Earnings release
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2Q26 RESULTS CONSTELLATION 9430 253 DELATS GRUPO VAMOS GRUPO VAMOS RENOVANDO FROTAS . INOVANDO NEGÓCIOS . VAMOS LOCAÇÃO VAMOS SEMINOVOS BMB TRUCKVAN CONFERENCE CALL Date : August 12 , 2026 Time 11h00 ( São Paulo ) / 10h00 ( NY ) Zoom access : Click here UMA EMPRESA DO GRUPO SIMPAR
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1 CONSOLIDATED DATA (R$ million) 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 1S26 1S25 Var. (%) Gross Revenue 1,726.6 1,562.1 10.5% 1,779.8 -3.0% 3,506.4 3,026.8 15.8% Deductions (162.3) (150.4) 7.9% (159.5) 1.7% (321.8) (283.2) 13.7% Net Revenue 1,564.3 1,411.7 10.8% 1,620.3 -3.5% 3,184.6 2,743.7 16.1% Services 1,087.9 1,002.1 8.6% 1,054.4 3.2% 2,142.3 1,962.7 9.1% % of Total Net Revenue 69.5% 71.0% -1.4 p.p. 65.1% 4.5 p.p. 67.3% 71.5% -4.3 p.p. Asset Sales 365.0 324.3 12.6% 458.3 -20.4% 823.3 614.8 33.9% % of Total Net Revenue 23.3% 23.0% 0.4 p.p. 28.3% -5.0 p.p. 25.9% 22.4% 3.4 p.p. Asset Sales 358.7 324.3 10.6% 326.1 10.0% 684.8 614.8 11.4% % of Total Net Revenue 22.9% 23.0% 0.0 p.p. 20.1% 2.8 p.p. 21.5% 22.4% -0.9 p.p. Asset Sales IFRS 16 6.2 0.0 - 132.2 -95.3% 138.5 0.0 - % of Total Net Revenue 0.4% 0.0% 0.4 p.p. 8.2% - 4.3% 0.0% - Industrial 114.4 87.8 30.3% 152.1 -24.8% 266.5 172.7 54.2% % of Total Net Revenue 7.3% 6.2% 1.1 p.p. 9.4% -2.1 p.p. 8.4% 6.3% 2.1 p.p. Intercompany eliminations (2.9) (2.5) 16.0% (44.5) -93.4% (47.4) (6.6) 619.8% % of Total Net Revenue -0.2% -0.2% 0.0 p.p. -2.7% 2.6 p.p. -1.5% -0.2% -1.2 p.p. EBITDA 971.5 911.1 6.6% 951.3 2.1% 1,922.9 1,797.8 7.0% Leasing (Services + Asset Sales) 960.9 901.7 6.6% 934.7 2.8% 1,895.6 1,778.9 6.6% Industrial 10.6 9.4 13.3% 16.6 -36.0% 27.3 18.9 44.2% Depreciation and amortization (295.8) (257.2) 15.0% (295.3) 0.2% (591.1) (500.8) 18.0% EBIT 675.7 653.9 3.3% 656.0 3.0% 1,331.7 1,297.0 2.7% Leasing (Services + Asset Sales) 669.2 651.1 2.8% 645.8 3.6% 1,315.0 1,290.4 1.9% Industrial 6.5 2.8 133.7% 10.2 -35.8% 16.7 6.6 152.0% Financial Results (547.4) (531.6) 3.0% (541.4) 1.1% (1,088.8) (1,024.8) 6.2% EBT 128.3 122.3 4.9% 114.6 12.0% 242.9 272.3 -10.8% Income Tax (27.3) (29.5) -7.7% (27.9) -2.3% (55.2) (71.7) -23.0% % Effective tax rate -21.3% -24.2% 2.9 p.p. -24.4% 3.1 p.p. -22.7% -26.3% 3.6 p.p. Net Income 101.1 92.8 9.0% 86.6 16.7% 187.7 200.6 -6.4% Non-recurring effects - (14.8) - - - - (14.8) - Net non-recurring effects - (9.8) - - - - (9.8) - Adjusted EBITDA 971.5 896.3 8.4% 951.3 2.1% 1,922.9 1,783.0 7.8% % Adjusted EBITDA Margin 62.1% 63.5% -1.4p.p. 58.7% 3.4p.p. 60.4% 65.0% -4.6p.p. Adjusted EBIT 675.7 639.1 5.7% 656.0 3.0% 1,331.7 1,282.2 3.9% % Adjusted EBIT Margin 43.2% 45.3% -2.1p.p. 40.5% 2.7p.p. 41.8% 46.7% -4.9p.p. Adjusted Net Income 101.1 83.0 21.8% 86.6 16.7% 187.7 190.8 -1.6% % Adjusted Net Margin 6.5% 5.9% 0.6p.p. 5.3% 1.1p.p. 5.9% 7.0% -1.1p.p. Net Debt 11,561.1 12,312.3 -6.1% 11,999.1 -3.7% 11,561.1 12,312.3 -6.1% Financial Leverage 3.00x 3.39x -0.39x 3.15x -0.16x 3.00x 3.39x -0.39x Contracted Capex 1,554.2 973.7 59.6% 1,156.9 34.3% 2,711.1 2,390.4 13.4% Deployed Capex 975.0 931.3 4.7% 1,044.3 -6.6% 2,019.3 2,246.5 -10.1% Leasing fleet (# of assets) 51,256 52,544 -2.5% 50,980 0.5% 51,256 52,544 -2.5% ROIC 13.9% 13.9% 0.0p.p. 14.0% -0.1p.p. 13.9% 13.9% 0.0p.p. Spread ROIC-KD 3.5p.p. 3.1p.p. 0.4p.p. 3.2p.p. 0.3p.p. 3.5p.p. 3.1p.p. 0.4p.p.
