Vamos Reports Strong Q4 2024 Growth as Truck Leasing Business Flourishes

Brazilian truck and equipment leasing giant Vamos S.A. announced impressive fourth quarter 2024 results, achieving a net profit of R$213.2 million ($37.4 million) which represents a 17.6% year-over-year increase.

The company revealed these figures in its first financial report following the strategic spin-off of its dealership business in late 2024. The company’s net revenue climbed to R$1.2 billion ($210.5 million), marking a robust 40.3% growth compared to the same period last year.

This performance stemmed largely from a 34.3% increase in leasing asset sales revenue, which reached R$164.8 million ($28.9 million). Gustavo Couto, CEO of Vamos, attributed the success to multiple strategic initiatives.

The company expanded its proprietary used vehicle stores while enhancing inventory integration and digital sales channels. Nearly 20% of used vehicle sales now flow through third-party sellers, a channel that gained momentum after the dealership spin-off.

“Our streamlined structure allows us to focus more on operational efficiency to generate greater value from our invested assets,” Couto explained. Former competitors now view Vamos as a potential partner rather than a threat.

EBITDA showed remarkable growth, rising 27.6% to R$882.4 million ($154.8 million). This reflected the strong performance of the company’s core leasing segment. Both implemented and contracted CAPEX reached R$1 billion ($175.4 million).

For the full year 2024, Vamos posted an adjusted net profit of R$779.2 million ($136.7 million), representing a 56.6% increase from 2023. Annual revenue grew 32.4% to R$4.7 billion ($824.6 million), while EBITDA increased 31.8% to R$3.4 billion ($596.5 million).

Financial and Market Highlights

The company maintained a stable leverage ratio of 3.3 times despite higher interest rates and cash transfers resulting from the corporate restructuring. Management expects deleveraging throughout 2025 as clients extend existing contracts rather than acquiring new assets.

Vamos’ Sempre Novo program, launched in 2023, gained significant traction during the second half of 2024. The initiative secured R$353.2 million ($62 million) in contracted CAPEX, with most activity concentrated in the fourth quarter.

The fourth quarter results highlight Vamos’ strengthened position in Brazil’s truck rental market. The company currently manages over 50,000 rental assets through 16 owned stores nationwide.

Brazil’s truck rental industry remains significantly underpenetrated at just 1.5% compared to 16% in the United States. This gap presents substantial growth opportunities for Vamos, which continues to benefit from long-term contracts typically extending beyond five years.

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