Good morning, everyone. Welcome to Movida's conference call to discuss the results of the second quarter 2026.

I'd like to start by thanking our people, more than 60,000 employees, for their dedication and quality of execution, which are reflected in our results. Slide 3, we present the key indicators that demonstrate the continued progress we made in the first half of the year, consistently driven by gains in operational efficiency and an enhanced customer experience.

In Rent-a-Car, average daily rate reached R$165 in the second quarter, up 7% year-over-year, reflecting consistent price adjustments. This growth was accompanied by a utilization rate of 76%, an increase of 2 percentage points, demonstrating improved efficiency of our invested capital.

As a result, rental days reached 7.4 million, up 22% compared with the second quarter 2025. This is more than 1 million additional rental days and reflects our continued market share gains compared to the market.

The foundation of this progress is customer experience. During the quarter, 88% of our customers were served within 10 minutes, reflecting our commitment to providing a superior level of service to those who choose Movida.

This operational improvement has a direct impact on perceived value and allow us to sustainably increase rates, as demonstrated by Movida's ability to simultaneously deliver growth in rental days, utilization, and pricing. In GTF, we continue to make progress with a focus on profitability and predictability.

The monthly yield of the total portfolio of existing long-term contracts increased from 3.0% a month to 3.2% a month in the second quarter 2026. New contracts signed during the quarter, in turn, have a monthly yield of 3.7%, supporting this upward trend as existing contracts gradually converge toward higher yield levels.

As a result, revenue per car reached R$3,289, up 12% compared with the same quarter last year. Our revenue backlog reached R$9.8 billion, an increase of 40% year-over-year, further strengthening the visibility of our future results.

Now, Used Cars, we maintained stability and consistency. EBITDA margin remained at 1.1%, reflecting healthy asset turnover and the continued maintenance of the fleet's average age at optimal levels.

We continue to advance our strategy of focusing sales on the retail channel, expanding our network to 124 stores and increasing reach and operational efficiency. Inventory turnover increased 55% year-over-year, reflect lower fleet retirement due to the strong demand in Rent-a-Car, as well as effective inventory management with a higher share of retail sales.

Slide 4, as previously disclosed in our material fact, we exceeded the net income guidance we committed to in our last earnings release. Net income for the second quarter was R$136 million, more than double the amount reported in the second quarter last year.

This improvement was achieved despite the high interest rate environment, reemphasizing that our results are being driven by operational gains and the quality of execution of our strategic plan. Slide 5, we show another quarter of sequential records in net revenue, EBITDA, EBIT, and ROIC.

The operational improvements achieved throughout the year have resulted in a consistent gains across our key profitability indicators. In the second quarter, net revenue reached R$3.8 billion, EBITDA R$1.7 billion, EBIT R$1 billion, and net income of R$136 million, our highest quarterly net income in the past 4 years.

As a result of these improvements, combined with disciplined capital allocation, ROIC reached a record 16.7%, up 4 percentage points from the second quarter of last year. Looking rental operations only, the gains were even more significant.

Movida's operating fleet grew 10% compared with the same period last year, while rental net revenue increased 21%, reaching another record. Over the same period, rental EBITDA and EBIT increased 23% and 30% respectively, with both also reaching all-time highs.

Now, on to slide 6, we provide some additional detail on the performance of our consolidated financial results. Net revenue reached R$3.8 billion in the second quarter, with rental net revenue standing out with growth of 21%.

Again, it's worth noting that our fleet grew only 10% year-over-year, demonstrating that we continue to capture pricing and productivity gains. EBITDA reached R$1.7 billion in the quarter, up 22% from the second quarter last year, with EBITDA margin expanding by 1 percentage point to 72.8%.

EBIT reached R$1 billion for the first time in the second quarter, up 29% year-over-year, while rental EBIT margin expanded by 2.9 percentage points to 44.4%. With these gains, we have raised the level of our results, reaching net income of R$136 million in the quarter.

Now, on to slide 7. Here, we show the performance of our rental EBITDA margins since 2017, showing that we have sustainably reached our strongest operating results since the company's IPO.