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2 MESSAGE FROM MANAGEMENT The second quarter presented positive results, with improvements across all operational and financial indicators bringing us even closer to meeting our 2026 guidance. For the fourth consecutive quarter, we saw a sequential 1 p.p. increase in fleet utilization, reaching 89% in June – a difference of just 1 p.p. to our 90% year-end target. The reduction of our new and used asset inventories accelerated compared to the first quarter, driven by both increased leasing activity – which once again set a record for the size of the leased fleet – and double-digit growth in Used Assets Sales (“Seminovos”), achieved with positive margins and balanced depreciation. Specifically regarding Seminovos, the 11% YoY revenue growth and 30% YoY increase in sales volume could have been even higher, given that strong demand for used -asset leasing (such as the " Sempre Novo" product and contract extensions) reduces the inventory available for sale. Additionally, the second phase of the " Move Brasil" program took effect on May 29, 2026, causing potential customers to postpone purchasing decisions for used assets; they chose to wait for possible program benefits, while the program's funds were almost entirely utilized for the purchase of brand-new assets. On a consolidated basis, higher operating cash generation – driven by both leasing and asset sales – combined with lower net Capex requirements and the R$600 million private capital increase, enabled us to reduce our net debt balance (for covenant purposes) by 4% compared to March of this year and to pay down our receivables assignment balance for the third consecutive quarter. Consequently, our leverage levels showed clear improvement, with our net debt-to-EBITDA ratio reaching our December guidance target as early as June. Meanwhile, Net Income for 2Q26 doubled compared to the 3Q25 inflection point and has posted double-digit sequential growth for three consecutive quarters. The R$101 million figure is already roughly equivalent to 1Q25 profit – despite an average CDI rate 1.4 p.p. higher – demonstrating the Company's ability to generate value for all stakeholders through operational efficiency gains across its existing asset base . Summaries of these and other details regarding each segment are provided below: VAMOS Leasing: Contracted C apex: strong demand, particularly in the e -commerce segment. Excluding this sector, contracting was diversified across industries. New assets had higher proportion, driven by the profiles of the contracting clients and operations.; Leasing of used assets (Sempre Novo + Contracts Extensions): accounted for 27% of Contracted Capex in 2Q26, and 42% if excluding the e -commerce segment. Sempre Novo performed contract volumes in line with the record set in 1Q26 and the highest deployment volume in its history ; Increased occupancy and productivity : record leased gross assets and the highest occupancy rate since 2020 (89%, +5 p.p. vs. 2Q25), with an 8% increase in net revenue while total gross assets grew by only 2%.; Record and more diversified revenue: growth above inflation and reduced concentration among the top 100 clients.; Repossessions + Early Contracts Termination: best level since 3Q23 and with no sectoral concentration. On an annualized basis, this represented 4.1% of the fleet's average gross fixed assets in
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3 2Q26 – the lowest level since 1Q23 – marking three consecutive quarters below the 5.5% level seen in 2025; Lowest inventory of assets available for lease or sale since 4Q22 : a 30% reduction over 12 months and a 9% reduction over 3 months. Considering only used assets in inventory, there was a 23% decrease in the number of assets and a 20% decrease in gross fixed asset value; Profitability: 88% EBITDA margin (+2 p.p. vs. 2Q25) driven by increased fleet occupancy rate, record revenue and leased fleet, opex efficiency and control, and reduced delinquency; VAMOS Seminovos: Reduction in used asset inventories : 23% YoY across all asset types, and a significant 55% YoY for trailers inventories; Revenue and sales volume: 11% YoY revenue growth and 30% YoY growth in assets sold; Seminovos EBITDA Margin: positive at 0.9% in 2Q26; Industry: healthy sales volumes, with positive operating leverage. Backed by all these achievements, I would like to reiterate our guidance for 2026. Finally, as the market is already aware through recent official communications, we have seen two significant changes in the Company’s senior management: my own arrival and the appointment of Rodrigo Faria – previously our non -statutory Investor Relations Director – to the interim roles of CFO and Investor Relations Officer. I am joining a Vamos that is exceptionally well -positioned as a leader in expanding markets, boasting characteristics and differentiators that are difficult to replicate.: Resilient demand for the leasing of new assets and asset diversification; Growing opportunity in the leasing of used assets, with the Sempre Novo product offering competitive pricing and a leasing option with shorter terms; Expansion of the forklift leasing market, driven by high customer demand for guaranteed availability, cost predictability, and maintenance services; Contract extensions as the most cost-effective solution for clients; Operations department featuring preparation and maintenance processes that restore and extend asset service life for new leasing cycles; Expanding national Seminovos network that also serves as a sales channel for the leasing division; and Growth sustained by organic operating cash generation, with an increasing contribution from asset sales and the expansion of leasing EBITDA. We have many opportunities to extract maximum value for all our stakeholders, and we will do so by focusing on execution and doing the simple things with excellence. We thank our employees, customers, suppliers, shareholders, and creditors for choosing and trusting VAMOS . Christian Hahn da Silva CEO
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4 1) LEASING 1.1) Operational data Fleet Growth: The contracting and implementation of used -asset lease contracts (Extension and Sempre Novo) continue to benefit fleet utilization and allow leasing service revenue (+7.5% YoY) to grow at a faster pace than the gross value of fleet fixed assets (+1.8% YoY). This factor reduces the need to purchase new assets – thereby directly influencing fleet growth – since leasing used assets enables us to extract more value from the existing fleet. The reduction in the total fleet size (in units), alongside the increase in the value of fixed assets, reflects changes in the fleet mix and the average prices of the assets being moved, as previously explained in earlier quarters. Contracted Capex – New Leasing Contracts (R$ million) (1) Trucks includes tractor-trailers, trucks, utility vehicles, buses and trailers. Does not consider assets available for sale. r c s For lifts Constr ction and Agric lt ral ipment Fleet Share ew contracts average RR ew contracts average yield Renewal ew Assets Contract e tension Sempre ovo pansion ew Assets Leasing fleet (1) | (#) Fixed Assets (1) | (R$ million) 2 6 6 6 6 2 2 2 2 2 2 2 2 6 2 2 2 2 S S 2 6
