Slides
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1Q25 RESULTS
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2 DISCLAIMER This material has been prepared by VAMOS and may include statements that represent expectations about future events or results. Such information is based on the beliefs and assumptions of the Company's management and on currently available information. Forward-looking statements depend substantially on market conditions, government regulations, and on the performance of the industry and the Brazilian economy, among other factors. Operating data can affect the future performance of VAMOS and may lead to results that will differ materially from those expressed in such future consideration This presentation is a summary and does not purport to be complete. The Company's shareholders and potential investors should always read this presentation together with the Financial Statements and the Earnings Release.
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3 * 1Q24 excluding sales and leaseback operations. Net revenue from services: R$960 million (+15% vs. 1Q24) Record asset sales: R$290 million (+82% vs. 1Q24) Capture growth opportunities in leasing and asset sales Increase in occupancy rate to 85% with an upward trend and reduction in inventories Focus on improving invested capital R$ 1.3 billion of deployed capex (+4% vs. 1Q24*) Revenue Backlog of R$ 13.9 billion (+2% vs. 4Q24) Sustainable growth and operational efficiency with sector diversification Reduction in asset repossession : R$217 million ( - 19.5% vs. 1Q24 and - 28.9% vs. 2024 average)Contracts and assets management Issuance of R$1.9 billion in debt at a competitive cost, demonstrating the quality of access to the capital market Liability management 1Q25 HIGHLIGHTS
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4 RECLASSIFICATION OF SPIN-OFF EFFECTS IN 2024 QUARTERLY RESULTS • All effects of the spin-off of the Dealerships, which took place on November 30, 2024, were reflected in the 4Q24 results. • In order to improve comparability, the Company reclassified the effects of the spin-off into the respective quarters of 2024 for the 1Q25 Earnings Release and for the remaining quarters of the year. • These reclassifications among the 2024 quarters have no impact on the full-year 2024 results, and the information already disclosed in the 2024 financial statements filed with the CVM and made available on the CVM and IR websites on March 24, 2025, remains unchanged. • The reclassified quarterly results, including the segment breakdowns, are available in the spreadsheet on the IR website. Continuing operations R$ million 1Q24 2Q24* 3Q24 4Q24 2024* Net Income 188.4 212.3 165.3 213.2 779.2 Spin-off effects 9.8 20.1 19.3 -49.2 0.0 Reclassified Net Income 198.2 232.4 184.7 164.0 779.2 * Considers adjusted figures to exclude extraordinary and non-recurring impacts from weather events in Rio Grande do Sul and an extraordinary bad debt provision.
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5 1Q25 Leasing
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6 EBITDA MARGIN RESILIENCE AT 89%, WITH 85% OCCUPANCY RATE EXPECTATION ON RECOVERY OF REVENUE AND EBIT MARGIN WITH THE GRADUAL REDUCTION OF SEMPRE NOVO INVENTORIES • Revenue grew 15%, despite the stronger off-season effect in the sugar and ethanol sector, with R$40 million in revenue not recognized in 1Q25 (vs. R$24 million in 1Q24). • Transitory effect of Sempre Novo inventory on EBIT margin: o Impact on depreciation given the greater volume of used assets available for leasing, which are being depreciated but are not generating revenue; o The effects observed on the services EBIT margin will be mitigated in the coming quarters as these inventories are reduced. Services EBITDA | R$ millionNet Revenue from Services | R$ million Services EBIT | R$ million +14.6% 838.4 921.7 927.6 962.1 960.6 1Q24 2Q24 3Q24 4Q24 1Q25 760.6 742.0 820.4 828.2 856.2 90.7% 80.5% 88.4% 86.1% 89.1% 1Q24 2Q24* 3Q24 4Q24 1Q25 600.4 567.0 630.3 622.5 618.3 71.6% 61.5% 68.0% 64.7% 64.4% 1Q24 2Q24* 3Q24 4Q24 1Q25 +12.6% +3.0% *2Q24 figures reflect adjustments excluding non-recurring impacts from weather events in Rio Grande do Sul and an extraordinary bad debt provision.
