Welcome to the conference call of Grupo Vamos to discuss the earnings regarding the third quarter, 2022. Today with us we have Mr. Gustavo Couto, CEO of Vamos, and Gustavo Moscatelli, CFO and Investor Relations Officer for Vamos. Right now, all participants are in listen-only mode. Later on, we are going to start the Q&A session when further instructions will be provided. Should any of you need assistance during the conference call, please reach the operator by pressing star 0. We would like to let you know that this conference call is being recorded and simultaneously translated into English. Before moving on, we would like to let you know that any statements made during this conference call relative to the company's business outlooks, projections, operating and financial goals, are based on beliefs and assumptions of Vamos management, and rely on information currently available to the company.
Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties and assumptions, since they refer to future events and therefore depend on circumstances that may or may not occur. General economic conditions, industry conditions, and other operating factors may affect the company's future results and lead to results that will materially differ from those in such forward-looking statements. Now, we are going to turn the floor to Mr. Gustavo Couto. Please Mr. Gustavo Couto, you may go on.
Good morning, everyone. Thanks for joining us for our conference call to discuss the earnings of the third quarter of Vamos. We are very happy to report yet another quarter of growing results.
Before talking about our results, we would like to thank our people for their commitment with delivering strong, consistent results, our clients for their trust, OEMs and service providers, as well as to all our suppliers that are crucial to our development. Also, I would like to thank our investors, shareholders, financial institutions, and all those that support us in our journey of growth, and with whom we want to keep a collaborative long-term relationship. We continue extremely motivated with the potential growth we have ahead of us. Going to the next slide, we show the main highlights for our consolidated results this quarter. As you can see, we had growth in all the main indicators of our results. Our revenue, EBITDA, and net income were considerably higher this quarter, reflecting the expansion of results in all business segments in which we operate.
Moscatelli will give you further details, but we had important growth in the amount of contracted CapEx this quarter, adding up to almost BRL 1.5 billion, 94% higher than that of the third quarter 2021. With that, we already have the midpoint of contracted CapEx guidance for the whole of 2022. As we know, the strong pace of contract signed until September show a very high growth of rental revenues for 2023 and the coming years. We'd also like to share that deployed CapEx was record this quarter, with almost BRL 1.4 billion, a growth of 142.7% compared to the third quarter 2021. That again shows our commitment with agility and discipline in execution of our operations. Our inventory and program purchases give us more availability to deliver assets to our customers.
Our profitability rates continued to grow throughout the year, as well as our fleet, that total more than 38,000 assets in September, growth of 89% this quarter compared to the same period last year. We closed yet another quarter with the operating and net income at a record. Going to the next slide, I would like to show you some important landmarks that we had around the quarter. As I mentioned in the previous slide, we had very strong performance in the amount of contracted CapEx, which reached the midpoint of our guidance for 2022, as well as record deployed CapEx this quarter.
Our dealerships show very strong numbers, with expansion of margin and a new level of profitability, and we are very confident in expanding our footprint in economic sectors that grow every day, such as infrastructure and transport, especially in the Midwest region of Brazil, where we expanding our operations in agribusiness through Valtra and Fendt brands. We enforced our business plan with the opening of 7 new stores in the coming months. Working with dealerships and farm machinery and forklifts show a correct diversification strategy that contributes to our results and also shows commercial synergy between our businesses. Vamos today is an ecosystem with unique positioning and scale. In the capital markets and financial context, we also had 2 very important fundraising operations in September.
We had the second follow-on, raising BRL 641 million, and an innovative financial operation with the final sale of receivables, raising BRL 1.3 billion. Both together total BRL 2 billion and are aligned with our organic growth plan, reinforcing the company capital structure. We also had very important market recognitions I would like to share with you. Vamos was, again, champion for the second consecutive year and the best and greatest award of Exame magazine. Also, it was the winner of Future Vision category and ranked second in the Sustainability category of Época annual yearbook. It is a pleasure to be recognized this way. Now I'm going to turn to Moscatelli, our CFO, that will give details on our financial performance.
