Localiza Rent a Car (RENT3) – Q2 2025 Long-Term Investment Analysis

Company Overview and Business Segmentation

Localiza Rent a Car S.A. (“Localiza”) is the largest mobility and car rental network in Latin America, with operations spanning 7 countries and a fleet of over 632,000 vehicles as of mid-2025 . Founded in 1973 and headquartered in Brazil, Localiza has grown into a multi-faceted vehicle services platform. The company’s core segments include Car Rental, Fleet Rental (Leasing), Franchising, and Used Car Sales (Seminovos):

• Car Rental (Localiza Rent a Car): Localiza operates short-term car rentals through 700+ agency locations (airports and city branches) across Brazil and other Latin American countries . This division serves individuals (business and leisure travelers), corporate clients, and partnerships with insurance companies and automakers for replacement vehicles. It also caters to app-based drivers (e.g. ride-hailing) via a dedicated network (“Zarp”) for high-mileage users . A portion of Localiza’s rental locations are franchised to local operators, extending its brand presence to a total of 935 branches across 8 countries  .
• Fleet Rental (Localiza Fleet Management): Localiza provides long-term vehicle leasing and fleet management solutions to companies and individuals who prefer not to own vehicles . Clients can subscribe to new cars for 24–48 month terms, with Localiza handling maintenance, insurance, taxes (IPVA), and eventual vehicle resale. This segment also encompasses newer offerings like the “Localiza Meoo” car subscription service (monthly all-inclusive car subscriptions) and light commercial vehicles. As of Q2 2025, the fleet rental division had ~305,000 cars on lease including corporate fleets, subscription cars, and some heavy vehicles  .
• Seminovos (Used Car Sales): Localiza sells de-fleeted cars through its Seminovos retail channel once they reach a targeted age or mileage. By selling ex-rental cars directly to end consumers via its 244 owned sales stores , Localiza maximizes resale values and reduces depreciation costs, instead of wholesaling to dealers . In 2024, about 37.5% of disposed cars were sold to final consumers (with the remainder likely via auctions or trade sales) . This integrated resale capability is a strategic advantage, as it lowers the net capital expenditure for fleet renewal by capturing higher used car prices internally.
• Franchising and New Initiatives: In addition to its owned branches, Localiza grants franchises in smaller cities and neighboring countries to expand its Car Rental footprint . The company also pursues new mobility initiatives – for example, it has expanded into Mexico recently as a growth market, and is developing digital platforms for corporate travel management and telemetry/IoT solutions to optimize fleet usage . These efforts, combined with Localiza’s Localiza Labs innovation hub, keep the company at the forefront of mobility tech in Brazil.

Localiza’s business model is highly synergistic – the large rental fleets give it bargaining power on vehicle procurement and enable an steady pipeline of well-maintained used cars for Seminovos. All divisions reinforce each other through cross-selling and cost sharing (for instance, corporate rental clients may also buy used fleet cars) . With over 22,000 employees serving both retail and corporate customers, Localiza emphasizes customer-centric service quality. The company is consistently recognized for its strong brand; it is ranked #3 on Brazil’s Great Place to Work and has earned multiple customer satisfaction awards . Overall, Localiza today stands as not only the dominant player in Brazil’s rental market (post-merger with its former rival Unidas), but also one of the largest rental car companies globally by fleet size .

Q2 2025 Financial Performance Highlights

Localiza’s Q2 2025 earnings underscore the scale and resilience of its operations in a challenging environment. Consolidated net revenue reached R$9.9 billion for the quarter, up ~9% year-on-year (from R$9.05 billion in Q2 2024) . This topline growth was driven by higher rental rates and stable rental volumes, as the company prioritized pricing and margin over fleet expansion. Key financial highlights from the quarter include:

• Strong Revenues and Margins: Car and fleet rental activities contributed roughly half of revenues, while Seminovos (used car sales) accounted for the other half. The Car Rental division posted net revenue of R$2.5 billion (up ~8% YoY) with an EBITDA of R$1.6 billion, achieving a hefty 66.5% EBITDA margin . Fleet Rental generated R$2.2 billion revenue (+10% YoY) and R$1.6 billion EBITDA, an even higher margin of 71% , reflecting efficiency gains and a deliberate shift toward higher-ROIC clients. The Seminovos division, which sold ~69,000 cars in Q2, delivered R$5.2 billion in revenue; unit sales volumes were a bit lower than the previous quarter due to a tighter credit market, but this was offset by higher average selling prices . Seminovos EBITDA was about R$0.85 billion (approx. 16.6% margin), indicating solid profitability in used car sales as well .
• Operating Profitability and ROIC: Consolidated EBITDA came in at R$3.3 billion for Q2 2025, and EBIT (after depreciation) was R$2.0 billion . The company’s large depreciation expense (reflecting its investment in fleet) means EBITDA margins are high, but EBIT margins are more moderate – in Q2, the Car Rental EBIT margin was ~42% and Fleet Rental 46% . Importantly, Localiza’s ROIC is rebounding – the annualized ROIC reached 13.7% as of 1H25 with a spread of +4.1 percentage points above its cost of debt . Management has made “rebuilding the ROIC spread” a top priority after a period of compression due to Brazil’s high interest rates. They achieved this through disciplined pricing (raising daily rental rates to ~R$149 on average in car rental) and trimming low-return segments (e.g. reducing the “severe use” heavy-truck fleet by ~8,000 units since Dec 2024) .
• Net Income and One-Off Impacts: On a reported basis, Localiza had a net loss of R$167.1 million in Q2 2025 (versus a +R$569 million profit a year prior) . This loss, however, was entirely due to a non-cash, one-time tax adjustment related to its 2022 merger. In August 2025, the company formally absorbed its acquired subsidiary (Unidas/Locamerica) into the parent structure, which required writing off deferred tax assets from the subsidiary’s past tax losses . This accounting charge drove a temporary spike in income tax expense. Excluding that one-off item, adjusted net income was ~R$768 million for the quarter , roughly in line with analyst expectations . Management noted that going forward, the merger will yield tax benefits (goodwill amortization) that reduce cash taxes by more than the amount of the write-off over the next 5 years . In other words, the Q2 hit is a short-term pain that paves the way for long-term tax savings.
• Fleet Size and Utilization: Localiza ended Q2 2025 with a total fleet of approximately 632,957 cars in operation , essentially flat versus Q2 2024. This reflects a strategic decision to hold fleet count steady and focus on productivity and pricing. After the peak travel season in Q1, Localiza actually reduced the rental fleet slightly to avoid excess idle cars . Utilization remained healthy, supported by initiatives like record adoption of digital self-service pickups (customers increasingly use Localiza’s app for contactless car pickup, improving convenience and NPS) . The fleet composition is also shifting: within the Fleet Rental segment, Localiza is emphasizing light vehicles and subscription cars, which grew ~20% YoY, while deliberately scaling down exposure to heavy trucks and other lower-margin “severe use” contracts . This shift improves capital efficiency and should boost ROIC. Debt leverage is manageable – net debt to EBITDA has improved, and net debt to fleet value is at a comfortable level . The company continues to recycle its fleet by selling older cars (average holding period ~12-18 months) and purchasing new ones; in Q2 it added ~5,136 cars net, with R$1.5 billion net capex invested in fleet renewal .

