Localiza Rent a Car SA (RENT3.SA): 3Q26 Results: Another Solid Quarter; D&A Discipline Continues

Another strong quarter: EBIT was in line with consensus and 4% above MSe, while NI beat consensus/MSe by 7%/10%. Continued D&A recalibration and ongoing RAC repricing reinforce management disciplined response to current new/used-car dynamics. Stay OW. 3Q26 EBIT of R$2,516m came basically in-line with Visible Alpha consensus of R$2,505m but beat our R$2,416m estimate by 4%. EBITDA of R$4,029m came 2% above consensus of R$3,963m and 4% above MSe of R$3,871m. Net income of R$1,125m came 7% above consensus of R$1,048m and 10% above MSe of R$1,026m, mostly driven by stronger operating results and a lower effective tax rate (11.2% vs. MSe of 17.0%), which offset weaker financial results. Revenues of R$12,278m came 2% below VA consensus of R$12,474m. Seminovos sales volume of ~87.85k vehicles (up 16% Y/Y) was 3% below consensus and 8% below MSe; RAC D&A per car of R$8,757 (up 6% Q/Q) reflected pressure on new and used vehicle prices from new launches, model-year changes and the competitive en