At the end of the call, I'll come back for our takeaway messages and join you in the Q&A. Thank you, Gustavo Couto. Good morning to all. Moving on in our presentation, I would like to talk in more details the results of the third quarter. On slide 6, I will start with our consolidated results. In recent quarters, we did see a transformation in the company's consolidated results. We really changed levels in all indicators with gains in profitability. In the third quarter, we continued to deliver accelerated growth in our results in a sustainable, consistent manner. Net consolidated revenue reached BRL 1.378 billion, 66% growth over the third quarter 2021. EBIT also with some very strong growth.
We closed the quarter with BRL 469 million, up 121.8% over the previous, the last year's quarter. That is because our rental results, dealership gains of scale, productivity and the decrease in depreciation of our assets due to market depreciation. EBITDA also showed growth. We reached BRL 554 million in the quarter, an increase of 90.2% over the third quarter 2021. Net income was the highlight of the quarter. Once again, we reached a record mark of BRL 150 million in the quarter, growth of 34.7% year-over-year. Year to date, we are already at BRL 414 million, growth of 45.6% compared to the first nine months of 2021.
Now we are going to go to slide number 7, showing the evolution of ROIC and net income in the company in recent years. As you can see, we are very much focused on accelerating growth and generating value. We are continuously improving the company's ROIC, even at an accelerated pace of growth. As you can see in the upper part of the slide, we show the evolution of our return on invested capital. This month, this quarter reaching 16.8% considering annualizing figures, which shows the strong growth of Vamos. Finally, we see the company's evolution of net income in the last 7 years, and you see resilient growth year-on-year regardless of the economic cycle we were inserted. This is very important to reinforce that Vamos' business model is extremely resilient with disciplined execution in capital.
Now, we are going to break down our results by segment. On the next slide, we have the results for rental in the third quarter 2022. We had strong growth in all indicators, with growth in net revenues of 84.7% over the third quarter 2021, reaching a number of BRL 519.4 million, BRL 1.318 billion year to date, 69.9% higher than the first nine months of 2021. We also consider focusing on generating value to our clients. Net revenue with services went to BRL 435.8 million, growth of 74.4% year on year. EBITDA in rental reached BRL 418.5 million.
EBIT reached BRL 341.8 million, 129.3% year-on-year, and that has to do with our stronger results and the reduced depreciation of our machinery and trucks. EBITDA also reached BRL 418.5 million, 86% higher year-on-year. On slide 10, we show our contracted CapEx reaching almost BRL 1.5 billion in the quarter, an increase of 93.9% year-on-year. With that, year to date, we've reached the midpoint of our guidance for the year in contracted CapEx at a total amount of BRL 4.5 billion in the period. Our backlog also expanded to BRL 12.5 billion in the quarter, an increase of 103.7% year-on-year.
That assures strong growth in revenues and profit for the coming periods. Also, we have an important evolution in the amount of the monthly billing over new contracts, going from 2.2% in the third quarter 2021 to 2.7% in the third quarter 2022. Now we are going to go to the next slide, and we are showing the deployed CapEx and total fleet. As you can see in the upper part of the slide, once again, we had a record deployed CapEx in the quarter, with BRL 1.4 billion deployed in the period, an increase of 142.7% year-on-year. This indicator is extremely important because it is from deployment that we start to accrue billing and the results of our projects.
It's important to show the operational capacity of the company of deploying this amount with all the complexity in heavy assets. As for our total fleet, this quarter we reached 38,561 assets, growth of 89.2% over the same period last year, and 13.6% above the close of the second quarter. Now on slide 12, we show our strategic positioning in the market with our new assets inventory. We closed September with BRL 2.4 billion in new assets in inventory, of which BRL 568 million are already unrented under deployment. The total amount of this inventory, BRL 3.4 billion, is 39.8% above the price of acquisition, showing the new profitability of contracts with the assets. Inventory has been a really competitive edge in the market.
In addition to being able to offer immediate delivery to our clients, we have low CapEx locations since 72% of the available inventory is covered in suppliers' line. With that, we have shown huge operational improvement with reduced deployment times and revenue recognition periods. With that, we assure future deployment regardless of OEM's availability. Now we are going to go to slide 14, where I'm going to talk about the performance in the sale of assets for the third quarter. In the third quarter, net revenue in asset sales added up to BRL 83.6 million in trucks and machines used, with margin of 30.4%. Year to date, BRL 193.3 million, an important growth when we compare the results year-on-year.