Overall, Q2 2025 showed solid operational results for Localiza despite Brazil’s high interest rates and a soft economy. Revenues grew and margins expanded in the rental divisions due to price optimization and cost controls . The one-time tax charge masked the underlying profitability, but the core business is generating robust cash flows. Management’s focus on quality of earnings over sheer growth (e.g. not chasing volume at the expense of margins) is evident in these numbers. Entering the second half of 2025, Localiza indicated it will maintain discipline in capital allocation – keeping fleet growth moderate and prioritizing ROIC recovery – while still advancing strategic priorities like digitalization and service innovation .

Dividend Policy and Shareholder Returns

Localiza is committed to returning capital to shareholders in the form of quarterly dividends/interest on capital, under a policy guided by Brazilian corporate law. By law, Brazilian companies must distribute at least 25% of annual net income to shareholders as dividends or interest on equity (the latter known as JCP – “juros sobre capital próprio”) . Localiza’s bylaws conform to this rule, and in practice the company has consistently paid out well above the minimum, on a quarterly basis. In recent years, management has opted to pay regular quarterly interest on capital (IOC), which is a tax-advantaged form of dividend in Brazil. (IOC payments are tax-deductible for the company and taxed at 15% to recipients, whereas normal dividends are not taxed – see the Taxation section for details.)

According to the Investor Relations records, Localiza made four IOC distributions in 2024 totaling ~R$1.59 per share, and has continued with larger payouts in 2025 . In the first half of 2025, it declared IOC of R$0.456 per share (ex-date Mar 2025) and R$0.506 per share (ex-date Jun 2025) . Together, these amount to R$0.962 per share in H1 2025 (approximately US$0.20). The annualized run-rate of distributions now exceeds R$1.90, which represents a dividend yield of roughly 4.5%–5% at the current stock price . Indeed, at a share price around R$35–36, the trailing 12-month yield for RENT3 is about 4.4% (on R$1.59 of payouts) – a marked increase from the ~2–3% yields seen a few years ago. This reflects both a more generous payout and the stock’s price correction in the high-rate environment.

Localiza’s payout ratio has been relatively high recently, partly due to earnings being depressed by high interest costs. For example, the trailing payout ratio is over 80% of earnings , indicating that the company distributed most of its H2’2024/H1’2025 profits to shareholders. This was feasible because Localiza still produces strong operating cash flows and had room to deploy its balance sheet for shareholder returns post-merger. Looking forward, if profits normalize upward with falling interest rates (and as merger synergies flow through), the payout ratio could moderate even as absolute dividends grow. Management has not provided formal forward guidance on dividends, but investors can likely expect continued quarterly payments. Notably, Localiza has never cut its regular quarterly IOC payments in recent years – even during the 2020 pandemic year it maintained smaller quarterly payouts, and since 2021 it has steadily increased the per-share amounts every few quarters (e.g. R$0.10–0.15/share quarterly in 2021, rising to ~R$0.40 in 2023, and now ~R$0.50+) . This track record signals a commitment to deliver both income and growth to investors.

As of Q2 2025, the indicated dividend yield (~5%) is quite attractive relative to Brazilian equities and global peers (most US/EU rental car companies do not pay regular dividends). It’s worth mentioning that Localiza’s dividend policy primarily aims to distribute excess cash after funding fleet growth. Since the company’s growth capex has been more measured post-merger, more cash is available to return to shareholders. The company can also complement cash dividends with share buybacks if it sees value – though no major buyback program has been announced recently, it remains a potential tool given Localiza’s moderate leverage and strong cash generation.

In summary, Localiza offers a combination of dividend income and capital appreciation potential. Investors currently receive a mid-single-digit yield, underpinned by a policy to pay at least 25% of profits (and historically much more) . As Brazil’s interest rates decline and earnings improve, there is room for dividend growth. Foreign investors should note, however, that the form of distribution (dividend vs IOC) affects taxation: the company’s payouts are largely IOC, which incur 15% withholding tax, whereas a conventional dividend would be free of Brazilian withholding (see Taxation section). Even after the IOC tax, the net yield for international investors remains close to 4% at present – a solid income component alongside the stock’s growth prospects.

Growth Strategy and Expansion Initiatives

Localiza’s growth strategy post-merger has pivoted from aggressive fleet expansion to optimization and innovation. With the 2022 acquisition of Unidas (Locamerica), Localiza roughly doubled in size and secured its position as the market leader. Now the focus is on extracting synergies, improving efficiency, and creating new products rather than simply adding more cars. Key pillars of the current strategy include:

