Earnings release
Page 1
EARNINGS RELEASE 2Q22 CONFERENCE CALL Date: July 29, 2022 Time: 11:00 am (São Paulo) / 10:00 am (NY) Brazil: +55 (11) 4090-1621 or +55 (11) 4210-1803 NY: +1 (412) 717-9627 or +1 (844) 204-8942 Access code: Vamos Webcast: Click here 1Q25 RESULTS CONFERENCE CALL Date: May 07, 2025 Time: 12h00 (São Paulo) / 11h00 (NY) Zoom Webcast Access: Click here
Page 2
1 Record Used Asset Sales and Improved Fleet Utilization in Leasing 1Q25 Highlights Record revenue from used vehicle sales, totaling R$ 290.5 million, up 82% year over year; Leasing fleet occupancy rate increased to 85% (+3 p.p. vs. 2Q24 – peak of asset repossessions) Consolidated net revenue of R$1,332.0 million in 1Q25, up 23.6% vs. 1Q24; Lower level of asset repossessions: R$ 217 million ( -19.5% vs 1Q24 and -28,9% vs. the quarterly average of 2024); Consolidated EBITDA of R$ 886.7 million in 1Q25, up 10% from 1Q24 , highlighting the contribution of the leasing segment. Contracted CAPEX of R$1,416.7 million in 1Q25, with an average IRR of 21.4%, contributing to the increase in the backlog of revenues to be deployed, reaching a level similar to that of 1Q24 when excluding the sales and leaseback transaction with a major client in the beverage sector during that quarter; Growth with lower net CAPEX: 31% of the CAPEX contracted in 1Q25 was related to used vehicles, including contract extensions with the same asset and new leasing agreements under the Sempre Novo program; Deployed CAPEX of R$1,315.1 million in 1Q25; Contract extensions with the same asset carried out through 1Q25 already account for 44% of the full -year CAPEX deployment guidance; Leverage of 3.3x Net Debt/EBITDA1; Issue of R$ 1.9 billion in new debt at a competitive cost, strengthening the Company’s cash position and evidencing the quality of its access to the capital markets. 1 Uses EBITDA for covenant purposes, as shown on page 21 of this material.
Page 3
2 CONSOLIDATED DATA (R$ million) 1Q25 Reviewed 1Q24 Var. (%) Net Revenue 1,332.0 1,077.9 23.6% Leasing 1,251.1 998.1 25.4% Net Revenue from Services 960.6 838.4 14.6% Net Revenue from Asset Sales 290.5 159.7 81.9% Industrial 85.0 123.4 -31.1% Deletions (4.1) (43.5) -90.7% EBIT 643.2 640.4 0.4% Leasing 639.3 636.1 0.5% Industrial 3.8 4.3 - EBITDA 886.7 805.1 10.1% Leasing 877.2 796.3 10.2% Industrial 9.5 8.8 7.6% Financial Results (493.2) (371.4) 32.8% INCOME TAX (42.1) (70.8) -40.6% Net Income - Continuing Operations 107.8 198.2 -45.6% Net Debt 11,818.6 10,211.3 15.7% Leverage 3.3x 3.6x -0.3x Operational Data Contracted CAPEX 1,416.7 2,025.4 -30.1% Deployed CAPEX 1,315.1 1,791.5 -26.6% Leasing fleet (# of assets) 52,593 49,515 6.2% ROIC 14.9% 16.6% -1.7p.p. Following the spin-off of the Dealerships on November 30, 2024, we will comment on and explain only the results of Continuing Operations. The consolidated results of Continuing Operations presented in the table above and throughout this material reflect information before eliminations, as detailed in Explanatory Note 4. Reclassification of spin-off effects in the 2024 quarterly results Continuing operations (R$ millions) 1Q24 2Q24 3Q24 4Q24 2024 Net Income 188.4 212.3 165.3 213.2 779.2 (+) Effects 9.8 20.1 19.3 -49.2 0 (=) Reclassified Net Income 198.2 232.4 184.7 164 779.2 *Considers adjusted numbers to exclude extraordinary and non -recurring effects of climatic events in Rio Grande do Sul + Increment in extraordinary Bad Debt. All effects of the spin -off of the Dealerships, which took place on November 30, 2024, were refle cted in the 4Q24 Earnings Release. 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 recla ssified quarterly results, including the segment breakdowns, are available in the spreadsheet on the IR website.
