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3Q26 RESUL TS
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2 Fleet Utilization Growth in Total Fleet Inventory Reduction (new and used) 3Q26 HIGHLIGHTS Operational improvements driven by higher utilization, lower need of net Capex, and inventory reduction... 89% +3 p.p. vs. 3Q25 +5% vs. 3Q25 -18% vs. 3Q25 Net Income R$ 151 mm +199% vs. 3Q25 ROE 20% 3Q26 annualized excluding capital increase EBITDA R$ 1.0 bn +16% vs. 3Q25 ...are generating significant financial upside, driving earnings growth and reducing the Company's leverage. Leverage 2.93x Net Debt / LTM EBITDA Lowest Level in the last 5 years Record
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3 Fleet Utilization 88.8% +3 p.p. vs. 3Q25 Contracted CAPEX* R$1.2bn +42% vs. 3Q25 EBITDA R$1.0bn +15% vs. 3Q25 Repossessions + Early Returns -56% vs. 3Q25 Inventory Reduction Used Assets -2,090 Assets -26% vs. 3Q25 Gross Margin on Truck SalesReduction in Trailer Inventory -1,990 Assets -61% vs. 3Q25 Net Revenue R$1.2bn +11% vs. 3Q25 EBITDA Margin 88.1% +2.6 p.p. vs. 3Q25 RECORD LEASED FLEET AND EBITDA. CONTRACT EXTENSIONS EXCEED GUIDANCE SALE OF MORE CHALLENGING AND OLDER ASSET INVENTORY Used Assets: an asset sales operation that is part of the Leasing business's growth model. Resilient and diversified demand, record leased fleet, and strong performance in the leasing of new and used assets. 3Q26 HIGHLIGHTS BY BUSINESS Contract Extensions* R$482.9mn +200% vs. 3Q25 Sempre Novo* R$195.1mn +181% vs. 3Q25 Record Number of Assets Sold 5,589 +20% vs. 9M25 Number of Machines Sold 298 +84% vs. 3Q25 913 +65% vs. 9M25 +7.3% 9M26 +7.0% 3Q26 Record Record Record Leased Fleet* R$17.5bi +9% vs. 3Q25 Recorde * Gross Fixed Assets
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4 3Q26 Leasing
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5 Total Fleet and Asset Diversification (Excludes Used Asset Inventory) Trucks Forklifts Construction and Agricultural Equipment %of Fleet Fixed Assets (R$ million) LEASING OF USED ASSETS REDUCES THE NEED FOR ASSET PURCHASES POTENTIAL TO GENERATE ADDITIONAL REVENUE FROM THE EXISTING FLEET • Trucks (including truck tractors and trailers): Demand from various sectors. The reduction in units reflects sales during 2026, mainly truck tractors and trailers (mostly from the grain transportation sector) and light commercial vehicles; • Yellow and Green Line Machinery: Lower contracts signing and increased asset demobilization from the sugar and ethanol sector in 2026, amid more challenging conditions in agribusiness; • Forklifts: Higher demand from intralogistics operations. 13,955 14,873 1,161 1,355 2,998 2,636 18,114 18,864 3Q25 3Q26 +4.1% 14.0% 7.2% 78.8% 16.6% 6.4% 77.0% -12.1% Y/Y +16.8% +6.6% 40,683 40,218 6,411 6,644 4,953 4,889 52,047 51,751 3Q25 3Q26 Units -0.6% 9.5% 12.3% 78.2% 9.4% 12.8% 77.7% -1.3% +3.6% -1.1% Y/Y Net Revenue from Leasing Services 1,039 1,157 3Q25 3Q26 +8.6% Net Leasing Revenue (R$ million) Record
