Conference Call 4Q18 and 2018 Agenda Unidas in 2018 Highlights - - PowerPoint PPT Presentation

Earnings Conference Call

4Q18 and 2018

2

Agenda

Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A

3

Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A

Agenda

4

Value generation for our shareholders

Strong and successful M&A activities Entry in the RAC segment

1º

a Fleet Management Leadership consolidation in South America Partnership with: Nationwide presence

Fleet Management / Rent-a-Car Used Cars Stores

Follow-on: one of the most successful

• fferings in the last ten years

Launch of the ADR program Return to the shareholders:

27-nov 6-dez 15-dez

ADTV 11/27 - 12/20: R$ 29.7 MM LCAM3:+19.5% IBOV: -3.0%

LCAM3 vs. IBOV (27/11 to 20/12):

CDLDY

Net Profit ROE ROIC

R$233.6 MM 25.4% 12.3%

2018 Combined 4Q18 Annualized¹ 4Q18 Annualized

1 Adjusted by the exclusion of resources regarding the follow-on of R$922 million at the ending of 2018

5

Intensification of the Relationship with Investors

INVESTOR TYPE – SHARE OVER FREE FLOAT (%)

91.6% 2.2% 0.1% 6.0%

PJ Institucional PJ Não Institucional Fundos de Pensão Clube de Investimento PF Trader

*share lower than 0.01% of free float

Financial Volume (R$) higher after the follow-on process Increase of sell-side firms coverage Diversification of shareholders base with higher exposure to institutional and foreign investors Car Rental Company with the highest appreciation in the world

dez jan fev mar abr mai jun jul ago set out nov dez

LCAM3: +96.4% IBOV: +15.0% SMLL: +8.1%

Local 4Q17 1Q18 2Q18 3Q18 4Q18 Institutional 80.2% 66.1% 71.8% 68.8% 58.1% Non - Institutional 0.0% 0.3% 0.3% 0.1% 0.0% Pension Funds 0.0% 0.0% 0.0% 0.2% 1.1% Investment Clubs 0.6% 0.4% 0.4% 0.3% 0.1% Physical Person 12.0% 13.6% 10.9% 10.2% 6.0% Total 92.8% 80.5% 83.3% 79.6% 65.3% Foreigns 4Q17 1Q18 2Q18 3Q18 4Q18 Institutional 7.2% 19.5% 16.7% 20.2% 33.5% Pension Funds 0.0% 0.0% 0.0% 0.2% 1.1% Trader 0.0% 0.0% 0.0% 0.0% 0.0% Total 7.2% 19.5% 16.7% 20.4% 34.7%

Institutional Pension Funds Physical Person Non Institutional Investment Clubs Trader

* *

de dec jan feb mar apr pr ma may jun un jul ul aug se sep oct nov nov de dec

20.000 40.000 60.000

dez-18 jan-19 jan-19 fev-19

ADTV 12/20 – 02/25: R$ 24.2 MM

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Reconhecimentos de Nossa Gente, dos Nossos Clientes e da Comunidade em 2018

13th “Company with the Most Satisfied Employees in Brazil”, according to the ranking of Portal Love Mondays. Best M&A operation of 2017 - Case: "Fusion between Locamerica and Unidas” 10th position at Great Place to Work Raking considering the best companies to work in Brazil and 16h position in Latin America 19th Modern Consumer Award in Customer Service Excellence, regarding customer service at category “Car Rental Company” 1st position regarding Customer Satisfaction at category Car Rental Company considering the 100 Best Brazilian Companies in Customer Satisfaction in 2018 and the 16th position in the general Ranking 2018 Transparency Trophy at category “Companies with Net Revenue of up to BRL 5 billion” organized by Anefac (National Association of Finance, Administration and Accounting Executives) 2018 Customer Experience Award by Tracksale in the case “Mapping Opportunities and Converting to Promoters”, by using the NPS methodology in the Fleet Management segment