These results demonstrate the structural improvements in the company's profitability, supported by ongoing initiatives to optimize operations, increase efficiency, and generate higher returns on invested capital. Rent-a-Car EBITDA margin reached 68.9%, while GTF EBITDA margin reached 77.9%.

Both are record highs and benchmarks for the industry. Together, these indicators demonstrate Movida's ability to sustain high levels of profitability across different market cycles, strengthening cash generation and value creation for shareholders.

Slide 8, we bring the results of the company's continuous improvement initiatives as reflected in our return on invested capital. ROIC reached 16.7% in the second quarter, up 4 percentage points from the second quarter of 2025 and 5.7 percentage points above our cost of debt.

On the operational side, we continue to capture efficiency gains throughout the business. In addition to EBIT exceeding R$1 billion for the first time, total utilization reached 78.6%, up 2.6 percentage points year-over-year, demonstrating more efficient fleet utilization and improved capital allocation.

Slide 9, we show the stabilization of our depreciation rates. In Rent-a-Car, depreciation remained at approximately R$7.2 thousand per car per year, and in GTF, R$11,000 per car per year.

On the right-hand side, we show the turnover of the fleet over the same period. By June '26, we had already renewed 99% of the total fleet we had in December '23, while Used Cars EBITDA margin remains stable at approximately 1.2%.

This demonstrates the consistency and accuracy of the residual values of our fleet. Slide 10, we provide a detailed breakdown of our fleet profile, showing the composition of vehicles across different price ranges and categories.

We divide the fleet into four groups to provide greater clarity and information on this profile. The first group represents 84% of Movida's fleet.

These are entry-level cars, with an average residual value of R$73,000 per unit as of June '26. These cars will continue to depreciate until they are sold, at which point their average residual value will be R$66,000, considering the current depreciation rate.

New Chinese cars currently available in the market in this category have an average price of R$130,000, approximately 97% higher than Movida's cars in this segment. Looking at the other three groups, we see the same favorable dynamic, reflecting our disciplined vehicle purchasing mix strategy, focused on lower average ticket cars.

This clearly demonstrates the difference between our fleet and the addressable market, reinforcing our confidence in residual values of our cars based on the appropriate depreciation rates. Slide 11, we have our net income guidance for the third quarter of '26.

Once again, this guidance reflects the consistent improvement in our operating indicators and the quality of our service levels, which continue to drive increasingly solid results. For the third quarter, we expect net income of between R$130 to R$150 million.

This reflects our confidence in the business and, based on the midpoint of the guidance range, represents growth of 100% compared with net income in the third quarter last year, doubling year-over-year, just as we did in the second quarter. Looking at our expected results for the first nine months '26, we expect net income to reach approximately R$400 million, 26% above our net income for the full year '25.

Now, I'll turn over to the Investor Relations Director, Camila.

Thank you, Moscatelli. Good morning, everyone.

Over the next few slides, I will provide some additional color on our business lines. Slide 13, Rent-a-Car, we highlight the 7.4 million rental days in 2Q '26, up 22% year-over-year, with more than 1.3 million additional rental days during the period.

We have consistently gained market share, which shows customer recognition of the superior level of service we provide. This is even more evident when combined with a 7% increase in Rent-a-Car average daily rate, which reached R$165 in 2Q '26 compared to the prior year.

Utilization rate operational was 76.2% in the second quarter, up 2 percentage points year-over-year, while the total utilization rate increased even further, by 5 percentage points, reaching 66%. The performance reinforces Movida's discipline and ability to create value through more efficient utilization of invested capital.

Slide 14, we have the remaining Rent-a-Car results. The first chart shows net revenue totaling R$1.1 billion in 2Q '26, up 30.4% from 2Q '25.

The average operating fleet grew at a slower pace, increasing 19.6% over the same period to 108,000 cars in the quarter, reinforcing the efficiency message from the previous slide. As a result, revenue per car increased 9.1% in the quarter, reaching an average of R$3,740 per month, with yield stable at 4.3%.

EBITDA reached R$758 million in the quarter, up 30.8% compared with the same period last year. EBITDA margin reached a record 68.9%, an increase of 0.2 percentage points from 2Q '25, despite the seasonality of the business, which tends to favor other quarters due to stronger demand during school vacation periods.