Page 4
3 MESSAGE FROM MANAGEMENT The first quarter of 2025 recorded important achievements that reflect the execution of strategic planning with advances in operational efficiency and that corroborate our confidence in the prospects for the year 2025 and for the sustainable development of VAMOS. In the leasing segment, we reported solid revenue growth of 25.4%, reaching R$ 1.3 billion. This was dri ven by a 15% increase in revenue from services, along with record volume of asset sales in the quarter—82% higher than in the same period last year— totaling R$ 290 million and evidencing the liquidity of the assets and the strength of the Used Vehicles mar ket in which we operate. We continue to expand our sales footprint for used assets across different Brazilian states. We currently have 20 VAMOS Seminovos stores, in addition to 78 third-party sales locations across the country. In leasing services, the 15% increase in Net Revenue represented R$ 960.6 million, even with stronger seasonal impacts from the off-season of the sugar and ethanol sector in the quarter. Services EBITDA rose 12.6%, reaching R$ 856.2 million, with strong EBITDA margin of 89.1%. Services EBIT totaled R$ 618.3 million, up 3% from the same period last year, with EBIT margin of 64.4%. The temporary effect on the EBIT margin reflects the current Sempre Novo inventory that did not generate revenue in the period, and which is expected to be absorbed over the coming quarters through leases or sales. We remain focused on improving capital employed. In the first quarter, we posted a fleet utilization rate of 85%, which, whil e not yet satisfactory, reinforces our commitment to improving this metric quarter after quarter. Combined with the reduction in inventory, this trend will support a return to normalized fleet utilization in the coming quarters, also helping to mitigate the impact of higher interest rates. However, even in a scenario of hig her interest rates, demand for our services remains strong and healthy, in line with our commercial strategy focused on industry diversification. Contracted CAPEX—reflecting newly signed contracts—reached R$ 1.4 billion in the quarter, with average IRR of 21.41%. Excluding the effects of a one-off transaction with a major beverage company in 1Q24, the average IRR of contracts signed in the quarter improved by 2 p.p. The volume of CAPEX deployed in our customers' operations totaled R$ 1.3 billion in the quarter, representing a 4% increase (ex-sales and leaseback transaction from 1Q24) and contributing to backlog growth in the quarter, which reached R$ 13.9 billion. In line with our financial management strategy, we issued R$1.9 billion in new debt this quarter, at a ve ry competitive cost, demonstrating the quality of access to the capital market and contributing to the execution of the Company's planning, which ended the quarter with R$4.5 billion in cash. Net debt stood at R$ 11.8 billion, with stable leverage at 3.3x net debt / EBITDA compared to year-end 2024. In order to contribute to the market's outlook regarding the Company's potential for generating results, we have released a guidance in addition to that provided in November 2024, demonstrating the ranges of t he main financial indicators for 2025, which reflect not only short-term expectations, but also an important generation of implicit value ahead. We thank our PEOPLE, our CLIENTS, and all stakeholders who support and trust our work and our purpose. The Management - VAMOS
Page 5
4 LEASING SEGMENT Operational Highlights Leasing Fleet Expansion We reached a total of 52,593 lease assets, representing a 6.2% increase in the fleet compared to the total number of assets in March 2025. Of this total, 41,355 were trucks and truck -mounted equipment, and 11,238 were machinery and equipment, representing a fleet mix of 79%/21% , respectively, as shown in the chart below. When including the assets available at our Used Vehicles stores, the total number of VAMOS assets amounts to 54,543. Deployed CAPEX The volume of asset deployment in 1Q25 totaled R$ 1.3 billion, of which R$ 870.0 million referred to the deployment of new assets under new contracts, (ii) R$ 5.0 million were renewals with new assets, (iii) R$ 286.2 million were related t o contract extensions with used assets, and (iv) R$ 154 million referred to the deployment of used assets under the Sempre Novo program. On a comparable basis —excluding the effects of the sales and leaseback transaction carried out in 1Q24 —deployment in 1Q 25 was 3.8% higher, reflecting healthy and consistent demand across several sectors of the economy, even in the current high interest rate environment. Deployed CAPEX (R$ million) R million: e pansion new assets R 5 million: renewal new assets R 2 million: contract e tension same assets R 15 million: Sempre Novo Sale and easeback peration 525 1 2 1 15 1Q2 1Q25 1Q25 R 1 15 Deployed CAP e sale and leaseback Average Term 1Q25 months 5 M NT S 5 M NT S 27 M NT S 7 M NT S 21 Tr c s Tr c mo nted e ipment achines 5 For li ts Constr ction and Agric lt ral E ipment Fleet ro ile A OS ( assets) 9,02 1, 55 10, 92 11,2 515 52 5 1Q2 1Q25 Lease Fleet 1 ( ) Trucks (1) Machinery and uipment 2 (1) Trucks include tractor trucks, trucks, utility vehicles, and buses.