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6 Contracted CAPEX | R$ million Average IRR on New ContractsAverage Yield on New Contracts Contracted Capex by Segment Contracted CAPEX: • Diversified demand; • Strongest growth driven by new assets; • Record Sempre Novo performance, benefiting from a more favorable mix of used assets in inventory and the low average age of assets in our fleet, accounting for 17% of Contracted CAPEX in 3Q26 and 9M26; • Lower volume of renewals with new assets reflects the high volume of contract extensions. Deployed CAPEX: • Acceleration reflects strong contract signings in the first half of the year. Deployment volumes are expected to remain strong in the coming months; • Sempre Novo deployment in 9M26 has already reached 87% of the midpoint of full-year guidance. Deployed CAPEX | R$ million STRONG CONTRACTED CAPEX VOLUME AND ACCELERATED CAPEX DEPLOYMENT NEW ASSET DEPLOYMENT INCREASED 34% Q/Q, DRIVEN BY HIGHER DELIVERIES FROM MANUFACTURERS Renewal - New Assets Sempre NovoExpansion – New Assets 80% 81% 12% 13%8% 6%884 965 3Q25 3Q26 +9.2% 83% 76% 14% 18% 4% 7% 2,595 2,497 9M25 9M26 -3.8% 76% 79% 8% 17% 16% 4% 830 1,180 2.82% 2.67% 3Q25 3Q26 81% 75% 12% 17%7% 8% 2,643 3,345 2.77% 2.88% 9M25 9M26 21.67% 20.91% 21.67% 20.81% +42.1% +26.6% 3Q26 1 2 34 5 6 7 8 9 10 11 12 13 14 151: General Cargo Transportation 18.5% 2: Logistics 18.0% 3: Industry 12.7% 4: Services 10.0% 5: Passenger Transportation 7.8% 6: Urban Cleaning 7.1% 7: Fuel Transportation 5.0% 8: Sugar and Ethanol 4.8% 9: Electrical Energy 4.7% 10: Engineering 3.3% 11: Food Industry 2.6% 12: Retail and E-commerce 2.0% 13: Independent Drivers 1.3% 14: Agribusiness 1.0% 15: Others 1.3%
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7 Contract Extensions | R$ million RECORD CONTRACT EXTENSIONS IN 9M26 EXCEEDED FULL-YEAR GUIDANCE NEW RECORD REACHED 129% OF THE GUIDANCE MIDPOINT AND 108% OF THE UPPER END OF GUIDANCE 696.2 970.1 750 900 9M25 9M26 Guidance 2026 Midpoint Upper end of Guidance 2026 +39.3% 160.9 482.9 3Q25 3Q26 +200.1% 2026 Guidance Achievement 129% 108% Contract Extensions by Segment Record Record 12 3 4 5 6 7 8 9 10 11 3Q26 1: Sugar and Ethanol 63.7% 2: General Cargo Transportation 9.6% 3: Logistics 7.4% 4: Industry 6.4% 5: Grain Transportation 5.2% 6: Electrical Energy 4.5% 7: Engineering 1.5% 8: Urban Cleaning 1.0% 9: Agribusiness 0.3% 10: Services 0.2% 11: Retail and E-commerce 0.1% 57% of contracts ending until Sep/26 were extended VAMOS Fleet with strong contract extension potential
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8 Repossessions + Early Returns | Acquisition Cost – Gross Book Value (Before Depreciation) - – R$ million STRICT CONTRACT AND COLLECTION MANAGEMENT EFFECTIVE COLLECTION PRACTICES AND CREDIT DILIGENCE CONTRIBUTE TO CONTROL DELINQUENCY Annualized Repossessed Assets as % of Total Gross Fixed Assets Repossession + Early Contract Termination CAPEX % Provision for bad debt (PBD) / Net Revenue from ServicesBreakdown of Repossessed CAPEX PBD as % of Net Revenue from Services PBD • At 2.4% of gross fixed assets, the ratio reached its lowest level on record, consistent with the delinquency levels reported throughout 2026. • For four consecutive quarters, repossessions as a percentage of gross fixed assets have remained below the 2025 level of 5.5%; • A diversified asset mix supports the expansion of the Sempre Novo product market and liquidity in Used Asset Sales. * Includes adjusted amounts of R$63 million, as explained in the 1Q26 Earnings Release +10.9% +46.3% Y/Y: Q/Q: -41.2% -55.6% Reduction in Repossessions + Early Returns Y/Y: Q/Q: 115 241 189 212 260 448 270 241 217 365 251 211 219 189 111 3.6% 7.3% 5.7% 6.1% 6.8% 11.4% 6.6% 5.7% 4.9% 8.1% 5.6% 4.6% 4.8% 4.1% 