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5 Contracted Capex: as anticipated in the 2026 guidance, the second quarter of 2026 saw an acceleration in Contracted Capex volume, driven by demand from diverse sectors that offset lower demand from the sugar and ethanol industry in the first quarter. We highlight the strong contracting activity in the retail and e-commerce sector, concentrated with a client that is a leader in the country's e -commerce segment. Excluding this sector, Contracted Capex showed solid demand from a variety of industries ; IRR: reflects the signing of a large-scale e-commerce client and shorter contract terms; Brand-new assets (new contracts and renewals): showed growth and a larger share of Contracted Capex compared to 1Q26, also driven by demand from the e-commerce sector. Sempre Novo: stable Contracted Capex relative to the record level seen in 1Q26. Deployment reached a record high in 2Q26, driven by increased product demand over recent quarters – benefiting from greater customer acceptance and an expanded addressable market resulting from a more diversified mix of repossessed or early contracts termination assets; 2Q2 ( ) T (months) 2Q2 ( ) 2Q26 66 ew contracts with new assets 6 6 Renewal with new assets 22 Contract e tensions with same sed assets and price ad stments 2 Sempre ovo sed assets 6 of contracts mat ring in were e tended y months (average) Contracted Capex by contract type (R$ million) Contracted Capex by segment : Retail and e commerce : S gar and thanol : eneral Cargo ransportation : assenger ransportation : nd stry : Ur an Cleaning : lectrical nergy : ogistics : F el ransportation : Agri siness : Services : ndependent drivers : ngineering : thers 2Q26
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6 Leasing of used assets (Sempre Novo + Contracts Extensions): accounted for 27% of Contracted Capex in 2Q26. However, excluding contracts from the retail and e -commerce sectors, this figure would be approximately 42%, close to the record high of 44% seen in 1Q26; Deployed CAPEX (R$ million) 2 2 6 2 S S 2Q2 ( ) T (months) 2Q2 2Q26 ew contracts with new assets Renewal with new assets 2 Contract e tensions with same sed assets and price ad stments 6 6 Sempre ovo sed assets 6 2 2 6 R R Contract base growth (#) Deployed Capex by contract type (R$ million)
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7 2Q26 New Assets (Expansion + Renewal) Extension Sempre Novo Total Term R$ million % R$ million % R$ million % R$ million % 1year 1 0.2% 123 60.1% 50 31.4% 174 17.9% 1 to 2 years 5 0.9% 49 23.9% 35 21.7% 89 9.1% 2 to 3 years 148 24.2% 12 5.8% 62 38.8% 222 22.7% 3 to 4 years 213 34.8% 21 10.1% 6 4.0% 240 24.6% 4 to 5 years 208 34.0% 0 0.1% 5 3.4% 214 21.9% 5 to 6 years 11 1.8% 0 0.0% 1 0.5% 12 1.2% 6 to 7 years 13 2.1% 0 0.0% 0 0.1% 13 1.3% 7 to 8 years 0 0.0% 0 0.0% 0 0.0% 0 0.0% 8 to 9 years 0 0.0% 0 0.0% 0 0.0% 0 0.0% 9 to 10 years 12 2.0% 0 0.0% 0 0.0% 12 1.2% Total 611 100.0% 204 100.0% 160 100.0% 975 100.0% Deployed Capex : largely reflects the Contracted Capex from 1Q26 and will accelerate in the coming months due to the high volume of Contracted Capex in 2Q26 and the greater concentration of contracts for brand-new assets, which require longer implementation times; Does not include contract extensions totaling R$228 million in 2Q26, as these assets were already deployed. 2 6 6 2 Deployed CAPEX by contract term (R$ million and % of the Deployed CAPEX) Capex to be deployed (already contracted) (R$ million)
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8 Repossessions + Early Contracts Termination: best level since 3Q23, with no sectoral concentration. The annualized figure for 2Q26 represented 4.1% of the average gross fleet value, the lowest level since 1Q23. Consequently, Repossessions and Early Contracts Termination have now remained, for three consecutive quarters, below the 5.5% rate recorded in 2025; * Acquisition cost – gross value. ** Considers the adjusted values of R$63 million, as explained in the 1Q26 Results Release. Repossessed Capex by segment (%) Repossessions + Early Contracts Terminations* (R$ million) of ret rned assets (ann ali ed over total gross fi ed assets) CA from repossessions and early ret rns 2Q26 T E E S E T R 2 6 S 2 2 L T 2 2 Red ction in Repossessions arly Ret rns o : o : 2 2 2 26 2 2 2 6 2 2 2 6 6 6 6 6 6 6
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9 Original contract maturity 1Q26 2Q26 Repossessed Capex 1S26 R$ 281.9 R$ 189.4 R$ 471.2 2026 1Q 6.95% - 4.16% 2Q 6.67% 5.88% 6.36% 3Q 5.87% 6.04% 5.94% 4Q 2.88% 3.65% 3.19% Total 2026 (%) 22.38% 15.57% 19.64% 2027 1Q 5.87% 18.40% 10.91% 2Q 9.36% 13.73% 11.12% 3Q 8.49% 3.34% 6.42% 4Q 5.73% 5.14% 5.49% Total 2027 (%) 29.45% 40.60% 33.93% 2028 1Q 11.58% 4.50% 8.73% 2Q 9.10% 8.12% 8.70% 3Q 3.32% 1.47% 2.58% 4Q 7.20% 12.46% 9.31% Total 2028 (%) 31.20% 26.55% 29.33% 2029 1Q 4.82% 2.08% 3.72% 2Q 5.40% 1.48% 3.82% 3Q 3.00% 1.43% 2.37% 4Q 2.16% 4.60% 3.14% Total 2029 (%) 15.38% 9.58% 13.05% 2030 1Q 0.96% 0.33% 0.71% 2Q - 0.77% 0.31% 3Q 0.64% 0.82% 0.71% Total 2030 (%) 1.59% 1.92% 1.72% 2031 2Q - 3.00% 1.21% 3Q - 2.63% 1.06% Total 2031 (%) - 5.63% 2.26% 2032 2Q 0.08% - 0.05% Total 2032 (%) 0.08% - 0.05% 2034 3Q - 0.15% 0.06% Total 2034 (%) - 0.15% 0.06% Total (%) 100.0% 100.0% 100.0%
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10 Deployment Cycle of Repossessed Assets Deployment year Repossessed Capex by year of deployment (R$ million) % of total repossessed by year of deployment Repossessed Capex in the year of repossession (R$ million) % of repossessed Capex by year of deployment / Deployed Capex in the same year Other periods 203 5.92% - - 2021 576 16.80% - 27.70% 2022 1,312 38.25% - 27.16% 2023 927 27.04% 757 19.81% 2024 300 8.75% 1,220 6.00% 2025 111 3.24% 982 2.65% 2026 2 0.07% 471 0.11% Total 3,430 100.00% 3,430 15.03% (1) Historical cost balance of vehicles, machinery, and equipment classified as fixed assets, plus assets held for sale (see explanatory notes 10 and 12 of the Financial Statements). (2) Total fixed assets, minus assets held for sale and new and used assets available for lease or sale. The record leased fleet reflects the continued addition of Contracted Capex at a rate exceeding contracts termination (including Early Contracts Termination) – even amidst the current economic slowdown and high interest rates – highlighting the low market penetration of heavy asset leasing in the country; (R$ million) 2Q26 2Q25 Var. (%) 1Q26 Var. (%) A Gross Leased Fixed Assets 17,001.1 15,724.7 8.1% 16,656.3 2.1% B Gross Fixed Assets available for Leasing 1,406.4 2,348.8 -40.1% 1,652.2 -14.9% A + B = C Leasing Gross Fixed Assets (vehicles + machines) 18,407.5 18,073.5 1.8% 18,308.5 0.5% D Used Assets Inventory 702.0 659.2 6.5% 660.5 6.3% C+D = E Leasing Gross Fixed Assets + Used assets 19,109.6 18,732.7 2.0% 18,969.1 0.7% A / E (%) Fleet Occupancy rate 89.0% 83.9% 5.0 p.p. 87.8% 1.2 p.p. Gross Leased Assets and Occupancy Rate (R$ billion and %) 2 otal fleet o growth: eased fleet o growth: ea evel of Asset Repossessions 6 2 2 6 2 26
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11 The 89% fleet occupancy rate in the second quarter of 2026 was the highest since 2020, driven by growth in the leased fleet and the reduction in the inventory of assets available for lease and sale (both brand-new and used); Contracted Leasing Gross Revenue Backlog (R$ million) Annual distribution of leasing revenue backlog (R$ million) Leasing revenue backlog schedule (explanatory note 27.1) (R$ milhões) Up to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total 4.536 3.646 2.556 1.303 475 214 12.731 The R$13 billion leasing revenue backlog demonstrates the Company's ability to maintain the backlog at a robust level through higher fleet occupancy, even with shorter lease terms resulting from greater exposure to contract extensions and the Sempre Novo product. The acceleration of Deployed Capex in the coming quarters will contribute to the growth of the backlog; 2 2 2 6 2 eployed ac log ar eployed contracts incremental reven e easing ross Reven e ther (S spension reactivation of illing) eployed ac log n 2 2 6 6 2 6 2
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12 ew Assets Sempre ovo nventory Used ehicles nventory otal Evolution of assets available for lease or sale (gross acquisition value) (R$ million) 2 2 2 2Q2 2Q26 2 L Q22 E 2 2 n Assets availa le for leasing or sale n Assets availa le for leasing or sale R E R nventory red ction from deployment nventory red ction from Used ehicles sales
