Grupo Vamos (VAMO3) Q3 2025 earnings summary

Executive summary

• Achieved record highs in revenue, leased fleet size, lease revenue, and used vehicle sales, with strong demand, higher utilization, and reduced asset inventory.

• Net debt was reduced for the first time in eight quarters, meeting leverage guidance and improving capital structure.

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

• Diversified revenue base across multiple sectors and clients, reducing concentration risk and exposure to sensitive segments.

• Focused on sustainable, profitable growth with strict credit diligence, higher contract profitability, and operational efficiency.

Financial highlights

• Net lease revenue rose 12% year-on-year; used vehicle revenue up 87.4% year-on-year and 22% sequentially.

• Consolidated net revenue reached R$1.53 billion in Q3 2025, up 25.2% year-on-year.

• EBITDA from lease services hit R$888 million with an 86% margin, while consolidated EBITDA increased 3.7% year-on-year to R$895 million.

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

• Adjusted EBITDA margin fell to 58.5% from 70.7% a year ago.

Outlook and guidance

• 2025 guidance reiterated for all key metrics, with 66.9% to 82% of targets achieved in 9M25.

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

• Expect continued growth in new asset contracts, improved operational efficiency, and normalization of maintenance costs as inventory declines.

• Used vehicle margins expected to remain near zero short-term, with potential rebound as inventory mix improves.

• Focus on converting operational achievements into profit and returns.