62% 64% 79%

2016 2017 9M18

iSEU: Rent-a-Car¹

1 Methodology: client satisfaction index monthly published. The index is generated from the number of researches that returned to the maximum satisfaction index (“Completely Satisfied”) divided by the total of researches made

2018 2017 2016

7 40,319 111,097 74,704 4,283 9,956 52,271 1,964 10,046 4,124 46,566 131,099 131,099 2017 2018 2018

Operating Deployment Demobilization

4Q18 and 2018 Operational Highlights

# Daily Rentals – Fleet Management # Daily Rentals – Rent-a-Car Thousand Thousand # of Cars Sold Total Fleet

Rent a Car - Franchises Rent a Car Fleet Management Record +65.0% +84.7% +31.9% Record +46.0% +153.7% +134.2% +181.5%

11,179 20,647 3,487 5,753

2017 2018 4Q17 4Q18 6,486 8,554 1,809 2,642 2017 2018 4Q17 4Q18 4Q17 4Q18 4Q18

Record Record

16,710 42,386 5,268 12,337

0.33% 1.77% 0.66% 2.47%

• 20,00%
• 15,00%
• 10,00%
• 5,00%

2017 2018 4T17 4T18

Record Record

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For a further quarter, there was a positive evolution in revenues and EBITDA.

4Q18 and 2018 Financial Highlights

Consolidated Net Revenue Recurring EBITDA and EBITDA Margin¹²

Note: 2017: Includes Auto Ricci as of 3Q17, in addition to its result from May/11/17 to Jun/30/17 by equity method. 2018: Includes Unidas S.A’s results as of 2Q18, in addition to its result from Mar/09/18 a Mar/31/18 by equity method. ¹ Excludes non recurring expenses 2 Margins calculated over net rental revenues. +178.8%

255.4 316.3 352.3 525.2 1,408.8 160.1 439.3 373.8 392.0 402.4 522.9 930.6 161.5 264.8 471.3 192.5 629.2 708.3 754.7 1,048.1 2,810.7 321.6 896.6 2014 2015 2016 2017 2018 4Q17 4Q18 Used Cars Sales Fleet Management Rent-a-Car + Franchises

+168.2%

• 25.8
• 17.8
• 11.8

11.9 42.1 4.4 8.8 222.6 240.5 260.6 333.1 603.4 102.3 169.5 187.7 81.7 196.8 222.7 248.8 345.0 833.2 106.7 260.0 52.6% 56.8% 61.8% 66.0% 59.4% 66.1% 56.8%

• 100,0%
• 80,0%
• 60,0%
• 40,0%
• 20,0%

• 100,0

Used Cars Sales Fleet Management Rent a Car + Franchises Recurring Rental Margin 2014 2015 2016 2017 2018 4Q17 4Q18

+141.5% +143.7%

9

Net Profit and Net Margin¹²

For a further quarter, the Company has renewed its net profit historic record. ROIC continuing to present the expected profitability and spread going to be benefited by cheaper debt refinancing in the next quarters.

4Q18 and 2018 Financial Highlights

Record +205.3% Note: 2017: Includes Auto Ricci as of 3Q17, in addition to its result from May/11/17 to Jun/30/17 by equity method. 2018: Includes Unidas S.A’s results as of 2Q18, in addition to its result from Mar/09/18 a Mar/31/18 by equity method. ¹ Excludes non recurring expenses 2 Margins calculated over net rental revenues.

24.8 23.4 28.9 67.7 203.4 22.6 69.0 6.6% 6.0% 7.2% 12.9% 14.5% 14.0% 15.1%

• 60,0%
• 50,0%
• 40,0%
• 30,0%
• 20,0%
• 10,0%

2014 2015 2016 2017 2018 4T17 4T18 Net Income Net Margin

+200.4%

8,1% 5,8% 9,1% 19,0% 20,9% 19,7% 2014 2015 2016 4T17 Anualizado 4T18 Anualizado 2018

Annualized ROE ¹ Spread (ROIC and Debt Cost)

10.7% 10.3% 12.3% 12.9% 12.3% 10.5% 12.3% 13.2% 10.0% 6.7% 2014 2015 2016 4T17 Anualizado 4T18 Anualizado ROIC Custo da Dívida Após IR 0.2 p.p.

