Earnings release
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CONFERENCE CALL Date: October 30, 2026 Time 11h00 (São Paulo) / 10h00 (NY) Zoom access: Click here RESULTS 3Q26
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1 CONSOLIDATED DATA (R$ million) 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Gross Revenue 1.768,3 1.682,1 5,1% 1.726,6 2,4% 5.274,7 4.708,9 12,0% Deductions (174,0) (153,1) 13,7% (162,3) 7,2% (495,9) (436,2) 13,7% Net Revenue 1.594,2 1.529,0 4,3% 1.564,3 1,9% 4.778,8 4.272,7 11,8% Services 1.157,4 1.038,7 11,4% 1.087,9 6,4% 3.299,7 3.001,4 9,9% % of Total Net Revenue 72,6% 67,9% 4,7 p.p. 69,5% 3,1 p.p. 69,0% 70,2% -1,2 p.p. Asset Sales 310,3 394,9 -21,4% 365,0 -15,0% 1.133,6 1.009,7 12,3% % of Total Net Revenue 19,5% 25,8% -6,4 p.p. 23,3% -3,9 p.p. 23,7% 23,6% 0,1 p.p. Asset Sales 301,0 394,9 -23,8% 358,7 -16,1% 985,8 1.009,7 -2,4% % of Total Net Revenue 18,9% 25,8% -7,0 p.p. 22,9% -4,1 p.p. 20,6% 23,6% -3,0 p.p. Asset Sales IFRS 16 9,3 - - 6,2 49,3% 147,8 - - % of Total Net Revenue 0,6% - 0,6 p.p. 0,4% - 3,1% - - Industrial 130,5 101,7 28,3% 114,4 14,1% 396,9 274,5 44,6% % of Total Net Revenue 8,2% 6,7% 1,5 p.p. 7,3% 0,9 p.p. 8,3% 6,4% 1,9 p.p. Intercompany eliminations (3,9) (6,4) -38,1% (2,9) 34,7% (51,3) (12,9) 296,6% % of Total Net Revenue -0,2% -0,4% 0,2 p.p. -0,2% -0,1 p.p. -1,1% -0,3% -0,8 p.p. EBITDA 1.035,5 895,0 15,7% 971,5 6,6% 2.958,4 2.678,1 10,5% Leasing (Services + Asset Sales) 1.019,5 889,5 14,6% 960,9 6,1% 2.915,1 2.653,6 9,9% Industrial 16,0 5,6 187,5% 10,6 50,7% 43,3 24,5 76,9% Depreciation and amortization (344,2) (273,1) 26,0% (295,8) 16,4% (935,3) (773,9) 20,9% EBIT 691,3 621,9 11,2% 675,7 2,3% 2.023,1 1.918,9 5,4% Leasing (Services + Asset Sales) 680,0 622,7 9,2% 669,2 1,6% 1.995,1 1.913,1 4,3% Industrial 11,3 (0,8) - 6,5 73,1% 28,0 5,8 382,8% Financial Results (479,8) (562,1) -14,7% (547,4) -12,4% (1.568,6) (1.586,9) -1,2% EBT 211,6 59,8 254,0% 128,3 64,8% 454,5 332,0 36,9% Income Tax (60,7) (9,3) 5,51 (27,3) 122,4% (115,9) (81,0) 43,1% % Effective tax rate -28,7% -15,6% -13,1 p.p. -21,3% -7,4 p.p. -25,5% -24,4% -1,1 p.p. Net Income 150,9 50,4 199,1% 101,1 49,3% 338,6 251,0 34,9% Non-recurring effects - - - - - - (14,8) - Net non-recurring effects - - - - - - (9,8) - Adjusted EBITDA 1.035,5 895,0 15,7% 971,5 6,6% 2.958,4 2.663,2 11,1% % Adjusted EBITDA Margin 65,0% 58,5% 6,4p.p. 62,1% 2,8p.p. 61,9% 62,3% -0,4p.p. Adjusted EBIT 691,3 621,9 11,2% 675,7 2,3% 2.023,1 1.904,1 6,2% % Adjusted EBIT Margin 43,4% 40,7% 2,7p.p. 43,2% 0,2p.p. 42,3% 44,6% -2,2p.p. Adjusted Net Income 150,9 50,4 199,1% 101,1 49,3% 338,6 241,3 40,4% % Adjusted Net Margin 9,5% 3,3% 6,2p.p. 6,5% 3,0p.p. 7,1% 5,6% 1,4p.p. Net Debt 11.723,1 11.959,9 -2,0% 11.561,1 1,4% 11.723,1 11.959,9 -2,0% Financial Leverage 2,93x 3,27x -0,35x 3,00x -0,07x 2,93x 3,27x -0,34x Operational Data Contracted Capex 1.179,9 830,2 42,1% 1.326,6 -11,1% 3.345,1 2.642,7 26,6% Deployed Capex 965,0 883,9 9,2% 770,9 25,2% 2.497,1 2.595,0 -3,8% Leasing fleet (# of assets) 51.751 52.047 -0,6% 51.256 1,0% 51.751 52.047 -0,6% ROIC 13,7% 14,2% -0,6p.p. 13,9% -0,2p.p. 13,7% 14,2% -0,6p.p. Spread ROIC-KD 3,1p.p. 3,3p.p. -0,2p.p. 3,5p.p. -0,4p.p. 3,1p.p. 3,3p.p. -0,2p.p.