• Merger Integration and Synergies: The integration of Unidas (completed legally in Aug 2025) unlocks significant cost savings and scale benefits. Localiza has already absorbed 14 subsidiary companies and unified many systems and processes since the merger closed in July 2022 . For example, the fleet management IT systems have been consolidated, enabling centralized procurement, maintenance, and utilization across the enlarged fleet . This yields cost reductions in maintenance and back-office productivity gains. Management reports that productivity per employee has improved thanks to these integrations . The company expects additional synergies in financing (better bargaining power with banks) and corporate client cross-selling (offering a one-stop solution for rentals, leasing, and used car needs). Essentially, the merger gave Localiza unparalleled scale – now they are leveraging that scale for margin expansion and ROIC uplift rather than chasing market share. (Note: Brazil’s antitrust authority did impose some remedies – Localiza had to divest a few thousand cars and some locations to avoid over-concentration, but these were relatively small adjustments. The combined firm still holds an estimated 50–60% of the formal car rental market, with Movida being the second-largest at ~25% and some fringe players accounting for the rest.)
• Digital Transformation and Customer Experience: Localiza is heavily investing in digitalization to enhance customer experience and operational efficiency. A standout initiative is the Localiza Digital Pickup service – customers can bypass the rental counter and unlock their reserved car via the Localiza app. In Q2 2025, the company achieved a record level of digital pick-ups, and they even introduced a feature allowing customers to choose the specific car model and mileage in-app before pickup . This level of personalization and convenience has boosted Localiza’s Net Promoter Score (NPS) into the “zone of excellence” and differentiates it from competitors. On the corporate side, Localiza has a dedicated innovation lab (Localiza Labs) working on new features for its fleet clients and subscribers, such as telematics and driver behavior analytics. The Localiza Meoo subscription platform is a fully digital offering targeting consumers who prefer a “car-as-a-service” model. According to the company, Meoo has been recognized as one of the best car subscription services in Brazil and is gaining traction, especially as younger consumers and app drivers opt for flexibility over ownership . Overall, Localiza’s digital strategy is twofold: improve front-end sales and service through apps and connectivity, and optimize back-end operations (fleet tracking, yield management) through data analytics.
• Product & Segment Focus – Quality Over Quantity: Localiza is consciously steering its portfolio toward higher-return segments. In Fleet Rental, for instance, they have reduced exposure to “severe use” vehicles (e.g. heavy trucks, or cars in very rugged use cases) which tend to have lower margins and higher depreciation . Those assets have been scaled down (the heavy vehicle fleet was spun-off for separate integration later), while the lighter-duty fleet and subscription offerings grew ~20% YoY . Similarly, in the Car Rental division, Localiza has right-sized the fleet to match seasonal demand (trimming some excess after the Q1 holiday peak) and raised pricing for better yield . It now targets a mix of customers that balances utilization and pricing – for example, focusing on insurance replacement rentals and corporate contracts during off-peak periods, and dynamically shifting cars to leisure renters during peak periods at higher rates. The net effect is improved fleet utilization and yield per car. Localiza’s average daily rate for car rental hit R$149 in Q2 (a considerable increase year-on-year) , showcasing its pricing power. Management has stated that volume growth will likely stay moderate in the near term, but fleet productivity (revenues per car) and ROI should keep rising. This is a classic strategy of “sweating the assets” more efficiently, which in a high-interest rate environment is the prudent path.
• Geographic and Adjacency Expansion: While Brazil remains ~90%+ of Localiza’s business, the company is eyeing international expansion in a measured way. It already has branches (often franchised) in several South American countries – notably Argentina, Chile, Colombia, Ecuador, Paraguay, Uruguay, and recently Mexico . The mention of “Mexico expansion” in its materials suggests Localiza sees Mexico as a high-potential market for both rentals and fleet leasing . Indeed, Mexico’s car rental sector (especially in tourist destinations) and leasing market are sizable. Localiza has begun to plant seeds there (e.g. a branch in Los Cabos mentioned in travel media), likely via partnerships or franchises initially . Additionally, Localiza is exploring mobility adjacencies: one example is a corporate travel platform under development  – this could integrate car rental with other travel services for corporate clients, leveraging Localiza’s relationships with companies. Another example is offering insurance solutions (they already provide damage insurance options to renters, and could expand that offering). Localiza’s “New Initiatives” segment is still relatively small, but it’s aimed at keeping the company relevant as mobility evolves – whether through electric vehicles, rideshare partnerships, or even eventual autonomous fleets.
• Fleet and Network Optimization: On the cost side, Localiza continues to optimize its fleet procurement and disposal cycle. It uses its scale to get favorable purchase terms from automakers (hundreds of thousands of cars per year) and has flexibility in defleeting when used car market conditions are favorable. Notably, in mid-2025 the Brazilian government implemented an IPI tax reduction on new cars (as part of a stimulus program called “Mover”) which effectively lowers new car prices . Anticipating this, Localiza slowed some sales in Q2 (since cheaper new car prices can put downward pressure on used car prices). The company estimated it might take a one-time hit of ~R$800 million to R$1 billion in Q3 2025 to adjust the resale values of its fleet due to this tax change . However, this is a short-term accounting impact; the IPI cut should stimulate car sales volumes overall and has already led to a pickup in Localiza’s July and August Seminovos sales . Management’s adept handling of such external changes – by timing fleet purchases and sales – is part of why Localiza maintains healthy margins even in volatile markets. They also continuously refine their branch network, converting some franchises to owned stores (or vice versa) based on performance, and investing in technology like telemetry and IoT to monitor vehicle usage and reduce abuse or theft (thus lowering maintenance and credit losses) . As a result, Localiza boasts that its delinquency and default rates on leases are well below national averages, aided by data-driven risk management (tracking driver behavior, etc.) .

In sum, Localiza’s expansion strategy is about deepening its moat rather than just getting bigger. The company is leveraging digital innovation, superior service, and an integrated business model to drive organic growth in revenue per customer and new solutions (like subscription and corporate services). It is also positioned to benefit from macro tailwinds: any decline in interest rates in Brazil will reduce financing costs and could spur demand for fleet outsourcing (as companies look to preserve cash). Additionally, consumer trends like the sharing economy, and the hassle of car ownership in urban areas, play into Localiza’s hands – its subscription program “reinvente seu jeito de ter carro” (“reinvent your way of having a car”) is essentially capitalizing on that shift, offering a car-as-a-service alternative to ownership . The company’s disciplined approach to growth, combined with targeted innovation, suggests a sustainable trajectory for both top-line expansion and margin improvement over the long term.