Page 6
5 Gross Leased Assets For another consecutive quarter, we reported a fleet utilization rate on an upward trajectory, reaching 85% of total gross fixed assets, representing an increase of 3 p.p. from the peak in asset repossessions recorded in 2Q24. This performance mainly reflects the Company’s ability to sustain ably capture growth opportunities in the leas ing segment, with a diversified client base across multiple industries. Gross Rental Assets vs Total Gross Assets (R$ billion) (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. Assets Available for Leasing or Sale As shown below, the volume of assets available for leasing or sale that are not currently generating leasing revenue decreased by R$ 66 million in the uarter, reinforcing the Company’s focus on improving capital employed. This reduction reflects strong performance across all commercial initiatives, including a record -high volume of contracted CAPEX for used assets (R$442 million, or 31% of the total), improved deployment efficiency, increased Used Vehicles sales, and a 19.5% drop in asset repossessions. As a result, we closed the quarter with approximately R$2.8 billion in available assets, broken down as follows: (i) R$ 850 million in new assets, (ii) R$1.4 billion in Sempre Novo assets, and (iii) R$543 million in inventory at Used Vehicle stores. Considering values net of depreciation, the total amounts to R$ 2.5 billion. Assets Available for Leasing or Sale (Gross PP&E) (R$ million) 15 1 1 2 1 1 5 5 2 5 Peak level of asset reposessions of ross eased i ed Assets Total i ed Assets (1) (R$ billion ) ross i ed Assets (2) (R$ billion )
Page 7
6 New Contracts Approved in 1Q25 (Contracted CAPEX) The CAPEX volume related to new contracts signed in 1Q25 totaled approximately R$ 1.4 billion, broken down as follows: (i) R$ 924 million for expansion with new assets, (ii) R$ 51 million for renewals of existing contracts with new assets, (iii) R$ 310 million for contract extensions using the same assets, and (iv) R$ 132 million for the leasing of used assets (Sempre Novo). For comparison purposes, excluding the impact of the sale and leaseback transaction carried out in 1Q24, the average yield in 1Q25 increased by 0.3 p.p. (from 2.4% to 2.7%), and the IRR expanded by approximately 2 p.p. (from 19.45% to 21.41%). Contracted CAPEX - New Leasing Contracts (R$ million) Sempre Novo In 1Q25, R$132.3 million in Sempre Novo assets were leas ing with an average IRR of 22%. As for deployed CAPEX, the amount reached R$ 154 million, in line with the volume recorded in the previous uarter. The evolution of the Sempre Novo program since its launch reflects the product’s strong market acceptance, offering economically attractive terms for clients. Contracted CAPEX Deployed CAPEX (R$ million) (R$ million) 1 1 1 2 2 2Q2 Q2 Q2 1Q25 TM 1Q25 2 2 (based on the market price of the asset) 1Q25 Average IRR 22 5 1 15 15 2Q2 Q2 Q2 1Q25 TM 1Q25 2 52 2 21 1 1Q25 R 1 1 R 2 million : new contracts with new assets R 51 million : renewal with new assets R 1 million : e tension of contracts with used assets R 1 2 million : Sempre Novo assets used 1, 1 09 2 25 1 1 2 51 2 1Q2 1Q25 Average Term 1Q25 months 5 M NT S 5 M NT S 2 M NT S M NT S Sale and easeback peration Average IRR New Contracts Contracted Cape e sales and leaseback Average Yield on New Contracts • 1Q24 Average IRR ex- sale and leaseback: 19.45% • 1Q24 Yield (ex-sale and leaseback): 2.40%
Page 8
7 Contracted Assets Pending Deployment With respect to the backlog of contracted assets pending deployment, we present below the movement over the quarter (in CAPEX value – R$ million), considering: (i) the amount of contracted CAPEX added, net of extensions; and (ii) the write -off of assets effectively deployed and, therefore, delivered to our clien ts, including both new assets and used assets (Sempre Novo). At the end of 1Q25, we had R$961 million in CAPEX pending deployment for our clients. New Leasing Agreements Pending Deployment (R$ million) Early Contract Terminations (Repossessed CAPEX) We show below the amount related to early contract terminations, which totaled R$ 217 million in 1Q25, representing a 19.5% decrease compared to 1Q24. When comparing the 1Q25 result with the average volume of asset repossessions recorde d throughout 2024 (R$ 305 million), there was a 29% reduction, reflecting measures adopted by the Company, such as stricter credit analysis for new clients and greater sector diversification. Trend in Repossessed CAPEX* (R$ million) *Acquisition Value – Gross Book Value (Excluding Depreciation).
