brought to Brazil, so you have a matter of quantity, but you also have an issue of products.
Products with more embedded technology, with a different appeal to the consumer market, which has made more traditional cars suffer more with deterioration of prices, which is clear to everyone. As for more affordable cars, we do not see a movement from the Chinese of bringing cars in the segment in the short term. We are talking about cars that cost BRL 70,000, BRL 75,000, and not even in China you have these cars being developed aggressively. I am not saying they will never get here to Brazil, but we do not see that in the short mid-term.
So our strategy continues as is. Again, paying a lot of attention to our portfolio. That represents 4% of our fleet that is suffering more with depreciation. As for your last point in terms of bargaining power, first, the scale that we have already offers to us and contributes bargaining power to generate the value that we believe fits to our shareholders. Now, undoubtedly, timely occasions will always exist. This year, for example, we got 60% of our purchase sales in agreements with OEMs, which historically is close to 80%.
So we had lots of room for one-off purchases, which undoubtedly was a correct strategy because we had a lot of volatility in the purchase market, and that brought clear opportunities for us to buy cars in terms that we did not expect, positively speaking. These are timely operations more than structural ones, and I think things are going to accommodate, not in the very short term, but OEMs that establish in Brazil will get more stable and we are going to have a new normal.
I do not know if it is going to be in six, 12, 18 months from today, but certainly we are not going to see this volatility month after month as we saw in the last six months.
Very clear. Thank you very much.
We are now closing our Q&A session for today, and I would like to turn the floor back to Mr. Moscatelli for his closing remarks.
I would like to close our conference call for the third quarter 2026 by highlighting some points. First, I think that the change of level in terms of company management is very clear, with resilient results and margins in the last two years, predictability, growing profitability, and that makes me very confident to start a new cycle of development. I think the core of our strategy is in our total focus on the services that we provide to our customers. I have no questions that what makes one company different from other in the Rent-a-Car business in Brazil has not to do with the number of cars or stores, but the experience that we provide to our customers, how we provide services in all our channels: app, website, stores.
I think we have done excellent work. Proof of that is that we gained 800,000 new customers using our services in the last 12 months. This is important because it guarantees the company's continuity in a sustainable manner to continue developing the company. Also, I think there is a learning curve for us in terms of micromanaging seasonalities of the different businesses. We did talk a lot about this in the call. The timing to buy, the time to sell, and undoubtedly, I see opportunities for us to even maximize the capital invested and bring more value to our shareholders.
Finally, it is the people that work for this company that make it happen. Once again, I would like to thank everyone in this company, more than 6,000 employees that work day in, day out to make this company better every day. I thank the boards, the shareholders, the suppliers, the analysts that really help our company. So I close our 3Q 2026 earnings call. I thank you very much and see you next time.
Movida's conference call is now closed. Thank you for attending and have a good day.