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2 MESSAGE FROM MANAGEMENT The third quarter delivered strong commercial performance, supported by growth in leasing revenue, strict cost and expense control, disciplined depreciation management, and a further reduction in leverage, positively impacting net income and bringing us even closer to achieving our 2026 guidance. 3Q26 Net Income tripled over the last 12 months, following consecutive double-digit sequential growth since its inflection point in 3Q25. Net income totaled R$ 151 million, representing the highest level recorded in the last seven quarters, despite an average CDI of 14.1% during the quarter. EBITDA surpassed the R$ 1.0 billion mark for the first time , while the Company continued to execute initiatives aimed at reducing Net Capex, enabling net leverage to decline to 2.9x LTM EBITDA as of September 2026, already below the 3.0x guidance established for December 2026. Highlights of these and other key developments across our business segments are presented below: VAMOS Leasing: Contracted Capex (excluding contract extensions): strong demand across multiple sectors of the economy, contributing to the continued diversification of revenue. Virtually all industries served by the Company reported net additions to the leased fleet (with Deployed Capex exceeding the combined volume of contract expirations, repossessions, and early contract terminations ); Deployed Capex: acceleration in the deployment of new assets as the Company continues to receive higher volumes of equipment from manufacturers, in line with the contracted volume secured throughout the year; Sempre Novo: record volume of new contracts signed. Deployed volume in 3Q26 was lower than in 2Q26 due to the preparation process, which, once completed, is expected to support a faster pace of deployments; Contract Extensions: reached a new record and surpassed the Company's full-year 2026 guidance in just nine months. The R$ 970.1 million volume represented 129% of the midpoint of guidance ( R$ 750 million) and 108% of the upper end of guidance (R$ 900 million); Record and increasingly diversified revenue: growth above inflation, combined with lower revenue concentration among the top 100 customers; Repossessions + Early Contract Terminations: reached the lowest level recorded since repossessions began in 1Q23, with no concentration in any specific industry. On an annualized basis, these events represented 2.4% of the average gross fleet carrying value in 3Q26, marking four consecutive quarters below the 5.5% level reported for 2025; Inventory of assets available for lease or sale (new and used): decreased by 18% over the last 12 months, despite a modest increase in inventories of new assets being prepared for deployment in the coming months; Profitability: EBITDA surpassed the R$1.0 billion mark for the first time, with an EBITDA margin of 88% (up 2.6 p.p. year -over-year and more stable throughout 2026), supported by higher utilization rates,
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3 record revenue and leased fleet levels, continued efficiency and strict cost and expense control, as well as normalized delinquency levels; VAMOS Seminovos: Reduction in used asset inventories: down -26% year -over-year across all asset categories, including a significant -61% reduction in trailer inventories and a -38% reduction in truck tractor inventories; Sales volume (units sold): increased 20% year -over-year in 9M26, in line with the Company's expectations. Machinery and equipment sales volumes increased 84% year-over-year in 3Q26 and 65% year-over-year in 9M26; Used Assets Sales gross margin: reached 0% in 3Q26, in line with the Company's guidance. Gross margin totaled 0.3% in 9M26. Truck sales continued to deliver positive margins of 7% throughout the year; Industry: Healthy sales volumes, supported by positive operating leverage. Such results demonstrate the Company's ability to capture operational efficiency gains from its existing asset base while continuing to secure profitable new business opportunities, maximizing value creation for all stakeholders. We would like to thank our employees, customers, suppliers, shareholders, and creditors for their continued trust in and commitment to VAMOS. Christian Hahn da Silva CEO
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4 1) LEASING 1.1) Operational data Fleet Size: compared to 3Q25, gross fleet book value increased in forklifts and trucks, driven by stronger demand from sectors such as retail/e -commerce, general cargo transportation, and logistics. In contrast, gross fleet book value for yellow and green line machinery declined, reflecting lower demand from the sugar and energy sector. The reduction in total fleet size, measured in units, alongside the increase in gross fleet book value, reflects changes in fleet mix and higher average asset prices; Lower need for asset acquisitions: supported by the strong performance of used asset leasing initiatives (Contract Extensions and Sempre Novo), leasing services revenue (+11.4% YoY) once again outpaced the growth of gross fleet book value (+4.1% YoY). 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. Leasing fleet (1) | (#) Fixed Assets (1) | (R$ million) 3 2 2 2 6 2 6 3 3 3 2 2 2 6 2 2 6 2 2 26 6 6 2 6 6 6 2 6 6 6 2 2 3 2 2 3 3 6
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5 Contracted Capex: strong growth, supported by demand across diversified sectors. New asset contracts accounted for the highest growth, while Sempre Novo reached a record level. The lower volume of renewals involving new assets reflects the strong performance of contract extensions; IRR: the lower IRR reflects a greater share of contracts signed with larger customers, consistent with the trend observed throughout the year, as well as a shorter average contract term. Sempre Novo : reached a record level of new contracts signed. Growing demand for the product was supported by the relatively young age profile and higher-quality mix of repossessed assets accumulated over recent quarters; 3Q2 T 3Q2 3Q26 3 6 6 2 T R Contracted Capex by contract type (R$ million) Contracted Capex by segment 3Q26 2 3 3 2 6 2 3 3
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6 Deployed CAPEX (R$ million) 6 2 2 2 3 3 23 2 6 3 3 R Contract base growth Deployed Capex by contract type (R$ million) 3Q2 T 3Q2 3Q26 6 2 6 T
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7 3Q26 New Assets (Expansion +Renewal) Sempre Novo Total Term R$ million % R$ million % R$ million % 1year 6 0.7% 44 35.1% 50 5.2% 1 to 2 years 9 1.1% 30 24.2% 40 4.1% 2 to 3 years 105 12.6% 37 29.7% 143 14.8% 3 to 4 years 320 38.1% 7 5.5% 326 33.8% 4 to 5 years 372 44.3% 7 5.4% 379 39.2% 5 to 6 years 17 2.0% 0 0.0% 17 1.8% 6 to 7 years 0 0.0% 0 0.1% 0 0.0% 7 to 8 years 0 0.0% 0 0.0% 0 0.0% 8 to 9 years 0 0.0% 0 0.0% 0 0.0% 9 to 10 years 11 1.3% 0 0.0% 11 1.1% Total 840 100.0% 125 100.0% 965 100.0% Deployed Capex: accelerated deployment of new asset contracts as the Company continued to receive higher volumes of assets from manufacturers. The lower deployment volume under the Sempre Novo program in 3Q26 compared to 2Q26 reflects the asset preparation process, which, once completed, is expected to further accelerate deployments; 2 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 Contract Extensions: reached a new record and surpassed the Company's full-year 2026 guidance in just nine months. The R$970.1 million volume represented 129% of the midpoint of guidance (R$750 million) and 108% of the upper end of guidance (R$900 million). This performance was driven by the continued increase in new truck prices and the relatively young age profile of the Company's fleet compar ed to the Brazilian fleet average; * Acquisition cost – gross value. ** Considers the adjusted values of R$63 million, as explained in the 1Q26 Results Release. Repossessions + Early Contracts Terminations* (R$ million) 2 6 2 2 2 26 2 2 2 36 2 2 2 3 6 3 6 6 6 6 6 6 2 Contract extensions (R$ million) 6 6 2 3 3 6 2 2 2 26 2 2 3 6 3Q26 63 6 6 2 3 2 Contract Extensions by Segment