Page 9
8 The table below provides a summary of asset repossessions since 2023, categorized by deployment year. As previously communicated in recent quarters, the highest concentration of early contra ct terminations involved assets deployed in 2022 - a period marked by strong demand from grain carriers for VAMOS assets in the Brazilian Midwest region. Deployment Cycle of Repossessed Assets Grant Deployment Repossessed CAPEX (R$ million) % of Repossessed CAPEX Year of Deployment Repossessed CAPEX Fiscal 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 Revenue Backlog from Deployed CAPEX (Future Leasing Revenue) At the end of March 2025, our revenue backlog from deployed contracts totaled R$13.9 billion, a 2.1% increase compared to the previous quarter. Deployed Backlog (R$ million) Below, we present the schedule of the future revenue backlog mentioned above, projected over the next few years (in thousands of Brazilian Reais). Up to 1 year From 1 to 2 years From 2 to 3 years From 3 to 4 years From 4 to 5 years Above 5 years Total 4,373 3,617 2,811 1,854 848 411 13,914
Page 10
9 Financial Highlights Net Leasing Revenue Net leasing revenue, including revenue from asset sales, totaled R$ 1.251 billion in 1Q25, up 25.4% from 1Q24, driven by (i) a 14.6% increase in revenue from services and (ii) record revenue from asset sales (+81.9%), evidencing the high liquidity of our assets and the strong potential of the used vehicle sales market. Additionally, we highlight that this quarter was more affected by the seasonal suspension of leasing revenue related to the off-season period in the sugar and ethanol sector (R$ 40 million in 1Q25 vs. R$ 24 million in 1Q24). Net Leasing Revenue (R$ million) Below we present the breakdown of net revenue from services between contracts without maintenance and contracts with maintenance, which grew by 12. 7% and 19.3%, respectively, highlighting the growing demand for both types of contracts. Net Revenue from Services (R$ million) 1 1 251 1 1Q2 1Q25 25 Services Asset sales W/o Maintenance With Maintenance 15 1 21 1 2 5 21 2 2 1 1Q2 2Q2 Q2 Q2 1Q25 1 1
Page 11
10 Net Revenue from Sales of Used Leasing Assets In 1Q25, we reached a record in revenue from used asset sales, totaling R$290.5 million in the quarter — a 81.9% increase compared to 1Q24 — indicating consistent market demand for our assets. The gross margin for the period was 7.2 , reflecting: (i) the mi of assets sold during the uarter, and (ii) the Company’s decision to accelerate asset sales. Net Revenue, Gross Profit and Gross Margin (%) (R$ million) Stability in Used Vehicle Prices Below, we present an analysis of a basket of assets representative of our fleet, based on publicly available FIPE pricing data for both used and new units, starting in 2021. It is possible to observe that, after a significant price appreciation through the second quarter of 2022, these assets have shown price stability in recent years. The current price levels demonstrate the high liquidity of our assets and the potential of the used vehicle market. Additionally, it also supports the investment thesis for the heavy vehicle leasing business and reinforces the accuracy of the depreciation rates adopted by management. Leasing EBIT Leasing EBIT totaled R$ 639.3 million in 1Q25 — in line with the result for 1Q24 — and reflects (i) the increase in services EBIT, which reached R$ 618.3 million in 1Q25 versus R$ 600.4 million in 1Q24, and (ii) asset sales EBIT, which amounted to R$ 21.0 million in 1Q25 versus R$ 35. 7 million in 1Q24, with a lower margin, reflecting Management’s decision to accelerate the sale of certain assets previously held in inventory for the Sempre Novo program, as well as the sales mix for the quarter. 12 .0 2 9.5 5.7 21.0 15 2 5 22 2 1Q2 1Q25 1 Gross Margin Cost Gross Profit Gross Margin: Trucks: 10% Other: 2%
Page 12