Valuation Analysis and Historical Performance

Valuation Metrics: Localiza’s stock (RENT3) is trading at valuations that reflect both its growth potential and the impact of Brazil’s high interest rates on recent earnings. As of late August 2025, key valuation metrics are approximately:

• Price-to-Earnings (P/E): ~15–16× trailing 12-month earnings  . This is based on a market cap of around R$37 billion and LTM net income of ~R$2.33 billion. The forward P/E (looking at 2025–26 earnings forecasts) is lower, on the order of ~11× , as analysts expect earnings to rebound with synergy realization and lower interest costs. A P/E in the mid-teens is reasonable for a market leader with strong ROIC, and it represents a discount to the broader Brazilian market’s P/E and slightly below global rental peers’ average (more on peers below).
• Price-to-Book (P/B): ~1.4–1.5× book value  . Localiza’s book equity swelled after the Unidas merger (due to newly issued shares and goodwill recognition), which brought the P/B multiple down from historically higher levels (~4× in pre-merger years ). At 1.5×, the stock is trading near the replacement value of its assets, which suggests investors are not paying a huge premium for growth at the moment. This low P/B also reflects the large goodwill on the balance sheet from the merger – however, it’s important to note that Localiza’s business tends to earn well above its cost of capital (13–15% ROE historically), which can justify P/B above 1.
• Enterprise Value/EBITDA (EV/EBITDA): roughly 8× (trailing). With a current enterprise value of about R$71.5 billion (including net debt) and LTM EBITDA around R$8.3–8.5 billion, EV/EBITDA is in the high single digits . Some data providers show a lower multiple (~5.4×) depending on the EBITDA definition , but standardizing for operating leases, etc., ~8× is a fair estimate. This multiple is below global peers (U.S. rental companies trade in double-digit EV/EBITDA) and in line with Localiza’s own historical averages. It indicates the stock may be modestly undervalued considering the stability of Localiza’s EBITDA generation. The EV/Revenue ratio is about 1.8–1.9×  , reflecting the high-margin nature of the business (for context, EV/Revenue of <2× with ~33% EBITDA margin yields EV/EBITDA in the ~6× range).
• Dividend Yield: ~4.5–5.0% as discussed, which is an appealing valuation metric for income-focused investors. The free cash flow yield is more difficult to pin down given the heavy fleet capex requirements; in 2023 it was low due to expansion, but in 2024–25 the free cash flow improved as fleet growth moderated, making the cash flow yield (FCF/Price) potentially high single-digit in percentage terms.

In absolute terms, Localiza’s valuations are undemanding: a mid-teens P/E and ~8× EV/EBITDA for a company with a dominant market position, resilient earnings (ignoring the one-off loss), and a history of double-digit growth . This likely reflects Brazil-specific risk factors – high domestic interest rates (the risk-free rate was around 13.75% until recently, driving equity risk premiums up) and macro uncertainty – rather than company-specific issues. In fact, if Brazil’s Selic rate continues to fall (it has started cutting in 2H 2025), one would expect valuation multiples to expand (stock prices to rise) given Localiza’s earnings would be valued against a lower discount rate.

Historical Stock Performance: Localiza’s stock price has seen its ups and downs over the past decade, but long-term investors have been rewarded with substantial gains. In the mid-2010s, the company was in a high-growth phase and the stock soared (e.g. +95% in 2017 alone during an economic recovery) as investors recognized the scalability of the model. By 2019, Localiza’s share price had risen significantly (the market cap in Dec 2019 was ~R$35.6B, up ~74% from 2018) – reflecting its strong earnings growth .

The pandemic in 2020 initially hit the stock (travel came to a halt), but Localiza navigated the crisis well, and by late 2020/2021 the stock reached new highs fueled by low interest rates and the announcement of the Unidas merger. The merger was viewed very positively, and at one point in 2021 the stock traded above R$60 (split-adjusted) on optimism of synergies and market dominance. However, the bear market of 2021–2022 for Brazilian equities, combined with surging local interest rates (which went from 2% to >13% in that period), compressed Localiza’s valuation. The stock pulled back sharply in 2021 (around –28% that year) , and continued to lag in 2022 as the merger integration costs weighed on earnings and investors rotated out of growth stocks. By early 2023, RENT3 hit multi-year lows around R$27 amid concerns about high financing costs and slower economic growth.

Since then, the stock has recovered into the mid-30s (currently ~R$36), roughly +30% off its lows, as the company proved its ability to deliver synergies and as Brazil’s outlook improved somewhat (inflation under control and rate cuts on the horizon). Year-to-date 2025, RENT3 is up about +12% , outperforming the Bovespa index. The 52-week trading range is approximately R$26.7 – R$46.2 , so at present the stock sits in the middle of that range. It is well below the all-time highs, suggesting upside if the company continues executing and if macro conditions normalize. In fact, some analysts see significant upside: for example, JPMorgan in April 2025 raised its price target to R$59 per share , implying confidence in a re-rating as results improve.

Investors should note that Localiza’s stock has a beta to both domestic and global factors. It can trade like a financial stock in Brazil (sensitive to interest rates) because of its leverage and financing needs, and also like a consumer/cyclical stock (sensitive to travel demand and used car prices). The volatility in 2020–2022 demonstrated that (the stock swung from ~R$12 in the 2020 crash up to ~R$70 in late 2021, then down to ~R$30 in 2022, a rollercoaster ride). Over a 10+ year horizon, however, Localiza has delivered compound returns in excess of market averages, fueled by its consistent earnings growth and reinvestment of cash flows.

From a valuation perspective today, Localiza appears reasonably valued or slightly undervalued for a market leader with ~20% expected earnings CAGR (analysts forecast ~25% EPS growth for 2025) . Its P/E of ~16× is below the peer average of ~17.5× for transportation firms , indicating “good value” relative to peers, and its PEG ratio (P/E to growth) is around 0.6 – which is low (a PEG <1 generally suggests a stock may be undervalued relative to its growth). This suggests that if Localiza can hit growth expectations and if Brazil’s equity risk premium narrows, there is room for multiple expansion. A return to even a 20× P/E (which would still be below its pre-2020 multiples) would yield a significant increase in share price from current levels.

In conclusion, Localiza’s current valuation multiples reflect caution but provide an attractive entry point for long-term investors seeking a combination of growth and income. The company’s dominant market position, improving profitability, and shareholder-friendly dividends form a solid investment thesis. Prospective investors should keep an eye on interest rate trends and used car market conditions – two external factors that materially influence Localiza’s short-term performance – but over the long run, the company’s fundamentals and competitive moat make a compelling case for capital appreciation alongside the healthy dividends.