We continue to have very high margins because of the appreciation of our asset base, showing the transformation that we have in fixed assets. We increased our sale of assets by 120% with 476 asset sales. In addition to the dedicated used asset stores, we have huge capillarity with our dealerships that are spread throughout Brazil with 41 points of sale. Going to slide 16, I would like to briefly talk about our results in dealerships. In the third quarter, the dealership segment captured accelerated growth and margin gains. Net revenue grew 49.6% in the quarter compared to the third quarter 2021, reaching again the record mark of BRL 787 million net revenue. Both farm machinery and truck markets show high demand and growth.
The EBIT of dealerships reached BRL 118 million, a substantial growth of 105% year-on-year. EBITDA as well added up to BRL 122 million, evolution of 100% compared to the third quarter 2021. Now we are going to go to slide 18, where we talk about our balance sheet and capital structure consolidated numbers. We closed the quarter with net debt at BRL 4.5 billion, and leverage went down from 3.3 to 2.68 times net debt EBITDA ratio, with a solid balance sheet prepared for growth.
In the third quarter, we also had our second follow-on in the amount of BRL 641 million, and also an innovative operation by means of a final sale of receivables from long-term rental contracts without complication, also adding BRL 1.3 billion to the company. Now we are going to the next slide, and I would like to talk about Vamos' debt profile. In the third quarter, as I mentioned in the previous slide, we closed at a solid cash position and investments of BRL 3.1 billion, which is enough to cover our debt until 2025. Our average term net debt is 7.4 times, and our cost after taxes of 11.85% a year. We also have undrawn revolving credit lines of BRL 645 million.
We continue to focus on the profitability of our projects, and today we have approximately BRL 1.5 billion in hedge, with an average contracted cap of 12.38% of the CDI. We also have annual fee adjustments based on IGPM or IPCA in our contracts, which contributes to reduce the impact on higher interest rates and also the higher appreciation of our assets, as we mentioned before. Now I'm going to turn back to Gustavo Couto for his final remarks.
Thank you, Moscatelli. Now we are going to go to the next slide, and I would like to share with you some highlights of our ESG strategy that are so important along this quarter.
We are very proud to share with you the evolution of Vamos Tech, our social project for local community development and training of qualified labor, to 38 young people with no previous experience in mechanics, all hired with a career and development plan advance. In addition to Vamos Tech, we have engaged our best efforts for new employees, trainees, internship programs, and others. In addition to offering opportunities to the young, we also have a diverse business environment with the energy of the youth and the experience of our people. We also evolved in our net zero program with new vehicles registered. This is a program we truly believe in, and more and more we are going to have developments in the coming months. In addition, I talked about recognition and awards that we had from the market.
As usual, we are continually engaged in improving our report levels at good market rates as IS, ISE, CDP, CSA, and others. Finally, in our last slide, I would like to reinforce our takeaway messages. We believe that we are going to have another strong growth cycle in rental and improved profitability with disciplined execution. We have been transforming the value of our assets with scale that really gives differentiated sub-value. Trucks, machinery, forklifts. With all our scale, we could make purchases at the right time that contributed to two results for the coming years. The demand for new contracts continues strong. Our digital platforms are growing to convert new clients, and we are providing services to existing clients through our scalability, reinforcing our operating bases and creating new opportunities for development and contributing to solid results.
Our meta plan, investing in well-prepared people, more than 10,000 hours of training. Our digital tools have also brought excellent results. I feel we are just starting. Our positioning and scale in the rental segment really changed levels and really built substantial competitive edge. Our dealership team is achieving results and stellar service to our clients. I mentioned that before, and I'll say it again, we have very positive outlook for this business segment that will evolve consistently and with sustainability. We are very happy with the strong results we had, more and more consistent. Our motivation is the growth in the long term. We still have a lot ahead of us. We are still small, and the market has huge opportunities for us to continue to grow with sustainability, with discipline in capital allocation.
I deeply believe in our market positioning with a unique business model that is more and more known and accessible to companies of different size. An innovative, agile option for those that want to expand or renew their fleets of trucks, farming machines, forklifts, and heavy equipment. We work to offer rental services, used stores, dealerships, and distributors to an increasing number of clients. Finally, I'd like to thank your trust, that, your support until today. I will close now my presentation, and I thank you very much for joining us. Questions, comments, we are here together with our IT to answer your remarks. Thank you very much.