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7 CONSISTENT DEMAND AND PROFITABILITY IN NEW CONTRACTS Contracted Capex | R$ million Contracted CAPEX Sempre Novo | R$ million Deployment of Contracted Assets | R$ million 38.6 148.6 166.9 132.2 486.3 2Q24 3Q24 4Q24 1Q25 LTM 1Q25 +242% (based on the market price of the asset) 1Q25 Average IRR ~22% 20.83% 21.41% 1Q25: R$ 1.417B R$924 million: expansion - new assets R$51 million: renewal - new assets R$310 million: contract extension R$132 million: Sempre Novo 1,416 609 2,025 1,417 2.51% 2.70% 1Q24 1Q25 1Q25 Average Term: 46 months 53 MONTHS 53 MONTHS 28 MONTHS 33 MONTHS Sale and Leaseback Operation Average IRR New Contracts Contracted Capex Excluding Sale And Leaseback Average Yield on New Contracts • 1Q24 Average IRR ex-sale and leaseback: 19.45% • 1Q24 Yield ex-sale and leaseback: 2.40% Does not include contract extensions totaling R$310 million in 1Q25
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8 1Q25 DEPLOYMENT CONFIRMS PROJECTIONS FOR 2025 GROWING BACKLOG OF R$13.9 BILLION, 2% HIGHER THAN IN 4Q24 Deployed CAPEX | R$ million R$870 million: expansion - new assets R$5 million: renewal - new assets R$286 million: contract extension - same assets R$154 million: Sempre Novo Sale and Leaseback Operation 1,267 525 1,792 1,315 1Q24 1Q25 +2% Gross Revenue Backlog - Deployment| R$ million 1Q25: R$ 1.315B +3.8% Deployed CAPEX ex-sale and leaseback Average Term 1Q25: 46 months 54 MONTHS 54 MONTHS 27 MONTHS 37 MONTHS
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9 CONTINUED INCREASE IN OCCUPANCY RATE REDUCTION OF INVENTORIES AVAILABLE FOR LEASE OR SALE R$ 850 million New Assets R$ 1.386 million Sempre Novo (R$ 1,245 net of depreciation) R$ 543 million Assets available for sale (R$ 412 net of depreciation) 13.4 13.8 14.3 15.1 15.7 15.8 16.8 17.2 18.0 18.5 85% 82% 83% 84% 85% 1Q24 2Q24 3Q24 4Q24 1Q25 Occupancy rate continues to grow sequentially, accumulating an increase of 3 p.p. compared to the peak of resumptions in 2Q24 Peak level of asset reposessions 270 448 270 232 217 1Q24 2Q24 3Q24 4Q24 1Q25 1,220 870 2024 1Q25 annualized Average 2024 305 -29% Early contract termination (repossessed capex)* R$ million -29% Deployment cycle of repossessed assets| R$ million Repossessed assets refer to contracts signed primarily in 2021, 2022, and 2023 Year of Deployment Repossessed CAPEX (R$ million) % of Repossessed CAPEX (year of deployment) Repossessed CAPEX (accrual year) (R$ million) Other periods 113 5,2% - 2021 400 18,2% - 2022 1.042 47,5% - 2023 568 25,9% 757 2024 71 3,2% 1.220 2025 - - 217 Total 2.194 100,0% 2.194 % of Gross Leased Fixed Assets Total Fixed Assets (1) (R$ billion) Gross Fixed Assets (2) (R$ billion) Assets Available for Lease or Sale* | R$ million *Acquisition Value – Gross Book Value (Excluding Depreciation). Gross Lease Assets vs Total Gross Assets | R$ billion *Acquisition Value – Gross Book Value (Excluding Depreciation). (1) Historical cost balance of vehicles, machinery, and equipment classified as fixed assets, plus assets held for sale (see explanatory notes 11 and 14 of the Financial Statements). (2) Total fixed assets, minus assets held for sale and new and used assets available for lease or sale.
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10 124.0 269.535.7 21.0 159.7 290.5 22.4% 7.2% 1Q24 1Q25 +81.9% 481 682 775 549 543 1Q24 2Q24 3Q24 4Q24 1Q25 20 • 78 partners nationwide 1 1 3 1 7 2 1 1 3 2 2 1 RECORD USED ASSET SALES 93% HIGHER THAN IN 1Q24 Net Revenue, Gross Profit (R$ million) and Gross Margin (%) in Asset Sales Inventory* | (R$ million) Inventory reduction trajectory Gross Margin Cost Gross Profit 1Q25 Gross Margin Trucks: 10% Other: 2% *Acquisition Value – Gross Book Value (Excluding Depreciation). Sales capillarity Expansion of Sales Network • Primavera do Leste (MT) • Guarulhos (SP) • Itajaí (SC) VAMOS Seminovos Stores
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11 USED ASSET PRICES SUPPORT THE STRONG PRICE INCREASE IN RECENT YEARS • Based on public data from FIPE, we see that, after significant appreciation, the assets continue to show price stability; • The healthy price levels prove the high liquidity of the assets and the potential of the used vehicle market; • This evidence positively corroborates the investment thesis of the heavy vehicle rental business and reinforces the assertiveness of the depreciation rates adopted by management. Strong correlation between the price of new and used assets 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 New Used 337 346 100 In the period until 2019, new and used truck prices have gone up by at least 20% each 5-year cycle (4% YoY) Accumulated IGPM in the period 225% (FIPE table) Since 2022, prices have stabilized after strong valorization in 2021
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12 1Q25 Consolidated
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13 838 922 928 962 961 160 189 211 165 2911,077.9 1,207.1 1,221.1 1,193.2 1,332.0 1Q24* 2Q24* 3Q24* 4Q24* 1Q25 +23.6% 97,4%198.2 232.4 184.7 164.0 107.8 1Q24* 2Q24* 3Q24* 4Q24* 1Q25 -45.6% 805.1 882.0 863.3 845.5 886.7 1Q24* 2Q24* 3Q24* 4Q24* 1Q25 +10.1% 640.4 702.1 668.1 634.7 643.2 1Q24* 2Q24* 3Q24* 4Q24* 1Q25 +0.4% RECORD ASSET SALES BOOST 1Q25 NET REVENUE Leasing Services Asset sales Industry Consolidated Net Revenue | R$ million Consolidated EBITDA | R$ million Consolidated Net Income | R$ million Consolidated EBIT | R$ million • Higher financial expenses (+20%) • Income tax rate (+2 p.p.) * Figures reclassified as disclosed on slide 3 of this presentation. 2Q24 figures reflect adjustments excluding non-recurring impacts from weather events in Rio Grande do Sul and an extraordinary bad debt provision.
