Vamos "Interest rates and Agri weights on Vamos" (Neutral) Valerio

Research evidence excerpt

Vamos "Interest rates and Agri weights on Vamos" (Neutral) Valerio

Global Research

9 June 2026ab

Vamos Equities

BrazilInterest rates and Agri weights on Vamos

Land Transportation Equipment

12-month rating Neutral

Thesis broadly unchanged after 1Q26

We maintain our Neutral view on Vamos, profitability is holding up, but the stock 12m price target R$3.50

remains in “waiting mode” until utilization, inventory reduction and deleveraging Prior : R$4.80

become more visible. High interest rates continue to weigh on earnings through

Price (09 Jun 2026) R$2.89

elevated financial expenses, while a potentially more challenging agribusiness

backdrop could keep demand and fleet growth constrained. 1Q26 results showed RIC: VAMO3.SA BBG: VAMO3 BZ

resilient margins, with rental services EBITDA of R$963m and a 91.3% margin, but

Trading data and key metrics

net income remained modest at R$87m, reinforcing that operating execution is

52-wk range R$5.00-2.89

improving faster than bottom-line recovery. While the valuation still screens

undemanding if utilization normalizes and deleveraging progresses, we see limited Market cap. R$3.19b/US$0.62b

room for a stronger re-rating until earnings recovery becomes clearer. Shares o/s 1,104m (COM)

Free float 22%

Takeaways from 1Q26 results Avg. daily volume ('000) 15,892

Management’s call was constructive on demand, despite acknowledging a weaker Avg. daily value (m) R$58.9

1Q due to seasonality in sugar-energy, with early 2Q indicators improving and new Common s/h equity (12/26E) R$2.85b

contracts supported by retail, e-commerce and services. Repossessions were P/BV (12/26E) 1.1x

described as normalized around the ~5% level, although 1Q still included delayed Net debt to EBITDA (12/26E) 3.0x