• 2.0 p.p.
• 0.9 p.p.

2.9 p.p. Spread 5.6 p.p. Debt Cost after IR 4Q17 Annualized 4Q18 Annualized

10

Agenda

Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A

11

New and Used Cars Sales Scenario

New and Used Car Sales in Brazil ¹ Used Cars by Age in Brazil ¹ Unidas’s Sales (#) and Market Share (%)²

¹ Source: FENAUTO, FENABRAVE Considers Cars, Light Commercials and also heavy cars and motorcycles sales. (Million of units)

3.3 2.5 2.0 2.2 2.5 0.6 0.7 10.1 10.0 10.0 10.8 10.8 2.8 2.8 3.1x 4.0x 5.0x 4.9x 4.3x 4.7x 4.0x

• 3,0x
• 2,0x
• 1,0x

2014 2015 2016 2017 2018 4Q17 4Q18 # of New Cars Sales # of Used Cars Sales Used Cars Sales/New Cars Sales

+13.6% +16.7% (Cars and light commercials – Million of units) ² Note: 2017: Includes Auto Ricci as of 3Q17, in addition to its result from May/11/17 to Jun/30/17 by equity method. 2018: Includes Unidas S.A’s results as of 2Q18, in addition to its result from Mar/09/18 a Mar/31/18 by equity method.

5.1 2.4 0.8 0.6 4.5 5.8 1.4 1.5 1.9 2.8 0.7 0.8 2.7 3.3 0.8 0.9 14.2 14.3 3.7 3.7 2017 2018 4Q17 4Q18 Up to 3 years From 4 to 8 years From 9 to 12 years More than 12 years

• 52.1%
• 27.1%

16,710 42,386 5,268 12,337 0.33% 1.77% 0.66% 2.47%

• 20,00%
• 15,00%
• 10,00%
• 5,00%

2017 2018 4T17 4T18

+153.7% +134.2%

4Q17 4Q18

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Agenda

Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A

13 23,184 23,318 23,808 40,319 111,097 74,704 3,505 5,070 2,394 4,283 9,956 52,271 3,735 2,796 1,529 1,964 10,046 4,124 30,424 1,184 27,731 46,566 131,099 131,099 2014 2015 2016 2017 2018 2018 Operacional Implantação Desmobilização

Fleet End of Period

Fleet Breakdown (# of vehicles) Demobilization Fleet (% and # of vehicles - thousand) Average Age of Fleet (months)

Rent-a-Car - Franchises Rent-a-Car Fleet Management

+181.5%

Operational Deployment Demobilization 3.7 2.8 1.5 2.0 10.0 12.3% 9.0% 5.5% 4.2% 7.7%

• 100,0%
• 80,0%
• 60,0%
• 40,0%
• 20,0%

• 2,0

2014 2015 2016 2017 2018 Used Cars Sales Inventory % of Inventory/Total Fleet

+3.5 p.p.

17.9 15.8 18.6 18.1 16.9 17.1 16.6 9.4 10.2 10.4 7.9 7.5 7.7 6.9 2014 2015 2016 2017 2018 4Q17 4Q18 Fleet Management Rent-a-Car

• 2.9%
• 10.4%

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Fleet Investment

Net Fleet Investment (R$ million) Net Fleet Investment (# of vehicles)

517.9 509.9 329.0 859.4 2,944.8 263.6 1,012.3 255.4 316.3 352.3 525.2 1,408.8 160.1 439.3 2014 2015 2016 2017 2018 4Q17 4Q18 Cars Acquisition Car Sales Net Revenues 262.5 (23.3) 334.2 193.6 103,5 1,536.0 573.0