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13 Inventory of assets available for lease or sale ( brand-new and used) : the balance of R$2.1 billion in June 2026 ( R$1.7 billion net of depreciation) was the lowest since December 2022, representing a 30% drop over 12 months and a 9% decline in just 3 months. This result stemmed from the growth of Sempre Novo contracts and the Seminovos sales, directly contributing to lower Net Capex and a reduction in the volume of repossessed or Early Contracts Termination assets.; The reduction in inventory between March 2026 and June 2026 was driven by: i) a R$120 million decrease resulting from a volume of lease contract deployments that exceeded the purchase of new assets; and ii) a R$273 million reduction due to asset sales volu me surpassing the inventory additions resulting from contracts termination. Combined, these factors (totaling R$393 million) represented 17% of the March 2026 inventory balance over just three months – a figure that, on an annualized basis, would amount to approximately 68% of inventory (excluding the incremental effect of asset repossessions) ; The R$393 million reduction in inventory resulting from the implementation of leasing contracts and Seminovos sales amounted to 208% of the value of repossessions for the quarter (R$189 million); Brand-new asset inventory optimization (Months and R$ million) The inventory of brand-new assets in 2Q26 (R$327 million) showed the lowest volume since 2020, while its turnover period reached the lowest level in the historical series . With the projected increase in Deployed Capex for brand-new assets over the coming quarters, we expect both the volume and the turnover period to show a slight increase compared to the 2Q26 figures; 2 2 2 2 2 62 2 2 6 6 6 2 2 6 6 6 2 2 2 2 6
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14 Used asset inventory optimization (Months and R$ million) The inventory of used assets decreased to a balance of R$1.8 billion – the lowest level since the third quarter of 2024 – and contributed to maintaining inventory turnover at 8.0 months for the second consecutive quarter. R 6 2 2 2 2 6 2 6 6 6 2 6
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15 2) Seminovos 2.1) Sector data FENABRAVE Units 2Q26 2Q25 Var. (%) New vehicles Trucks 26,280 26,063 0.8% Buses 7,090 7,320 -3.1% Total 33,370 33,383 0.0% ANFIR Units 2Q26 2Q25 Var. (%) New Trailers Tarped Box 1.085 1.698 -36,1% Carbon Steel Tank 891 1.393 -36,0% Silo 131 175 -25,1% Flatbed 503 658 -23,6% Refrigerated Box 446 567 -21,3% Cane Transport 230 259 -11,2% Special 731 736 -0,7% Log Transport 551 551 0,0% Container Carrier 1.236 1.232 0,3% Grain/General Cargo 3.158 3.064 3,1% Dump Truck 2.952 2.805 5,2% General Cargo Box 3.190 2.851 11,9% Dolly 1.478 1.307 13,1% Stainless Steel Tank 138 108 27,8% Aluminum Tank 0 0 - Total 16.720 17.404 -3,9% 6 F A RA ew tr c s and ses A F R ew trailers Brazilian market: sales of new trucks and implements (Fenabrave and ANFIR – thousands of units) 26 26 eavy ty ehicles r c ractor r c ractor r c ractor ight ehicles and thers 26 2 2 Brazilian market: new truck sales by category (Fenabrave, Forrisk and Vamos Market Intelligence – thousands of units)
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16 Brazilian market: used heavy vehicles sales – trucks and buses* (FENAUTO and Company – thousands of units) According to FENABRAVE, total registrations of brand-new trucks and buses in the second quarter of 2026 remained stable compared to the same period in 2025, with the increase in truck sales volume offsetting bus sales volume. This performance was better than the double-digit year-over-year declines seen in recent periods – a trend potentially explained by the federal government's "Move Brasil" program, the funds from which were almost entirely utilized for the purchase of brand-new assets; The decline in road implement registrations showed a slowdown compared to recent quarters, with a turnaround in sales volumes for certain types of implements, such as grain haulers and dump trailers. ; The Brazilian market for used truck and bus sales saw a 1.6% decline across all age groups, indicating credit constraints and potential delays in purchasing decisions linked to the Move Brasil program. * Does not include light commercial vehicles and machines 6
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17 2.2) Operational data Sales Volume (Units) In the context of stagnant or declining sales volumes for brand-new and used trucks, buses, and trailers, the Company increased its sales volumes by 29.5% between the second quarter of 2026 and the second quarter of 2025, and by 43.5% when comparing the first six months of each year ; Trailers and tractor units accounted for approximately 50% of sales in 2Q26 – an increase of 9.0 p .p. compared to 2Q25 – representing assets that, in recent years, had made up a large share of the idle inventory resulting from repossessions in the Grain Transportation sector; We inaugurated another company -owned Seminovos store in the city of Serra, Espírito Santo state. With this addition, the Company now operates a network of 23 company -owned stores. Four more store openings are scheduled for this year; while these will entail higher operating expenses – such as personnel and facilities costs – these outlays will be offset by increased sales. Demobilization Schedule (R$ million and % of the leased fleet) T L 6 2 26 2 2 2 6 6 2 2 6 6 2 2 2 2 26 6 6 2 6 2 S S 2 r c s achinery and ipment oes not incl de C C FRS asset sales 2
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18 3) Income Statement (Leasing + Used Assets Sales) 3.1) Revenue (RS million) - gross of eliminations 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 1S26 1S25 Var. (%) Gross Revenue 1,582.8 1,453.8 8.9% 1,637.2 -3.3% 3,220.0 2,815.9 14.4% Leasing Services 1,205.8 1,120.6 7.6% 1,166.4 3.4% 2,372.3 2,185.3 8.6% Asset Sales (Used Assets + IFRS 16) 377.0 333.2 13.1% 470.7 -19.9% 847.7 630.5 34.4% Deductions (130.0) (127.4) 2.0% (124.5) 4.4% (254.4) (238.4) 6.7% Leasing Services (117.9) (118.5) -0.4% (112.0) 5.3% (230.0) (222.6) 3.3% Asset Sales (Used Assets + IFRS 16) (12.0) (9.0) 34.0% (12.4) -3.4% (24.4) (15.8) 54.9% Net Revenue 1,452.9 1,326.4 9.5% 1,512.7 -4.0% 2,965.5 2,577.5 15.1% Leasing Services 1,087.9 1,002.1 8.6% 1,054.4 3.2% 2,142.3 1,962.7 9.1% % of Total Net Revenue 74.9% 75.6% -0.7 p.p. 69.7% 5.2 p.p. 72.2% 76.1% -3.9 p.p. With maintenance 275.4 278.4 -1.1% 298.7 -7.8% 574.1 558.8 2.7% % of Total Net Services Revenue 25.3% 27.8% -2.5 p.p. 28.3% -3.0 p.p. 26.8% 28.5% -1.7 p.p. Without maintenance 812.5 723.7 12.3% 755.7 7.5% 1,568.2 1,404.0 11.7% % of Total Net Services Revenue 74.7% 72.2% 2.5 p.p. 71.7% 3.0 p.p. 73.2% 71.5% 1.7 p.p. Asset Sales (Used Assets + IFRS 16) 365.0 324.3 12.6% 458.3 -20.4% 823.3 614.8 33.9% % of Total Net Revenue 25.1% 24.4% 0.7 p.p. 30.3% -5.2 p.p. 27.8% 23.9% 3.9 p.p. Asset Sales 358.7 324.3 10.6% 326.1 10.0% 684.8 614.8 11.4% % of Total Net Revenue 24.7% 24.4% 0.2 p.p. 21.6% 3.1 p.p. 23.1% 23.9% -0.8 p.p. Asset Sales IFRS 16 6.2 - - 132.2 -95.3% 138.5 - - % of Total Net Revenue 0.4% - 0.4 p.p. 8.7% -8.3 p.p. 4.7% - 4.7 p.p. Leasing revenue breakdown by segment 26 26 26 S ogistics S gar thanol 6 ngineering eneral Cargo ransportation rain ransportation 2 Services thers Ur an Cleaning Food nd stry ining 2 Agri siness 2 assenger ransportation 2 F el ransportation everages 6 nd stry Retail commerce lectrical nergy : S gar thanol ( ) : eneral Cargo ransportation ( ) : nd stry ( ) : everages ( ) : Ur an Cleaning ( ) : lectrical nergy ( ) : ogistics ( ) : F el ransportation ( ) : Retail commerce ( ) : Services ( ) : Agri siness ( ) : ngineering ( ) : assenger ransportation ( ) : Food nd stry ( ) : rain transportation ( ) : ining ( ) : thers ( ) S * One-off lease agreements with an option to purchase the assets at the end of the lease, the treatment of which is based on accounting standard CPC-06 (Brazil) / IFRS16.