Ladies and gentlemen, we are going to start now the Q&A session. To ask a question, please press star one. To withdraw your question from the list, you can press star two. Our first question comes from Fernanda Recchia from BTG Pactual.
Hello, everyone. Good morning, Gustavo Couto, Gustavo Moscatelli. Congratulations on your results and for taking my questions. I would like to explore two points with you. First, about yield. With the portfolio, you got a yield at 2.7% this quarter, which is flat quarter-over-quarter. I would like to understand why you had this flat yield, but if it is related to the mix of contracts with or without maintenance services. If you think of you know this kind of contract, what was the evolution that you had, and what can you comment about your consolidated numbers? Looking forward, what kind of yield should we expect for the coming quarters? This is the first question. The second question is about the advance of receivables.
This is what you had in the quarter. How should we think about this mechanism from now on? Are you going to continue to use the tool? What do you have in your backlog for future movements?
Thank you very much. Hello, Fernanda. This is Moscatelli. Good morning, and thanks for your questions. I'll start with the yield. Well, as you mentioned, we reported a yield that it was just like the second quarter, 2.7% for the contracts in the quarter. When we break down contracts with and without maintenance services, we had a slight improvement in both contract models. The mix of the third quarter was higher for contracts without maintenance. In the second quarter, we would have 25% approximately of contracts with maintenance services, and in the third quarter, just 15%.
The yield was better for both types of contracts. Because the mix was more for maintenance services for contracts, I'm sorry, without maintenance services, you have a flat yield. As for our new operations with receivables, I think we created a new line of financing through the sales of receivables, and we are going to monitor the company's capital structure to have operations whenever needed. We have BRL 1.3 billion now, plus BRL 640 million of the follow on. Our leverage is at 2.6x, so there is room for us to leverage the company yet again before having this operation in the short term. What's important is that the channel is open and that we do have the flexibility whenever needed from now on. \
If I can have a follow-up on your answers. The yield, how do you see that for the coming quarters? Should we expect a flat yield at 2.7%? As for the receivables, a follow-up question. You have a backlog portfolio of BRL 12 billion. How much can you work in terms of advancing receivables, just for us to have a ballpark?
This is Gustavo Couto, Fernanda. Well, when we look forward, we do not see a reason for the yield to go down. We don't see it happening. Of course, we can have seasonality. Seasonal effects have happened before, because of specific industry that will have longer contracts and therefore we lower our yield. If you think about projects from now on with
Reminding you that we are very much focused on the profitability of projects, thinking of the cost of that and spread, we see a very healthy environment. We don't expect yield rates to go down. Quite the opposite. If you consider that we are going to start with Euro 5 trucks for next year, there is even a reason for us to expand yield rates, even discounting the seasonal effect that we generally have in the beginning of the year. Overall, our expectation is to keep yields at this level or even better in the scenario of a stable interest rate. As for the advance of receivables, it's important to say that we expanded our receivables portfolio in almost BRL 2 billion quarter-over-quarter, from the second quarter to the third quarter.
This is more than the advance itself that we had of BRL 1.3 billion. We continue with much room for this movement. At least two-thirds of the backlog could be used for an operation of that kind. It is what Moscatelli said. We are going to see if there is the need, and we are going to use the opportunity. Right now, with our leverage below three and with our balance sheet, we feel confident that we can continue growing organically as we have done in previous quarters. Thank you very much.
Okay. Thank you very much. Once again, congratulations on your results.
Next question is from Victor Mizusaki with Bradesco BBI.
Good morning. Congratulations on your results. I have two questions. One relates to the inventory of trucks. We are next year expecting to have an increase in the truck prices from 15%-20%. Do you think that this inventory could be priced with a higher yield than the one we are experiencing in 2022? My second question relates to deadlines. When you see slide number 10, you see the billing time has increased a little bit in the third quarter, getting close to the third quarter. It was 58 in the second quarter. Is there any contract or different segments that you're focusing on in your portfolio for electric vehicles, for example, whose term is longer?
We've also seen a higher growth in revenue in the case of rentals with maintenance service. Vis-à-vis the first half of the year. Could you also comment on this difference? Thank you.
