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

Earnings Conference Call 4Q18 and 2018

Agenda Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A 2

Agenda Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A 3

Value generation for our shareholders Strong and successful M&A activities Nationwide presence Follow-on: one of the most successful offerings in the last ten years LCAM3 vs. IBOV (27/11 to 20/12): LCAM3:+19.5% 130,0 125,0 120,0 115,0 IBOV: -3.0% 110,0 Fleet Management a 105,0 1º 100,0 Leadership consolidation in 95,0 90,0 4.500.000 ADTV 11/27 - 12/20: South America 4.000.000 85,0 3.500.000 80,0 3.000.000 27-nov 6-dez 15-dez R$ 29.7 MM 2.500.000 2.000.000 1.500.000 1.000.000 500.000 Entry in the RAC segment 0 Return to the shareholders: R$233.6 MM Net Profit Fleet Management / Rent-a-Car 2018 Combined Used Cars Stores 25.4% Partnership with: ROE 4Q18 Annualized¹ Launch of the ADR program 12.3% ROIC CDLDY 4Q18 Annualized 1 Adjusted by the exclusion of resources regarding the follow-on of R$922 million at the ending of 2018 4

Intensification of the Relationship with Investors Car Rental Company with the highest appreciation Diversification of shareholders base with higher exposure to institutional and foreign investors in the world INVESTOR TYPE – SHARE OVER FREE FLOAT (%) 2.2% 0.1% Local 4Q17 1Q18 2Q18 3Q18 4Q18 LCAM3: +96.4% 6.0% Institutional 80.2% 66.1% 71.8% 68.8% 58.1% IBOV: +15.0% Non - Institutional 0.0% 0.3% 0.3% 0.1% 0.0% SMLL: +8.1% Pension Funds 0.0% 0.0% 0.0% 0.2% 1.1% Investment Clubs 0.6% 0.4% 0.4% 0.3% 0.1% 91.6% 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 * PJ Institucional PJ Não Institucional Non Institutional Institutional Institutional 7.2% 19.5% 16.7% 20.2% 33.5% Pension Funds 0.0% 0.0% 0.0% 0.2% 1.1% Investment Clubs Fundos de Pensão Pension Funds Clube de Investimento Trader 0.0% 0.0% 0.0% 0.0% 0.0% Physical Person Trader * PF Trader Total 7.2% 19.5% 16.7% 20.4% 34.7% *share lower than 0.01% of free float de dec jan feb mar apr dez jan fev mar abr mai jun jul ago set out nov dez pr ma may jun un jul ul aug se sep oct nov nov de dec Financial Volume (R$) higher after the follow-on process Increase of sell-side firms coverage 60.000 ADTV 12/20 – 02/25: R$ 24.2 MM 40.000 20.000 0 dez-18 jan-19 jan-19 fev-19 5

Reconhecimentos de Nossa Gente, dos Nossos Clientes e da Comunidade em 2018 1st position regarding Customer Satisfaction at category Car 13th “Company with the Most Satisfied Employees in Rental Company considering the 100 Best Brazilian Companies Brazil”, according to the ranking of Portal Love Mondays. in Customer Satisfaction in 2018 and the 16th position in the general Ranking 2018 Transparency Trophy at category “Companies with Net Best M&A operation of 2017 - Case: "Fusion between Revenue of up to BRL 5 billion” organized by Anefac (National Locamerica and Unidas” Association of Finance, Administration and Accounting Executives) 2018 Customer Experience Award by Tracksale in the case “Mapping Opportunities and Converting to Promoters”, by using 10th position at Great Place to Work Raking considering the best companies to work in Brazil and 16h position in the NPS methodology in the Fleet Management segment Latin America iSEU: Rent-a-Car¹ 79% 19th Modern Consumer Award in Customer Service 64% 62% Excellence, regarding customer service at category “Car Rental Company” 2016 2016 2017 2017 9M18 2018 1 Methodology: client satisfaction index monthly published. The index is generated from the number of researches that returne d to the maximum satisfaction index (“Completely Satisfied”) divided by the total of researches made 6

4Q18 and 2018 Operational Highlights # Daily Rentals – Fleet Management # Daily Rentals – Rent-a-Car Thousand Thousand Record Record 30.000 +31.9% 8,554 25.000 20,647 +84.7% 20.000 6,486 Record Record 15.000 11,179 +46.0% +65.0% 2,642 10.000 5,753 1,809 3,487 5.000 0 2017 2018 4Q17 4Q18 2017 2018 4Q17 4Q18 # of Cars Sold Total Fleet Record 131,099 131,099 90.000 2.47% 5,00% 1.77% 0.66% 10,046 4,124 0.33% 80.000 9,956 +181.5% 70.000 0,00% Record 52,271 60.000 -5,00% 42,386 50.000 +153.7% 46,566 40.000 1,964 111,097 -10,00% +134.2% 4,283 30.000 74,704 16,710 12,337 20.000 -15,00% 40,319 5,268 10.000 0 -20,00% 4Q17 4Q18 4Q18 2017 2018 4T17 4T18 2017 2018 2018 Operating Deployment Demobilization Fleet Management Rent a Car Rent a Car - Franchises 7