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19 Leasing revenue boosted by higher fleet occupancy rate, a record leased fleet size, increased marginal yields, and contract price adjustments – particularly upon term extensions; The growth in leasing revenue in 2Q26 compared to 1Q26 is partly due to the end of the off-season in the Sugar & Ethanol sector. We highlight that, as shown in the sector breakdown chart of asset repossessions for 2Q26 and 1Q26 (disclosed last quarter), some of the leased assets leased to this sector were repossessed, preventing the full recovery of revenue from those assets; Leasing revenue growth was also constrained by a higher concentration of deployments late in the quarter and a higher concentration of contract terminations and asset repossessions in April and May; Leasing revenue without maintenance servisse included increased its share of total leasing revenue, contributing to a lower increase in the average implied leasing yield; The fact that Seminovos revenue growth lagged behind unit volume growth is primarily due to the sales mix and a lower average selling price (2Q26 VS 2Q25); Revenue from the sale of brand-new assets under IFRS16 relates to leasing contracts signed in 1Q26 that were deployed only in 2Q26. According to the IFRS-16, in these cases revenue is recognized in full upon Capex deployment. There were no additions of new contracts under this category in 2Q26.
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20 3.2) Costs & Expenses (RS million) - gross of eliminations 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 1S26 1S25 Var. (%) Total Leasing Cost (ex. depreciation) (403.2) (341.2) 18.2% (490.4) -17.8% (893.6) (643.7) 38.8% % of total leasing revenue -27.8% -25.7% -2.0 p.p. -32.4% 4.7 p.p. -30.1% -25.0% -5.2 p.p. Leasing services cost (41.7) (41.0) 1.7% (40.5) 3.1% (82.2) (74.1) 10.9% % of leasing services revenue -3.8% -4.1% 0.3 p.p. -3.8% 0.0 p.p. -3.8% -3.8% -0.1p.p. Personnel (23.8) (22.9) 3.9% (23.2) 2.7% (46.9) (41.3) 13.6% % of leasing services revenue -2.2% -2.3% 0.1 p.p. -2.2% 0.0 p.p. -2.2% -2.1% -0.1p.p. Maintenance and parts (50.6) (54.3) -6.8% (51.8) -2.2% (102.4) (121.9) -16.0% % of leasing services revenue -4.7% -5.4% 0.8 p.p. -4.9% 0.3 p.p. -4.8% -6.2% 1.4p.p. Vehicle costs (39.4) (44.8) -12.1% (39.4) 0.0% (78.7) (84.1) -6.4% % of leasing services revenue -3.6% -4.5% 0.8 p.p. -3.7% 0.1 p.p. -3.7% -4.3% 0.6p.p. Other costs (16.6) (13.1) 26.3% (18.2) -8.9% (34.8) (23.8) 46.1% % of leasing services revenue -1.5% -1.3% -0.2 p.p. -1.7% 0.2 p.p. -1.6% -1.2% -0.4p.p. PIS/COFINS Credit 88.6 94.1 -5.8% 92.0 -3.7% 180.6 197.0 -8.3% % of leasing services revenue 8.1% 9.4% -1.2 p.p. 8.7% -0.6 p.p. 8.4% 10.0% -1.6p.p. Used Assets sales cost (355.6) (300.1) 18.5% (325.8) 9.1% (681.4) (569.6) 19.6% % of used asset sales revenue -99.1% -92.6% -6.6 p.p. -99.9% 0.8 p.p. -99.5% -92.7% -6.9p.p. Assets sales cost IFRS 16 (5.9) - - (124.1) -95.3% (130.0) - - % of asset sales IFRS16 revenue -94.2% - -94.2p.p. -93.9% -0,4 p.p. -93.9% - -93.9p.p. Expenses (ex. depreciation) (86.8) (83.6) 3.8% (87.6) -0.9% (174.4) (154.9) 12.6% % of leasing revenue -6.0% -6.3% 0.3 p.p. -5.8% -0.2 p.p. -5.9% -6.0% 0.1p.p. Commercial, general and administrative (89.7) (96.4) -6.9% (89.6) 7.6% (179.4) (169.6) 5.7% % of leasing revenue -6.2% -7.3% 1.1 p.p. -5.9% -0.3 p.p. -6.0% -6.6% 0.5p.p. Commercial (33.3) (32.2) 3.5% (30.7) 8.2% (64.0) (52.6) 21.7% % of leasing revenue -3.1% -3.2% 0.1 p.p. -2.9% -0.1 p.p. -2.2% -2.0% -0.1p.p. General and administrative (33.6) (28.0) 20.0% (32.9) 2.2% (66.5) (51.8) 28.5% % of leasing revenue -3.1% -2.8% -0.3 p.p. -3.1% 0.0 p.p. -2.2% -2.0% -0.2p.p. Bad Debt Provisions* (22.8) (36.2) -37.0% (26.0) -12.2% (48.8) (65.3) -25.2% % of leasing revenue -2.1% -3.6% 1.5 p.p. -2.5% 0.4 p.p. -1.6% -2.5% 0.9p.p. Other revenues (expenses)** 2.9 12.8 -77.1% 2.1 42.4% 5.0 14.8 -66.1% % of leasing revenue 0.2% 1.0% -0.8 p.p. 0.1% 0.1 p.p. 0.2% 0.6% 0.4p.p. Leasing services EBITDA 957.4 877.5 9.1% 926.3 3.4% 1,883.7 1,733.8 8.6% % Services EBITDA Margin 88.0% 87.6% 0.4p.p. 87.9% 0.1p.p. 87.9% 88.3% -0.4p.p. Used assets sales EBITDA 3.1 24.2 -87.0% 0.3 1139.8% 3.4 45.2 -92.5% % Asset sales EBITDA margin 0.9% 7.4% -6.6p.p. 0.1% 0.8p.p. 0.5% 7.3% -6.9p.p. % Truck sales EBITDA margin 8.7% 13.6% -4.9p.p. 6.3% 2.4p.p. 7.5% 13.6% -6.1p.p. % Other asset sales EBITDA margin -4.0% -2.6% -1.4p.p. -4.2% 0.2p.p. -4.1% -2.6% -1.5p.p. Asset Sales IFRS 16 EBITDA 0.4 - - 8.1 -95.6% 8.5 - - % Asset sales CPC-06 EBITDA margin 5.8% - - 6.1% -0.4p.p. 6.1% - - Depreciation and amortization (291.7) (250.6) 16.4% (288.9) 1.0% (580.6) (488.5) 18.8% Leasing services EBIT 665.7 626.9 6.2% 637.5 4.4% 1,303.2 1,245.2 4.7% % Services EBIT margin 61.2% 62.6% -1.4p.p. 60.5% 0.7p.p. 60.8% 63.4% -2.6p.p. Used assets sales EBIT 3.1 24.2 -87.0% 0.3 1139.8% 3.4 45.2 -92.5% % Used assets sales EBIT margin 0.9% 7.4% -6.6p.p. 0.1% 0.8p.p. 0.5% 7.3% -6.9p.p. Asset Sales IFRS 16 EBIT 0.4 - - 8.1 -95.6% 8.5 - - % Asset sales CPC-06 EBIT margin 5.8% - - 6.1% -0.4p.p. 6.1% - - Non-recurring expenses - (14.8) - - - - (14.8) -100.0% Adjusted leasing services EBITDA 957.4 862.7 11.0% 926.3 3.4% 1,883.7 1,718.9 9.6% % Adjusted leasing services EBITDA margin 88.0% 86.1% 1.9p.p. 87.9% 0.1p.p. 87.9% 87.6% 0.4p.p. Adjusted leasing services EBIT 665.7 612.1 8.8% 637.5 4.4% 1,303.2 1,230.4 5.9% % Adjusted leasing services EBIT margin 61.2% 61.1% 0.1p.p. 60.5% 0.7p.p. 60.8% 62.7% -1.9p.p. * Non-recurring effects due to the provision of R$14,8 million in 2Q25 related to an accounting adjustment to the amount to be paid for the acquisition of companies.