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14 PRIORITY ON REDUCING INVENTORY AND INCREASING OCCUPANCY RATE TO MINIMIZE THE EFFECTS OF HIGHER INTEREST RATES • Aumento de 82% na receita de venda de ativos com menor margem bruta (7%) • Higher asset preparation costs sempre novo • Net effect of fleet growth and repossessed assets • Greater relevance of the off-season • Increase in average net debt: +20% • Higher average Selic: +2 p.p. • Increase in fixed assets; • Depreciating assets which are yet to be leased. Net Income | R$ million EBITDA | R$ million
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15 POSITIVE ROIC SPREAD OF 4.3p.p., EVEN IN AN ADVERSE SCENARIO 12.1% 16.8% 18.6% 15.6% 14.9% 7.9% 11.2% 9.4% 9.0% 10.6% 2021 2022 2023 2024 1Q25 LTM ROIC Cost of Debt after taxes +4,2 p.p +5,6 p.p +9,2 p.p +6,6 p.p 26.1% 19.6% 21.9% 33.0% 27.6% 2021 2022 2023 2024 1Q25 UDM ROIC considera o EBIT e alíquota de IR ajustados, excluindo os efeitos extraordinários do 2T24, sobre o capital investido médio. ROE considera o lucro líquido ajustado sobre o patrimônio líquido médio +4,3 p.p Consolidated ROIC (continuing operations) | % Consolidated ROE (continuing operations) | %
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16 ‘AA+(bra)’ ‘brAA+’ ‘AA+br’ 9,819 10,211 11,605 11,819 3.5x 3.3x 3.3x 3.4x mar/24 dec/24 mar/25 -392 11.8 13.314.7 16.3 1.25x 1.22x 1Q24 1Q25 Net debt* = Net debt + Working Capital + Assignment of receivables Fleet value = Consolidated net fixed assets ( vehicles + machinery) + used assets inventory available for sale Ratio STRONG LIQUIDITY SUPPORTS DEBT AND LEVERAGE MANAGEMENT Net debt and leverage for covenant purposes R$ million Net Debt Excluding Dealerships Net Cash from Dealerships Leverage Excluding Dealerships Leverage Including Dealerships Net Debt with Dealerships Net Debt evolution – 1Q25 | R$ million Fleet Value vs. Net Debt* | R$ billion Short term Long Term Debt Amortization Schedule | R$ million 4,482 1,188 1,620 3,062 4,829 1,923 1,624 1,613 440 850 5,332 Cash ST (12 months) 2026 2027 2028 2029 2030 2031 > 2032 Average Term of Net Debt: 4.3 years Debt coverage through Sep/27 R$850 million in Available Lines
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2025 GUIDANCE 17 CAPEX Execution Progress | R$ million Opportunity to increase overall occupancy Improved profitability and deleveraging Sempre Novo: Revenue growth potential Total Capex: R$ 5,000 (-) Contract Extension with Same Assets: R$ 700 (-) Deployment of Sempre Novo: R$ 1,000 (=) Deployment of New Assets: R$ 3,300 (-) Gross Revenue from the Sale of Used Assets: R$ 1,200 (=) Net CAPEX: R$ 2,100 EBITDA R$ 3,850 to R$ 4,150 Net Income* R$ 450 to R$ 550 NET CAPEX R$ 2,000 to R$ 2,200 Leverage 3.0 to 3.2x Financial Indicators | R$ million *Assumes average SELIC rate of 14.3% for the year ** For covenant purposes 1,000 5,000 3,300 1,000 700 2025E
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18 • 85% occupancy rate, with an upward trend; • Growth with lower net capex: 31% of the capex contracted in 1Q25 related to used assets, the highest level ever recorded; • R$ 1.3bn in deployed capex, revenue backlog of R$ 14bn; • Approximately 70% of all contracts to be expired in 2025 will be renewed with the same asset. 44% of these were already renewed in 1Q25. • The level of repossession continues to fall quarter after quarter; • Asset prices in the used market remain resilient, giving us comfort regarding current depreciation rates; • Record asset sales (+82% YoY), confirms the liquidity of our assets and the quality of its market; • Issuance of R$1.9 billion in new debt at a competitive cost, reinforcing cash position and proving the quality of access to the capital market. TAKEAWAY MESSAGES
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19 THANK YOU. INVESTOR RELATIONS ri.grupovamos.com.br ri@grupovamos.com.br +55 11 2388-5336 +55 11 3154-4065