Good morning, ladies and gentlemen. Welcome to Vamos Video Conference Call to discuss the results for the second quarter of 2026. Today, we have Mr. Christian Hahn, CEO, José Cezário, CFO and IR Officer, and Rodrigo Faria, currently a Non-Statutory Investor Relations Officer, who effective August 17, will become Vamos Interim CFO and IR officer.
This conference call is being recorded, and the replay will be available on the company's website, ri.grupovamos.com.br. The presentation is already available for download in Portuguese and English. We would like to inform you that all participants will be in listen-only mode during the presentation. We will then start the Q&A session when further instructions will be provided.
Before moving on, we would like to let you know that any statements that may be made during this conference call regarding the company's business outlook, projections, and operational and financial goals represents the beliefs and assumptions of Vamos management and are based on information currently available to the company. Forward-looking statements are not guarantees of performance.
They involve risks, uncertainties, and assumptions since they relate 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 the forward-looking statements. Now, I will hand over to Mr. Christian Hahn, who will begin the presentation. Mr. Hahn?
Good morning, everyone. Welcome to our conference call for the second quarter 2026 earnings. I would like to thank Vamos board of directors and all our employees. I am very pleased to be leading Vamos.
I have more than 25 years experience in the heavy asset segments, including trucks, buses, machinery, and equipment. Eight of those years at Simpar, where I started as executive officer of Vamos truck dealerships. I was responsible for expanding and developing the largest used heavy asset network in Brazil.
Over the past year, I was at Automob, where I was responsible for all the heavy vehicle dealerships. I take over as CEO of Vamos with a mission to execute and do simple things right, continuing to expand and develop our business while pursuing value creation opportunities through sustainable growth, always with integrity, transparency, and a commitment to our customers, investors, and partners.
Joining me today is Rodrigo Faria, who is taking over as Interim CFO of the company, and whom many of you already know from his many years of involvement in our industry. I will start the presentation on slide two, highlighting a few points about where Vamos stands today. We have an experienced leadership team.
We have reorganized our executive structure with a focus on commercial operations and used asset teams. We continue to see resilient demand for the leasing of new assets across a diversified asset base.
Growing opportunity in used asset leasing through the Sempre Novo product with competitive pricing and the option of shorter lease terms. The fork leasing market continues to expand, with stronger demand for guarantee availability, cost predictability, and services. Contract extensions provide customers with a solution that offers better value for money.
Our operations teams handles asset preparation and maintenance, restoring assets and extending their useful lives for additional leasing cycles. A nationwide used asset network continuing to expand and also serving as a sales channel for our leasing business. Sustainable growth with our own operating cash generation, with increasing contribution from asset sales and growth in leasing EBITDA.
In our consolidated results for the quarter, net income after four quarters returned to reach triple digits, reaching BRL 101 million, with sequential growth since the third quarter 2025, resulting in a 100% increase over that period. We continued to reduce our inventory of both new and used assets, delivering a significant 30% reduction over the last 12 months.
Together with the improvement in our operations and recovery of profitability, we organically reduced net debt by BRL 436 million, excluding dividend payments and the BRL 600 million private capital increase completed at the end of May. Our leverage for covenant purposes also continued to decline, benefiting from decrease in LTM EBITDA.
It was down 0.4 x from June 2025 and 0.2 x from March of this year, reaching 3 x in June 2026, a level that we had initially expected to reach organically only in December 2026, as disclosed in our guidance. Looking at our return rates in 2Q 2026, we reached levels above those reported over the last 12 months for ROIC spread and ROIC, demonstrating that the inflection in these indicators is already underway. On slide three, we talk about leasing.
Among the various improvements in our operating indicators, I would highlight fleet utilization of 89%, up 5.1 percentage points over the last 12 months, a strong contracted CapEx of BRL 1.6 billion, up 60% year-over-year, a sharp 37% reduction in delinquency, and 48% reduction in the volume of repossessed or returned assets, proving that we are improving the quality of our customer base.
EBITDA grew 11% with a margin of 88%, up 1.9 percentage points from 2Q 2025. In used assets, sales volume increased 30% in terms of units, directly contributing to a 23% reduction in our used asset inventory, and a 55% reduction in our total inventory of road equipment. These assets were heavily concentrated in the grain transportation sector, which accounted for the vast majority of asset repossessions and returns in recent years.
We also delivered another quarter of positive margins, which were even slightly higher than in recent quarters. We opened another company-owned used asset store in Serra, in the state of Espírito Santo, bringing our total network to 23 stores across Brazil.
Slide five shows the evolution of our fleet, both in terms of gross fixed assets and number of assets. As we have seen over the past few quarters, fleet expansion has slowed due to a lower need to purchase new assets, given the opportunities that redeploying used assets have provided us to extract greater value from our existing fleet. As a result, gross fixed assets increased 1.8% in 2Q 2026 compared to 2Q 2025, while the fleet decreased in terms of units by 2.5%.
In terms of order of size of category, our truck fleet, which also includes tractor units and trailers, has been the asset class with the largest reduction in units through used asset sales. At the same time, this was also the category that saw price increases in recent years due to the change from Euro V to Euro VI trucks.
