Grupo Vamos (VAMO3) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated net revenue of BRL 5.8 billion in 2025, up 22% year-over-year, and record EBITDA of BRL 3.6 billion, up 7% year-over-year, with all-time highs in leasing and used vehicle sales, and delivered on annual guidance.

• Net income for Q4 2025 grew 54% sequentially to BRL 78 million; full-year net income reached BRL 319 million, despite a 15% CDI rate.

• Focused on operational efficiency, contract selectivity, and capital allocation prioritizing profitability over volume, with organic deleveraging and increased operational cash flow.

• Utilization rate reached 87%, the highest since 2020, with a target to surpass 90% in 2026.

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

Financial highlights

• Gross revenue rose 20.3% year-over-year to BRL 6,357.2 million; net revenue up 22.5% to BRL 5,755.7 million.

• Rental/leasing revenue grew 12% year-over-year to BRL 4.1 billion, with an 87% fleet utilization rate.

• Used vehicle sales revenue reached BRL 1.3 billion, up 85–98% year-over-year, with a gross margin of 3.8%.

• Lease EBITDA margin hit 90% in Q4 2025, driven by credit recoveries and lower operating costs.

• Net income dropped 54.7% year-over-year to BRL 328.7 million, with adjusted net income down 59.1% to BRL 318.9 million.

Outlook and guidance

• 2026 guidance targets utilization rates above 90%, net CapEx around BRL 4.0–5.0 billion, and consolidated net revenue growth between 9% and 20%.

• Used vehicles gross revenue expected to exceed BRL 1.7 billion in 2026.

• Leverage expected to end 2026 at or below 3x net debt/EBITDA.

• Continued focus on expanding Sempre Novo and contract extensions to drive efficiency and reduce new asset purchases.

• Occupancy rate expected to reach 88–92% by year-end 2026.