Gustavo Couto. Thank you, Victor, for your question. Regarding your first question, yes, we expect to increase the profitability of contracts related to these assets that we built in a scheduled way, an anticipated way. This is an important competitive advantage to us. Yes, we expect that those contracts that will get us assets next half of the year will perform better. That's what we expect to be able to execute. As to 62-month term, there is no significant difference here. We will keep on operating in the businesses you're familiar with, and this variation was isolated. We don't believe that this is not related to a long-term electric car rental contract.
Naturally, there was this just isolated effect because of a mix of contracts with a longer term, but nothing so important. As to the increase in revenue for the contracts with maintenance, in this quarter, we deployed a lot of contracts involving maintenance services. Although in the volume that was contracted, the effect was lower. In deployment, we got new contracts with maintenance. This is why the revenue increased a little bit. I hope that I answered your question. Thank you.
That was great. Thank you.
Next question is from Rogério Araújo with Bank of America.
Good morning. Congratulations on the great growth you have shown Moscatelli. I would like to talk about two points, and some of them have been addressed before. First, I would like to hear more about this inventory of trucks and machinery available for rental.
Could you give us more information related to the number of vehicles that are available in units or maybe the concentration, the type of equipment, the type of trucks that are available? What are the industries that use that more often? When do you expect to get billing for these assets, to get revenue related to them? I would like to understand what how you expect to purchase the purchase for next year. How much inventory do you expect to have when we move into the next year? What is the expected inventory level for the end of the year, and how much do you expect to buy next year? Could you please give us more information on that? Then I'll have a second question later.
Rogério, this is Gustavo Couto. Thank you for your questions. Regarding inventory, we expect this inventory to be beginning or at the end of the first quarter. Naturally, we'll probably get this inventory rented at the end of the first quarter, maybe beginning of the second quarter. This is how much the decisions we have made to size the inventory. We are very confident about this rental possibility because we're basing ourselves on the demand we've had so far. We are growing strongly. We still have over BRL 2 million that we plan to deploy. We are going to deploy a lot in the fourth quarter of this year and a large amount in the first quarter of next year. We expect to grow our revenue in this period because this inventory can be delivered promptly.
I cannot say the number of items, but you can infer based on the average ticket we have in our base. That hasn't changed. Our average ticket, and you can calculate that based on the average ticket of the past six months, can have an amount of the number of units of items that we have in inventory. We're still going to get a significant amount in the last month of the year. It's probably going to grow a little bit as we are anticipating our strategy to you for 2023. As to our purchase strategy, we work a lot with OEMs. We want to also understand how much they are producing because we want to work with them, in alignment to them.
We believe that OEMs will have a drop in production the beginning of next year because of the increase in prices that is expected to happen. On the other hand, they will not have a lot of inventory during the year and as they move from 2022 - 2023. Their inventory levels at the turn of the year is going to be low. We've been talking to some OEMs to be able to make our forecast of the volume of purchases for next year. We do that as part of our strategy in a planned way, and we will, together with OEMs, find the best moment to do that. It's important to remind you that we expect to start the year with Euro 5 inventory. Because of that, this is aligned with our growth rate that will allow us good negotiations.
I think you have a follow-up question, right?
Indeed. I would like to ask you a follow-up question. You talked about the CapEx volume to be deployed over BRL 2 billion because of the contracts you have already signed. You're saying BRL 2 billion. So do you already have the trucks that will be provided as part of these contracts? You have them as part of your inventory, or are they different types of trucks that will still need to get to you?
Part of that we already have. This is part of the inventory we are now preparing to be delivered to our customers, and part of that will naturally still be bought. Some items have already been decided, and they will be delivered in the season of next year. There are things we expect to deliver next year, but it hasn't been purchased yet. Part of that is already part of our inventory, and part of that needs to be purchased and then delivered to our customers in the next month.
We could consider a mix of trucks that the company has in inventory today, the ones that you say that is inventory for rental, so not for deployment. There is no overlap of the BRL 1.2 billion with the BRL 2 billion you mentioned, right? It is the overlap between the BRL 568 million and BRL 2 billion. Is that it?