2.4% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26* * 23.5 28.0 17.3 26.0 22.8 25.3 3.4% 3.0% 1.7% 2.5% 2.1% 2.2% 3Q23 3Q24 3Q25 1Q26 2Q26 3Q26 1: Sugar and Ethanol 2: General Cargo Transportation 3: Logistics 4: Manufacturing 5: Services 6: Passenger Transportation 7: Urban Sanitation 8:Electrical Power 9:Fuel Transportation 10: Engineering 11: Food Industry 12: Grain transportation 13: Retail and E-commerce 14:Independent Truckers 15: Other Stabilization of delinquency at historical levels reduces the need for repossessions, resulting in higher implied yields and improved Leasing EBITDA margins High diversification of repossessed assets supports liquidity in Sempre Novo and Used Asset Sales 1 2 3 45 6 7 8 9 10 11 12 13 14 15 16 17 3Q26 1: Retail and E-commerce 12.6% 2: General Cargo Transportation 12.3% 3: Sugar and Ethanol 11.6% 4: Independent Drivers 11.3% 5: Electrical Energy 10.8% 6: Waste management 8.8% 7: Agribusiness 6.0% 8: Food Industry 4.5% 9: Logistics 4.4% 10: Rural producer 3.2% 11: Beverages 2.9% 12: Passenger Transportation 2.7% 13: Enginerering 2.6% 14: Industry 2.1% 15: Fuel Transportation1.9% 16: Services 1.7% 17: Grain Transportation 0.6%
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Assets Available for Leasing or Sale (Gross PP&E)* | R$ million *Acquisition Value – Gross Book Value (Excluding Depreciation). INVENTORY REDUCTION THROUGH BOTH LEASING AND SALES ASSET QUALITY, DIVERSIFICATION, AND LOW AVERAGE AGE SUPPORT LIQUIDITY New Assets Sempre Novo Inventory Used Assets InventoryTotal Asset Purchases Contract Deployment, Excluding Extensions -18%Y/Y Asset Returns at Contract Expiration Assets Sold – Historical Cost (Gross Value) Repossessions + Early Returns Lower Need for Asset Purchases Higher leasing of Used Assets More Contract Extensions Investment in Seminovos Diligence and rigor in credit and collections Set/2025 Ativos disponíveis para locação ou venda Compra de ativos Implantação ex- extensão de contratos Devolução do ativo ao término do contrato Ativos vendidos - custo (valor histórico/bruto) Retomadas Set/2026 Ativos disponíveis para locação ou venda 9 2,677 3,325 1,960 Sep/25 Assets Available for Leasing or Sale Sep/26 Assets Available for Leasing or Sale -1,211 2,197 -306 Inventory Reduction Through Deployment -905 Inventory Reduction Through Used Asset Sales Leasing used assets represents a significant opportunity to optimize fleet utilization High asset quality and liquidity, with pent- up demand in the Used Asset Sales business 466 1,594 617 3Q25 3Q26 3,019 823 938 435 1,055 731 Net of Depreciation (estimated market value) R$1.3 billion
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CURRENT EXCESS USED ASSET INVENTORY 10 0.9 0.8 1.8 Sep/2026 Gross Book Value 0.7 0.6 1.2 Sep/2026 Sales Inventory Cycle Assets available for sale Assets available for lease or sale LTM Average Monthly Revenue R$ 109M 5 . 3 months 6 . 1 months Used Asset Inventory (R$ billion) 11 . 4 months Total Period - 3 months Ideal Inventory Excess Inventory 8 . 4 months Market Value (net of depreciation)
