Vamos, Brazil’s Truck Rental Giant, Sees New Orders Jump 60%
Key Facts
—Net Revenue. Second-quarter net revenue reached R$1.55 billion ($304M), up 10.1% year over year.
—Contracted Capex. Contracted capex jumped 59.6% year over year to R$1.55 billion ($304M).
—Sempre Novo. The 'Sempre Novo' fleet-renewal program grew 51.6%.
—Net Debt. Net debt stood at R$16.5 billion ($3.2B) against R$2.6 billion ($510M) of equity.
—Stock Price. At R$3.17, the stock trades 36% below its 52-week high and at 10.9x earnings.
—Consensus Target. The consensus target price is R$4.89, a 54% gap above the current price.
Second-quarter net revenue hit R$1.55 billion, up 10.1% year over year, while contracted capex surged 59.6% and the stock trades 36% below its 52-week high.
Vamos Preview: What Happened
Vamos Locação de Caminhões, Máquinas e Equipamentos (B3: VAMO3) rents what moves Brazil's economy: heavy trucks, agricultural machinery and yellow-line equipment, leased long-term to freight operators, agribusiness and industry, backed by a dealership network of 43 stores across 11 states. It belongs to the Simpar group (56% of the register) — the same controlling family as Movida, whose profit-doubling quarter opened this earnings series — and is run from São Paulo by CEO Gustavo Couto.
On July 17 the company pre-released its second-quarter operating indicators, per ADVFN: net revenue of R$1.55 billion ($304M), up 10.1%, led by the rental segment at R$1.08 billion ($212M), up 7.5%, with asset sales of R$365 million ($72M), up 12.6%, per InfoMoney. The stock jumped as much as 6% intraday on the release, per Bolsa e Mercado, before settling back — the full financial statements, with profit and leverage, come in August.
Key Drivers Behind the Vamos Preview
Contracted capex is this company's order book, and it grew 59.6%. When a freight operator signs a five-to-seven-year truck lease, Vamos buys the truck and books the contract — so today's signing is next year's revenue with margins locked in.
A near-60% jump in signings, in a double-digit-Selic economy, says Brazilian logistics operators have stopped waiting for cheap money to renew their fleets: renting someone else's balance sheet is precisely how companies invest when credit is expensive.
The 'Sempre Novo' program — always-new fleet renewal, up 51.6% — deepens the model: clients rotate into new trucks on schedule, Vamos feeds the used units into its own dealer network, and the asset-sales line (+12.6%) recycles the capital. It is Movida's playbook with 40 tons of payload.
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Vamos Financial Detail
| Metric (2T26 preview) | Value | YoY | |
|---|---|---|---|
| Net revenue | R$1.55 bn ($304M) | +10.1% | |
| Rental revenue | R$1.08 bn ($212M) | +7.5% | |
| Asset sales revenue | R$365 mn ($72M) | +12.6% | |
| Contracted capex (new signings) | R$1.55 bn ($304M) | +59.6% | |
| 'Sempre Novo' contracting | — | +51.6% |
| Fiscal year | Revenue | EBITDA | Net income |
|---|---|---|---|
| 2021 | R$2.8 bn ($549M) | R$1.2 bn ($235M) | R$402 mn ($79M) |
| 2022 | R$4.9 bn ($960M) | R$2.0 bn ($392M) | R$669 mn ($131M) |
| 2023 | R$3.5 bn ($686M) | R$2.5 bn ($490M) | R$587 mn ($115M) |
| 2024 | R$4.7 bn ($921M) | R$3.3 bn ($647M) | R$381 mn ($75M) |
| 2025 | R$5.8 bn ($1.1B) | R$3.6 bn ($706M) | R$329 mn ($64M) |
The shape is pure rate cycle: revenue doubled since 2021 while profit halved, because every new truck is financed and the Selic repriced the whole fleet's funding. EBITDA tripling over the same span shows the operating machine works — the interest line is where the profit goes.
| Quarter | EPS actual | EPS estimate | Surprise |
|---|---|---|---|
| Q1 2026 | R$0.08 | R$0.06 | +33.3% |
| Q4 2025 | R$0.07 | R$0.07 | 0.0% |
| Q3 2025 | R$0.05 | R$0.08 | −37.5% |
| Q2 2025 | R$0.09 | R$0.09 | 0.0% |
| Q1 2025 | R$0.10 | R$0.12 | −12.3% |
Net debt at more than six times equity is the number that disciplines every bullish reading of the order book: Vamos is, financially, a truck-shaped bank. A 40% operating margin funds it comfortably today — but the equity story only re-rates when Brazilian rates fall and the funding side of the model gets cheaper.
Management Signals
Pre-releasing a 60% contracted-capex jump ahead of the full results is the Simpar group's signature move — Movida did exactly the same with its profit preview two days earlier. The holding is systematically front-running its own earnings season with the numbers it wants anchored.
Message received: demand is not the constraint; the cost of money is.
What to Watch Next
August financial statements: profit, leverage and the yield on new contracts behind the preview. Selic cuts: no name in this series is a purer play on Brazilian easing — every 100 basis points flows through R$16.5 billion of funding. Contracted-capex conversion: signings must become deployed, revenue-earning trucks on schedule. Simpar family reports: Movida's August 12 audited numbers and JSL's freight volumes triangulate the group's health.
Risks
Leverage above six times equity leaves no cushion if contract yields disappoint or used-truck prices fall — the asset-sales channel is the model's pressure valve and its weak point. Rates staying high extends the profit squeeze the five-year table documents.
Agribusiness, a core client base, is mid-crisis, as Banco do Brasil's farm-loan provisions in this same series atteSt And a preview shows volumes, not margins.
Sector Context
Fleet outsourcing is Brazil's quiet structural trade: trucking is the country's circulatory system, the fleet is old, credit is dear, and renting new equipment beats buying it in almost every CFO's spreadsheet — which is why Vamos' order book can grow 60% in a downturn. Together with Movida's record quarter, the Simpar group's previews sketch the same picture from two angles: Brazilian mobility demand is already moving; the stock prices are waiting for the central bank.
This report is part of The Rio Times' Company Intelligence coverage of B3-listed companies. It is journalism, not investment advice.
Frequently Asked Questions
Why did Vamos shares jump on July 17?
Vamos pre-released second-quarter operating numbers showing net revenue of R$1.55 billion, up 10.1%, and a 59.6% jump in contracted capex, which is its order book for new rental agreements.
What is contracted capex and why does it matter for Vamos?
Contracted capex is the value of new rental agreements signed in the quarter; it matters because a near-60% jump shows Brazilian logistics operators are signing long-term leases now, locking in future revenue for Vamos.
What is the main financial risk visible on Vamos's balance sheet?
Vamos has R$16.5 billion in net debt against R$2.6 billion in equity, making it the most leveraged company in this earnings series relative to its size, and its profit is sensitive to high Brazilian interest rates.
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