As a consequence, EBITDA per car followed the same positive trend, reaching an average of R$2,322 per month in the quarter, up 9.4% year-over-year. Slide 16, we have the main operating highlights for fleet management and outsourcing, our GTF.

We ended the second quarter with an average operating fleet of more than 130,000 cars, up 3.6% from 2Q '25. Our revenue backlog, which represents future revenue from existing contracts, totaled R$9.8 billion in 2Q '26, an increase of more than 40% year-over-year, reflecting longer contract terms in the backlog and further strengthening the predictability of the business.

Average yield in the second quarter was 3.2% per month and continues to trend upward as the fleet is renewed. The yield on new contracts added during the quarter was 3.7% per month, maintaining the high quality of the portfolio.

Slide 17, we move to GTF's financial results. Net revenue reached R$1.2 billion in the quarter, up 15.5% from the second quarter of last year, while the average operating fleet grew 3.6% over the same period.

As a result, we reached a new record in monthly revenue per car at R$3,289 in the second quarter, up 11.5% year-over-year. EBITDA for the second quarter of '26 increased 18% compared with the same period last year, reaching R$895 million and representing 53% of consolidated rental EBITDA for the period.

EBITDA margin expanded by 1.8 percentage points to 77.9%, reaching an all-time high in this quarter, as was also the case in Rent-a-Car. As a consequence, EBITDA per car also increased to an average of R$2,281 per month, up 14.1% year-over-year.

Slide 19, we have our Used Cars indicators. Net revenue in 2Q '26 was R$1.5 billion, with 19.4 thousand cars sold.

The volume of cars sold this quarter also reflects strong demand in Rent-a-Car, as we kept part of the fleet that would otherwise have been sold in operation at high levels of profitability, as we've just discussed. This is reflected on the chart on the right, which shows that Used Cars inventory turnover was on average 55% more efficient this quarter than in 2Q '25.

EBITDA margin was 1.1% this quarter, demonstrating the same consistency we have seen over the past eight quarters, also supported by the higher share of retail channels in '26. The used car market remains stable, with the FIPE index value of our car inventory declining by an average 0.3% per month in the second quarter '26, compared with a 0.4% in the same period last year.

In July '26, this trend remained unchanged, with an average monthly decline of 0.3%. With that, I'll turn the call over to Daniela, our CFO.

Thank you, Camila. Good morning, everyone.

I will start now on slide 21. The financial management initiatives we have implemented over the past several quarters have resulted in the debt maturity schedule shown in the first chart.

Cash at the end of the second quarter '26 totaled R$3.4 billion. Net debt was R$17.2 billion, with an average cost of CDI plus 1.8% per year and average maturity of 3.9 years.

Over the past 2 weeks, we completed funding transactions totaling R$1.6 billion, reinforcing our liability management strategy and further extending our debt maturity profile. We completed the bilateral refinancing of R$1.14 billion in debentures, extending maturities from '28 to 2033 and increasing the term of this debt by 3 years, the debt originally had carried a higher cost.

We also completed the bilateral refinancing of a 4131 loan totaling R$500 million with a term of up to 3 years. These transactions contributed to extending our debt maturity profile while maintaining competitive financial terms.

As a result, our debt amortization schedule is now even more balanced and spread over the coming years, reducing maturity concentrations. With the transactions already completed, the company has fully addressed its 2026 refinancing needs and approximately 65% of its 2027 maturities.

The remaining 2027 balance is in advanced stages of negotiation, with completion expected over the next few months. Slide 22, we bring our leverage, coverage ratio, and dynamics of our payables to OEMs.

On the left-hand side of this slide, we highlight the reduction in leverage, measured by net debt to EBITDA ratio, from 2.9 times to 2.66 times over the period. Based on the quarter's results alone, leverage would be 2.46 times.

On the right-hand side, we show the coverage of net debt by our net fixed assets, which increased to 1.42 times in the second quarter '26, with the value of our vehicles exceeding net debt by more than R$7 billion. The chart below shows our outstanding payables to OEMs, which decreased by nearly R$500 million during the quarter to R$5 billion.

With that, I turn the call back to Gustavo.