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INVENTORY TURNOVER UNDER CONTROL NEW ASSET PURCHASES ALIGNED WITH DEMAND AND USED ASSET INVENTORY REDUCTION THROUGH LEASING AND SALES New Asset Inventory Optimization | Months and R$ million 11 Used Asset Inventory Optimization | (Months and R$ million) *Acquisition Value – Gross Book Value (Excluding Depreciation). New Asset Inventory Average Inventory Holding Period (Inventory at Gross Value / Monthly Deployment of New Assets. Excludes Future Purchases of N ew Assets) Gross Value - Assets Available for Sale Gross Value - Assets Available for Leasing or SaleAverage Inventory Holding Period (Inventory at Gross Value / Sum of Gross Value of Assets Sold and Sempre Novo Deployment. Excludes Future Asset Returns from Repossessions and Contract Terminations) 192 813 1,342 1,845 2,390 3,458 2,984 2,315 1,620 1,351 1,555 1,587 1,242 936 850 771 617 467 478 327 435 2.3 4.7 4.8 4.8 5.3 7.0 6.8 6.6 4.0 3.8 2.7 4.3 4.5 4.0 2.9 3.9 2.4 1.8 2.4 1.6 1.6 2020 2021 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Net of Depreciation R$ 1.2 billion 391 715 917 1,359 1,386 1,577 1,371 1,336 1,174 1,079 938481 682 775 551 543 659 688 695 661 702 823873 1,397 1,692 1,909 1,930 2,237 2,060 2,031 1,834 1,781 1,761 16.6 19.8 16.3 18.9 11.8 14.3 10.0 12.6 8.0 8.0 8.6 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26
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Number of Assets | Units Gross Fixed Assets | R$ million Truck Tractors Trailers ForkliftTrucks Construction and Agricultural Equipment USED ASSET INVENTORY (SEMPRE NOVO AND USED ASSET SALES) SIGNIFICANT REDUCTIONS IN GRAIN TRANSPORTATION ASSETS AND AN ASSET MIX BETTER ALIGNED WITH THE FLEET SEPTEMBER/2025 • 7,998 used assets in inventory, including assets available for sale through Used Asset Sales and repossessed assets intended either for leasing through Sempre Novo or for sale; • High concentration of trailers (40.7% of the total), almost entirely dedicated to grain transportation, primarily grain trailers and dump trailers; • R$2.1 billion in gross fixed assets corresponding to used asset inventory; • Used asset inventory mix showed a discrepancy with total fleet mix, particularly due to the high proportion of trailers; SEPTEMBER/2026 • 26% YoY reduction in the number of assets and 14% YoY reduction in gross fixed asset value; • The largest reductions occurred in trailer and truck tractor inventories (Grain Transportation); • Used asset inventory mix is now better aligned with total fleet mix. 25.7% 74.3% 26.2% 73.8% 23.0% 77.0% 22.2% 77.8% Total Fleet Mix (Sep/26) Inventory Mix (Sep/26) Used asset inventory mix is now better aligned with total fleet mix Trucks, Truck Tractors and Trailers Machinery and Equipment 10.5% 89.5% 12.9% 87.1% Inventory Mix (Sep/25) Trucks, Truck Tractors and Trailers Machinery and Equipment 12 21.3% 29.7% 27.6% 23.2% 40.7% 21.4% 5.5% 15.5% 4.9% 10.2% 7,998 5,908 Sep/25 Sep/26 -26.1% +10.0p.p. +8.5p.p. -4.4p.p. -19.3p.p. +5.2p.p. 19.9% 30.7% 49.2% 34.9% 18.1% 8.2% 3.6% 8.4% 9.2% 17.8% 2,060 1,761 Sep/25 Sep/26 -14.5% +10.8p.p. -9.9p.p. -10.5p.p. +4.8p.p. +8.5p.p.
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13 % of Gross Fixed Assets Leased Total Gross Fixed Assets(1) (R$ billion) Leased Gross Fixed Assets(2) (R$ billion) (1) Historical cost balance of vehicles, machinery, and equipment classified as fixed assets, plus assets held for sale (see Notes 10 and 12 to the Financial Statements). (2)Total fixed assets less the balance of assets held for sale and new and used assets available for leasing or sale. Fleet Utilization | R$ billion and % RECORD LEASED FLEET LEASED ASSETS (+8% Y/Y) OUTPACE TOTAL ASSET GROWTH (+5% Y/Y). +8.5% +4.7% Total