11 The services EBIT margin totaled 64.4% a nd was impacted by: (i) the temporary loss of revenue from repossessed assets, which are expected to be redeployed or sold in the coming months; (ii) the depreciation impact due to a higher volume of used assets available for leas ing, which continue to be depreciated despite not generating revenue; (iii) higher costs related to asset repossessions and the associated maintenance required to prepare them for new leasing cycles; and (iv) a stronger off-season effect. EBIT - Leasing (R$ million) * Excludes the extraordinary and non-recurring items from 2Q24 (weather events in Rio Grande do Sul + one -off increase in the bad debt provision). Leasing EBITDA In 1Q25, leas ing EBITDA reached R$ 877.2 million, a 10. 2% increase compared to 1Q24. Service EBITDA totaled R$856.2 million, up 12.6% from the same period last year, with a service EBITDA margin of 89.1%. EBITDA - Leasing (R$ million) * Excludes the extraordinary and non-recurring items from 2Q24 (weather events in Rio Grande do Sul + one -off increase in the bad debt provision). 5 2 21 2 2 2 2 5 2 5 1 1 1Q2 2Q2 Q2 Q2 1Q25 22 2 1 1 2 1 51 1 1Q2 1Q25 1 2 1 1Q2 1Q25 1 2 Consolidated EBIT Margin 22 2 1 1 2 5 2 21 5 22 5 1 1 1 5 1Q2 2Q2 Q2 Q2 1Q25 Consolidated EBITDA Margin
Page 13
12 INDUSTRIAL SEGMENT Industrial Net Revenue Net Revenue in 1Q25 totaled R$ 85.0 million, a 31.1% decrease compared to 1Q24, mainly due to a lower volume of intercompany sales of truck-mounted equipment. Net Revenue (R$ million) Industrial EBIT In 1Q25, EBIT totaled R$ 3.8 million, down 11.8% from 1Q24, reflecting lower Net Revenue partially offset by a 5.8 p.p. increase in gross margin. EBIT (R$ million) Industrial EBITDA The Industrial segment reported EBITDA of R$ 9.5 million in 1Q25, up 8.0% from the same period in 2024, mainly driven by improved margins in truck-mounted equipment sales and services. EBITDA (R$ million) 12 5 1Q2 1Q25 AM S Consolidated (without eliminations) 1Q2 1Q25 5 1Q2 1Q25 +7.6% -31.1% -11.8%
Page 14
13 A OS Consolidated Results Consolidated Net Revenue AM S’s consolidated net revenue in 1Q25 was R$1. billion, a 2 increase compared to 1Q2 , driven by net revenue growth across all segments. This performance was primarily fueled by the accelerated growth in revenue from leasing asset sales (+82%), a quarterly record, and revenue from leasing services (+15%). Consolidated Net Revenue (R$ million) * Considers only continuing operations; 2Q24 figures are adjusted to exclude extraordinary and non-recurring items related to weather events in Rio Grande do Sul and an extraordinary provision for doubtful debts. Consolidated EBIT Consolidated EBIT totaled R$ 643.2 million in 1Q25, in line with the figure recorded in the same quarter of 2024, mainly reflecting the same factors that impacted leasing EBIT, as previously mentioned. Consolidated EBIT (R$ million) * Considers only continuing operations; 2Q24 figures are adjusted to exclude extraordinary and non -recurring items related to weather events in Rio Grande do Sul and an extraordinary provision for doubtful debts. 1 1 2 1Q2 2Q2 Q2 Q2 1Q25 1 1 2 1 1 221 1 1 1 2 1 2 1Q2 2Q2 Q2 Q2 1Q25 2 99.7%
Page 15
14 Consolidated EBITDA Consolidated EBITDA totaled R$ 886.7 million in 1Q25, representing a 10 % increase compared to 1Q24 , mainly driven by the positive performance of the leasing segment, as previously mentioned. Consolidated EBITDA (R$ million) * Considers only continuing operations; 2Q24 figures are adjusted to exclude extraordinary and non -recurring items related to weather events in Rio Grande do Sul and an extraordinary provision for doubtful debts. The table below presents the reconciliation of the Company’s Consolidated BITDA, based on the figures reported in the financial statements. Net Income and EBITDA Reconciliation (R$ million) 1Q25 Reviewed 1Q24 Var % Net Profit for the Year 107.8 198.2 -45.6% Net Margin (Net Income/Net Revenue) 8.1% 18.4% -10.3 p.p. (+) Income Tax and Social Contribution 42.1 70.8 -40.6% (+) Net Financial Result 493.2 371.4 32.8% (-) Depreciation and Amortization 243.6 164.7 47.9% EBITDA 886.7 805.1 10.1% Financial Results (R$ million) 1Q25 Reviewed 1Q24 Var. % Financial Revenue 91.2 65.0 40.4% Financial Expenses (584.5) (436.4) 33.9% Financial Results (493.2) (371.4) 32.8% The financial result for 1Q25 was negative R$493.2 million, a 32.8% increase compared to 1Q24, mainly reflecting the rise in net debt and interest rates during the period. 5 1 2 5 5 1Q2 2Q2 Q2 Q2 1Q25 1 1