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9 Repossessions and Early Contract Terminations: totaled R$111 million ( -56% YoY and -41% QoQ). On an annualized basis, this volume represented 2.4% of the average gross fleet book value in 3Q26. This was the lowest level recorded since repossessions began in 1Q23. In addition, repossessions showed no meaningful sector concentration. As a result, Repossessions and Early Contract Terminations have remained below the 5.5% level reported in 2025 for four consecutive quarters; Deployment Cycle of Repossessed Assets Deployment year Repossessed Capex by year of deployment (R$ 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 204 5.75% - 2021 588 16.61% - 28.29% 2022 1326 37.46% - 27.46% 2023 949 26.80% 757 20.27% 2024 328 9.27% 1220 6.56% 2025 134 3.78% 982 3.19% 2026 11 0.32% 583 0.33% Total 3,541 100.0% 3,541 14.59% Repossessed Capex by segment + Early Contracts Termination 2 3 6 2 3 6 3Q26 2 6 2 3 6 3 6 3 2 2 2 2 6 2 6
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10 Repossessions + Early Returns Upon Contract Expiration Original contract maturity 1Q26 2Q26 3Q26 Repossessed Capex 9M26 R$ 281.9 M R$ 189.4 M R$ 111.4 M R$ 582.7 M 2026 1Q 6.95% 0.00% 0.00% 3.37% 2Q 6.67% 5.88% 0.00% 5.15% 3Q 5.87% 6.04% 10.51% 6.81% 4Q 2.88% 3.65% 9.17% 4.32% Total 2026 (%) 22.36% 15.57% 19.67% 19.64% 2027 1Q 5.87% 22.08% 16.29% 13.12% 2Q 9.35% 10.50% 3.47% 8.61% 3Q 8.48% 3.34% 10.54% 7.20% 4Q 5.72% 5.14% 6.81% 5.74% Total 2027 (%) 29.43% 41.05% 37.11% 34.67% 2028 1Q 11.57% 4.50% 3.17% 7.67% 2Q 9.09% 8.12% 2.68% 7.55% 3Q 3.32% 1.47% 4.24% 2.89% 4Q 7.19% 12.46% 9.12% 9.27% Total 2028 (%) 31.17% 26.55% 19.21% 27.39% 2029 1Q 4.82% 2.08% 2.00% 3.39% 2Q 5.40% 1.02% 8.96% 4.65% 3Q 3.00% 1.43% 5.01% 2.87% 4Q 2.16% 4.60% 1.00% 2.73% Total 2029 (%) 15.37% 9.12% 16.97% 13.64% 2030 1Q 0.96% 0.33% 4.08% 1.35% 2Q - 0.77% 1.50% 0.53% 3Q 0.64% 0.82% - 0.57% Total 2030 (%) 1.59% 1.92% 5.57% 2.46% 2031 2Q - 3.00% 0.19% 1.01% 3Q - 2.63% - 0.86% Total 2031 (%) 0.00% 5.63% 0.19% 1.87% 2032 1Q 0.00% 0.00% 0.26% 0.05% 2Q 0.08% 0.00% 0.00% 0.04% Total 2032 (%) 0.08% 0.00% 0.26% 0.09% 2034 3Q 0.00% 0.15% 0.00% 0.05% Total 2034 (%) 0.00% 0.15% 0.00% 0.05% 2035 4Q 0.00% 0.00% 1.02% 0.19% Total 2035 (%) 0.00% 0.00% 1.02% 0.19% Total (%) 100.0% 100.0% 100.0% 100.0%
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11 (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). Total fixed assets less the balance of assets held for sale and new and used assets available for leasing or sale. (R$ million) 3Q26 3Q25 Var. (%) 2Q26 Var. (%) A Gross Leased Fixed Assets 17,491.1 16,125.8 8.5% 17,001.1 2.9% B Gross Fixed Assets available for Leasing 1,373.3 1,988.4 -30.9% 1,406.4 -2.4% A + B = C Leasing Gross Fixed Assets (vehicles + machines) 18,864.4 18,114.1 4.1% 18,407.5 2.5% D Used Assets Inventory 823.4 465.8 76.8% 702.0 17.3% C+D = E Leasing Gross Fixed Assets + Used assets 19,687.8 18,579.9 6.0% 19,109.6 3.0% A / E (%) Fleet Occupancy rate 88.8% 85.8% 3.0 p.p. 89.0% (0.2 p.p.) Gross Leased Fleet Book Value: reached a record level, driven by the accelerated deployment of new assets, record contract extensions, strong performance of the Sempre Novo product, and lower volumes of repossessed assets; Fleet Utilization: September utilization levels were in line with those reported in June 2026, reflecting the increase in inventories of new assets currently undergoing preparation for deployment in the coming months. This effect is a natural consequence of the strong volume of new asset contracts signed, particularly during 2Q26. Excluding the impact of the inventory build -up between June and September, fleet utilization in 3Q26 would have reached 89.3% (+0.3 p.p. vs. 2Q26 and +2.5 p.p. vs. 3Q25); Gross Leased Assets and Occupancy Rate (R$ billion and %) 2 26 6 2 2 3 6
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12 Contracted Leasing Gross Revenue Backlog (R$ million) Annual distribution of leasing revenue backlog (R$ million) Leasing revenue backlog schedule (explanatory note 27.1) (R$ million) Up to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total 4,696 3,714 2,525 1,281 472 193 12,880 Leasing Revenue Backlog: increased, driven by the expansion of the leased fleet and the accelerated deployment of new asset lease contracts, which have longer average contract terms than used asset leases; 2 3 6 2 3 2 2 26 6 3 2 2 2 3 2 6 3
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13 Evolution of assets available for lease or sale (gross acquisition value) (R$ million) E E R E S R E R 2 6 3 32 6 E S 2 2 2 2 2 3 6 3Q2 3Q26 3 3 R 6 3 3 3 3 6 6 2 2 2Q26 3Q26 2 Q Q 6 23 R E R E 26 3
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14 Assets Available for Lease or Sale (New and Used):inventory totaled R$2.2 billion as of September 2026 (R$1.7 billion net of depreciation), down 18% year -over-year. The reduction was driven by both leasing activities, with asset deployments exceeding asset purchases, supported by higher volumes of used asset leasing (Sempre Novo) and record c ontract extensions, and by asset sales exceeding the volume of asset disposals. Compared to June 2026, the increase in inventory levels was entirely attributable to higher asset purchases, in line with the stronger Contracted Capex for new assets throughout the year; Over the last 12 months, the combined R$1.2 billion reduction in inventory resulting from lease contract deployments and Used Assets Sales represented 166% of total repossessions (R$731 million) and 45% of inventory levels as of September 2025. Brand-new asset inventory optimization (Months and R$ million) As anticipated in 2Q26, new asset inventory totaled R$435 million in 3Q26, posting a modest sequential increase driven by higher asset deliveries from manufacturers, in line with the stronger volume of Contracted Capex. Inventory turnover, however, remained stable at 1.6 months, as the pace of asset preparation and deployment continued to accelerate. New asset inventories are still expected to increase through year-end 2026; 6
