Grupo Vamos (VAMO3) investor relations material

Executive summary

• Achieved record used asset sales and net revenue, up 72% year-over-year and 12% sequentially, driven by resilient leasing demand and contract extensions, despite high interest rates and fiscal uncertainty.

• Gross rental revenue and EBITDA reached new highs, supported by diversified customer base and strong asset liquidity, though net income declined due to higher depreciation and financial expenses.

• Focused on contract extensions, profitability, and disciplined asset management, reducing CapEx and working capital needs.

• Maintained high liquidity, with cash and available credit lines covering 80% of gross debt maturing through 2027.

• Strategy emphasizes inventory reduction, higher fleet utilization, and credit diligence amid challenging macroeconomic conditions.

Financial highlights

• Net revenue reached R$1.4 billion in 2Q25, up 16.9% year-over-year, driven by used asset sales and leasing services.

• EBITDA increased 13.9% year-over-year to R$911.1 million, but margin declined due to higher depreciation and idle assets.

• Net income dropped 47.9% year-over-year to R$92.8 million, impacted by increased financial expenses and normalized depreciation.

• Adjusted net income for the quarter was R$93 million.

• Record gross profit and margin in used asset sales, with trucks achieving a 13.6% margin in 2Q25.

Outlook and guidance

• 2025 guidance revised: EBITDA now R$3,500–3,900 million (was R$3,850–4,150 million); net profit R$300–450 million (was R$450–550 million); leverage target 3.1–3.4x.

• New asset growth projection lowered to R$3 billion; contract extensions raised to R$800–900 million; used vehicle sales projected at R$1.3–1.5 billion.

• Focus remains on reducing leverage, increasing fleet utilization, and prioritizing resilient sectors.