Peer Comparison: Local and International

Localiza operates in a unique space as a Brazilian company in a sector dominated globally by a few large players. Comparing it to peers highlights its strengths:

Domestic Peers (Brazil): The primary local competitor is Movida Participações (MOVI3). Movida is Brazil’s second-largest car rental company, focusing on a similar integrated model (rentals, fleet leasing, and used sales). However, Movida is much smaller: as of early 2025 it had a fleet of around 257,000 vehicles (forecast to reach ~268k by year-end 2025) – less than half of Localiza’s fleet. Movida’s market share in rentals is roughly 25–30%. In financial terms, Movida’s revenues are about one-third of Localiza’s, and it has struggled with higher leverage. In fact, Fitch Ratings downgraded Movida’s credit rating to BB- in mid-2025, citing its elevated debt and weaker cash generation relative to its obligations . Movida’s net debt/EBITDA is significantly higher than Localiza’s, which limits its ability to grow or pay dividends (Movida has a smaller dividend, yielding around 1–2% currently). On a valuation basis, Movida trades at a lower P/E (~8–9× forward) , reflecting both its higher risk and smaller size. It’s essentially a higher-beta, lower-margin version of Localiza. Notably, Localiza’s merger with Unidas removed another major local competitor – Unidas (Locamerica) itself was Brazil’s third player, which is now part of Localiza. Post-merger, the competitive landscape domestically is almost a duopoly (Localiza and Movida), with a few niche players (e.g., Ouro Verde in fleet leasing, smaller regional rental firms) filling in small segments. This industry consolidation bodes well for rational pricing and high barriers to entry in Brazil. Localiza, as the incumbent leader, enjoys economies of scale that Movida cannot easily match – for example, Localiza can procure cars at better prices, spread its operating costs over a larger base, and offer nationwide coverage to corporate clients that Movida’s smaller network might struggle with. Thus, in the local context, Localiza stands out as the best-in-class operator, with a stronger balance sheet and brand.

International Peers: On the global stage, the relevant comparables are the U.S. and European rental car giants – namely Hertz Global Holdings (HTZ), Avis Budget Group (CAR), and Sixt SE (Germany). Comparing metrics:

• Scale: Localiza’s ~633k vehicle fleet is on par with the big international players. Hertz, for example, had about 585k cars in the U.S. in 2023 and likely around 700k globally including Europe . Avis Budget operates a similar sized fleet (est. 600–650k cars globally). Sixt, being more focused on Europe, has a smaller fleet (around 250k–300k cars) but uses more of a franchise model in some regions. So Localiza is one of the largest rental fleets worldwide, which is impressive for a company operating mainly in one country. This scale gives it purchasing clout rivaling Hertz/Avis.
• Financial leverage: One stark difference is leverage. The U.S. rental firms carry massive debt loads due to the nature of their vehicle financing. Hertz’s balance sheet, for instance, shows an enterprise value of ~$21 billion vs a market cap of only ~$1.8 billion  – meaning the vast majority of its value is debt (it went through bankruptcy in 2020 and emerged with still high debt). Avis is similar: market cap ~$5.5B, but enterprise value over $34B , indicating ~$28B debt. These companies therefore trade at seemingly low equity multiples but high EV multiples. Avis’s EV/EBITDA is ~19.7× on trailing basis  (due to extraordinarily strong but possibly peak earnings in 2022). Hertz actually had a net loss in recent quarters (making its P/E not meaningful) and trades more on asset value. By contrast, Localiza’s net debt is a fraction of its enterprise value – roughly R$34.5B net debt on R$71.5B EV (about 48%)  . Its debt/EBITDA is around 2.5–3.0×, which is quite moderate for the industry (Hertz and Avis often run 5× or higher, pre-pandemic they were heavily leveraged which led to Hertz’s Chapter 11 filing). This means Localiza has a stronger balance sheet relative to its size, giving it more resilience in downturns and more flexibility to invest or pay dividends. The market recognizes this: Localiza’s equity is a larger portion of its enterprise value, and it trades at a healthier EV/EBITDA of ~8× vs Avis’s near 20× . In short, Localiza is less levered and arguably less risky than its U.S. counterparts, which is a positive for long-term investors.
• Profitability and Margins: Thanks to its Seminovos business model, Localiza’s EBITDA margins (33–35% range) are higher than those of Hertz/Avis which have historically been 20–30% (though in 2021–2022, a unique situation of car shortages gave U.S. rental companies a margin boost to ~35%+ in some quarters). Localiza’s integrated model of selling its own used cars is something Hertz and Avis typically don’t do (they sell via wholesale auctions at lower margins). This difference manifested in 2020–2021: when the pandemic hit, Localiza was able to downsize fleet and sell cars quickly through its Seminovos stores, avoiding a cash crunch and even profiting from strong used car prices. Hertz, lacking that retail channel, had to sell cars in bulk and still couldn’t cover costs – hence bankruptcy. When used car prices skyrocketed in 2022, Hertz and Avis benefited (record profits) but that was a temporary windfall. Localiza too saw strong margins in Seminovos during that period. Now, as things normalize, Localiza’s steady margin from its owned sales network provides a cushion that peers lack. It’s also worth noting Localiza’s ROE/ROIC are quite strong relative to peers: pre-pandemic, Localiza’s ROE was ~18–20%, whereas Hertz/Avis often had low double-digit or single-digit ROEs (when not juiced by unusual market conditions).
• Growth and Valuation: Localiza offers growth in an emerging market (Brazil/LatAm’s vehicle rental penetration is still lower than in developed markets), whereas Hertz and Avis are more mature and cyclical. Sixt in Europe is somewhat in between – a family-controlled firm with a tech focus, it has been growing aggressively in the U.S. recently and has a solid balance sheet. Sixt trades at around 5× EV/EBITDA and ~14× P/E  , and yields ~4%, quite similar to Localiza on those metrics. This shows that European investors also value rental companies cautiously despite good performance. Sixt and Localiza share some traits: both are innovators (Sixt was early with mobile apps and car-sharing, Localiza with subscription and digital pick-up), both relatively low leverage, and both family/insider influenced (Localiza’s founders still hold significant equity). Meanwhile, Hertz and Avis currently pay no dividends and use cash mainly for debt and buybacks (Avis did buy back a lot of stock). Localiza, with its dividend, might appeal more to investors seeking income.

In summary, Localiza stacks up very well against international peers. It matches their scale and technology and beats many on financial stability. Its valuations are generally cheaper or on par: for instance, at ~16× P/E it’s lower than Avis (which on a normalized basis might be higher P/E due to volatile earnings) and around the same as Sixt. On EV/EBITDA, Localiza ~8× vs Hertz/Avis varying (Avis forward EV/EBITDA is lower if one assumes 2023–24 earnings normalize, but their equity is so volatile). The key differentiation is market risk – Hertz and Avis are tied to U.S. travel and have the U.S. legal system (Hertz had lawsuit issues with false theft reports, etc.), whereas Localiza is tied to Brazil’s economy (higher political risk, currency risk for foreign investors). Yet, from an operational standpoint, Localiza is arguably one of the best-run car rental companies in the world. It has navigated recessions, hyperinflation eras, and now a high-rate period without major drama.