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15 Used asset inventory optimization (Months and R$ million) Used Asset Inventory decreased to R$1.8 billion, the lowest level since 3Q24. The increase in inventory available exclusively for sale (Used Assets Sales) to R$823 million was driven by a greater concentration of asset disposals toward the end of the quarter. Inventory of used assets available for lease or sale totaled R$938 million, the lowest level since 3Q24, reflecting the strong performance of the Sempre Novo product and the significant decline in asset repossessions over recent quarters. Inventory turnover increased to 8.6 months due to the factors mentioned above, combined with the longer preparation period required for assets expected to be deployed under Sempre Novo in the coming months and the lower volume of Used Assets Sales in 3Q26. R 2 3 3 6 2 3 2 23 2 6 2 3 3 6 6 6 6 3 3 2 6 6
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16 2) Used Assets Sales (Seminovos) 2.1) Sector data ANFIR Units 3Q26 3Q25 Var. (%) New Trailers Flatbed 571 690 -17.2% Stainless Steel Tank 140 145 -3.4% Aluminum Tank 0 0 0.0% Special 817 791 3.3% Cane Transport 159 149 6.7% Dump Truck 3,524 3,141 12.2% Tarped Box 1,700 1,449 17.3% General Cargo Box 4,057 3,405 19.1% Grain/General Cargo 3,841 3,107 23.6% Container Carrier 1,544 1,230 25.5% Refrigerated Box 674 529 27.4% Carbon Steel Tank 1,315 1,030 27.7% Dolly 1,874 1,411 32.8% Log Transport 880 614 43.3% Silo 226 139 62.6% Total 21,322 17,830 19.6% FENABRAVE Units 3Q26 3Q25 Var. (%) New Vehicles Trucks 30,642 26,063 17.6% Buses 7,883 7,320 7.7% Total 38,525 33,383 15.4% 33 3 2 3 6 Brazilian market: sales of new trucks and implements (Fenabrave and ANFIR – thousands of units) 2 3 2 6 2 3 Brazilian market: new truck sales by category (Fenabrave, Forrisk and Vamos Market Intelligence – thousands of units)
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17 Brazilian market: used heavy vehicles sales – trucks and buses* (FENAUTO and Company – thousands of units) According to FENABRAVE, the total number of brand-new trucks and buses registrations in 3Q26 showed growth compared to 3Q25, driven by an increase in sales volume for 6x2 truck tractor units, light commercial vehicles, heavy-duty trucks, and buses — ’ " Brasil" program; Sales of trailers in 3Q26 were also positive, driven by the factors mentioned above, with double -digit growth across nearly all asset types. This performance represented a significant recovery for sales volumes compared to the first half of 2026; The Brazilian market for used trucks and buses of all ages saw a 1.2% decline compared to the 3Q25, pointing to credit constraints and potential delays in purchasing decisions. * Does not include light commercial vehicles and machinery 2 2 23 2
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18 2.2) Operational data Sales Volume (Units) The decrease in the sales volume of used assets in 3Q26 is attributable to a higher drawdown of the used- assets inventory, driven by record -breaking Contracted Capex of the "Sempre Novo" product throughout the year. This occurred alongside a lower -than-expected volume of assets demobilization — both due to fewer contract terminations (as a result of a record number of contract extensions) and the smaller ammount of repossed assets over the course of the year; The Company has also observed greater restraint by banks in granting credit for the purchase of used assets, resulting in a decline in the approval rate for financing applications from potential customers throughout the year — a trend that has worsened in recent months; There was greater growth in the sales volume of Machinery and Equipment in both comparisons, primarily driven by an increase in equipment sales; In 9M26, the Company grew its sales volumes by 20.1%, in line with expectations for the year ; Demobilization Schedule (R$ million and % of the leased fleet) 336 3 3 6 2 3 22 6 3 2 3 6 2 3 T L 3 2 26 2 6 2 2 6 36 2 26 6 3Q26 3 3 3Q2
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19 3) Income Statement (Leasing + Used Assets Sales) 3.1) Revenue (R$ million) - gross of eliminations 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Gross Revenue 1,605.1 1,554.8 3.2% 1,582.8 1.4% 4,825.1 4,370.7 10.4% Leasing Services 1,280.4 1,148.2 11.5% 1,205.8 6.2% 3,652.7 3,333.5 9.6% Asset Sales (Used Assets + IFRS 16) 324.7 406.6 -20.1% 377.0 -13.9% 1,172.4 1,037.1 13.0% Deductions (137.4) (121.2) 13.4% (130.0) 5.8% (391.9) (359.5) 9.0% Leasing Services (123.0) (109.5) 12.3% (117.9) 4.3% (353.0) (332.1) 6.3% Asset Sales (Used Assets + IFRS 16) -14.4 -11.7 23.7% (12.0) 20.0% (38.8) (27.4) 41.7% Net Revenue 1,467.7 1,433.6 2.4% 1,452.9 1.0% 4,433.2 4,011.2 10.5% Leasing Services 1,157.4 1,038.7 11.4% 1,087.9 6.4% 3,299.7 3,001.4 9.9% % of Total Net Revenue 78.9% 72.5% 6.4 p.p. 74.9% 4.0 p.p. 74.4% 74.8% -0.4 p.p. With maintenance 297.7 297.2 0.2% 275.4 8.1% 871.8 856.0 1.8% % of Total Net Services Revenue 25.7% 28.6% -2.9 p.p. 25.3% 0.4 p.p. 26.4% 28.5% -2.1 p.p. Without maintenance 859.7 741.5 15.9% 812.5 5.8% 2,427.9 2,145.5 13.2% % of Total Net Services Revenue 74.3% 71.4% 2.9 p.p. 74.7% -0.4 p.p. 73.6% 71.5% 2.1 p.p. Asset Sales (Used Assets + IFRS 16) 310.3 394.9 -21.4% 365.0 -15.0% 1,133.6 1,009.7 12.3% % of Total Net Revenue 21.1% 27.5% -6.4 p.p. 25.1% -4.0 p.p. 25.6% 25.2% 0.4 p.p. Asset Sales 301.0 394.9 -23.8% 358.7 -16.1% 985.8 1,009.7 -2.4% % of Total Net Revenue 20.5% 27.5% -7.0 p.p. 24.7% -4.2 p.p. 22.2% 25.2% -2.9 p.p. Asset Sales IFRS 16 9.3 - - 6.2 49.3% 147.8 - - % of Total Net Revenue 0.6% - 0.6 p.p. 0.4% 0.2 p.p. 3.3% - 3.3 p.p. Leasing revenue breakdown by segment S 26 S 26 26 S 3 6 2 3 3 6 2 S 2 6 6 6 3 2 2 6 6 * 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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20 Leasing revenue bolstered by a record -high leased fleet, increase in marginal yields, contractual price adjustments, and a lower incidence of billing cancellations related to delinquent clientes; The lower Seminovos revenue — and the fact that this decline was smaller than the change in unit sales volume — is primarily due to a higher average age of the vehicles sold and the sales mix, which resulted in a lower average price per unit; In 3Q26, the average age of assets sold was higher than that of assets sold in the comparative quarters, as the inventory of younger assets — notably repossessed ones — is being consumed at a higher rate by the "Sempre Novo " leasing product (which reached a record high). Furthermore, a lower volume of repossessions, combined with the high number of contract extensions observed in recent quarters, contributed to an increase in the average age of the fleet, particularly regard ing assets demobilized for sale; The Seminovos sales mix in 3Q26 also showed a higher concentration of equipments, such as forklifts, pallet jacks, and machinery accessories, among various other goods that individually carry a lower average price; The Company also applied one -off price discounts — on a limited scale — to agro and yellow line s machinery, heavy-duty truck tractors, and trailers that had sustained some form of damage. This decision was based on a proprietary market study, which indicated that it was more advantageous to sell these assets quickly at lower prices than to attempt to recover their full market value by incurring additional maintenance costs — an approach that would also have extended the sales cycle time of these assets. It should be noted that the costs associated with such damage were duly charged to and paid for by the respective leasing clients, in line with standard practices.