+359.6% +453.6%

14,177 13,068 9,122 19,747 68,702 7,190 22,894 11,565 12,729 12,402 16,710 42,386 5,268 12,337 2014 2015 2016 2017 2018 4Q17 4Q18 Cars Purchased Cars Sold 2,612 339 (3,280) 3,037 1,922 26,316 10,557

+449.3% +766.5%

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Fleet Management (1/2)

Commercial Pipeline New Contracts Average Age of the Operating Fleet Average Occupancy Rate

(Months) (Fleet Rented as % of Operating Fleet) # Cars in Dispute (thousand)

Cars from new hires showed a growth of 64.8% in the quarter. The commercial pipeline expected for the 1Q19 presented again the highest historic amount for a single quarter, totaling 39.5 thousand vehicles.

+2.1%

Record

23.1 22.2 26.2 24.6 22.4 29.3 34.5 38.7 39.5 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

96.1 thousand 124.9 thousand

+30.0%

8.140 7.950 4.629 7.032 12.759 1.536 2.531 335,0 314,0 195,1 309,6 575,0 66,5 96,4

• 1.000
• 800
• 600
• 400
• 200

2014 2015 2016 2017 2018 4Q17 4Q18 # of Vehicles Global Value (R$ Million)

+81,4% +64,8%

17.9 15.8 18.6 18.1 16.9 17.1 16.6 2014 2015 2016 2017 2018 4Q17 4Q18

• 2.9%

94.8% 96.2% 96.8% 97.0% 98.2% 97.2% 98.3% 2014 2015 2016 2017 2018 4Q17 4Q18

+1.1 p.p. +1.2 p.p.

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Fleet Management (2/2)

Number of Daily Rentals (thousand) and Average Monthly Tariff (R$)

Vs.

• 14.3%

CDI Delta Tariff Delta 4Q18

4Q18 Net Revenue boosted by the growth of daily rentals and average tariff stabilization in the period. Net Revenue of Fleet Management (R$ Million)

Record

• 0.5%

(1) 2017: Includes Auto Ricci as of 3Q17, in addition to its result from May/11/17 to Jun/30/17 by equity method. 2018: Includes Unidas S.A’s results as of 2Q18, in addition to its result from Mar/09/18 a Mar/31/18 by equity method.

8,232 8,057 8,335 11,179 20,647 3,487 5,753 1,502 1,609 1,597 1,546 1,489 1,531 1,523

• 2.000
• 1.500
• 1.000
• 500
• 500

2014 2015 2016 2017 2018 4Q17 4Q18 # of Rental Days Average Montlhy Tariff

+65.0%

373.8 392.0 402.4 522.9 930.6 161.5 264.8 2014 2015 2016 2017 2018 4Q17 4Q18

+78.0% +64.0%

Average Monthly Tariff

+84.7% Record Record Record

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Rent-a-Car (1/2)¹

Average Age of the Operating Fleet

(In Months)

Average Occupancy Rate

¹ Considers Unidas historical results – Rent-a-Car (excludes Franchises), for a better data analysis regarding 4Q18 and 2018.

Number of Stores

(Rented Fleet as a % of Operational Fleet)

Reduction of the average age of vehicles reflecting the Company's strategy to accelerate its fleet turnover in order to reduce maintenance and depreciation costs. Average occupancy rate drop is explained by the expansion of vehicles offering in order to attend next quarters demand.

9.4 10.2 10.4 7.9 7.5 7.7 6.9

2 4 6 8 10 12 14

2014 2015 2016 2017 2018 4Q17 4Q18

• 10.4%

75.4% 74.8% 81.5% 83.7% 78.8% 85.0% 76.6% 2014 2015 2016 2017 2018 4Q17 4Q18

• 4.9 p.p.
• 8.4 p.p.