A quick peer snapshot:

• Localiza: ~633k cars, 13.7% ROIC , net debt/EBITDA <3×, P/E ~16, EV/EBITDA ~8, dividend yield ~5%.
• Movida (Brazil): ~257k cars, ROIC lower (likely single-digit), net debt/EBITDA ~4–5× (higher risk), P/E ~8, pays small dividend, more speculative.
• Hertz (USA): ~700k cars, ROIC not meaningful post-bankruptcy, very high debt, currently loss-making (no P/E), trades at low equity value vs assets.
• Avis (USA): ~600k cars, had peak earnings in 2022 (ROIC temporarily high), high debt, at ~$155/share it’s around 4–5× forward earnings (if earnings stay elevated) but that’s deceptive due to leverage; EV/EBITDA near 10× forward (19× trailing) .
• Sixt (Germany): ~250k+ cars, solid niche player, net debt/EBITDA ~1× (very low debt), P/E ~14, EV/EBITDA ~5× , 4% yield, seen as a quality operator in Europe.

Localiza most closely resembles Sixt in financial health and Avis in scale (without Avis’s debt). It’s also worth noting that no international peer has a business quite like Seminovos under their own roof – this vertical integration is a competitive advantage that makes direct comparisons harder.

ESG and Governance Considerations: It’s also relevant to compare in terms of ESG: Localiza often scores well on governance (Brazil’s Novo Mercado listing requires a high governance standard – one share class, tag-along rights, etc.). Localiza has independent board members and an audit committee, aligning with global best practices. On environmental factors, Localiza is proactively transitioning part of its fleet to flex-fuel ethanol vehicles and exploring EVs. Brazil’s car rental fleets largely use ethanol (which can reduce net CO2 emissions since ethanol from sugarcane is renewable). The company reports its GHG emissions and has achieved a “Gold Seal” for its emissions inventory and a “B” rating from CDP (Carbon Disclosure Project) , indicating a high level of transparency and performance in environmental reporting. In 2024, 100% of the electricity used in Localiza’s branches and facilities came from renewable sources (they likely purchase renewable energy or certificates). They also invest in carbon offset projects – e.g., through the Neutraliza program, they offset a portion of their Scope 1 and 3 emissions via wind farms and reforestation . This is notable because vehicle rental is not an inherently “green” business, but Localiza is taking steps to mitigate its footprint and differentiate on sustainability.

In terms of social and governance, Localiza prides itself on ethics and inclusion. It maintains an Integrity Program and Whistleblower Hotline , and has ISO 37001 certification (anti-bribery management system) , reflecting strong anti-corruption practices – crucial in Brazil’s corporate context. The company has also founded the Localiza Institute, focusing on education and youth employment as a social initiative . Internally, it has programs for diversity and inclusion, covering gender equity, LGBTQ+, refugees, and people with disabilities . These ESG efforts contribute to Localiza being seen as a high-quality corporate citizen, which can attract ESG-minded foreign investors who factor such criteria into their decisions.

To sum up, in peer comparison Localiza holds its own or excels in most categories: market leadership, profitability, financial stability, and ESG/growth narrative. The main caveat is the macro context of Brazil (currency and political risk), which is outside the company’s control. But for investors bullish on Brazil’s long-term prospects (or seeking exposure to Brazil’s growing middle class and travel sector), Localiza is arguably a top pick in the region – akin to a “blue chip” in the LatAm transportation sector.

ADR Access and Foreign Investment Considerations

For foreign investors interested in Localiza, there are accessible avenues to gain exposure. Localiza’s common shares trade on the B3 (São Paulo Stock Exchange) under the ticker RENT3, but for those who prefer U.S. markets, Localiza also has an American Depositary Receipt (ADR) program. The ADR trades over-the-counter (OTC) in the U.S. under the ticker LZRFY. It is a Level I ADR, meaning it is not listed on NYSE/Nasdaq but is sponsored by a depositary bank (Bank of New York Mellon) and can be purchased through U.S. brokerage accounts. One LZRFY ADR represents 1 ordinary share of Localiza , with a 1:1 ratio, and it typically trades in dollars at a price reflecting the São Paulo price plus/minus any minor arbitrage. For example, with RENT3 around R$36, LZRFY should trade around ~$7.20 (depending on the BRL/USD rate). Liquidity on the ADR is lower than in Brazil (since most volume is on the B3 exchange), but major brokers can route orders or create ADRs as needed.

Foreign investors can also choose to invest directly on the Brazilian exchange by opening an international brokerage account that provides access to B3, or via local feeder funds. However, many find the ADR route simpler. Localiza’s ADR (LZRFY) pays the corresponding dividends/IOC in U.S. dollars after conversion. The depositary bank typically passes on the distributions, minus any required withholdings (Brazilian tax and ADR fees). It’s worth noting that sometimes ADR holders receive the net after Brazil’s 15% IOC tax – for instance, if Localiza declares R$0.50 IOC, U.S. ADR holders might get the equivalent of R$0.425 after tax, converted to USD.

One should be aware of tax implications for non-resident investors in Brazilian stocks:

• Dividends: Brazil currently does not tax dividends paid to either residents or non-residents (this has been the case since 1996)  . So if Localiza were to pay a normal dividend, foreign investors would receive the full amount (though they may owe taxes on it in their home country). However, Localiza mostly pays IOC (interest on capital). IOC is subject to a 15% Brazilian withholding tax for non-residents (and for residents as well) . Thus, foreign investors will see that tax taken out before the payment is converted to USD in the ADR. (If an investor is in a tax treaty country, they might get a credit or slightly different rate, but Brazil’s treaties often don’t reduce the 15% on interest/royalties). In short, expect a 15% haircut on Localiza’s quarterly payouts due to the IOC structure. Even after this, the effective yield is around 4% net. It’s also noteworthy that Brazil is discussing a tax reform which could introduce a 10% withholding tax on dividends to non-residents starting in 2026 . Legislation to this effect (Bill No. 1,087/2025) is under debate. If it passes, then even traditional dividends (which are tax-free now) would have 10% WHT for foreigners (and possibly 15% for those from “tax haven” jurisdictions). This is something to monitor; as of Q3 2025, no such tax is in force yet .
• Capital Gains: Brazil offers very favorable terms for foreign portfolio investors in stocks. Non-resident investors (from non-tax-haven jurisdictions) are exempt from Brazilian capital gains tax on trades of stocks on the exchange . This means if you buy and later sell RENT3 at a profit on B3, Brazil does not tax that gain (for foreigners registered under the proper resolution 4,373 investment account). The same applies to ADRs – selling the ADR at a profit does not incur Brazilian tax. (Domestic Brazilian investors do pay 15% on stock gains above a certain monthly threshold, but foreigners get an exemption to attract capital.) The only exception is if the investor is resident in a listed “tax haven” country, in which case they’d be treated like a Brazilian individual (15% CGT) . For most U.S., European, etc., investors, capital gains are free of Brazilian tax . One still owes any home country capital gains tax, of course (e.g., a U.S. investor would pay U.S. tax on an ADR gain as with any stock).
• Other Taxes: Brazil has a small financial transactions tax (IOF) on certain capital flows, but for foreign equity investors it’s 0% on stock market trades , so that’s not a concern. There are no Brazilian stamp duties or the like on equities.