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21 Main highlights: Personnel: slight variation for 2Q26. The 13.6% growth in 1H26 versus 1H25 is due to the increase in headcount observed in 1Q26 and the reassessment of a bonus provision in 1Q25; Maintenance and parts: variations were lower than those in leasing revenue due to the concentration of these services in 2025 and greater efficiency in maintenance processes. Contributing to this line item are the lower volume, better condition, and more diversified mix of repossessed assets; these factors allow for greater agility in the maintenance and preparation process and increase asset liquidity, enabling the record-breaking performance of the Sempre Novo. Additionally, the increased share of leasing revenue excluding maintenance services contributes to the dilution of these costs.; Vehicle-related expenses: levels consistent with those seen throughout 2026. Year -over-year comparisons showed improvements in the management of customer traffic fine collections, as well as a cost reclassification where certain expenses were moved to the "other costs" category; Other costs: the year -to-date increase basically reflects the reclassification of vehicle -related costs as "other costs”; PIS/Cofins credit : lower volume of brand-new asset purchases and greater exposure to contract extensions, which do not generate credits; SG&A: showed little variation relative to revenue. We highlight the 37.0% year -over-year and 12.2% quarter-over-quarter reduction in the bad debt provision in 2Q26, driven by fewer overdue invoices, improved payment regularization, and the Company's initiative not to record billings for customers undergoing asset repossession process; Leasing EBITDA Margin: expansion driven by increased fleet occupancy rate and cost and expense efficiencies, even with lower PIS/COFINS credits; Seminovos EBITDA Margin: positive and performing in line with the Company's guidance; Depreciation: remains at appropriate levels, allowing for positive margins on Seminovos. Figures show little variation year-to-date and are also in line with the Company's guidance. 2 6 2 2 2 6 6 2 2 2 6 2 2 6 2 6 2 22 2 Annualized depreciation per asset: depreciation for the quarter × 4 ÷ average fleet for the period. Depreciation rate: depreciation for the quarter × 4 ÷ average fixed assets for the period. 2 2 2 2 6 6 6 2 2 2 6 2 6 2 Annualized Depreciation per Asset (R$ thousand) Implicit Depreciation Rate (%)
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22 4) INDUSTRY 4.1) Net revenue (R$ million) 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 1S26 1S25 Var. (%) Gross Revenue 146.7 110.7 32.5% 187.1 -21.6% 333.9 217.5 53.5% Deductions (32.4) (23.0) 40.8% (35.1) -7.7% (67.4) (44.8) 50.5% Net Revenue 114.4 87.8 30.3% 152.1 -24.8% 266.5 172.7 54.2% 4.2) Costs & expenses (R$ million) - gross of eliminations 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 1S26 1S25 Var. (%) Costs (ex. depreciation) (84.8) (65.8) 28.9% (119.9) -45.1% (204.7) (135.0) 51.6% % of industry revenue -74.2% -75.0% 0.8 p.p. -78.8% 3.8 p.p. -76.8% -78.1% 1.3 p.p. Customization services cost (79.3) (62.6) 26.7% (115.0) -45.5% (194.4) (128.3) 51.5% % of industry revenue -69.4% -71.4% 2.0 p.p. -75.6% 4.3 p.p. -72.9% -74.2% 1.3 p.p. Direct costs (58.4) (43.3) 34.9% (94.2) -54.0% (152.6) (89.9) 69.6% % of industry revenue -51.1% -49.3% -1.7 p.p. -61.9% 12.6 p.p. -57.3% -52.1% -5.2 p.p. Personnel (17.9) (17.6) 1.7% (18.2) -3.2% (36.0) (34.6) 4.2% % of industry revenue -15.6% -20.0% 4.4 p.p. -11.9% -8.1 p.p. -13.5% -20.0% 6.5 p.p. Maintenance and parts (1.6) (1.1) 51.9% (1.6) -32.3% (3.2) (2.4) 34.0% % of industry revenue -1.4% -1.2% -0.2 p.p. -1.0% -0.2 p.p. -1.2% -1.4% 0.2 p.p. Vehicle costs (1.5) (0.7) 109.6% (1.1) -38.8% (2.6) (1.4) 90.6% % of industry revenue -1.3% -0.8% -0.5 p.p. -0.7% 0.0 p.p. -1.0% -0.8% -0.2 p.p. Other costs (5.5) (3.2) 72.7% (4.9) -34.6% (10.3) (6.7) 53.4% % of industry revenue -4.8% -3.6% -1.2 p.p. -3.2% -0.4 p.p. -3.9% -3.9% 0.0 p.p. Expenses (ex. depreciation) (18.9) (12.6) 50.5% (15.7) -19.8% (34.6) (25.2) 37.4% % of industry revenue -16.5% -14.3% -2.2 p.p. -10.3% -4.0 p.p. -13.0% -14.6% 1.6 p.p. Commercial, general and administrative (18.9) (14.7) 28.0% (16.8) -12.5% (35.7) (29.4) 21.6% % of industry revenue -16.5% -16.8% 0.3 p.p. -11.1% -5.7 p.p. -13.4% -17.0% 3.6 p.p. Commercial (3.2) (2.2) 48.3% (3.0) -26.9% (6.2) (5.0) 23.8% % of industry revenue -2.8% -2.5% -0.3 p.p. -1.9% -0.5 p.p. -2.3% -2.9% 0.6 p.p. Administrative (12.0) (12.6) -4.7% (13.1) -4.3% (25.1) (24.4) 3.0% % of industry revenue -10.5% -14.3% 3.8 p.p. -8.6% -5.7 p.p. -9.4% -14.1% 4.7 p.p. Bad Debt* (3.7) (0.0) 21558.8% (0.8) -97.8% (4.5) (0.0) 26094.1% % of industry revenue -3.2% 0.0% -3.2 p.p. -0.5% 0.5 p.p. -1.7% 0.0% -1.7 p.p. Other revenues (expenses) (0.0) 2.2 -102.2% 1.2 84.2% 1.1 4.2 -73.0% % of industry revenue 0.0% 2.5% -2.5 p.p. 0.8% 1.7 p.p. 0.4% 2.4% -2.0 p.p. EBITDA 10.6 9.4 13.3% 16.6 -43.5% 27.3 18.9 44.2% % EBITDA Margin 9.3% 10.7% -1.4p.p. 10.9% -0.2p.p. 10.2% 10.9% -0.7p.p. Depreciation (4.1) (6.6) -37.7% (6.5) 2.1% (10.6) (12.3) -13.9% EBIT 6.5 2.8 133.7% 10.2 -72.5% 16.7 6.6 152.0% % EBIT Margin 5.7% 3.2% 2.5p.p. 6.7% -3.5p.p. 6.3% 3.8% 2.4p.p. The increase in net revenue in 2Q26 versus 2Q25 reflects higher sales volumes of Truckvan trailers and increased demand for ’s c stomi ation services res lting in positive operating leverage and healthy margins for both businesses. The decline in EBITDA margin in 2Q26 compared to 1Q26 is explained by the concentration of gas-powered truck deliveries in 1Q26.