Construction, mining, and forestry equipment declined in both comparisons, reflecting the current agribusiness cycle and our reduced exposure to sugar and ethanol. Finally, I would like to draw your attention to the strong performance of our forklift segment, with double-digit growth both in units and gross fixed assets. This reflects growing demand for this type of asset from intralogistics operations throughout Brazil.
Another important point is that we have been further increasing our exposure to electric forklifts, which have an average purchase price approximately 20%-25% higher than combustion engine forklifts. However, they also have lower maintenance and energy costs, which often explains our customers' preference for them.
Moving to the next slide, and still talking about the strong performance of forklift leasing, I would like to highlight that Vamos is the market leader, with 6,600 assets, representing an investment of BRL 1.3 billion.
This is an asset that commonly have longer lease terms, averaging more than five years, and potentially extending to as long as 10 years, which reduces the relevance of asset sale proceeds to IRR. This also means that forklift lease contracts require a greater maintenance service component, resulting in higher yields.
Currently, forklift leasing revenue is growing faster than the company's overall leasing revenue, increasing its share of the total and consequently further diversifying our leasing revenue. Slide seven brings contracted CapEx, which totaled in 2Q 2026 BRL 1.6 billion, up 59.6% from 2Q 2025. As a result, in the first six months of the year, we reversed the year-over-year decline reported in the first quarter and delivered growth of 13.4%.
As our 2026 guidance, lower demand from the sugar ethanol sector this year will be more than offset by diversified demand from other sectors with different seasonality. This is exactly what we saw in 2Q 2026, which was marked by strong demand from the e-commerce sector, driven by a customer that is one of the leaders in the segment. Excluding e-commerce, demand was well diversified across sectors.
As for the reduction in IRR of contracted CapEx 2Q 2026, it is primarily explained by the greater concentration among contracting customers and shorter contract terms. The Sempre Novo product, in turn, continues to see strong demand, benefiting from the greater diversification of used assets available for leasing, with contracted volume remaining stable at the record level achieved in 1Q 2026.
The combination of contracts for these products and contract extensions resulted in used assets accounting for 27% of contracted CapEx in 2Q 2026, below the record high of 44% reached in 1Q 2026. This was due exclusively to the profile of new asset contracts from the retail and e-commerce sector this quarter. Excluding this sector, used assets would have accounted for 42% of contracted CapEx. Deployed CapEx in 2Q 2026 totaled BRL 975 million, up 4.7% from 2Q 2025.
In the first half of the year, total deployed CapEx reached BRL 2 billion, down 10.1% from the same period in 2025, as contracting activity in 2026 was more concentrated in the second quarter, whereas in 2025, it was more concentrated in the first quarter.
In addition, the higher volume of new asset contracts naturally requires longer deployment periods. We therefore expect deployed CapEx to accelerate over the coming quarters as we receive the assets from the OEMs.
Slide eight, we show the trend in asset repossessions and early returns. This quarter, the volume of repossessed assets declined sharply from 48.1% from 2Q 2025, and 3.7% from 1Q 2026, reaching the best level since 3Q 2023. On an annualized basis, they represented 4.1% of average fleet gross assets, the lowest level since 1Q 2023, and now recorded three consecutive quarters below the 5.5% level reported for 2025.
In addition, the diversification of returned assets continues to improve compared with the company's historical mix since 2023. This is important because it contributes to a better mix of used assets that can be either redeployed through the Sempre Novo product or sold through used assets. Regarding the somewhat higher concentration in general freight transportation, it's important to note that the assets used in the sectors tend to be more standard, which also supports liquidity both for leasing and resale.
On the final chart of the slides, the company continues to reduce delinquency levels, down 37% from 2Q 2025 and 12.2% from 1Q 2026, reaching 2.1% of leasing net revenue. The company has been taking a tougher approach with delinquent customers, acting more judiciously and quickly to repossess assets, something that is only possible with the expansion of our used asset structures and the development of the Sempre Novo product.
This allows us to improve the quality of our customer base, in addition to winning new contracts that undergo a more rigorous approval process. On slide nine, we show that we also continue to reduce our inventory of idle assets, both new and used. This efficiency gain has been driven by both leasing and asset sales. In leasing, we consumed BRL 739 million of inventory by deploying BRL 3.2 billion in assets while purchasing only BRL 2.5 billion.
This is a direct result of the significant progress we made in redeploying these assets and lower need to purchase new assets. In asset sales, we consumed BRL 1 billion of inventory by selling BRL 2 billion through our expanded used asset structure while receiving only BRL 951 million in assets from contracts reaching maturity, benefiting from the high volume of contract extensions.
As a result, inventory consumption through leasing and asset sales totaled BRL 1.8 billion over the last 12 months, equivalent to 59% of the June 2025 balance, and more than enough to fully absorb the BRL 1.6 billion Sempre Novo inventory balance we had at the time. Finally, repossessions and early returns added BRL 871 million to inventory. But as we have already discussed, this amount has been gradually declining.