Page 16
15 Consolidated Net Income Net Income for 1Q25 was R$103.2 million, down 45.2% compared to 1Q24. This decrease reflects the impact of: (i) the increase in net financial expenses, due to higher net debt and greater interest effects during the period; and (ii) the income tax rate, which totaled 28% in 1Q25 vs. 26% in 1Q24. Consolidated Net Income (R$ million) * Considers only continuing operations; 2Q24 figures are adjusted to exclude extraordinary and non-recurring items related to weather events in Rio Grande do Sul and an extraordinary provision for doubtful debts. Indebtedness and leverage We closed the first quarter of 2025 with net debt of R$11.8 billion, representing a 16% increase compared to 1Q24 and 2% above the figure recorded in December 2024, with covenant-based leverage at 3.3x (net debt/EBITDA). The increase in net debt during the period is mainly explained by the investments made in the acquisition of leasing assets. (R$ million) 1Q25 1Q24 Var % Y/Y 4Q24 Var % Q/Q Gross Debt 16,300.5 11,967.5 36.2% 14,393.3 13.3% Gross Debt - Short Term 1,187.8 1,453.0 -18.3% 942.4 26.0% Gross Debt - Long Term 15,094.3 10,687.8 41.2% 13,461.7 12.1% Financial Instruments and Derivatives 18.5 -178.6 -110.4% -10.8 -271.0% Cash and Investments 4,481.9 1,756.2 155.2% 2,788.2 60.7% Net Debt 11,818.6 10,211.3 15.7% 11,605.1 1.8% LTM EBITDA 3,589.6 2,887.6 24.3% 3,501.9 2.5% Net Leverage 3.3x 3.5x -0.2 p.p. 3.3x -0.02 p.p (Net Debt/EBITDA) Gross Average Term (years) 3.6 4.0 -11.2% 3.8 -6.6% Net Average Term (years) 4.3 4.9 -12.0% 4.6 -5.2% 1 2 2 2 1 1 1 1Q2 2Q2 Q2 Q2 1Q25 5
Page 17
16 Definition for the calculation of leverage for covenant purposes. • Net Debt: includes financial debt of acquired companies. • LTM EBITDA: includes the LTM EBITDA of the acquired companies and excludes the effects of impairment on LTM assets, including the extraordinary and non-recurring expenses incurred in 2Q24 related to the one -off increase in bad debt provisions and the write -offs of inventories and fixed assets resulting from the natural disasters in Rio Grande do Sul. The table below shows the reconciliation of EBITDA for covenant purposes. Adjustments to EBITDA for covenant purposes (R$ million) LTM 1Q25 LTM 1Q24 Var % Accounting EBITDA 3,395.3 2,793.5 21.5% (+) Impairment of receivables (Bad Debts) (112.1) (94.1) 19.1% (+) Non-recurring increase in impairment of accounts receivable (Bad Debt Provision) (78.6) - - (+) Impairment on assets resulting from weather effects in Rio Grande do Sul (3.7) - - EBITDA for Covenant Purposes 3,589.6 2,887.6 24.3% Net Debt and Leverage for Covenant Purposes (R$ million) Below, we present the ratio between net debt (including forfaiting and working capital) and fleet value (net fixed assets + inventory). In addition, we also show EBITDA vs. LTM Net Financial Expenses. Fleet Value vs. Net Debt R$ billion 1 211 11 5 11 1 5 . Mar/2 Dec/2 Mar/25 1 25 1 22 1Q2 1Q25 Net Debt + Working Capital + Assignment of Receivables Consolidated Net Fixed Assets (vehicles + machinery) + Used Vehicle Inventory Ratio
Page 18
17 As shown in the schedule below, we ended the first quarter of 2025 with a cash and cash equivalents position of R$4.5 billion, in addition to R$850 million in undrawn committed credit lines, totaling R$ 5.3 billion — sufficient to cover all debt maturities through September 2027. Debt Amortization Schedule (R$ million) The average term of net debt was 4.3 years, with an average cost of 10.6% as of March 31, 2025 (net of income taxes), as shown below. Average Cost of Debt After Tax (p.a.) - CDI end of period 1 11 11 2 1 1 1 1 1 1Q22 2Q22 Q22 Q22 1Q2 2Q2 Q2 Q2 1Q2 2Q2 Q2 Q2 1Q25 R$ 50 million of available lines , 2 1 1 1 2 2 2 1 2 1 2 1 1 5 2 Cash CP (12 months) 202 2027 202 2029 20 0 20 1 20 2 e t coverage ntil Sep 2