Thanks, Daniela. Moving to the final slide of the presentation, we highlight that the record results we delivered this quarter are firmly grounded in the continuous improvement in customer satisfaction and operational efficiency.

Starting with Rent-a-Car, we continue to invest in anticipating our customer needs and in pricing management. One example is our project with Meta, which we launched in the second quarter of this year.

We are the first company in the industry worldwide to have an agency on the Meta Business Agent platform, which will transform the car rental experience. We developed an AI agent that acts as a true Movida representative on WhatsApp, offering maximum convenience to our customers.

In GTF, we continue to strengthen the quality of our service, with NPS increasing by 9 percentage points in '26 compared to '25. At the same time, we continue to see the yield of our existing contract portfolio increase as it gradually converge towards the 3.7% monthly yield on new contracts, representing an important driver of future earnings growth.

In Used Cars, we continue to expand our reach with the opening of 12 stores in the first half of the year. The expansion strengthens our strategy to gradually increase retail in vehicle sales, contributing for the evolution of the operations profitability and an increasingly efficient process in selling our fleet.

In operational efficiency, we continue to verticalize maintenance by means of expanding our pit stop stores. In addition to increasing the quality of service to our customers, the initiative is generating relevant productivity gains, with a reduction of 25% in maintenance costs compared to external providers and the potential of adding 1.1% in EBITDA margins over the period.

These initiatives have contributed to consistently expand our customer base. In the last 12 months, we added more than 730,000 customers in Rent-a-Car, growth of 16%, with a record 2.7 million customers in our loyalty program.

This recognition also reflects in customer satisfaction. In June, we reached a record NPS of 88%, reinforcing the quality of our services and the accuracy of our strategy.

To close, I would like to emphasize that we are very pleased with what we have delivered so far. What really excites us is the number of opportunities we still have ahead of us to continue on this path of value creation.

Once again, I'd like to thank our team, who work every day with dedication and commitment to further improve our service levels and operational efficiency to our customers, shareholders, and suppliers. My sincere thanks for their continued trust and partnership.

We can now open the call for questions and answers. Thank you very much.

Hello, everyone. Good morning, Moscatelli, Camila.

Thanks for taking my questions. The first question is a follow-up on the results.

You're talking about the composition of fleet and the comparison to Chinese cars. Looking ahead, thinking of new Chinese launches that are being announced, are you somehow concerned with these launches and does depreciation somehow reflects future expectations?

Then about the net debt of the quarter, could you talk about that? Was it to support a stronger vacation period demand?

Should we see a reduction as of the third quarter?

Good morning, Guilherme. This is Moscatelli speaking.

Thanks for your questions. I'll start with slide 10, talking about fleet composition and the new Chinese entrants more specifically.

We decided to give you a breakdown with lots of granularity to show you our perception of risk and our positioning in terms of fleet mix in the market. You will remember it well, you have been following us from close, we had a significant change in the mix of our fleet throughout the last 2 years.

Very much focus on entry-level cars, that is more affordable cars, that today have an average price of R$73,000 in our balance sheet, which are very different from the cars that we have in the Brazilian market coming from China, as you mentioned. Here we show the prices that we have to show that the addressable market for our consumer is quite different, and that in our view does not generate any pressure on residual values, which we are seeing in margins in the past quarters.

Looking ahead, without a shadow of a doubt, new models are coming. I think that more in the short term, those models are going to be more premium, that is cars over R$140,000, which we call premium, which account for less than 4% of our fleet.

We are quite comfortable following the movement of OEMs from close, but the depreciation that we have today gives me the comfort that we are right for the sales at the end of assets with margins close to 1%, which is what we have been reporting for the past quarters. We also showed the amount of cars that we sold in the last 3 years.

We sold the entire fleet we had in '23 without any kind of impairment. That shows, I think, how granular and how accurate we are being in the purchase mix and depreciation rate that we follow on a monthly basis for our entire fleet.

This is one of the activities that I see from very close. Depreciation rate does consider new entrants.

We made a point of giving more color, granularity to you because it is a recurring question in the past months. About fleet increase, you did see a surprising volume of daily rentals, 22% growth this quarter, last quarter 18%, and in the fourth quarter also a growth of double digit, I think 15%.