Fleet Growth Y/Y Leased Fleet Growth Y/Y 13.4 13.8 14.3 15.1 15.7 15.7 16.1 16.5 16.7 17.0 17.5 15.8 16.8 17.2 18.0 18.5 18.7 18.8 19.0 19.0 19.1 19.7 85% 82% 83% 84% 85% 84% 86% 87% 88% 89% 89% 90% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Stable fleet utilization reflects an increase in new asset inventory currently being prepared for deployment over the upcoming months Peak in Asset Repossessions 2026 Guidance 97% 95% 94% 92% 92% 91% 92% 93% 93% 94% 95% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Fleet utilization calculated excluding inventories of new assets being prepared for deployment and used assets available for sale (Used Asset Sales)
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14 COMMERCIAL FOCUS ON DIVERSIFYING LEASING REVENUE RECORD REVENUE WITH LOWER DEPENDENCE ON TOP 100 CLIENTS AND GREATER SECTOR DIVERSIFICATION Leasing Revenue Breakdown by Segment | % Top Client Concentration in Leasing Revenue | R$ million Net Revenue from Leasing Services Segments Var. Sep/26 vs. Jun/26 Sugar and Ethanol +3.0 p.p Retail and E-commerce +1.0 p.p General Cargo Transportation +0.6 p.p. Passenger Transportation +0.4 p.p Agribusiness +0.1 p.p. Food Industry +0.1 p.p. Others -0.0 p.p. Logistics -0.2 p.p. Urban Cleaning -0.3 p.p Beverages -0.3 p.p Grain Transportation -0.4 p.p Mining -0.4 p.p Electrical Energy -0.5 p.p Fuel Transportation -0.6 p.p Services -0.7 p.p. Industry -0.7 p.p. Engineering -1.2 p.p Segments Var. Sep/26 vs. Sep/25 Logistics 1.4 p.p. Sugar and Ethanol 1.1 p.p. Retail and E-commerce 1.1 p.p. Urban Cleaning 0.6 p.p. Fuel Transportation 0.5 p.p Passenger Transportation 0.3 p.p Services 0.2 p.p Food Industry 0.2 p.p Agribusiness -0.0 p.p. Other -0.1 p.p Grain Transportation -0.2 p.p. Beverages -0.4 p.p Industry -0.4 p.p General Cargo Transportation -0.5 p.p Mining -0.9 p.p Electrical Energy -1.1 p.p Engineering -1.8 p.p. 1,039 1,157 68.4% 67.9% 53.7% 52.6% 36.1% 33.7% 25.9% 24.1% 18.3% 16.8% 3Q25 3Q26 Top 100 50 20 10 5 Δ -0.5 p.p -1.0 p.p -2.4 p.p -1.8 p.p. -1.5 p.p. +8.6% Segments (Number of Clients) 1: Sugar and Ethanol 25.5% (54) 2: General Cargo Transportation 11.7% (198) 3: Industry 9.5% (121) 4: Beverages 8.9% (28) 5: Urban Cleaning 7.6% (82) 6: Electrical Energy 6.4% (43) 7: Retail and E-commerce 5.8% (123) 8: Logistics 5.6% (44) 9: Fuel Transportation 4.7% (40) 10:Passenger Transportation 3.1% (33) 11: Agribusiness 2.9% (59) 12: Services 2.6% (71) 13: Food Industry 1.6% (25) 14: Engineering 1.5% (27) 15: Grain Transportation 1.0% (15) 16: Mining 0.8% (14) 17: Others 0.8% (50) Sep/26 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
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15 LEASING REPORTS YEAR-OVER-YEAR GROWTH IN REVENUE, EBITDA AND EBIT EBITDA OUTPACED REVENUE GROWTH. DEPRECIATION NORMALIZATION AND ONE-OFF ADJUSTMENTS (GUIDANCE REITERATED) Services EBITDA | R$ millionNet Revenue from Services | R$ million Services EBIT | R$ million 1,039 1,072 1,054 1,088 1,157 3Q25 4Q25 1Q26 2Q26 3Q26 +11.4% 888 965 926 957 1,019 85.5% 90.0% 87.9% 88.0% 88.1% 3Q25 4Q25 1Q26 2Q26 3Q26 +14.8% 621 707 637 666 680 59.8% 66.0% 60.5% 61.2% 58.7% 3Q25 4Q25 1Q26 2Q26 3Q26 +9.4% Trucks Machinery Trucks + Machinery Annualized depreciation divided by gross fixed assets Implied Annual Depreciation Rate | % 2.8% 2.8% 2.9% 3.1% 3.9% 3.9% 4.3% 3.7% 4.7% 4.8% 5.5% 8.5% 9.0% 9.9% 9.7% 9.6% 10.6% 10.6% 11.5% 11.2% 11.1% 12.5% 4.2% 4.3% 4.5% 4.7% 5.2% 5.4% 5.7% 5.5% 6.2% 6.2% 7.0% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26