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21 3.2) Costs & Expenses (R$ million) - gross of eliminations 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Total Leasing Cost (ex. depreciation) (352.4) (444.6) -20.7% (405.3) -13.1% (1,248.1) (1,088.3) 14.7% % of total leasing revenue -24.0% -31.0% 7.0 p.p. -27.9% 3.9 p.p. -28.2% -27.1% -1.0 p.p. Leasing services cost (42.1) (50.9) -17.2% (43.8) -3.8% (126.4) (125.0) 1.1% % of leasing services revenue -3.6% -4.9% 1.3 p.p. -4.0% 0.4 p.p. -3.8% -4.2% 0.3p.p. Personnel (25.3) (22.5) 12.3% (23.8) 6.4% (72.3) (63.9) 13.1% % of leasing services revenue -2.2% -2.2% 0.0 p.p. -2.2% 0.0 p.p. -2.2% -2.1% -0.1p.p. Maintenance and parts (57.5) (51.3) 12.2% (50.6) 13.7% (159.9) (164.7) -2.9% % of leasing services revenue -5.0% -4.9% 0.0 p.p. -4.7% -0.3 p.p. -4.8% -5.5% 0.6p.p. Vehicle costs (44.5) (58.6) -24.1% (41.5) 7.3% (125.3) (151.2) -17.1% % of leasing services revenue -3.8% -5.6% 1.8 p.p. -3.8% 0.0 p.p. -3.8% -5.0% 1.2p.p. Other costs (18.8) (10.2) 84.6% (16.6) 13.6% (53.6) (34.0) 57.6% % of leasing services revenue -1.6% -1.0% -0.6 p.p. -1.5% -0.1 p.p. -1.6% -1.1% -0.5p.p. PIS/COFINS Credit 104.0 91.8 13.3% 88.6 17.4% 284.6 288.8 -1.5% % of leasing services revenue 9.0% 8.8% 0.1 p.p. 8.1% 0.8 p.p. 8.6% 9.6% -1.0p.p. Used Assets sales cost (300.9) (393.7) -23.6% (355.6) -15.4% (982.3) (963.3) 2.0% % of asset sales revenue -100.0% -99.7% -0.3 p.p. -99.1% -0.9 p.p. -99.7% -95.4% -4.2p.p. Assets sales costs IFRS 16 (9.3) - - (5.9) 58.2% (139.3) - - % of asset sales IFRS 16 revenue -99.9% - -99.9 p.p. -94.2% -5.6 p.p. -94.3% - -94.3p.p. Expenses (ex. depreciation) (94.7) (99.6) -4.9% (86.8) 9.1% (269.1) (254.5) 5.7% % of leasing revenue -6.5% -6.9% 0.5 p.p. -6.0% -0.5 p.p. -6.1% -6.3% 0.3p.p. Commercial, general and administrative (94.1) (93.5) 0.6% (89.7) 4.2% (273.4) (263.9) 3.6% % of leasing revenue -6.4% -6.5% 0.1 p.p. -6.2% -0.2 p.p. -6.2% -6.6% 0.4p.p. Commercial (31.1) (42.0) -26.0% (33.3) -6.5% (95.1) (94.9) 0.2% % of leasing revenue -2.7% -4.0% 1.4 p.p. -3.1% 0.4 p.p. -2.1% -2.4% 0.2p.p. General and administrative (37.6) (34.2) 10.1% (33.6) 11.9% (104.1) (86.4) 20.5% % of leasing revenue -3.3% -3.3% 0.0 p.p. -3.1% -0.2 p.p. -2.3% -2.2% -0.2p.p. Bad Debt Provisions* (25.3) (17.3) 46.3% (22.8) 10.9% (74.2) (82.6) -10.2% % of leasing revenue -2.2% -1.7% -0.5 p.p. -2.1% -0.1 p.p. -1.7% -2.1% 0.4p.p. Other revenues (expenses)** (0.7) (6.1) -89.1% 2.9 -122.4% 4.4 9.4 -53.8% % of leasing revenue 0.0% -0.4% 0.4 p.p. 0.2% -0.2 p.p. 0.1% 0.2% 0.1p.p. Leasing services EBITDA 1,019.4 888.2 14.8% 957.4 6.5% 2,903.1 2,607.1 11.4% % Services EBITDA Margin 88.1% 85.5% 2.6p.p. 88.0% 0.1p.p. 88.0% 86.9% 1.1p.p. Used assets sales EBITDA - 1.2 -96.9% 3.1 -98.8% 3.4 46.4 -92.6% % Asset sales EBITDA margin - 0.3% -0.3p.p. 0.9% -0.9p.p. 0.3% 4.6% -4.2p.p. % Truck sales EBITDA margin 7.0% 5.5% 1.4p.p. 8.7% -1.7p.p. 7.3% 9.1% -1.8p.p. % Other asset sales EBITDA margin -4.9% -4.9% 0.1p.p. -4.0% -0.9p.p. -4.3% -1.1% -3.2p.p. Asset Sales IFRS 16 EBITDA - - - 0.4 -96.4% 8.5 - - % Asset sales IFRS 16 EBITDA margin 0.1% - - 5.8% -5.6p.p. 5.7% - - Depreciation and amortization (339.4) (266.7) 27.3% (291.7) 16.4% (920.0) (755.2) 21.8% Leasing services EBIT 680.0 621.5 9.4% 665.7 2.1% 1,983.2 1,851.9 7.1% % Services EBIT margin 58.7% 59.8% -1.1p.p. 61.2% -2.4p.p. 60.1% 61.7% -1.6p.p. Used assets sales EBIT - 1.2 -96.9% 3.1 -98.8% 3.4 46.4 -92.6% % Used assets sales EBIT margin - 0.3% -0.3p.p. 0.9% -0.9p.p. 0.3% 4.6% -4.2p.p. Asset Sales IFRS 16 EBIT - - - 0.4 -96.4% 8.5 - - % Asset sales IFRS 16 EBIT margin 0.1% - - 5.8% -5.6p.p. 5.7% - - Non-recurring expenses - - - - - - (14.8) -100.0% Adjusted leasing services EBITDA 1,019.4 888.2 14.8% 957.4 6.5% 2,903.1 2,592.3 12.0% % Adjusted leasing services EBITDA margin 88.1% 85.5% 2.6p.p. 88.0% 0.1p.p. 88.0% 86.4% 1.6p.p. Adjusted leasing services EBIT 680.0 621.5 9.4% 665.7 2.1% 1,983.2 1,837.1 8.0% % Adjusted leasing services EBIT margin 58.7% 59.8% -1.1p.p. 61.2% -2.4p.p. 60.1% 61.2% -1.1p.