Vamos (VAMO3), a prominent company in the rental of trucks, machinery, and equipment, reported a consolidated net profit of R$ 107.8 million for the first quarter of 2025, marking a significant decline of 45.6% compared to the same period in 2024. The company attributes this decrease primarily to the impact of rising interest rates, which have constrained profitability. This report is particularly notable as it reflects the second consecutive quarter in which the company's results do not include figures from its dealership segment, following the spin-off that led to the creation of Automob (AMOB3) in December 2024.
Despite the drop in net profit, Vamos demonstrated operational resilience, with its consolidated earnings before interest, taxes, depreciation, and amortization (Ebitda) rising to R$ 886.7 million—a 10.1% increase from the previous year. This growth in Ebitda highlights the company’s ability to maintain strong operational performance even amid challenging economic conditions.
In the first quarter of 2025, Vamos recorded consolidated net revenue of R$ 1.33 billion, representing a robust annual growth of 24%. This increase was driven by strong performance across all segments, particularly notable was the record volume of leasing asset sales and a consistent rise in service revenues. CEO Gustavo Couto characterized the quarter as “a quarter of records,” emphasizing that all business areas contributed positively to revenue growth.
One of the standout performances was in the sales of used vehicles, which typically see weaker sales during this time of year. Couto noted that the unexpected strength in this area significantly bolstered overall revenue. He remarked, “We are finding healthy growth, despite the challenging economy,” highlighting the company’s strategic focus on operational efficiency and inventory management to mitigate the effects of increased financial expenses.
Vamos has ambitious projections for 2025, estimating an Ebitda of R$ 4 billion and a capital expenditure (capex) of R$ 2 billion. The company anticipates a net profit between R$ 450 million and R$ 550 million. The leverage ratio, measured by net debt to Ebitda, is expected to decrease to between 3.0x and 3.2x, improving from the 3.3x recorded in the fourth quarter of 2024. Couto noted, “All of this in a scenario of rising interest rates,” which underscores the company’s confidence in its operational strategies.
Vamos’ strong performance is reflected in its asset occupancy rate, which has risen to 85%. This metric indicates the effectiveness of the company’s portfolio diversification strategy, which has increasingly included logistics alongside its traditional agribusiness segment, which still accounts for 30% of operations. “The demand is healthy,” Couto affirmed, indicating optimism for the company's future.
Additionally, Vamos reported a dramatic 82% increase in revenue from leasing asset sales, reaching R$ 290 million, further emphasizing the company’s operational efficiency. The reduction in inventory levels by R$ 75 million in the quarter also reflects Vamos’ commitment to optimizing capital employed.
As for its strategic direction, Vamos is actively pursuing its expansion plans. The company has initiated a program to lease R$ 1 billion in assets through its Sempre Novo initiative, while also renewing contracts worth R$ 700 million with existing customers. This proactive approach aims to enhance revenue streams and solidify the company’s market position.
In summary, while Vamos faced challenges due to higher interest rates impacting net profit, the company’s overall performance in the first quarter of 2025 showcases strong revenue growth and operational resilience. With ambitious goals set for the year ahead and a focus on efficiency and diversification, Vamos appears poised to navigate the complexities of the current economic landscape effectively.
