Grupo Vamos (VAMO3) Q1 2026 earnings summary

Executive summary

• Net revenue reached BRL 1.6 billion in 1Q26, up 22% year-over-year, driven by leasing, used asset sales, and strong industry segment performance, especially biomass and power truck projects.

• EBITDA totaled BRL 951 million, up 7% year-over-year; net income was BRL 87 million, up 74% since 3Q25 and 12% over 4Q25.

• Fleet occupancy reached 88% in March 2026, the highest since 2020, nearing the 90% year-end target.

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

• 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 BRL 1.1 billion, up 10% year-over-year, with an 88% EBITDA margin.

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

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

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

• Operating cash generation was BRL 58 million, supported by efficiency gains.

Outlook and guidance

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

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

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