Brazil Trucking: Takeaways From 18th Brazil Equities Conference (Rentals)

Research evidence excerpt

Brazil Trucking: Takeaways From 18th Brazil Equities Conference (Rentals)

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18 Jun 2026 07:15:10 ET │ 14 pages

Brazil Trucking

Takeaways From 18th Brazil Equities Conference (Rentals)

CITI’S TAKE

On June 16th and 17th we hosted our 18th Brazil Equities Conference.

Among rental companies attending the conference, the tone was generally

positive with car rental players delivering positive messages about 2Q

rental operational performance. On the Seminovos side, the message

looked more divergent between companies, with Localiza still raising Filipe NielsenAC

depreciation and maintaining a cautious view about the car market in 2H +55-11-4009-5213

(considering competitive risks and the impacts on car pricing) while filipe.nielsen@citi.com

Movida maintained their view about stable depreciation, supported by

sales at higher quality stores and better mix. On the trucking and

machinery side, Vamos also presented a positive message about 2Q

results, while discussions with Mills were mostly focused on the

controlling shareholder stake sale. More details are in the note below.

Localiza:

The outlook remained cautious but sounded positive and return-driven, with

Seminovos in the center of discussions. Management expects a solid 2Q result

despite slightly softer than 1Q. Car sales volumes remain strong in 2Q although

margins may slightly soften due to higher marketing expenses and mix effects.

Management is keeping the conservative approach to depreciation and foreseeing

further increases ahead (particularly in SUVs), as new vehicle launches and

competitive dynamics could pressure the car market in 2H. On the rental side, they

mentioned that volumes should remain broadly stable with modest price increases,