Page 19
18 Return and Profitability Indicators Our LTM ROIC for 1Q25 reached 14.9%, with a ROIC Spread of 4.3 p.p., temporarily impacted by the volume of assets available for leas ing or sale that are not yet generating leas ing revenue, combined with the effect of the change in the effective income tax rate. With the continued optimization of our fleet through higher occupancy rates, we believe there is a positive trend for ROIC improvement in the coming periods. ROIC (%) ROIC (R$ million) LTM 1Q25 Adjusted EBIT 2,648.0 Net Financial Expenses -1,742.2 Adjusted EBIT 905.8 Taxes -216.9 Effective Tax Bracket -23.9% NOPAT 2,013.9 Average Net debt1 11,014.9 Average Net Equity6 2,498.7 Average Invested Capital6 13,513.6 LTM 1Q25 ROIC 14.9% ROIC Reconciliation 1Q25 Normalized LTM 2Q24 3Q24 4Q24 1Q25 1Q25 LTM Addition of leased fixed assets (90% occupancy) 1,075.1 1,259.4 1,131.1 986.3 Monthly Yield of 2,5% 26.9 31.5 28.3 24.7 (=) Additional quarterly revenue 80.6 94.5 84.8 74.0 (-) Revenue deduction -7.5 -8.7 -7.8 -6.8 (=) Additional net revenue 73.2 85.7 77.0 67.1 EBIT Margin of 70% 51.2 60.0 53.9 47.0 Effective tax rate -22.8% -26.9% -13.8% -28.1% Additional NOPAT (A) 39.5 43.9 46.4 33.8 163.6 Invested Capital (B) 13,514 Additional ROIC (A/B) 1.2% (+) Performed ROIC 1Q25 LTM 14.9% Normalized ROIC 1Q25 LTM 16.1% 1Uses average between current period and December 2024 12 1 1 1 15 1 11 2 1 2021 2022 202 202 1Q25 TM R IC Cost of Debt after ta es ,2 p.p 5, p.p 9,2 p.p , p.p , p.p 2
Page 20
19 As shown below LTM ROE for 1Q25 reached 27.6%. The decrease compared to the previous period is mainly explained by the lower net income accumulated over the past twelve months. ROE (%) ROE (R$ million) LTM 1Q25 Adjusted Net Income 688.9 Average Net Equity1 2,498.7 LTM 1Q25 ROE 27.6% 2 1 1 21 2 2021 2022 202 202 TM 1Q25
Page 21
20 Complementary Guidance - 2025 The Company in compliance with art. 157, § 4, of Law No. 6,404/76 and CVM Resolution No. 44/21, and in accordance with the Material Fact disclosed on November 12, 2024, released its financial guidance for 2025, as highlighted below. Such projections were based on the assumptions disclosed in the Material Fact of November 12, 2024, as follows: total capex deployment of R$5 billion, of which (i) R$1 billion from the deployment of Sempre Novo, (ii) R$700 million in contract extensions with same assets and (iii) R$3.3 billion in new assets deployment, which, net of assets sold, results in net capex of R$2.1 billion. The projections disclosed herein constitute beliefs and assumptions of the Company's management, as well as currently available information. Future considerations substantially depend on market conditions, government rules, sector performance and the Brazilian economy, among other factors. Operating data may affect the Company's future per formance and may lead to results that differ materially from projections. Projections are subject to risks and uncertainties and do not constitute a promise of future performance. Total Deployed CAPEX: R$5B (-) Contract extension with same assets: R$0.7B (-) Deployment of Sempre Novo: R$1B (=) New assets Deployment: R$3.3bn (-) Gross Revenue from the Sale of Used Assets: R$1.2B (=) Net Capex: R$2.1B Total CAPEX Contract extension with same assets Deployment of Sempre Novo New assets deployment Financial Indicators (R$ million) Guidance 2025 EBITDA R$ 3,850 - R$ 4,150 Net Profit* R$ 450 - R$ 550 Net CAPEX R$ 2,000 - R$ 2,200 Leverage (Net Debt/EBITDA)** 3.0 x - 3.2 x * Considers the average SELIC of 14.7% for the period between April/25 to December/25. ** For covenant purpouses.
Page 22
