Grupo Vamos (VAMO3) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 reached R$1.62 billion, up 22% year-over-year, driven by leasing, used asset sales, and industrial segment performance, especially biomass and power truck projects.

• EBITDA totaled R$951 million, up 7% year-over-year; net income was R$86.6 million, down 19.7% YoY but up 74% since 3Q25, attributed to operational improvements and higher finance costs.

• Inventory reduced 17% year-over-year and 7% sequentially, reflecting high asset liquidity and quality.

• Fleet occupancy reached 88%, the highest since 2020, nearing the 90% year-end target.

• Leverage dropped to 3.15x, the lowest since 2022; pro forma leverage post-capital increase would be 3.0x.

Financial highlights

• Leasing segment net revenue from services was R$1.1 billion, up 10% year-over-year, with an 88% EBITDA margin.

• Used asset sales revenue rose 12% year-over-year, with a 60% increase in units sold, especially road equipment.

• Industrial segment net revenue surged 79% YoY to R$152.1 million, with EBITDA up 74.8%.

• Operating cash generation was R$58 million, supported by efficiency gains and 27% above EBITDA.

• Gross leased assets increased 6% year-over-year; total fleet ended at 50,980 units, down 3.1% year-over-year.

Outlook and guidance

• Guidance for 2026 reiterated, targeting 90% fleet occupancy by year-end, with more linear contract signings and deployment.

• Utilization rate reached 88% in March 2026, supported by inventory optimization and diversified contract base.

• Conservative approach to returns, projecting at most 5% annually, factoring in macroeconomic uncertainties.