Grupo Vamos (VAMO3) Q1 2026 earnings summary

Executive summary

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

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

• Inventory reduced 17% year-over-year and 7% sequentially, supporting improved cash generation and lower leverage.

• Operational cash generation was R$58 million, and leverage dropped to 3.15x, the lowest since 2022.

• Fleet utilization/occupancy rate rose to 88%, the highest since 2020, with a target of 90% by year-end.

Financial highlights

• Leasing segment net revenue from services was R$1.1 billion, up 10% year-over-year, with an 88% EBITDA margin.

• Used asset sales revenue grew 12% year-over-year to R$326 million, with a 60% increase in units sold, especially road equipment.

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

• Operating cash generation was 27% above EBITDA.

• ROIC was 14% (LTM), with normalized ROIC at 17.1%.

Outlook and guidance

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

• Returns expected to remain at or below 5% of fleet, even under conservative scenarios.

• EBITDA margin expected to benefit from higher fleet utilization and cost control.

• Confident in delivering 2026 targets despite macroeconomic challenges.