Indeed, the company is gaining market share if you compare to the competition, that is either not having growth or having low growth. We are gaining market share, and as a consequence, we are replanning our fleet.

In July, as you did mention, we have high seasonality. In addition to having the growth that we had in the second quarter, we decided to add 18,000 cars for the month of July.

In the end of July, we already made large sales. The sales in July were well above the average monthly rate of the second quarter because of the sales we saw in July and August.

It is a strategy to provide services to customers that are coming to Movida. We see a growing amount of rental days, we are gaining market share, and naturally, we have to replan our fleet to have the best utilization of invested capital where we can extract the most value.

This is what we are doing quarter over quarter. It would be even irresponsible on our side to sell more than the demand that we have on rental.

The allocation of invested capital is being the best possible, and that's why we see a growing returns every quarter.

Thank you very much, Moscatelli. Very clear.

Have a good day.

Good morning, Dani, Camila, Moscatelli. Thanks for taking my question.

My question is about the average Rent-a-Car fleet age. It did expand even with the growth in fleet.

What is the average fleet age you should stabilize, and does this increase have an impact on car servicing and availability for the coming quarters?

Hi, Lucas. Thanks for your question.

The Rent-a-Car fleet, 12.5 months, because of our strategy and high demand. Our average fleet age, as we are pursuing, is what we show.

In July, we are already below 12. The idea is to keep this optimal fleet age, which ensures us good service costs.

We do not see a pressure on costs, quite the opposite. You did see a gain in margin not only because of the revenue top line, but also a reduction of costs, especially with car servicing, due to the initiatives that we mentioned throughout the presentation.

We do not see a pressure on that. Of course, we're always looking into it to get to an optimal point, but so far the 12 months is something that makes me very comfortable in terms of fleet age for the Rent-a-Car.

Thank you very much. Have a good day.

Hello, everyone. Good morning.

Thanks for taking my question. Congratulations on your results.

I have one question about rental and demand. I would like to understand how you are trying to have this balance between utilization, pricing, and volumes, given the fact that you have expanded utilization a lot this quarter.

We see huge expansion in utilization. Pricing continues to do well, but we are in a tough macroeconomic environment that does require some caution.

I would like to understand, since you expanded for high seasonality, how you see the pricing environment and utilization. Do you think that utilization should stabilize along the coming quarters or do you still see room for growth?

Thank you very much.

Hi, Filipe. Good morning.

Moscatelli speaking. Thanks for your questions.

Without a shadow of a doubt, the gain in market share through the number of daily rentals way above the other market players is something that draws our attention. To us, this is the objective.

It has always been the objective: to increase customer base with profitability. The two points that you mentioned are really key.

We did not grow by buying the market. Quite the opposite, we grew 22% in the number of rental days with also increasing our prices above the competition, and utilization rate growing 2.2 percentage points quarter-over-quarter, but it's still at 76.2%.

Why do I want to emphasize that? Utilization rate should be on an upside of 3 to 4 percentage points.

That is, with the same fleet we have today, without increasing fleet, we should generate a lot more revenue per car and increase profitability. We still have room for that.

There's a lot of upside, in my view, with the fleet that we have without having to increase the number of cars. Again, without a shadow of a doubt, in terms of risk, this is something that we monitor as carefully as possible.

The macroeconomic scenario, we know, still has very high interest rates, high volatility, we do not want to increase the risk of the company. This is not what we are doing, quite the opposite.

Leverage is very stable at the best level ever, I think that since the IPO, we are operating with a lower leverage and operational rates way above what we presented in the past. The operation is very healthy.

All the deleveraging was based on operations, and that shows that indeed the strategy is right. Return on invested capital reaching 16.7%, we are generating lots of value, and consequently, the company's risk management is very much mitigated by these results.

We do look into the macroeconomic environment, obviously. We are very cautious.

We do not have to have in the year an average fleet greater than last year, but we have to cater to seasonality to enjoy these periods. July is exceptional, a wonderful results for us.

We did anticipate a bit the guidance for the third quarter, and you're going to have the ups and downs in the fleet due to these seasonal periods.

Very clear. Thank you very much.

Hello. Sorry, I was muted.