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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22 Main highlights: Personnel: growth in line with leasing revenue, primarily due to the hiring of employees and salespeople; Maintenance and parts: variations in 3Q26 are also in line with revenue. For the year to date, the smaller variation is due to greater efficiency in maintenance processes, as well as a higher incidence of these costs in 2025, given the larger volume of repossessed assets; Vehicle-related expenses: remained in line with the levels observed throughout 2026. Compared to the previous year, this trend reflects improvements in the management of customer traffic fine collections, as “other c ” category; Other cost s: for the year to date, its increase essentially reflects the reclassification of vehicle -related expenses “ ”; PIS/Cofins tax credit: the increase in 3Q26 is explained by higher brand-new assets purchase. Its lower revenue representation for the year to date is due to a smaller volume of purchases and a greater current exposure to contract extensions (leasing contracts do not generate PIS/COFINS tax credits from the fourth year onwards via accelerated tax depreciation); SG&A: lower selling expenses are due to a lower sales volume of Seminovos. General and administrative expenses are in line with revenue fluctuations. Bad debt expenses are performing within the expected range; Leasing EBITDA Margin : modest expansion with an increase in the leased fleet, cost and expense efficiency, and higher PIS/Cofins tax credits; Seminovos EBITDA Margin: ’ -to-date figure stood at +0.3%. The sales margin for trucks remained stable at +7% in 3Q26 and throughout 2026 ; Depreciation: remains appropriate, allowing for positive margins on the sale of used assets. The increase in depreciation rates is due to the normalization process as the addition of new assets to PP&E accelerates. In parallel, there were specific upward adjustments to depreciation — primarily concerning machinery and equipment — for reasons already explained on page 20. These increases will be mitigated as the respective assets are sold. 2 6 2 2 2 6 6 2 2 3 2 32 3 3 36 2 3 2 3 3 3 6 2 3 6 3 2 22 2 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 3 3 3 3 3 6 6 6 2 2 2 3 2 6 2 6 2 Annualized Depreciation per Asset (R$ thousand) Implicit Depreciation Rate (%)
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23 4) INDUSTRY 4.1) Net Revenue 4.2) Costs & expenses (R$ million) - gross of eliminations 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Costs (ex. depreciation) (96.5) (81.9) 17.9% (84.8) 13.8% (301.1) (216.9) 38.8% % of industry revenue -74.0% -80.5% 6.5 p.p. -74.2% 0.2 p.p. -75.9% -79.0% 3.2 p.p. Customization services cost (89.0) (77.6) 14.6% (79.3) 12.2% (283.4) (205.9) 37.6% % of industry revenue -68.2% -76.3% 8.1 p.p. -69.4% 1.2 p.p. -71.4% -75.0% 3.6 p.p. Direct costs (64.1) (58.2) 10.0% (58.4) 9.7% (216.6) (148.2) 46.2% % of industry revenue -49.1% -57.2% 8.1 p.p. -51.1% 2.0 p.p. -54.6% -54.0% -0.6 p.p. Personnel (21.3) (17.2) 23.4% (17.9) 19.0% (57.3) (51.8) 10.5% % of industry revenue -16.3% -16.9% 0.7 p.p. -15.6% -0.7 p.p. -14.4% -18.9% 4.5 p.p. Maintenance and parts (1.7) (1.3) 34.0% (1.6) 8.4% (4.9) (3.7) 34.0% % of industry revenue -1.3% -1.3% -0.1 p.p. -1.4% 0.1 p.p. -1.2% -1.3% 0.1 p.p. Vehicle costs (1.9) (0.9) 119.7% (1.5) 31.7% (4.5) (2.2) 102.0% % of industry revenue -1.5% -0.9% -0.6 p.p. -1.3% -0.2 p.p. -1.1% -0.8% -0.3 p.p. Other costs (7.5) (4.2) 77.4% (5.5) 36.9% (17.7) (11.0) 61.8% % of industry revenue -5.7% -4.2% -1.6 p.p. -4.8% -1.0 p.p. -4.5% -4.0% -0.5 p.p. Expenses (ex. depreciation) (17.9) (14.3) 25.8% (18.9) -5.1% (52.5) (39.4) 33.2% % of industry revenue -13.8% -14.0% 0.3 p.p. -16.5% 2.8 p.p. -13.2% -14.4% 1.1 p.p. Commercial, general and administrative (19.7) (15.5) 26.7% (18.9) 4.4% (55.4) (44.4) 24.7% % of industry revenue -15.1% -15.3% 0.2 p.p. -16.5% 1.4 p.p. -14.0% -16.2% 2.2 p.p. Commercial (4.6) (0.8) 469.9% (3.2) 42.3% (10.7) (9.3) 15.3% % of industry revenue -3.5% -0.8% -2.7 p.p. -2.8% -0.7 p.p. -2.7% -3.4% 0.7 p.p. Administrative (12.8) (15.3) -15.8% (12.0) 7.3% (37.9) (35.6) 6.5% % of industry revenue -9.8% -15.0% 5.2 p.p. -10.5% 0.6 p.p. -9.6% -13.0% 3.4 p.p. Bad