Grupo Vamos (VAMO3) Q2 2026 earnings summary

Executive summary

• Leadership transition with Christian Hahn as CEO and Rodrigo Faria as Interim CFO, emphasizing continuity, execution, and operational efficiency.

• Net revenue for the six months ended June 30, 2026, reached R$3.18 billion, up 16% year-over-year, driven by growth in leasing and industrial segments.

• Strong leasing demand, especially in forklifts, with record fleet occupancy and expansion of used asset store network to 23 locations.

• Net income for 2Q26 reached R$101.1 million, up 22% from 2Q25 and double the amount from 3Q25, with EBITDA at R$972 million, up 8.4% year-over-year.

• R$600 million private capital increase completed in May 2026, strengthening the capital structure and supporting balance sheet improvement.

Financial highlights

• Consolidated net revenue rose 10.8% year-over-year in 2Q26 to R$1.56 billion, with growth across all segments.

• EBITDA hit a record R$972 million in 2Q26, up 8.4% year-over-year; EBIT was R$676 million, up 5.7%.

• Leasing net revenue reached a record R$1.1 billion, up 9% year-over-year; EBITDA margin in leasing at 88%.

• Used asset sales revenue was R$359 million, up 11% year-over-year, with a 30% increase in units sold.

• Net debt decreased 6.1% year-over-year to R$11.56 billion; leverage ratio improved to 3.00x, lowest since 2022.

Outlook and guidance

• 2026 guidance reiterated, with expectations of further improvement in fleet utilization, profit growth from contracted Capex, and continued deleveraging.

• Deployed Capex expected to accelerate in coming quarters as new assets are received and backlog grows.

• Sempre Novo product and contract extensions to drive further growth in used asset leasing.

• No material impacts from ongoing Brazilian tax reform identified for the period.