From a practical standpoint, investing via the ADR is straightforward – LZRFY can be bought in USD, and dividends will arrive in USD. Liquidity on LZRFY averages only a few thousand shares a day, so using limit orders is wise. For larger institutions, buying RENT3 in São Paulo might be better due to deeper liquidity (Localiza trades millions of shares daily on B3). The Ibovespa index inclusion of Localiza also means many emerging market funds and ETFs hold it. Foreign investors can indirectly invest through such vehicles (e.g., an Brazil ETF or Latin America fund will likely have Localiza in its basket given the company’s size and index weighting).

ADR vs Local Share – one minor difference: Brazilian shares pay dividends in BRL, and the ADR will fluctuate with the exchange rate. So an investor also has BRL currency exposure. Over the long term, the Brazilian real has periods of volatility against USD. At times of Real weakness, the ADR might underperform the local stock in USD terms. Conversely, if BRL strengthens, ADR holders benefit. This is inherent to investing in any foreign stock. Notably, Localiza’s financial performance can also be influenced by exchange rates (e.g., it buys cars in Brazil in BRL, but used car prices and interest rates reflect domestic conditions; if BRL collapses, inflation might spike car prices and nominal revenues). For a foreign investor, monitoring Brazil’s macro (rates, FX) is part of the equation.

Governance for Foreigners: Brazil has decent protection for minority shareholders in Novo Mercado companies like Localiza. The company has one-class of common stock, and foreign investors have the same voting rights and dividend rights as locals. Localiza’s management is professional (CEO Bruno Lasansky is not a founder, but came from McKinsey and has been with Localiza since 2015). The founding families (Renno and others) own a significant stake but have been supportive of good governance and did the merger with Unidas in a transparent way. Foreign institutions (Capital Group, BlackRock, etc.) are among major holders . So foreign investors’ interests are fairly aligned and represented. Additionally, Localiza has an ADR Level I, which, while not requiring full SEC reporting, still indicates a willingness to cater to international investors (they publish financials in English and follow IFRS accounting, which is similar to U.S. GAAP in most respects).

Dividends for ADR holders: The ADR pays the IOC/dividend typically a few weeks after the local payment, once currency conversion is done. ADR holders should note there’s an ADR fee (often around $0.02–0.03 per share annually, taken from dividends). Given the yield, this is negligible, but just for awareness.

In summary, accessing Localiza as a foreign investor is quite feasible via LZRFY ADR or directly on the Brazilian market. Investors get exposure to a sector (mobility and fleet services) that is underrepresented outside (no U.S. equivalent publicly traded except Hertz/Avis which are very different beasts now), plus a nice dividend stream. One should just plan for the 15% Brazilian withholding on the quarterly IOC payments and consider the currency aspect. Importantly, Brazil’s tax regime currently favors foreign investors in stocks (no cap-gains tax, no dividend tax (until 2026 potentially)) , making it an investor-friendly destination in that regard. Many emerging markets impose heavy withholding or capital controls, but Brazil allows relatively free movement of capital for registered foreign investors. This is a plus for those considering Easy Brazil Investing!

ESG and Governance Highlights

Localiza has made Environmental, Social, and Governance (ESG) principles an integral part of its strategy – not just as a formality for investors, but as a means to long-term value creation and risk management. Below are some key ESG considerations:

• Environmental Initiatives: As a company whose core business revolves around internal combustion vehicles, Localiza is conscious of its environmental impact. One major effort is the use of renewable fuels – most of Localiza’s rental fleet in Brazil can run on ethanol (flex-fuel cars), which helps lower carbon emissions compared to gasoline. The company actively encourages ethanol use. Localiza also conducts a full greenhouse gas (GHG) inventory annually (Scope 1, 2, 3 emissions) and has achieved a Gold Seal in the Brazilian GHG Protocol program for the quality of its reporting . In 2024, Localiza received a score of “B” from the CDP (Carbon Disclosure Project) , indicating it’s above average in climate transparency and action (for reference, “B” is in the Management band). Furthermore, Localiza has implemented numerous eco-efficiency measures in its operations. It reported that 100% of the electricity it consumed in 2024 was from clean, renewable sources  – likely through purchasing renewable energy contracts or certificates to power its branches, offices, and agencies. This is significant given it has over 700 locations. The company also has initiatives to reduce water usage, for example by using waterless car wash techniques (dry washing) in its facilities, saving millions of liters of water . Waste management is another focus: Localiza ensures proper disposal and recycling of vehicle waste (oil, tires, batteries) and has increased recycling at branches . To address tailpipe emissions, Localiza launched a program called Neutraliza – essentially offering customers an option to offset the carbon from their rental by investing in environmental projects. The company itself invests in offsets: for instance, through a partnership with a wind farm (Cristal Wind Farm), they offset a portion of their Scope 1 emissions (direct emissions) , and through other projects they claim to offset a substantial amount of Scope 3 emissions as well . Localiza is also following global trends by incorporating electric vehicles (EVs) into its fleet on a trial basis. While EV adoption in Brazil is nascent (due to cost and infrastructure), Localiza has a few pilot programs, and it’s expected to ramp up EV offerings for corporate clients especially, as more electric models become available in Brazil. All these efforts underscore a commitment to environmental stewardship, which not only helps the planet but also prepares Localiza for any future carbon regulations or shifts in consumer preference.
• Social Responsibility: Localiza’s social impact is primarily through job creation (over 22k employees) and community initiatives. The company places heavy emphasis on employee development and satisfaction. It has been consistently ranked as one of the “Best Places to Work” in Brazil, indicating high employee engagement. Training and internal promotion are part of the culture. The workforce is spread across a wide range of skill levels – from customer service reps at branches to mechanics to corporate staff – so Localiza invests in training programs to upskill employees. During the merger integration, the company managed to blend two corporate cultures (Localiza and Unidas) without massive layoffs, which was commendable and helped maintain morale. On diversity and inclusion (D&I), Localiza has concrete programs. They have internal groups and targets to increase representation of women in leadership (car rental traditionally can be male-heavy at the operations level, but Localiza is working on equity). They also have initiatives supporting LGBTQ+ inclusion, hiring of refugees and immigrants, and improving accessibility for people with disabilities . For instance, Localiza has partnered with organizations to hire Venezuelan refugees in some locations, and has adapted some rental processes to better serve customers with disabilities. In the community, the Localiza Institute was created as a non-profit arm to channel social investments . The Institute focuses on education and youth employment, aiming to prepare disadvantaged young people for the job market (including opportunities in the automotive services sector). They sponsor scholarships, vocational training programs, and mentorship in various regions of Brazil. Another social project is promoting traffic safety – as a rental company, Localiza supports campaigns on defensive driving and partners with insurance to educate customers (they even have a telematics app for fleet clients to monitor and improve driver behavior, contributing to public road safety) . During the COVID-19 pandemic, Localiza demonstrated social responsibility by aiding in transportation logistics for medical supplies and offering rental cars to healthcare workers at discounted rates. They also did not resort to mass layoffs, instead reallocating staff and using government support programs to keep people employed. This earned them goodwill among employees and the community.
• Governance: Localiza’s governance structure adheres to the highest level of Brazil’s corporate standards. As a Novo Mercado listed company, it has only common shares (no preferred shares with extra rights) and ensures 100% tag-along rights in a change of control. The board of directors includes independent members and is chaired by a non-executive (the founders/controlling shareholders have representation but not an outright majority on their own). The company has clear policies on ethics – a formal Code of Conduct that all employees and suppliers must follow, covering anti-corruption, anti-bribery, and fair business practices . It maintains an independent whistleblower hotline and has been certified for compliance (ISO 37001 anti-bribery). In fact, Localiza has had no major scandals or legal issues in its history – a notable achievement in a country where governance lapses have tripped up many firms. The audit committee works with reputable external auditors (PwC currently), and financial disclosure is robust (quarterly results are published in both Portuguese and English, with detailed MD&A). One governance item to highlight: the merger with Unidas was executed via a stock swap, and minority shareholders of both companies had to approve. Localiza’s management handled this transparently, with extensive disclosures and fairness opinions, ensuring that the merger was done at fair terms. Post-merger, the former Unidas shareholders became significant shareholders of Localiza, but there was no evidence of oppression of any minority group – shares have one vote each and dividends are pro-rata. The fact that Global emerging-market funds (like those managed by Capital Group, BlackRock, etc.) have taken >5% stakes in Localiza  suggests confidence in its governance and alignment with international investor interests.

In ESG ratings terms, Localiza often scores well above the sector average in emerging markets. It has won awards such as “Best ESG debt issuer” when it issued a sustainability-linked bond, and its commitment to safety, integrity, and sustainability likely contributes to a lower cost of capital than peers with weaker ESG profiles.

For investors, Localiza’s ESG orientation means it is more likely to be included in ESG-focused funds and indexes. It also means risks related to corruption, labor disputes, or regulatory non-compliance are mitigated. As Brazil moves towards more sustainable practices (there’s talk of incentivizing fleet electrification, for example), Localiza is positioned to adapt and even lead. The company’s pilot of telemetry (IoT) in cars to encourage efficient driving and potentially enable future car-sharing or autonomous fleet management is one example of forward governance (thinking about long-term trends) .

In conclusion, Localiza demonstrates that a company in a traditional industry can still be a leader in ESG. It’s tackling the environmental impact of its operations head-on, contributing positively to society through job creation and community programs, and upholding high governance standards. This well-rounded ESG profile not only appeals to conscientious investors but also contributes to the long-term sustainability of Localiza’s business – by reducing waste, attracting talent, avoiding costly ethical mishaps, and building a strong brand reputation.

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Conclusion: Localiza Rent a Car S.A. presents a compelling case as a long-term investment for foreign investors seeking both dividend income and growth. The company offers a unique combination of attributes: a dominant market position in an important emerging economy, consistent operational excellence, a growing stream of dividends (~5% yield), and exposure to secular trends in mobility and outsourcing. Q2 2025 results affirm that Localiza is executing well – growing revenue and improving margins despite headwinds – and the successful integration of Unidas sets the stage for enhanced profitability and market share defensibility.

Investors should weigh the macro factors (Brazil’s economic cycles and currency) but recognize that Localiza has historically navigated these well, emerging stronger each time. With a reasonable valuation (15x earnings, 1.5x book) , the stock does not appear overvalued given the company’s high returns on capital and future growth prospects. Peer comparisons show Localiza holds its own even against global competitors, often outshining them in balance sheet strength and innovation. Additionally, Localiza’s commitment to ESG and solid corporate governance de-risks the investment relative to many emerging-market companies.

For foreign investors, accessing the stock via the LZRFY ADR is straightforward, and Brazil’s tax regime (no capital gains tax, no dividend tax until potential 2026 changes) is actually very favorable . One should be mindful of the 15% withholding on the IOC distributions and the currency fluctuations, but these are manageable considerations in the context of a long-term position.

In summary, Localiza & Co (as the company now brands itself) is positioned as a “one-stop shop” for mobility services in Latin America, delivering value to customers through convenience and to shareholders through profitable growth and dividends. It offers a unique investment opportunity: a chance to participate in Brazil’s expanding consumer and corporate mobility market through a best-in-class company that marries the stability of a blue-chip with the growth of a tech-enabled service provider. For investors on Easy Brazil Investing and beyond, Localiza is a stock worth parking in your portfolio and enjoying the ride – with the meter running in your favor.

Sources:

• Company reports and presentations: Localiza IR – Q2 2025 Earnings Release and Presentation    , Corporate Profile  , Sustainability Report  , Dividend History .
• Market data and analytics: Yahoo Finance, SimplyWall.st, multiples.vc – valuation metrics   .
• Peer information: Fitch Ratings on Movida , CompaniesMarketCap and Macrotrends on Hertz/Avis  .
• Regulatory and tax: B3 Exchange guidelines for foreign investors  , Brazilian tax proposals (EY, Mattos Filho) .

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