Debt* (2.3) 0.5 - (3.7) -37.9% (6.7) 0.5 - % of industry revenue -1.8% 0.5% -2.3 p.p. -3.2% 1.5 p.p. -1.7% 0.2% -1.9 p.p. Other revenues (expenses) 1.8 1.3 36.8% (0.0) - 2.9 5.0 -42.4% % of industry revenue 1.3% 1.3% 0.1 p.p. 0.0% 1.4 p.p. 0.7% 1.8% -1.1 p.p. EBITDA 16.0 5.6 187.5% 10.6 50.7% 43.3 24.5 76.9% % EBITDA Margin 12.3% 5.5% 6.8 p.p. 9.3% 3.0 p.p. 10.9% 8.9% 2.0 p.p. Depreciation (4.7) (6.4) -26.1% (4.1) 15.1% (15.3) (18.7) -18.1% EBIT 11.3 (0.8) - 6.5 73.1% 28.0 5.8 382.8% % EBIT Margin 8.7% -0.8% 9.5 p.p. 5.7% 3.0 p.p. 7.1% 2.1% 4.9 p.p. The increase in net revenue across all comparisons reflects a higher sales volume of Truckvan mobile trailers— as well as greater demand for customization services from BMB; Margin expansion is driven by an improved product mix (mobile units and customization services carry higher margins than the sale of semi-trailers) and by the realization of positive operating leverage. (R$ million) - gross of eliminations 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Gross Revenue 167.1 133.6 25.0% 146.7 13.9% 500.9 351.2 42.6% Deductions (36.6) (31.9) 14.6% (32.4) 13.0% (104.0) (76.7) 35.6% Net Revenue 130.5 101.7 28.3% 114.4 14.1% 396.9 274.5 44.6%
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24 MOS | Consolidated Results (R$ million) 3Q26 3Q25 Var. (%) 2Q26 Var. (%) 9M26 9M25 Var. (%) Gross Revenue 1,768.3 1,682.1 5.1% 1,726.6 2.4% 5,274.7 4,708.9 12.0% Deductions (174.0) (153.1) 13.7% (162.3) 7.2% (495.9) (436.2) 13.7% Net Revenue 1,594.2 1,529.0 4.3% 1,564.3 1.9% 4,778.8 4,272.7 11.8% Services 1,157.4 1,038.7 11.4% 1,087.9 6.4% 3,299.7 3,001.4 9.9% % of Total Net Revenue 72.6% 67.9% 4.7 p.p. 69.5% 3.1 p.p. 69.0% 70.2% -1.2 p.p. Asset Sales 310.3 394.9 -21.4% 365.0 -15.0% 1,133.6 1,009.7 12.3% % of Total Net Revenue 19.5% 25.8% -6.4 p.p. 23.3% -3.9 p.p. 20.6% 23.6% -3.0 p.p. Asset Sales 301.0 394.9 -23.8% 358.7 -16.1% 985.8 1,009.7 -2.4% % of Total Net Revenue 18.9% 25.8% -7.0 p.p. 22.9% -4.1 p.p. 20.6% 23.6% 1.9 p.p. Asset Sales IFRS 16 9.3 - - 6.2 49.3% 147.8 - - % of Total Net Revenue 0.6% - 0.6 p.p. 0.4% 0.2 p.p. 3.1% - 3.1 p.p. Industrial 130.5 101.7 28.3% 114.4 14.1% 396.9 274.5 44.6% % of Total Net Revenue 8.2% 6.7% 1.5 p.p. 7.3% 0.9 p.p. 8.3% 6.4% 1.9 p.p. Intercompany eliminations (3.9) (6.4) -38.1% (2.9) 34.7% (51.3) (12.9) 296.6% % of Total Net Revenue -0.2% -0.4% 0.2 p.p. -0.2% -0.1 p.p. -1.1% -0.3% -0.8 p.p. EBITDA 1,035.5 895.0 15.7% 971.5 6.6% 2,958.4 2,663.2 11.1% Leasing Adjusted 1,019.5 889.5 14.6% 960.9 6.1% 2,915.1 2,653.6 9.9% Services 1,019.4 888.2 14.8% 957.4 6.5% 2,903.1 2,607.1 11.4% Asset Sales 0.1 1.2 -95.9% 3.5 -98.5% 11.9 46.4 -74.3% Industrial 16.0 5.6 187.5% 10.6 50.7% 43.3 24.5 76.9% Depreciation and amortization (344.2) (273.1) 26.0% (295.8) 16.4% (935.3) (773.9) 20.9% Adjusted EBIT 691.3 621.9 11.2% 675.7 2.3% 2,023.1 1,904.1 6.2% Leasing Adjusted 680.0 622.7 9.2% 669.2 1.6% 1,995.1 1,898.3 5.1% Services 680.0 621.5 9.4% 665.7 2.1% 1,983.2 1,851.9 7.1% Asset Sales 0.1 1.2 -95.9% 3.5 -98.5% 11.9 46.4 -74.3% Industrial 11.3 (0.8) - 1470.1% 6.5 73.1% 28.0 5.8 382.8% Financial Results (479.8) (562.1) -14.7% (547.4) -12.4% (1,568.6) (1,586.9) -1.2% Adjusted EBT 211.6 59.8 254.0% 128.3 64.8% 454.5 317.2 43.3% Adjusted Income Tax (60.7) (9.3) 551.1% (27.3) 122.4% (115.9) (75.9) 52.6% % Effective tax rate -28.7% -15.6% -13.1 p.p. -21.3% -7.4 p.p. -25.5% -23.9% -1.6 p.p. Adjusted Net Income 150.9 50.4 199.1% 101.1 49.3% 338.6 241.3 40.4% Record highs in leasing revenue and in both consolidated and leasing EBITDA; EBITDA — both from leasing operations and on a consolidated basis — exceeded the R$1 billion mark for the first time; Net financial expenses decreased across all comparisons, driven by a lower IPCA TLP (Long-Term Interest Rate) associated with FINAME — which saw a negative variation in August — as well as a reduction in the base interest rate and the capital increase that took place in the 2Q26; Net income tripled over 12 months, grew by double digits sequentially for four consecutive quarters, and reached its highest level in the last seven quarters — even with a high average CDI rate of 14.1%.