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16 Used Vehicle Sales | units Trucks Machinery and Equipment 36% 21% 26% 10% 6% 3Q26 USED ASSET SALES: STRONG VOLUMES AND CONTROLLED MARGINS SALES VOLUME IN LINE WITH 2Q26. LOWER AVERAGE SELLING PRICE DUE TO ASSET MIX AND AGE. TRUCK GROSS MARGIN: +7% Used Assets Sales Net Revenue (R$ million) and Gross Margin (%) 33.4 17.8 38.5 21.3 FENABRAVE New trucks and buses ANFIR New trailers Brazilian Market: New Truck and Trailer Sales (Fenabrave and ANFIR – thousand units) 3Q25 3Q26 After Sales Gross Margin 3Q26 • Total: 0.0% (-0.3p.p. Y/Y) • Trucks: +7.0% • Others: -4.9% 9M26 • Total: 0.3% (-4.2 p.p. Y/Y) • Trucks: +7.3% • Others: -4.3% Used Asset Sales Revenue by Asset Category | % 39% 10% 43% 4% 4% 3Q25 Excludes sales of IFRS 16 assets Excludes sales of CPC 06 assets 15.4% 19.6% Truck Tractors Trailers Construction and Agricultural Equipment Trucks Forklifts -1.2% Brazilian Market: Used Heavy Vehicle Sales — Trucks and Buses (Fenauto and Company – thousand units) 394.9 301.0 3Q25 3Q26 -23.8% -2.4% 1,883 1,549 162 298 2,045 1,847 3Q25 3Q26 -9.7% +84.0% -17.7% 4,100 4,676 552 9134,652 5,589 9M25 9M26 +20.1% +65.4% +14.0% 124.7 123.2 3Q25 3Q26 1,010 986 9M25 9M26
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17 3Q26 Consolidated Results
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18 Consolidated Net Revenue* | R$ million Consolidated EBITDA | R$ million Consolidated Net Income | R$ million 199% NET INCOME GROWTH IN 12 MONTHS. EBITDA REACHES R$1 BN FOURTH CONSECUTIVE QUARTER OF NET INCOME GROWTH. STRONG EBITDA AND EBIT PERFORMANCE, OUTPACING REVENUE GROWTH *Net revenue after eliminations. Segment revenue shown before eliminations. Consolidated EBIT | R$ million Used Asset Sales Leasing Services Industry Consolidate d Asset Sales – CPC 06 +4.3% 102 113 152 114 131 1,039 1,072 1,054 1,088 1,157 132 6 9395 327 326 359 301 1,529 1,483 1,620 1,564 1,594 3Q25 4Q25 1Q26 2Q26 3Q26 6 -12 17 11 16 888 965 926 957 1,019 8 0 01 4 0 3 0895 957 951 972 1,036 3Q25 4Q25 1Q26 2Q26 3Q26 +15.8% -1 -18 10 7 7 621 707 637 666 680 8 0 01 4 0 3 0622 693 656 676 687 3Q25 4Q25 1Q26 2Q26 3Q26 +10.4% 50 78 87 101 151 3Q25 4Q25 1Q26 2Q26 3Q26 +199.1% +54% +12% +17% +49%
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19 POSITIVE CASH GENERATION COMBINED WITH A REDUCTION IN RECEIVABLES ASSIGNMENTS 1 2 3 4 5 Record leased fleet, strong demand for leasing of new and used assets, cost and expense control, and higher EBITDA. 5 Net Debt Progression for covenant purposes| R$ million 11,561.1 -1,040.1 -286.3 798.1 491.3 5.3 193.7 11,723.1 Net Debt Jun26 Operations Cash Flow Vehicle Sales Assets purchase Corporate debt interest Others Receivables var. Net Debt Set26 1 2 3 4 Cash Outflows R$ 1.29 billion Operating Cash Generation 28% above EBITDA R$ 1.33 billion Organic Debt Reduction of R$32 million Increased use of used asset inventory for leasing resulted in a lower contribution from asset sales; Increased asset purchases, in line with higher Contracted CAPEX for new assets, as previously anticipated; Declines in the IPCA TLP , benchmark interest rate, and leverage; Continued reduction in receivables assignments, reducing expanded leverage (covenant leverage plus receivables assignments).