21 Income Statement by Segment Leasing Income Statement (R$ million) 1Q25 1Q24 Var. % Total Net Revenue 1,251.1 998.1 25.4% Net Revenue from Services 960.6 838.4 14.6% Net Revenue from Asset Sales 290.5 159.7 81.9% Total Cost -536.6 -296.7 80.9% Cost of Services -33.1 -17.9 85.5% Depreciation -234.0 -154.9 51.1% Cost of Asset Sales -269.5 -124.0 117.4% Gross Profit 714.5 701.4 1.9% Gross Profit from Services 693.5 665.7 4.2% Gross Profit from Asset Sales 21.0 35.7 -41.2% Total Operating Expenses -75.2 -65.3 15.2% General and Administrative Expenses (Excludes depreciation) -44.2 -39.5 12.0% Depreciation -3.9 -5.3 -26.4% Bad Debt -29.0 -23.1 25.7% Other Expenses and Revenues 1.9 2.6 -25.2% EBIT 639.3 636.1 0.5% EBIT Margin on Net Revenue from Services 64.4% 71.6% -7.2 p.p. EBITDA 877.2 796.3 10.2% EBITDA Margin on Net Revenue from Services 89.1% 90.7% -1.6 p.p. Industrial Income Statement (R$ Million) 1Q25 1Q24 Var. % Total Gross Revenue 85.0 123.4 -31.1% Total Net Revenue -68.0 -105.9 -35.8% Total Cost 17.0 17.5 -3.0% Gross Profit -13.2 -13.2 -0.1% Total Operating Expenses 3.8 4.3 -11.8% EBIT 4.5% 3.5% 1.0 p.p. EBIT Margin on Net Revenue 9.5 8.8 7.6% EBITDA 11.2% 7.2% 4.0 p.p. EBITDA Margin on Net Revenue 85.0 123.4 -31.1%
Page 23
22 VAMOS Consolidated Income Statement (R$ Million) 1Q25 1Q24 Var. % Total Net Revenue 1,332.0 1,077.9 23.6% Total Cost -601.9 -359.6 67.4% Gross Profit 730.2 718.4 1.6% Gross Profit from Services 693.5 665.7 4.2% Gross Profit (loss) from Asset Sales 21.0 35.7 -41.2% Operating Expenses -87.0 -77.9 11.7% Administrative and Commercial Expenses -57.4 -53.3 7.7% Depreciation Expenses -4.5 -6.5 -31.3% Bad Debt -29.0 -23.0 26.4% Other Operating Income (Expenses) 4.0 4.9 -19.7% EBIT 643.2 640.4 0.4% EBIT Margin 48.3% 59.4% -11.1 p.p. EBITDA 886.7 805.1 10.1% EBITDA Margin 66.6% 74.7% -8.1 p.p. Net Financial Profit & Loss -493.2 -371.4 32.8% Income Tax and Social Contribution -42.1 -70.8 -40.6% Net Income - Continuing Operations 107.8 198.2 -45.6% Net Margin 8.1% 18.4% -10.3 p.p.
Page 24
23 Consolidated Balance Sheet Assets 1Q25 (Mar/25) 4Q24 (Dec/24) Liabilities 1Q25 (Mar/25) 4Q24 (Dec/24) Current Assets Current Assets Cash and Cash Equivalents 75.6 152.9 Suppliers 990.7 650.3 Securities, Securities and Investments 4,406.3 2,635.3 Forfaiting Payable 0.0 0.0 Accounts Receivable 574.3 540.2 Loans, Financing and Debentures 1,187.8 942.4 Inventory 94.0 103.9 Right-of-use Leases 19.7 14.9 Assets Held for Sale 412.1 427.8 Derivative Financial Instruments 0.0 0.0 Taxes Receivable 34.7 33.5 Assignment of Receivables 491.2 556.8 Income Tax and Social Contribution Receivable 220.7 194.3 Salaries and Charges Payable 42.2 34.8 Prepaid Expenses 68.2 13.5 Income Tax and Social Contribution Payable 0.1 0.0 Prepayment to Third Parties 17.0 27.1 Taxes Payable 17.2 24.5 Other Credits 11.8 16.0 Prepayment from Customers 42.6 71.6 Dividends Payable 249.6 249.6 Forward Purchase of Shares - 0.0 Company Acquisitions Payable 80.8 102.0 Other Accounts Payable 64.8 82.3 Total Current Assets 5,914.8 4,144.5 Total Current Liabilities 3,186.6 2,729.2 Non-Current Assets 1Q25 (Mar/25) 1Q24 (Mar/24) Non-Current Assets 1Q25 (Mar/25) 1Q24 (Mar/24) Noncurrent Receivables Suppliers 33.7 32.7 Securities, Securities and Investments 110.8 111.3 Loans, Financing and Debentures 15,094.3 13,461.7 Derivative Financial Instruments 28.6 32.5 Right-of-use Leases 77.3 74.1 Accounts Receivable 37.7 37.7 Deferred Income Tax and Social Contribution 898.0 862.0 Taxes Receivable 60.4 60.8 Provisions for Litigation and Administrative Claims 40.3 40.2 Deferred Income Tax and Social Contribution 37.7 36.9 Assignment of Receivables 411.9 499.0 Indemnity Assets 2.3 1.8 Derivative Financial Instruments 129.3 100.5 Court Deposits 4.4 2.1 Company Acquisitions Payable 42.1 19.8 Other Credits 110.8 111.3 Other Accounts Payable 2.9 15.2 Total Noncurrent Receivables 282.0 283.1 Total Non-Current Liabilities 16,729.7 15,105.4 Shareholders’ Equity 1Q25 (mar/25) 4Q24 (dec/24) Shareholders' Equity 1,013.0 1,013.0 Capital Reserves 1,586.1 1,586.1 Investments - - Treasury Shares -163.5 -112.9 Fixed Assets 16,029.5 15,669.6 Profit Reserve 83.9 -23.9 Intangible Assets 178.2 179.8 Other Comprehensive Profit & Loss -31.2 -19.9 Total Non-Current Assets 16,489.7 16,132.5 Total Net Equity 2,488.2 2,442.4 Total Assets 22,404.6 20,277.0 Total Liabilities and Net Equity 22,404.6 20,277.0