Just have a question on the mix going forward. Do you plan to have a similar mix as you currently have in terms of entry-level versus premium, SUVs, and so on?

Just to get a sense of how your fleet might evolve over time. Thank you.

The question was about our mix moving forward, if we expect to have the same mix between entry-level, premium, and SUVs that we have in the fleet. Moscatelli?

Hi, Jens. Okay.

With regards to the fleet mix, Jens, I think it's very clear that our position, our strategic position in the last 2 years, placed us in a very differentiated position with 84% of our fleet, Jens, with an average price in our balance sheet of R$73,000. That brings us comfort, not only for us on the day-to-day, but also to you in the market, because it shows a completely different price from the new entrants, that is no pressure on residual values.

Our strategy further on is to continue with at least 84% of our fleet with this mix of more entry-level cars. We understand that with this mix, we have a much lower exposure to any volatility in new entrants, not only because average price, but also the makes and models that we have, and also the addressable market in selling these cars.

These are customers that buy cars at R$66,000, very different from what we have in the market, the lowest price at R$120, R$130,000. This is our position today, and we'll continue to do so, perhaps even prioritizing more entry-level cars.

Perfect. Thank you.

Hello, Moscatelli, Dani. Thanks for taking my question.

I'd like just to have a follow-up on the fleet. Just to understand, the proceeds that came from the BNDES was not turned to the purchase of cars.

Try to see what the company sees for the coming quarters, and how this could impact your financials. A second question, just exploring the assumptions behind the guidance for the third quarter, you did say that the fleet should not be growing year-over-year.

Does that imply on accelerating sales for the coming quarters? Just to understand the optimal fleet age.

Hi, Gabriel. Good morning.

Moscatelli here. Thanks for your questions.

Okay. The capital increase was to reinforce the company's capital structure and keep our leverage at healthy levels.

As you can see, 2.6 times, the best leverage ratio we had since the company's IPO. We use it to pay short-term debt, suppliers.

Overall, to reinforce the company's capital structure. We see leverage with a downward trend up to the end of the year.

You did follow the explanation, and we saw a concentration of payments of suppliers in the second quarter. Generally, we do it in the first quarter, but because we had a longer period of maturity in suppliers negotiations, the purchases of the last quarter were mostly paid in the second quarter.

That's why you did not see leverage going down in the second quarter, but you will see that until the end of the year. This is one of our strategic priorities again: to keep our leverage down, although, as we said, it is at the lowest point ever.

Second question about the average fleet age and accelerating sales. We obviously see a higher volume of sales.

July was higher than the monthly average, we do see more sales. We have more sales concentrated in the second half for GTF cars.

I'm not going to give you numbers now because of guidance and formalities, but as I mentioned, July was a month where we had higher sales than the average of the second quarter, and giving the end of seasonality in July, we accelerated sales, and we are going to have more cars available, and we are going to have a higher volume of sales, which is natural after you end a period of high seasonality.

Very clear. Thanks, Moscatelli.

Hi, Moscatelli, Dani, Camila. Thanks for taking my question.

I would like to cover some points in terms of cost of expenses. We saw the cost of service per car getting better year-over-year, and I would like to understand why you think this happens the most.

Is it initiatives like your pit stop stores, is it a better preparation of cars? Also I would like to understand your SG&A.

You had 1 point above the used cars, but as a counterpart, you had an increase in gross margin. I would like to understand why you had this highest share in SG&A.

The second point is the prices of GTF that continue very strong. I would like to understand what you think the optimal point is going to be for the third and fourth quarters.

Thank you very much.

Hi, Andre. This is Moscatelli speaking.

Good morning. Thanks for attending.

Thanks for your questions. Service costs, I did mention that in the presentation, but I'll say that again.

In addition to prices, and we're talking about utilization rates all the time, services are a priority of ours, and we are very much focused in finding the right methodologies to calculate service costs for our cars and to be as efficient as possible. You remember that for that, we have to consider costs and availability.

You did talk about an initiative that is bringing very fast results, which are our pit stop stores. We also have prep centers that prepare cars for sale, used cars, and we also have an initiative of buying parts directly from auto parts companies.

Things that are starting to show in our results. What I can say, that we still have a lot more to show.