This is Moscatelli. You were right. Some items have already been purchased, but we haven't received them yet. We will receive them in the upcoming month, and they will be part of these contracts I would mention. There are things we already have in stock, some things that have been purchased and are waiting to be delivered, and also there are things that we expect to sell for next year's season and that needs to be purchased yet.
Thank you. Next question. Related to the margin of segment of sales. I know the FIPE is not so good as an estimate, but you see accumulated value of 70% increase of sales in the past 3 or 3.5 years. Since Vamos uses a 5-year cycle, this accumulated amount of price increase is part of it, and you expect a 30% margin. Can you wait for this additional 2 years when you are still going to get these increases? Can we expect a margin even greater than 30%? What are your expectations related to that, related to when this is going to become more stable, and to what level do you expect it to be stable?
This is Moscatelli. You were right. If we did not make any changes in the depreciation rates, you would still see a margin of asset sales at this level or even higher because of the valuation we expect because of Euro 6. We expect that to go up. We have been making gradual adjustments in depreciation rates to also capture that along the cycle of the contract, not to leave it just to the moment when the asset is sold. Your rationale is correct. We may capture that along the contract as part of a depreciation rate, but still, though, it's part of that that is going to be accounted for when it is sold.
Yes. It was clear. Thank you very much.
Next question is from Renata Cabral from Citi.
Good morning. Thank you for taking my question. I have two questions that involve long-term forecasts. You have already reached half of the guidance that you had communicated for the whole year and 40% of the guidance for fleet of 100,000 vehicles. I would like to hear your perspectives on the challenges you expect for the deployment of this guidance by 2025, because so far the execution has been very good. My second question relates to competition. We have seen small competitors that have announced that they are coming to the market in the last few months, probably 1,000 trucks combined. Of course, your fleet is much bigger than that. I would like to hear how do you see yourselves positioned in a market with more competitors? So that was my question. Thank you.
This is Gustavo Couto. Renata, thank you for your questions. Regarding our guidance to reach 100,000 assets by the end of 2025, we've always said to you that we've been working very hard for that. We've been working very hard in developing our team, and they have responded very competently to this challenge. They've been setting new records. From the market standpoint, we've been able to progress a lot. There's also the cultural issue of an asset like a truck. We've been able to show over the years how beneficial rental is, and we'll always keep focusing in-house related to controls and processes. Also we need to have discipline on capital allocation.
We need to carefully analyze that to make sure we will reach this target of 100,000 assets. I've been highlighting the goals and priorities of the company to be able to reach this guidance. As you mentioned, we are ahead of some things in the market. This year, for example, we have already reached the median point that 4.5. This means that we have room to keep on pursuing our target of 100,000 assets, but we will do that respecting internal processes and controls to ensure the sustainability of our growth. Naturally, it's important to do that without reducing profitability. That's another important point. Growth will be achieved with maintained levels of profitability. That's something we've been able to achieve in the past.
As to competition, we respect all companies that have announced will be part of the segment. The market will benefit from that. It is healthy to have competitors. I joke and say that I would like to have 100% of these blue ocean to ourselves, but we know this is impossible. It's good for the market to have new entrants. It's good to have competitors that can also provide the same type of services we provide. Thanks to the work of our team, we've been able to provide competitive advantages. Today, we have a gross mobilized asset base that has appreciated a lot.
The investment that it takes for competitors today to reach the size of our company would need to be much higher than BRL 13 billion-BRL 14 billion just to reach the size of the fleet we have today, as if this was possible in such a short period of time. Not only from the scale perspective, but also in terms of capillarity of reach of our brand. If you think about this commercial capillarity, our reach, this is important that these are competitive advantages we have. Any competitors that enter the market will take some time to develop their products and services. In the meantime, we will keep expanding and improving our internal processes, expanding the services we provide to keep the leadership in the market, not only in size, but also in profitability.
That was very clear. Thank you very much, and have a great day.
Next question is from Guilherme Mendes with JP Morgan bank.
Hello, Couto and Moscatelli. Good morning. Thank you for taking my question. I have two questions actually, and some follow-ups. Related to CapEx, if you think about the levels you're operating today, BRL 1.5 billion CapEx, billion raise of CapEx, how do you see that evolving over time? How can you accelerate the level of CapEx per quarter over time? And also a question about dealerships. I see the evolution of margins, and this shows that probably the margin and EBITDA levels will reach a stable level. Do you expect that to happen?