84 94 99 104 121 78 102 128 112 89 162 196 227 216 210 2014 2015 2016 2017 2018 Rent-a-Car Own Rent-a-Car Franchises

• 6 stores

18 3,509 3,973 4,797 6,486 8,554 1,809 2,642 2014 2015 2016 2017 2018 4Q17 4Q18

Rent-a-Car (2/2)¹

Daily Rentals (thousand) Average Daily Tariff (R$) Rent-a-Car Net Revenue (R$ million)

+31.9% Record

Renewal of Company's historic level in daily rentals and average daily tariff annual expansion, boosting revenues growth in both comparisons.

¹ Considers Unidas historical results – Rent-a-Car (excludes Franchises), for a better data analysis regarding 4Q18 and 2018. +46.0%

71.7 74.3 74.2 73.9 70.8 74.5 76.7 2017 2018 4Q17 1Q18 2Q18 3Q18 4Q18

+3.6%

273.0 289.5 324.5 424.4 578.7 122.2 184.5 2014 2015 2016 2017 2018 4Q17 4Q18

+36.4% +51.0% Record Record Record

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The average selling price was R$ 35.6 thousand in 4Q18 and R$ 33.2 thousand in the accrued of 2018, showing annual growths of 17.1% and 5.7%, respectively, due to the mix of sold vehicles in the periods and the lower consolidated vehicles average age explained by Rent-a-Car segment entrance and by the average age of sold vehicles in Fleet Management.

Used Cars (1/2)

Used Cars Stores Number of Cars Sold and Average Selling Price (R$ thousand/car)

6 7 11 23 58 23 58 21 21 7 6 3 4 6 4 6 13 13 14 27 85 27 85

• 20

2014 2015 2016 2017 2018 4T17 4T18 Retail - Own Retail - Franchises Wholesale

+ 58 stores

11,565 12,729 12,402 16,710 42,386 5,268 12,337 22.1 24.8 28.4 31.4 33.2 30.4 35.6

• 100,0
• 80,0
• 60,0
• 40,0
• 20,0

• 10.000

2014 2015 2016 2017 2018 4Q17 4Q18 # of Cars Sold Average Price of Cars Sold

+ 153.7% + 134.2%

4Q17 4Q18

+ 72 stores 2018 vs. 2014

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Used Cars (2/2)

Gross Revenue per Selling Channel (R$ Million) Retail sales in 72.5% and 69.5% for 4Q18 and 2018, respectively. Gross Profit of R$ 44.9 million in 4Q18 and R$ 156.5 million in 2018.

75.1 104.7 172.5 332.5 980.8 99.3 319.3 215.3 211.6 179.8 192.9 430.5 60.8 121.0 255.4 316.3 352.3 525.4 1,411.3 160.1 440.3 29.4% 33.1% 49.0% 63.3% 69.5% 62.0% 72.5%

• 90,0%
• 80,0%
• 70,0%
• 60,0%
• 50,0%
• 40,0%
• 30,0%
• 20,0%
• 10,0%

• 200,0

2014 2015 2016 2017 2018 4Q17 4Q18 Retail Wholesale % Retail

+ 175.0% +168.6%

• 1.6

6.9 23.8 64.8 156.5 20.2 44.9

• 0.6%

2.2% 6.7% 12.3% 11.1% 12.6% 10.2%

• 50,0%
• 40,0%
• 30,0%
• 20,0%
• 10,0%

• 10,0

2014 2015 2016 2017 2018 4T17 4T18 Used Cars Gross Profit Gross Margin % 4Q18 4Q17

+ 122.3% + 141.5%

Gross Profit (R$ Million) and Gross Margin (%)

(1) 2017: Includes Auto Ricci as of 3Q17, in addition to its result from May/11/17 to Jun/30/17 by equity method. 2018: Includes Unidas S.A’s results as of 2Q18, in addition to its result from Mar/09/18 a Mar/31/18 by equity method. Record Record

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Agenda

Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A

22

Consolidated Net Revenue

Consolidated net revenue expansion supported by the organic growths of all business divisions, in addition to the incorporation of the operations of Auto Ricci and Unidas.