I'm sure, for everything that is going on, that the number is going to significantly drop along the next quarters. This is just beginning of a journey focusing on service costs that have to do with buying parts directly, verticalization, and fleet availability.

The second question, SG&A for used cars, this is very objective. We opened almost 15 stores in the quarter, many of them in the second quarter itself, most of it in the first half of the year.

I believe that in one or two quarters, you're going to see the same levels you saw before in terms of expenses dilution, given the volume that we are going to have from these new stores. Finally, GTF, the rates did grow and they are going to grow even further.

You see the volume of contracts signed in the second quarter, and the yield is well above what we have in our portfolio, which will increase profitability of our average prices as we finish older contracts with lower prices and having contracts with a much higher profitability, as you saw in the presentation. Also worth noting is that we are increasing GTF yields, this long-term contracts, as interest rates are going down.

This combo will also bring a much higher returns compared to what we are reporting today at the company level.

Very clear. Thank you very much.

Good morning, Camila, Dani, Moscatelli. Thanks for taking my questions.

I have two. First, going back to your strategy used in the second quarter, that was also similar to the competition, increasing cars, I would like to understand the rationale in your last answer.

You did talk about dropping interest rates. Do you think this is an improvement in our economy?

Do you think it is a weakness of competitors? Or do you think it's just the higher demand that you are expecting?

This is the first question. The second question is about your strategy on focusing more on the Rent-a-Car than GTF.

Last year, you said that perhaps GTF was giving you better return, now it seems that it is the opposite. We do see some cars from GTF going to Rent-a-Car, some cars that you no longer use in GTF and are using the Rent-a-Car.

Also the average price of the Rent-a-Car business, which is higher, very much similar to our competition. I would like to understand the rationale of increasing fleet now, why now, and also this ratio between GTF and Rent-a-Car.

Thank you very much.

Hi, Alberto. Good morning.

Thanks for your questions. The first question, interest rates.

We always had and we are very conservative about our macroeconomic environment. We know how hard things are, and we are not considering an increase in interest rates.

We went from 15% to 14%, but we did grow the business yields. That naturally has a very positive effect.

For the addition of fleet, it's just using seasonality, as we did in December in summer vacations. July is just the same, we have the winter vacations.

Very high seasonality, very good profitability, higher prices, high utilization rates, and because we see a huge demand in Rent-a-Car, a very good profitability, we thought it would be just right to increase the fleet without adding any risk to the company, which is a must. We continue our leverage as is.

Debt management continues. The cost of that is healthy.

Our maturity schedule is just right. After the second quarter, we raised more than R$1.6 billion with an average cost even lower than what we had.

I think that we are looking into everything with a lot of control, a lot of diligence. The second question that you talked about, the GTF Rent-a-Car ratio, I think numbers speak for themselves.

You saw the profitability of the Rent-a-Car segment, you talked about the competition. I'm going to focus on our prices.

We grew 22% in the number of daily rentals, the competitor grew 6%. We grew our prices by 7%, the competitor grew by 5%.

I think very different strategies and very different results. What I can tell you is that we are going to use everything we have available in terms of invested capital to generate the best return with the lowest risk for investors and stakeholders.

This is what we have been doing, and I think the results show that.

Very clear. Thank you very much.

Hi, Moscatelli, Camila. Thanks for taking my questions.

I have one question that I would like to explore a bit more. You're talking about a catch-up of the volume of cars sold in the last quarters to recover asset cycles, and Movida is doing the opposite.

You have a sales cycle of about 24 months, which was way above the 14, 15 months that we saw in the past. My question is, what is the cycle you pursue and what is the normal level and capacity of sales of the company today?

Thank you.

Hi, Rogério. Good morning.

Thanks for your question. We did extend the cycle a bit in the second quarter, you are right about that, to cater to the amount of customers that are coming to Movida.

I did say that before, growing our daily rentals by 22%, we had more than 700,000 new customers in Movida. We did extend the cycle a bit, and that's why we have the average age at 12.5.

We want to go to close to 11 months. We think between 10.5 to 11 months is the optimal level.

In the short, mid-term, we are going to go from 12.5 to 11. As you saw, even by raising average fleet age a little, we didn't have a problem with costs or fleet availability.

