Grupo Vamos (VAMO3) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated net revenue of R$5.8 billion in 2025, up 22% year-over-year, with EBITDA at R$3.64 billion and all-time highs in leasing and used vehicle sales.

• Net income for 2025 was R$328.7 million, down from R$380.9 million in 2024, reflecting higher costs and margin normalization in used asset sales.

• Delivered on 2025 guidance across all key metrics, including CAPEX deployment, EBITDA, net income, and leverage.

• Focused on operational efficiency, contract selectivity, and organic deleveraging, with leverage reduced to 3.16x, the lowest since 2022.

• Continued expansion of fleet and store network, supporting future growth and resilience in a challenging macroeconomic environment.

Financial highlights

• Gross revenue rose 20.3% to R$6,357.2 million; net revenue up 22.5% to R$5,755.7 million; EBITDA grew 7% to R$3,635.0 million.

• Leasing revenue reached R$4.1 billion (+12%), with an 87% utilization rate, the highest since 2020.

• Used vehicle sales revenue grew to R$1.3 billion (+98%), with units sold up 116% quarter-over-quarter and a 3.8% gross margin.

• Net debt increased 1.7% to R$11,808.0 million, but leverage improved to 3.16x from 3.31x.

• Allowance for Doubtful Accounts (ADA) as a share of net rental revenue dropped to 0.8% in Q4 and 2.2% for the year.

Outlook and guidance

• 2026 guidance projects consolidated net revenue between R$6.3–6.9 billion (9–20% growth) and EBITDA between R$3.75–4.0 billion.

• Fleet occupancy expected to rise to 88–92% by year-end 2026; leverage targeted to decrease to 2.9–3.1x Net Debt/EBITDA.

• Capex deployment planned at R$4.0–5.0 billion, with used asset sales gross revenue forecast at R$1.6–1.8 billion.

• Continued focus on contract extensions, Sempre Novo product expansion, and digital sales channels.