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STRONG LIQUIDITY POSITION LEVERAGE BELOW 3.0x FOR THE FIRST TIME SINCE 2021. EXPANDED LEVERAGE AT 3.1x 'AA+(bra)' ‘brAA+’ 'AA+br' 13.2 12.3 12.5 16.7 16.5 17.0 1.26x 1.34x 1.36x 3Q25 2Q26 3Q26 Net Debt* = Net Debt + Working Capital + Receivables Assignments Fleet Value = Consolidated Net Fixed Assets (Vehicles + Machinery) + Used Asset Inventory Available for Sale Ratio Fleet Value vs. Net Debt* 20 Net Debt and Leverage for Covenant Purposes | R$ million Covenants: 3.75x Lowest Leverage Since 2021 Net Debt Post Spin-off Leverage Pre Spin-off Leverage Short term Long Term Debt Maturity Schedule | R$ million Expanded Net Debt (Including Receivables Assignments) and Leverage | R$ million 11,960 11,808 11,999 11,561 11,723 1,461 1,304 1,153 912 760 13,421 13,112 13,152 12,473 12,483 3.67x 3.50x 3.46x 3.24x 3.12x Sep/25 Dec/25 Mar/26 Jun/26 Sep/26 Net Debt Expanded LeverageReceivables Assignments Peak Receivables Assignments Balance (Sep/25) 3,826 1,862 860 4,233 2,072 2,709 3,334 480 257 4,084 Cash ST (12 months) Oct - Dec 2027 2028 2029 2030 2031 > 2032 5,928 9,373 11,605 11,960 11,808 11,999 11,561 11,723 2.8x 3.8x 3.5x 3.3x 3.3x 3.2x 3.2x 3.0x 2.9x 2.2x 3.1x 3.3x dec/21 dec/22 dec/23 dec/24 sep/25 dec/25 mar/26 jun/26 sep/26 R$ 257 million of available credit lines Debt Coverage through Mar/28 Average Net Debt Maturity: 3.7 years (4.2 in Sep/25)
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21 ROIC is calculated based on adjusted EBIT and adjusted income tax rate, excluding the extraordinary effects recorded in 2Q24, divided by average invested capital.ROE is calculated based on adjusted net income divided by average shareholders' equity. Consolidated ROE (Continuing Operations) | % 26.1% 19.6% 21.9% 33.0% 12.7% 13.7% 2021 2022 2023 2024 2025 3Q26 LTM 19,8% 3Q26 Annualized ROE Excluding the Capital Increase* Consolidated ROIC (Continuing Operations) | % 12.1% 16.8% 18.6% 15.6% 13.9% 13.7% 7.9% 11.2% 9.4% 9.0% 10.8% 10.6% 2021 2022 2023 2024 2025 3Q26 LTM ROIC After-tax Cost of Debt +4,2 p.p +3,1 p.p +5,6 p.p +9,2 p.p +6,6 p.p +3,1 p.p 1.41% 1.44% Fleet Utilization Rate Leasing EBITDA margin Net Revenue from Used Assets Sales Average CDI R$ million) 1Q25 Leverage 2Q25 3Q25 4Q25 1Q26 84.9% 83.9% 85.8% 86.9% 87.8% 89.0% 88.8% Net Income 2Q26 291 324 395 327 326 359 301 3.29x 3.39x 3.27x 3.16x 3.15x 3.00x 2.93x 13.1% 14.6% 15.0% 15.0% 15.0% 14.5% 14.1% 3Q26 108 83 50 78 87 101 151 1Q25 2Q25* 3Q25 4Q25 1Q26 2Q26 3Q26 +12% +17% +50% x3 +54% FOCUS ON PROFITABILITY AND SHAREHOLDER RETURNS *Adjusted ROE excluding the capital increase: excludes the R$598m impact on equity and annualizes 3Q26 net income, excluding the R$20m impact on financial income. 89.1% 86.1% 85.5% 90.0% 87.9% 88.0% 88.1%
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FINAL MESSAGE: FOCUS ON PROFITABILITY AND DELEVERAGING 22 Opportunities Initiatives Achieved results VAMOS prepared for all scenarios Resilient and growing demand in an underpenetrated market Fleet utilization Expansion of the addressable market Selective growth, focus on profitability and pass-through of interest rate curves; Tighter policies, risk-return analysis and agility in asset repossession; Sempre Novo Contract extension Increase in revenue and EBITDA and low fleet growth Lower delinquency and better implied yield Record contract signings and higher fleet utilization Lower asset demobilization and higher contract IRR Development of the Used Asset market Investments in people and sales channels Sales growth and margin protection Cost and expense control Cash generation and lower leverage Access to capital and bankability Improved maintenance processes and Cost Reduction Program Net Capex reduction Issuance of a bond, greater Finame exposure and capital increase More consistent margins and profit generation Controlled net debt and lower leverage in 5 years and better Net Debt/Fleet Value ratio Fundraising of R$3.5 billion in 2 years, creditor diversification and entry of a strategic shareholder
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23 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 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 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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24 THANK YOU! INVESTOR RELATIONS ri.grupovamos.com.br ri@grupovamos.com.br +55 11 2388-5336 +55 11 3154-4065