255.4 316.3 352.3 525.2 1,408.8 160.1 439.3 373.8 392.0 402.4 522.9 930.6 161.5 264.8

471.3 192.5

629.2 708.3 754.7 1,048.1 2,810.7 321.6 896.6 2014 2015 2016 2017 2018 4Q17 4Q18 Used Cars Sales Fleet Management Rent-a-Car + Franchises +168.2% +178.8%

Note: 2017: Includes Auto Ricci as of 3Q17, in addition to its result from May/11/17 to Jun/30/17 by equity method. 2018: Includes Unidas S.A’s results as of 2Q18, in addition to its result from Mar/09/18 a Mar/31/18 by equity method.

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Recurring EBITDA

• 25.8
• 17.8
• 11.8

11.9 42.1 4.4 8.8 222.6 240.5 260.6 333.1 603.5 102.3 169.5

187.7 81.7 196.8 222.7 248.8 345.0 833.3 106.7 260.0

52.6% 56.8% 61.8% 66.0% 59.4% 66.1% 56.9%

• 100,0%
• 80,0%
• 60,0%
• 40,0%
• 20,0%

• 60,0

Seminovos Terceirização de Frotas Aluguel de Carros + Franquias Margem Recorrente de Locação

2014 2015 2016 2017 2018 4T17 4T18

+141.5% +143.7% Recurring EBITDA and EBITDA Margin¹² (R$ Million and %)

(1) 2017: includes Auto Ricci as of 3Q17, and from May 11, 2017 to June 30, 2017 by equity method. 2018: includes Unidas S.A. as of 2Q18, and from March 09, 2018 to March 31, 2018 by equity method. (2) Margins calculated on Rental Revenue.

Recurring EBITDA 2014 2015 2016 2017 2018 Var. 4Q17 4Q18 Var. Fleet Management¹ 59.6% 61.4% 64.8% 63.7% 64.8% 1.1 p.p. 63.3% 64.0% 0.7 p.p. Rent-a-Car + Franchises¹

• 39.8%
• 42.4%
• Rental¹

59.6% 61.4% 64.8% 63.7% 56.4% (7.3) p.p. 63.3% 54.9% (8.4) p.p. Used Cars Sales¹ (10.1)% (5.6)% (3.3)% 2.3% 3.0% 0.7 p.p. 2.7% 2.0% (0.7) p.p. = Consolidated EBITDA¹² 52.6% 56.8% 61.8% 66.0% 59.4% (6.5) p.p. 66.1% 56.9% (9.2) p.p. Recurring EBITDA 2014 2015 2016 2017 2018 Var. 4Q17 4Q18 Var. Rent-a-Car + Franchises² 39.2% 37.6% 34.0% 39.8% 40.9% 1.1 p.p. 42.7% 42.4% (0.3) p.p.

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Net Profit and Non-Recurring Effects¹

Recurring Financial Results Recurring Net Profit Reconciliation of Recurring Consolidated Net Income

¹ 4Q18 recurring Financial Result excludes extraordinary revenues of R$ 0.1 million due to Market-to-Market (MtM) swap operations. 2018 4Q18 R$ Million % of Rental Revenue R$ Million % of Rental Revenue

78.5 101.9 114.5 125.1 290.7 36.1 88.1

21.0% 26.0% 28.5% 23.9% 20.7% 22.4% 19.3%

• 40,0%
• 30,0%
• 20,0%
• 10,0%

2014 2015 2016 2017 2018 4T17 4T18

+144.0% +132.4%

24.8 23.4 28.9 67.7 203.4 22.6 69.0

6.6% 6.0% 7.2% 12.9% 14.5% 14.0% 15.1%

• 100%
• 80%
• 60%
• 40%
• 20%

2014 2015 2016 2017 2018 4T17 4T18

+200.4% +205.3% Record

4Q18 4Q17 4Q18 4Q17

Note: 2017: Includes Auto Ricci as of 3Q17, in addition to its result from May/11/17 to Jun/30/17 by equity method. 2018: Includes Unidas S.A’s results as of 2Q18, in addition to its result from Mar/09/18 a Mar/31/18 by equity method.

