Grupo Vamos (VAMO3) Q3 2025 earnings summary

Executive summary

• Achieved record highs in revenue, leased fleet size, lease revenue, and number of leasing contracts in 3Q25, with improved fleet occupancy and reduced asset inventory.

• Used vehicle sales and revenue grew 87.4% year-on-year and 22% sequentially, setting new records.

• Net debt was reduced for the first time in eight quarters, meeting leverage guidance for the year.

• Cash generation exceeded EBITDA, driven by strong collections and lower asset purchases.

• Corporate restructuring completed, focusing on truck, machinery, and equipment leasing.

Financial highlights

• Net revenue reached R$1.53 billion in 3Q25, up 25.2% year-on-year, with consolidated EBITDA at R$895 million and EBITDA margin at 58.5%.

• Net income for the quarter was R$50.4 million, down 72.7% year-on-year, impacted by higher depreciation and financial costs.

• Gross margin on asset sales was 0.3%, with trucks at 1.6% and other assets at -12.8%.

• Net debt stood at R$11,959.9 million, with financial leverage at 3.27x LTM EBITDA.

• Cash and investments increased 30.2% year-over-year to R$4,597.6 million.

Outlook and guidance

• 2025 guidance reiterated for all key metrics, with 66.9% to 82% of targets achieved by September.

• Leverage guidance for 2025 (3.1–3.4x) already achieved by September.

• Leasing margins expected to remain below historical levels in the short term due to higher maintenance and preparation costs, but normalization anticipated as inventory levels decline.

• Used asset sales margins projected to remain near zero in the short term, with potential rebound to 5-6% as inventory mix improves.