Grupo Vamos (VAMO3) Q4 2025 earnings summary

Executive summary

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

• Leasing services drove record revenue and EBITDA, offsetting margin normalization in asset sales and challenges in the industrial segment.

• Net income rose 54% sequentially in 4Q25, marking the first increase since 2Q24, but dropped 54.7% year-over-year to R$328.7 million.

• Leverage reduced to 3.16x, the lowest since 2022, with strong operating cash generation and organic debt reduction.

• Focused on organic deleveraging, increasing operational cash flow, and improving asset occupancy without relying on interest rate reductions.

Financial highlights

• Net revenue reached R$5.8bn in 2025 (+22% vs. 2024); gross revenue rose 20.3% to R$6,357.2 million.

• Adjusted EBITDA grew 7% to R$3.6bn; adjusted EBIT slightly declined by 1.8% to R$2,597.1 million.

• Leasing revenue grew to R$4.1bn (+12% vs. 2024) with an 87% fleet utilization rate, the highest since 2020.

• Used vehicles revenue hit R$1.3bn in 2025 (+98% vs. 4Q24), with a 3.8% gross margin.

• EBITDA margin decreased to 63.2% from 72.3% due to higher share of lower-margin used asset sales.

Outlook and guidance

• 2026 guidance targets net revenue between R$6.3–6.9 billion, EBITDA between R$3.75–4.0 billion, and 90% fleet occupancy.

• Capex deployment planned at R$4.0–5.0 billion, with R$1.7bn used assets sales gross revenue.

• Leverage projected to decrease to 2.9–3.1x by year-end 2026.

• Focus on reducing inventory, expanding digital and physical sales channels, and launching new sustainable mobility products.