Hello, Guilherme. This is Moscatelli. Thank you for your question. We have seen a very strong evolution in the deployed CapEx over this year, from BRL 800 million in the first quarter to BRL 1.1 billion and now BRL 1.3 billion. Now we expect in the fourth quarter to reach BRL 1.5 billion, considering 90 days for deployment. We expect in the fourth quarter to reach a stable level and then pursue operational efficiencies to anticipate revenue and also return on our contracts. We expect to have this at normal levels in the fourth quarter. There has been a significant evolution along these nine months. In the past two months, we have deployed more than BRL 500 million, and the company is at this operational speed, and processes are very stable. The second question will be commented by Couto.
Thank you for your questions. Regarding the margin of dealerships over the years, we mentioned that we saw opportunities in improvement in performance. We are expanding. We have new brands. We are expanding to new regions, opening new stores. The market has also grown a lot. Agribusiness is growing significantly in particular, and this is a segment that will keep growing and that will allow us to achieve good results in the future. If you go back two or three years ago, you remember the dealerships as just Transrio. That has also diversified its revenue sources, and it has also gained in efficiencies with better asset turnover and expansion of margins. When you see the business of trucks, yellow line, agricultural machineries, and forklifts, indeed, we have had a significant evolution in improvements in margins and profitability.
Now we are robust and we don't see any reasons to expect drops in the future, even in a scenario where one segment could face problems or not. I expect the EBITDA margins in the sales of Transrio next year in the first half of the year could experience a drop because the price of trucks is going to be increased, and probably there's going to be some pressure on the margin. But when you look at the consolidated amounts for dealerships, this effect is not going to be so high, so the EBITDA margin is expected to be at 13%, and I'm sure next year will operate above 11%. But we don't expect a significant drop, although some segments might face some difficulty. Thank you once again for the question.
It was very clear. Thank you very much, and have a great day.
Next question from webcast is from Victor Vasconcelos with Alphakey.
With this robust inventory of assets, what is the term for the deployment of contracts? The three-month term you mentioned, is it still valid, or the fact that the company now has assets has shortened this term?
Thank you. This is Gustavo Moscatelli. Thank you, Victor, for your question. I think, as I mentioned it for Guilherme's question, we have evolved a lot in terms of the asset deployment terms. In the beginning of the year, it was about 100 days. In the past month, we are close to 80 days, so the evolution was significant. We expect to get these levels stable at the fourth quarter with BRL 500 million deployment of BRL 500 million a month. That's for 90-day contract terms.
Of course, we need to do a few things to gain efficiencies in the process trying to reduce this term. Of course, your comment is important. Having inventory in stock help us reducing this term. This is one of the crucial aspects to keep improving the management of the whole cycle, reducing terms, improving turnover, and return of the contracts. Thank you again for your question.
Ladies and gentlemen, let me remind you that if you want to ask a question, please press star 1. If there are no further questions, I would like to turn over to Gustavo Couto for his final remarks. Please proceed, sir.
I would like to thank everyone for participating in our call.
We are very glad to be able to share yet another cycle of growth with profitability, something that we have been executing with a lot of discipline, and you can keep expecting us to show the same discipline in the future. The market is very active, and we've been able to sign new contracts every day. We feel that the demand is high, so we are preparing ourselves for new cycles of growth. In 2023, we expect to grow very strongly towards our target of 100,000 assets by 2025. With the changes in dealerships, we realize that the business are sustainable. This was indeed a transformation, not just in terms of product portfolio, but also in terms of regionals and an important diversification of revenues. We have learned to operate with much lower levels of cost and appropriate turnover of our inventory.
With that, we are getting good returns also in the dealership business. In the used vehicle business, we're still expanding with positive margins. Looking forward, we expect to have a very positive cycle. Having said that, we feel very confident, not only with the final results of 2022 but also in establishing a good foundation for 2023, which we expect to be even better. Thank you very much. Thank you. I'd like to thank our teams that work so hard and to help us reach new records every quarter. Some questions that may have not been answered will be answered by our investor relations teams later, if there are still questions from investors, especially those received by email. Thank you very much, and have a great weekend.
Vamos teleconference is now adjourned. We'd like to thank you for your participation and wish you a good day.