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23 S | Consolidated Results (R$ million) 2Q26 2Q25 Var. (%) 1Q26 Var. (%) 1S26 1S25 Var. (%) Gross Revenue 1,726.6 1,562.1 10.5% 1,779.8 -3.0% 3,506.4 3,026.8 15.8% Deductions (162.3) (150.4) 7.9% (159.5) 1.7% (321.8) (283.2) 13.7% Net Revenue 1,564.3 1,411.7 10.8% 1,620.3 -3.5% 3,184.6 2,743.7 16.1% Services 1,087.9 1,002.1 8.6% 1,054.4 3.2% 2,142.3 1,962.7 9.1% % of Total Net Revenue 69.5% 71.0% -1.4 p.p. 65.1% 4.5 p.p. 67.3% 71.5% -4.3 p.p. Asset Sales 365.0 324.3 12.6% 458.3 -20.4% 823.3 614.8 33.9% % of Total Net Revenue 23.3% 23.0% 0.4 p.p. 28.3% -5.0 p.p. 21.5% 22.4% -0.9 p.p. Asset Sales 358.7 324.3 10.6% 326.1 10.0% 684.8 614.8 11.4% % of Total Net Revenue 22.9% 23.0% 0.0 p.p. 20.1% 2.8 p.p. 8.4% 6.3% 2.1 p.p. Asset Sales IFRS 16 6.2 0.0 - 132.2 -95.3% 138.5 0.0 - % of Total Net Revenue 0.4% 0.0% 0.4 p.p. 8.2% -7.8 p.p. 4.3% 0.0% 4.3 p.p. Industrial 114.4 87.8 30.3% 152.1 -24.8% 266.5 172.7 54.2% % of Total Net Revenue 7.3% 6.2% 1.1 p.p. 9.4% -2.1 p.p. 8.4% 6.3% 2.1 p.p. Intercompany deletions (2.9) (2.5) 16.0% (44.5) -93.4% (47.4) (6.6) 619.8% % of Total Net Revenue -0.2% -0.2% 0.0 p.p. -2.7% 2.6 p.p. -1.5% -0.2% -1.2 p.p. EBITDA 971.5 896.3 8.4% 951.3 2.1% 1,922.9 1,783.0 7.8% Leasing Adjusted 960.9 901.7 6.6% 934.7 2.8% 1,895.6 1,778.9 6.6% Services 957.4 877.5 9.1% 926.3 3.4% 1,883.7 1,733.8 8.6% Asset Sales 3.5 24.2 -85.5% 8.4 -58.2% 11.9 45.2 -73.7% Industrial 10.6 9.4 13.3% 16.6 -36.0% 27.3 18.9 44.2% Depreciation and amortization (295.8) (257.2) 15.0% (295.3) 0.2% (591.1) (500.8) 18.0% Adjusted EBIT 675.7 639.1 5.7% 656.0 3.0% 1,331.7 1,282.2 3.9% Leasing Adjusted 669.2 651.1 2.8% 637.7 4.9% 1,306.9 1,290.4 1.3% Services 665.7 626.9 6.2% 637.5 4.4% 1,303.2 1,245.2 4.7% Asset Sales 3.5 24.2 -85.5% 0.3 1282.4% 3.8 45.2 -91.7% Industrial 6.5 2.8 133.7% 10.2 -35.8% 16.7 6.6 152.0% Financial Results (547.4) (531.6) 3.0% (541.4) 1.1% (1,088.8) (1,024.8) 6.2% Adjusted EBT 128.3 107.5 19.4% 114.6 12.0% 242.9 257.4 -5.6% Adjusted Income Tax (27.3) (24.5) 11.3% (27.9) -2.3% (55.2) (66.6) -17.1% % Effective tax rate -21.3% -22.8% 1.5 p.p. -24.4% 3.1 p.p. -22.7% -25.9% 3.2 p.p. Adjusted Net Income 101.1 83.0 21.8% 86.6 16.7% 187.7 190.8 -1.6% Record leasing revenue and consolidated EBITDA; Net financial expense increased compared to 1Q26, driven exclusively by higher expenses associated with FINAME. This credit line is indexed to the IPCA TLP (Long-Term Interest Rate) rate, which comprises the IPCA (inflation) variation plus a fixed real interest rate based on 5-year NTN-B government bonds. This rate performed higher than IPCA in 2Q26 , more than offset ing the positive effects of reductions in net debt and leverage, as well as the 25-basis-point cut in the benchmark interest rate; Net income doubled between the 3Q25 inflection point and 2Q26, has grown by double digits sequentially for three consecutive quarters, and is already back to 1Q25 levels – even with an average CDI rate 1.4 p.p. higher.