62.3 69.0 6.7

10 20 30 40 50 60 70 80 90

4Q18 Reported Net Profit Non-recurring Items after Taxes 4Q18 Recurring Unidas Net Income 189.2 203.4

(6.4) 20.6

2018 Reported Net Profit Unidas Results by Equity Method Non- recurring Items after Taxes 2018 Recurring Unidas Net Profit

Record

25 10.7% 10.3% 12.3% 12.9% 12.3% 10.5% 12.3% 13.2% 10.0% 6.7% 2014 2015 2016 4Q17 Annualized 4Q18 Annualized ROIC Cost Net of Taxes 0.2 p.p.

• 2.0 p.p.
• 0.9 p.p.

2.9 p.p. Spread 5.6 p.p.

Financial Results

Annualized ROE¹ Spread

¹ Annualized ROE is calculated using recurring net income in 3Q18 divided by the monthly average shareholders’ equity adjusted by the deduction of the premium generated by the mergers with Auto Ricci and Unidas and the sum to the asset valuation adjustment (Tangible Shareholders’ Equity).

Annualized ROIC

8.1% 5.8% 9.1% 19.0% 20.9% 19.7% 2014 2015 2016 4T17 Anualizado 4T18 Anualizado 2018 10.7% 10.3% 12.3% 12.9% 12.3% 11.6% 2014 2015 2016 4T17 Anualizado 4T18 Anualizado 2018

Annualized ROE 1.9 p.p. higher in the annual comparison, even with the increase of equity by follow-on; ROIC in the Company's expected profitability level, even with the Rent-a-Car (RAC) segment entry.

4Q17 Annualized 4Q18 Annualized 4Q17 Annualized 4Q18 Annualized

Note: 2017: Includes Auto Ricci as of 3Q17, in addition to its result from May/11/17 to Jun/30/17 by equity method. 2018: Includes Unidas S.A’s results as of 2Q18, in addition to its result from Mar/09/18 a Mar/31/18 by equity method.

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The Company had a cash balance in the amount of R$1,964.9 million, enough to address the debt principal payment due to 2021 and address 68.7% up to 2022.

Capital Structure

Debt Composition (Principal) Covenants Amortization Schedule Ratings (National Scale) Net Debt/ EBITDA LTM Gross Debt/(Gross Debt + Equity)

Stable Outlook Stable Outlook brA Feb-13 brAA- Feb-18 A-(bra) May-12 AA- (bra) Jun-17 A(bra) May-13 AA (bra) Mar-18

1.964,9 242,7 354,2 967,8 1.294,5 785,4 171,3 50,0 Caixa 2019 2020 2021 2022 2023 2024 2025 Total to be paid until 2022: R$2,859.2 Million Cash address 68.7%

brAA+ Jul-18 brA+ Feb-17 brA- Jun-12 brAAA Dec-18 BBB+ Jun-10

73.5% 75.2% 60.5% 2016 2017 2018 2.52x 2.51x 2.02x 2016 2017 2018

• 0.49x
• 14.7 p.p.

89.3%

8.0% 1.1% 1.1%

0.5%

Debentures Commercial Paper Leasing Finame Working Capital

Cash

Q&A

Legal Notice – The statements contained in this document relating to business prospects, operating and financial results projections and those relating to Unidas growth prospects are merely projections and as such are based exclusively on the Board's expectations of the future of the business. These expectations depend substantially on market conditions, the performance of the Brazilian economy, the sector and the international markets and, therefore, subject to change without prior notice.

ri.unidas.com.br Contact: ri@unidas.com.br