That is, we used our fleet more with higher prices, with higher satisfaction rates. The operation did absorb this 1 month more of average age due to operational efficiency.

By reducing again to 11 months, we should have another lever of better results. We should be around this level.

If you allow me a follow-up, in terms of asset cycle, when do you want to sell those vehicles? What is the normalized level, and how many cars more do you expect you could sell with the structure that you have today in Used Cars without increasing depreciation or offering discounts?

Okay. The total cycle, between 21 and 23 months for the average age of the fleets to be about 11 months, so that the total cycle of the car.

Installed capacity, 3, 4 quarters ago, we're selling 24, 25,000 cars per quarter, without considering the new stores that we opened this year. We have installed capacity between 25,000 to 30,000 cars.

In terms of infrastructure, we are very well positioned. We also added a new structure in retail, our auto shops, with a very low operation cost, we did say that before.

In terms of infrastructure, installed capacity, we are very well accommodated, and we are obviously going to use the structure when it's right. Just to reinforce then my answer, we should reduce fleet age by about 1 month, 1.5, and the cycle between 21 and 22 months.

Very clear. Congratulations on your results.

Good morning, everyone. Thanks for taking my questions.

I have two. First about GTF, if you could give us a bit more visibility in terms of what you see the utilization profile for contracts.

We see growing yields, but I would like to know the growing yields in this context of utilization and mix profile of this contracts, just to try and understand if there is any change in terms of strategy or if it is similar to the mix we saw before. We don't see, obviously, because it's harder for us to see, but just to hear from you about the mix as the yield increases.

The second question, very simple, is about the guidance for the third quarter. In a broader way, the R$130 to R$150 million that you mentioned in terms of net income for the third quarter is very close, if you see the midpoint of this range, to what was delivered in the second quarter, and you have the seasonality of the second quarter that is very strong.

What could be inside this number that is very close to the second quarter when you should have an even higher seasonality? These are my two points.

Hi, Pedro. Good morning.

Thanks for your questions. I will start with the GTF profile.

We haven't had any changes in terms of utilization profile and mix, size of customers, sectors of the economy. Indeed, we worked a lot to adjust our prices, to be more diligent in signing new contracts.

Our fleet of cars with dedicated operations is about 40,000 cars, what we grew are more commercial fleet, to speak. That is, utilization of about 2,500 km per month.

A cost control very similar to what we have with the rest of our fleet. No change in mix that will explain a changing yield other than our pricing model and more diligence.

Second question about the guidance. Obviously, we do see an upside in these numbers.

Indeed, we are having an approach that is more conservative, more cautious, to have upsides and to have always positive news to tell you in our conference calls, given the volatile macroeconomic environment. For you to have a north when you are outside the company, this is what the company is sure to deliver.

Just to reinforce with this range, we deliver R$400 million of net income, which is more than the whole of last year, which was R$300,000. Given that we have July closed, this number does have an upside, and the team is very much focused to deliver even more.

This is what we pursue.

Very good. Thank you so much.

I'd like to thank you all for attending our conference call for 2Q '26. Once again, I'd like to thank Movida's team, the Board of Directors that supports our management, all investors, analysts that follow us from close and contribute to our development.

I'd like to reinforce that here in Movida, we are at a business time that is very different from other companies in the industry. I always say that we are very fortunate to have the company with management in its hands.

We know where the levers are, we know what we have to do to improve the company, and we know how to mitigate risk in a time of high volatility in the macroeconomic scenario, which we cannot control. We are very happy with the results we delivered this quarter, the first half of the year.

I would like to thank the trust of BNDES that has become a significant shareholder of the company, be most welcome to help us develop the company. Again, our team is available to answer any questions, to hear your comments.

The whole IR team and myself, we are here for you to continue this journey that has a lot more to deliver, thanks to our central strategy, which is our customers. The company has really put this into practice of providing services in a different manner and treat customers as our priority one.

Our discussions always focus on improving customer experience, and that's what translates in an increase of 22% in daily rentals, leading the sector. Once again, thank you very much for attending.

You can count on us for any additional information, and we are always here, and see you next conference call.