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24 5) Indebtedness & leverage (R$ million) 2Q26 2Q25 Var % Y/Y 1Q26 Var % Q/Q Gross Debt 15,968.1 16,380.3 -2.5% 16,794.0 -4.9% Gross Debt - Short Term 1,807.9 1,471.4 22.9% 1,766.6 2.3% Gross Debt - Long Term 13,785.5 14,915.1 -7.6% 14,787.5 -6.8% Financial Instruments and Derivatives -189.3 -224.4 -15.6% -214.3 -11.7% Cash and Investments 4,407.0 4,067.9 8.3% 4,794.9 -8.1% Net Debt 11,561.1 12,312.3 -6.1% 11,999.1 -3.7% LTM EBITDA* 3,854.1 3,627.7 6.2% 3,803.5 1.3% Net Leverage (Net Debt/EBITDA) 3.00x 3.39x -0.39x 3.15x -0.15x Gross Average Term (years) 3.2 3.4 -7.3% 3.2 -1.5% Net Average Term (years) 3.9 4.1 -4.0% 4.0 -2.0% *Last twelve months Definition for calculating leverage for covenant purposes • Net Debt: includes only loans, financing, and debentures, excluding assignment receivables. • LTM EBITDA: excludes the effects of impairment on LTM assets and non -recurring items that occurred in 2Q25. Adjustments to EBITDA for covenant purposes (R$ million) 2Q26 UDM 2Q25 UDM Var % 1Q26 UDM Var % Accounting EBITDA 3,774.8 3,506.6 7.6% 3,714.4 1.6% (+) Impairment of receivables (Bad Debts) (79.3) (121.0) -34.5% (89.1) -10.9% EBITDA for Covenant Purposes 3,854.1 3,627.7 6.2% 3,803.5 1.3% : 2 2 6 6 6 2 2 2 dec dec dec dec sep dec mar n Net Debt and Leverage for Covenant Purposes (R$ million) Gross Debt breakdown by Instrument (%) R 6
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25 Fleet Value vs. Net Debt* (R$ billion) Debt Maturity Schedule (R$ million) 2 6 2 2 2 66 2 66 Cai a C ( meses) l ec 2 R million of availa le lines T 2 2 S ( months) Cash 2 2 6 6 6 26 2
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26 6) Return and profitability indicators ROIC (%) ROIC (R$ million) 2Q26 LTM 2Q26 Annualized EBIT 2,646.6 2,702.9 Net Financial Expenses -2,242.6 -2,189.6 EBT 404.1 513.4 Taxes¹ -88.3 -109.1 Effective rate¹ -21.8% -21.3% NOPAT 2,068.6 2,128.5 Average Net Debt² 11,936.7 11,780.1 Average Net Worth² 2,951.3 2,951.6 Average Invested Capital² 14,888.1 14,731.7 ROIC 2Q26 LTM³ 13.9% 14.4% ROE (%) ROE (R$ million) 2Q26 LTM 2Q26 Annualized Adjusted Net Income 315.8 404.3 Average Net Equity 2,951.6 2,951.6 2Q26 ROE 10.7% 13.7% 2 6 6 6 2 R C Cost of e t after ta es p p p p p p p p p p p p R C A UA R C S R A A UA 26 6 2 2 R A UA
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27 Annex 1) Income Statement by segment Leasing Income Statement (R$ million) 2Q26 2Q25 Var% 1S26 1S25 Var% Total Net Revenue 1,452.87 1,326.40 9.53% 2,965.54 2,577.50 15.05% Net Revenue from Services 1,087.88 1,002.10 8.56% 2,142.26 1,962.71 9.15% Net Revenue from Asset Sales 364.99 324.30 12.55% 823.28 614.79 33.91% Net Revenue from Used Asset Sales 358.74 324.28 10.63% 684.82 614.79 11.39% Net Revenue from Asset Sales IFRS 16 6.24 0.00 - 138.46 0.00 -! Total Cost -691.75 -587.50 17.74% -1,465.77 -1,124.06 30.40% Cost of services -43.81 -41.00 6.85% -84.29 -74.09 13.77% Depreciation -286.45 -246.40 16.25% -570.08 -480.40 18.67% Cost of Asset Sales -361.48 -300.10 20.45% -811.40 -569.57 42.46% Cost of Used Asset Sales -355.60 -300.10 18.49% -681.42 -569.57 19.64% Cost of Asset Sales IFRS 16 -5.89 0.00 - -129.98 0.00 - Gross Profit 761.11 738.90 3.01% 1,499.77 1,470.46 1.99% Gross Profit from Services 757.61 714.70 6.00% 1,487.89 1,425.24 4.40% Gross Profit from Asset Sales 3.50 24.20 -85.54% 11.88 45.22 -73.73% Gross Profit from Used Asset Sales 3.15 24.18 -86.97% 3.40 45.22 -92.48% Gross Profit from Asset Sales IFRS 16 0.36 0.00 - 8.48 0.00 - Total Operating Expenses -91.91 -102.60 -10.42% -184.73 -177.81 3.89% General and Administrative Expenses (Excludes depreciation) -89.63 -96.70 -7.31% -179.27 -170.79 4.96% Depreciation -5.23 -4.20 24.52% -10.48 -8.12 29.05% Other Expenses and Revenues 2.95 -1.70 -273.53% 5.02 1.10 356.81% EBIT 669.20 636.30 5.17% 1,315.04 1,292.65 1.73% EBIT Margin on net revenue from services 61.51% 63.50% -2p.p. 61.39% 65.86% -4.5p.p. EBITDA 960.89 886.90 8.34% 1,895.60 1,781.17 6.42% EBITDA Margin on net revenue from services 88.33% 88.50% -0,2p.p. 88.49% 90.75% -2.3p.p. *Gross of eliminations figures. Industrial Income Statement (R$ million) 2Q26 2Q25 Var% 1S26 1S25 Var% Total Net Revenue 114.36 87.80 30.25% 266.45 172,75 54.24% Total Cost -88.28 -71.80 22.95% -214.03 -139,81 53.09% Gross Profit 26.08 15.90 64.03% 52.42 32,94 59.14% Total Operating Expenses -16.17 -13.10 23.42% -35.72 -26,31 35.77% EBIT 6.53 2.80 133.21% 16.70 6,63 151.89% EBIT Margin on Net Revenue 5.71% 3.19% 2,5p.p. 6.27% 3,84% 2.4p.p. EBITDA 10.65 9.40 13.30% 27.29 18,91 44.32% EBITDA Margin on Net Revenue 9.31% 10.71% -1,4p.p. 10.24% 10,95% -0.7p.p. *Gross of eliminations figures.
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28 VAMOS Consolidated Income Statement (R$ million) 2Q26 2Q25 Var% 1S26 1S25 Var% Total Net Revenue 1,564.31 1,411.70 10.81% 3,184.60 2,743.72 16.07% Total Cost -777.35 -657.80 18.17% - 1,632.69 - 1,259.65 29.61% Gross Profit 786.95 753.90 4.38% 1,551.90 1,484.06 4.57% Services Gross Profit 783.58 730.60 7.25% 1,540.30 1,441.14 6.88% Gross Profit (loss) from Asset Sales 3.50 24.20 -85.54% 11.88 45.22 -73.73% Eliminations -0.14 -0.90 -84.44% -0.28 -2.30 -87.83% Operating Expenses -111.32 -100.00 11.32% -220.17 -187.00 17.74% Administrative and Commercial Expenses -108.57 -112.20 -3.24% -214.97 -198.83 8.12% Depreciation -5.79 -4.80 20.63% -11.63 -9.30 25.07% Other Operating Income (Expenses) 2.90 16.10 -81.99% 6.15 18.83 -67.34% Eliminations 0.14 0.90 -84.44% 0.28 2.30 -87.81% EBIT 675.63 653.90 3.32% 1,331.73 1,297.06 2.67% EBIT Margin 43.19% 46.32% -3,1p.p. 41.82% 47.27% -5.5p.p. EBITDA 971.54 896.30 8.39% 1,922.89 1,790.57 7.39% EBITDA Margin 62.11% 63.49% -1,4p.p. 60.38% 65.26% -4.9p.p. Net Financial Result -547.39 -531.60 2.97% -1088.82 -1024.82 6.24% Income Tax and Social Contribution -27.28 -29.50 -7.53% -55.21 -71.61 -22.90% Net Profit - Continuing Operations 101.07 92.80 8.91% 187.70 200.63 -6.44% Net Margin 6.46% 6.57% -0,1p.p. 5.89% 7.31% -1.4p.p.
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29 Annex 2) Consolidated Balance Sheet
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30 Annex 3) Consolidated Cash Flow