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25 5) Indebtedness & leverage (R$ million) 3Q26 3Q25 Var % Y/Y 2Q26 Var % Q/Q Gross Debt 15,549.5 16,557.5 -6.1% 15,968.1 -2.6% Gross Debt - Short Term 1,862.2 1,694.6 9.9% 1,807.9 3.0% Gross Debt - Long Term 13,611.5 14,710.2 -7.5% 13,785.5 -1.3% Financial Instruments and Derivatives 75.8 152.6 -50.3% 374.7 -79.8% Cash and Investments 3,826.4 4,597.6 -16.8% 4,407.0 -13.2% Net Debt 11,723.1 11,959.9 -2.0% 11,561.1 1.4% LTM EBITDA* 4,006.5 3,652.8 9.7% 3,854.1 4.0% Net Leverage (Net Debt/EBITDA) 2.93x 3.27x -0.34x 3.00x -0.07x Gross Average Term (years) 3.0 3.2 -5.8% 3.2 -6.1% Net Average Term (years) 3.7 3.9 -5.3% 3.9 -5.7% *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) 3T26 LTM 3T25 LTM Var % 2T26 LTM Var % Accounting EBITDA 3,916.3 3,538.4 10.7% 3,774.7 3.8% (+) Impairment of receivables (Bad Debts) (90.1) (114.4) -21.2% (79.3) 13.6% EBITDA for Covenant Purposes 4,006.5 3,652.8 9.7% 3,854.0 4.0% 2 3 3 6 6 6 23 2 3 3 3 3 3 3 3 2 3 2 3 2 Net Debt and Leverage for Covenant Purposes (R$ million) Gross Debt breakdown by Instrument (%) R 6
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26 Fleet Value vs. Net Debt* (R$ billion) Debt Maturity Schedule (R$ million) 62 6 233 2 2 2 3 33 M 2 M 3 2 S 2 3 2 2 3 2 6 6 26 3 36
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27 6) Return and profitability indicators ROIC (%) ROIC (R$ million) 3Q26 LTM EBIT 2,716.1 Net Financial Expenses -2,160.2 EBT 555.9 Taxes¹ -139.6 Effective rate¹ -25.1% NOPAT 2,034.0 Average Net Debt¹ 11,841.5 Average Net Worth¹ 3,041.5 Average Invested Capital¹ 14,883.0 ROIC 3Q26 LTM 13.7% ROE (%) ROE (R$ million) 3Q26 LTM 3Q26 Ex- private capital increase Adjusted Net Income 416.3 548.3 Average Net Equity 3,041.5 2,775.5 3Q26 ROE 13.7% 19.8% 2 6 6 6 3 3 2 6 26 6 2 33 2 3 (1) Based on the average between the current period and September 2025
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28 Annex 1) Income Statement by segment Leasing Income Statement (R$ million) 3Q26 3Q25 Var% 9M26 9M25 Var% Total Net Revenue 1,467.7 1,433.6 2.4% 4,433.2 4,011.1 10.5% Net Revenue from Services 1,157.4 1,038.7 11.4% 3,299.7 3,001.4 9.9% Net Revenue from Asset Sales 310.3 394.9 -21.4% 1,133.6 1,009.7 12.3% Net Revenue from used assets sales 301.0 394.9 -23.8% 985.8 1,009.7 -2.4% Net Revenue from assets sales IFRS 16 9.3 0.0 N/A 147.8 0.0 N/A Total Cost -686.3 -706.3 -2.8% -2152.1 -1830.4 17.6% Cost of services -42.1 -50.9 -17.2% -126.4 -125.0 1.2% Depreciation -333.9 -261.7 27.6% -904.0 -742.1 21.8% Cost of Asset Sales -310.2 -393.7 -21.2% -1,121.6 -963.3 16.4% Cost of used assets sales -300.9 -393.7 -23.6% -982.4 -963.3 2.0% Cost of assets sales IFRS 16 -9.3 0.0 N/A -139.3 0.0 N/A Gross Profit 781.4 727.3 7.4% 2281.2 2180.7 4.6% Gross Profit from Services 781.4 726.1 7.6% 2,269.2 2,134.3 6.3% Gross Profit from Asset Sales 0.1 1.2 -95.8% 11.9 46.4 -74.3% Gross profit from used assets sales 0.0 1.2 -97.5% 3.4 46.4 -92.6% Gross proft from assets sales IFRS 16 0.0 0.0 N/A 8.5 0.0 N/A Total Operating Expenses -101.4 -104.6 -3.1% -286.1 -267.6 6.9% General and Administrative Expenses (Excludes depreciation) -93.9 -94.1 -0.2% -272.6 -264.5 3.1% Depreciation -5.5 -5.0 10.5% -16.0 -13.1 21.8% Other Expenses and Revenues -2.0 -5.5 -64.5% 2.4 10.0 -75.4% EBIT 680.0 622.7 9.2% 1995.1 1913.1 4.3% EBIT Margin on net revenue from services 58.8% 60.0% -1,2p.p. 60.5% 63.7% -3,3p.p. EBITDA 1019.5 889.4 14.6% 2915.1 2668.4 9.2% EBITDA Margin on net revenue from services 88.1% 85.6% 2,5p.p. 88.3% 88.9% -0,6p.p. *Gross of eliminations figures. Industrial Income Statement (R$ million) 3Q26 3Q25 Var% 9M26 9M25 Var% Total Net Revenue 130.5 101.7 28.3% 396.9 274.5 44.6% Total Cost -100.7 -87.7 14.8% -314.7 -227.5 38.3% Gross Profit 29.8 14.0 112.9% 82.2 46.9 75.2% Total Operating Expenses -18.5 -14.8 25.1% -54.2 -41.1 31.9% EBIT 11.3 -0.8 - 28.0 5.8 382.8% EBIT Margin on Net Revenue 8.7% -0.8% 9,4p.p. 7.1% 2.1% 4,9p.p. EBITDA 16.0 5.6 187.5% 43.3 24.5 76.8% EBITDA Margin on Net Revenue 12.3% 5.5% 6,8p.p. 10.9% 8.9% 2p.p. *Gross of eliminations figures.
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29 VAMOS Consolidated Income Statement (R$ million) 3Q26 3Q25 Var% 9M26 9M25 Var% Total Net Revenue 1,594.2 1,529.0 4.3% 4,778.8 4,272.7 11.8% Total Cost -783.3 -788.9 -0.7% -2,415.9 -2,048.6 17.9% Gross Profit 811.0 740.1 9.6% 2,363.0 2,224.2 6.2% Services Gross Profit 811.1 740.1 9.6% 2,351.5 2,181.3 7.8% Gross Profit (loss) from Asset Sales 0.1 1.2 -95.8% 11.9 46.4 -74.3% Eliminations -0.2 -1.2 -87.5% -0.4 -3.5 -87.7% Operating Expenses -119.7 -118.2 1.3% -339.8 -305.2 11.3% Administrative and Commercial Expenses -114.7 -109.6 4.6% -330.3 -308.0 7.2% Depreciation -6.1 -5.5 10.4% -17.7 -14.8 19.4% Other Operating Income (Expenses) 0.9 -4.3 -119.8% 7.7 14.1 -45.3% Eliminations 0.1 1.2 -87.9% 0.4 3.5 -87.8% EBIT 691.3 621.9 11.2% 2,023.2 1,918.9 5.4% EBIT Margin 43.4% 40.7% 2,7p.p. 42.3% 44.9% -2,6p.p. EBITDA 1,035.5 895.0 15.7% 2,958.4 2,692.9 9.9% EBITDA Margin 65.0% 58.5% 6,4p.p. 61.9% 63.0% -1,1p.p. Net Financial Result -479.8 -562.1 -14.6% -1,568.6 -1,586.9 -1.2% Income Tax and Social Contribution -60.7 -9.3 552.3% -115.9 -80.9 43.2% Net Profit - Continuing Operations 151.0 50.5 199.0% 338.7 251.1 34.9% Net Margin 9.5% 3.3% 6,2p.p. 7.1% 5.9% 1,2p.p.
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30 Annex 2) Consolidated Balance Sheet
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31 Annex 3) Consolidated Cash Flow