4Q18 and 2018 Financial Highlights For a further quarter, there was a positive evolution in revenues and EBITDA. Consolidated Net Revenue 2,810.7 471.3 +168.2% 930.6 1,048.1 +178.8% 896.6 754.7 708.3 629.2 522.9 192.5 1,408.8 264.8 402.4 321.6 392.0 373.8 525.2 161.5 439.3 352.3 316.3 255.4 160.1 2014 2015 2016 2017 2018 4Q17 4Q18 Used Cars Sales Fleet Management Rent-a-Car + Franchises Recurring EBITDA and EBITDA Margin¹² 66.0% 66.1% 56.8% 61.8% 59.4% 56.8% 52.6% 60,0% 1.100,0 833.2 40,0% 900,0 187.7 20,0% +141.5% 700,0 0,0% 345.0 +143.7% 260.0 -20,0% 500,0 603.4 248.8 222.7 196.8 106.7 81.7 -40,0% 300,0 333.1 169.5 102.3 -60,0% 260.6 240.5 222.6 8.8 100,0 11.9 42.1 4.4 -80,0% -11.8 -25.8 -17.8 -100,0 -100,0% 2014 2015 2016 2017 2018 4Q17 4Q18 Used Cars Sales Fleet Management Rent a Car + Franchises Recurring Rental Margin 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. 8

4Q18 and 2018 Financial Highlights 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. Net Profit and Net Margin¹² 15.1% 14.5% 14.0% 12.9% 6.6% 7.2% 6.0% 300 10,0% 250 203.4 0,0% Record 200 +200.4% -10,0% -20,0% 150 +205.3% -30,0% 69.0 67.7 100 -40,0% 28.9 24.8 23.4 22.6 50 -50,0% 0 -60,0% 2014 2015 2016 2017 2018 4T17 4T18 Net Income Net Margin Spread (ROIC and Debt Cost) Annualized ROE ¹ 0.2 p.p. -2.0 p.p. -0.9 p.p. 2.9 p.p. 5.6 p.p. 20,9% 13.2% 12.9% 19,7% 19,0% 12.3% 12.3% 10.7% 12.3% 10.5% 9,1% 10.3% 8,1% 10.0% 6.7% 5,8% 4Q17 4Q18 2014 2015 2016 4T17 4T18 Annualized Annualized Anualizado Anualizado 2014 2015 2016 4T17 4T18 2018 Debt Cost after IR ROIC Custo da Dívida Após IR Spread Anualizado Anualizado 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. 9

Agenda Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A 10

New and Used Cars Sales Scenario New and Used Car Sales in Brazil ¹ (Cars and light commercials – Million of units) 5.0x 4.9x 20 4.7x 6,0x 4.3x 4.0x 4.0x 18 5,0x +13.6% 3.1x 16 4,0x 14 10.8 10.8 3,0x 10.1 10.0 10.0 12 2,0x 10 +16.7% 1,0x 8 0,0x 6 3.3 2.8 2.8 2.5 2.5 2.2 2.0 -1,0x 4 0.6 0.7 -2,0x 2 0 -3,0x 2014 2015 2016 2017 2018 4Q17 4Q18 # of New Cars Sales # of Used Cars Sales Used Cars Sales/New Cars Sales Used Cars by Age in Brazil ¹ Unidas’s Sales (#) and Market Share (%)² (Million of units) 70.000 2.47% 1.77% 14.3 14.2 5,00% 0.66% 0.33% 60.000 2.7 3.3 0,00% 42,386 50.000 1.9 +153.7% 2.8 40.000 -5,00% 3.7 3.7 4.5 +134.2% 30.000 -10,00% 16,710 5.8 0.8 0.9 12,337 20.000 0.7 0.8 -52.1% 5,268 -15,00% 5.1 1.4 1.5 10.000 -27.1% 2.4 0.8 0.6 0 -20,00% 4Q17 2017 2018 4T17 4Q18 4T18 2017 2018 4Q17 4Q18 Up to 3 years From 4 to 8 years From 9 to 12 years More than 12 years ¹ Source: FENAUTO, FENABRAVE Considers Cars, Light Commercials and also heavy cars and motorcycles sales. 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. 11

Agenda Unidas in 2018 Highlights New and Used Cars Sales Scenario Operating Performance Financial Performance Q&A 12