As a result of these flows, our total inventory balance stood at BRL 2.1 billion in June 2026, the lowest level since 4Q 2022, and 30% below compared to June 2025, with a particularly notable 32% reduction in Sempre Novo inventory. On slide 10, we show the reduction in new and used asset inventories and their respective average turnover periods.
Looking only at new asset inventory in the upper chart, the balance reached BRL 327 million in June 2026, the lowest level since 2020, with the shortest average inventory turnover period in our history, 1.6 months. Looking only used assets in inventory in the chart below, the balance declined to BRL 1.8 billion, the lowest level since 3Q 2024. This also contributed to an improvement in inventory turnover to eight months based on the Sempre Novo deployment and asset sales volumes recorded into 2Q26.
On the next page, we provide a breakdown of used asset inventory by asset type. I will start by highlighting the size of the inventory in terms of units. In June 2025, it peaked at 8,492 assets, with a particularly high concentration of trailers, road equipment, which accounted for 44.1% of the total, and then declined to 24.7% in a year.
When we group the assets in two categories, trucks, tractors, and trailers, and the other group, machinery and equipment, we can see the significant mismatch that we had between the used asset inventory mix in June 2025 and our overall fleet mix, which was corrected. The same happens when we analyze these inventories based on gross fixed asset values, as shown in the bottom of the slides.
On slide 12, we show the trends in fleet utilization and leased fixed assets. We closed 2Q 2026 with a fleet utilization of 89%, the highest level since 2020 and the fourth consecutive quarter of improvement, with a cumulative increase of 5 percentage points over the period. This puts the company well on track to achieve its guidance of 90% by December, as we still have six months remaining the year to gain the additional 1 percentage point in utilization.
In turn, leased gross fixed asset grew 8.1% compared to 2Q 2025, above the 2% growth in total gross fixed assets. On page 13, we reinforce the diversification of our leasing revenue and the decline in concentration among the largest customers.
From a sector standpoint, demand remains well distributed across several sectors of the economy, which has positively contributed to the continued dilation of sectors where we have greater exposure, such as sugar and ethanol. Looking at the tables in the center of the slide, specifically comparing June 2026 and June 2025, we see several sectors increasing their share of the company's revenue, including logistics, services, fuel, transportation, retail, and e-commerce, urban cleaning, and others.
At the same time, the chart on the right-hand side of the slide shows that our 100 largest customers are also accounting for a smaller share of revenue as we continue to add new customers every day. This has directly contributed to diversified revenue growth and a record level of BRL 1.1 billion.
Slide 14, we show financial results of our leasing business. In 2Q 2026, net revenue from services reached a new record of BRL 1.1 billion, up 8.6% from 2Q 2025, supported by higher fleet utilization, a record lease fleet, higher marginal yields, and contractual price adjustments.
EBITDA from leasing services totaled BRL 957 million, up 11% from 2Q 2025, driven by revenue growth and disciplined cost and expense control. Now, EBITDA margin in leasing services, we reached 88% in 2Q 2026, expanding 1.9 percentage points from 2Q 2025 and remaining stable compared to 1Q 2026.
Sequentially, EBITDA margin could have been higher were it not for the lower recognition of PIS/COFINS tax credits resulting from the lower volume of asset purchases in 2Q26. Now, talking about fleet depreciation, shown in the lower-left chart, we had stability in depreciation levels for both trucks and machinery and equipment.
As a result, the consolidated implied depreciation rate remained unchanged from 1Q 2026, at 6.2% of total assets. I would like to highlight that when we look at 2Q 2026 depreciation, includes related expenses, we are within our guidance for the year. Finally, services EBIT totaled BRL 666 million in 2Q 2026, up 8.8% from 2Q 2025, with an EBIT margin of 61.2%. Now, moving on to slide 15, I would like to highlight the double-digit growth we delivered in both the number of assets sold and in used asset sales revenue.
In terms of units sold, volume increased 30% compared to 2Q 2025, outperforming the Brazilian market for new trucks, buses, and trailers based on public data from FENABRAVE and ANFAVEA, as well as the Brazilian market for used trucks and buses, according to FENAUTO over the same period. Sales revenue totaled BRL 358 million, up 10.6% from 2Q 2025. For the first half of the year, revenue totaled BRL 684 million.
At the same time, there was yet another factor, a positive one in this case, that limited the potential for further acceleration of used asset sales. Strong demand for the redeployment of used assets, both through Sempre Novo and through a higher volume of contract extensions. These factors, together with fewer asset repossessions and early returns, have reduced the expected level of used asset inventory, and consequently, the need for stronger sales growth.
Ultimately, the company's focus on increasing fleet utilization, whether through leasing or asset sales. As for sales margins, and we've already discussed that, we continue to deliver positive margins with low volatility, which gives us comfort with the current pace of depreciation. In the final chart at the bottom right, we show the used asset sales mix.
Now I'd like to highlight that trailers and tractor units combined accounted for 50% of our sales in 2Q 2026, an increase of nine percentage points compared with 2Q 2025. I will now turn the call over to our CFO, Rodrigo Faria, who will provide further details on our consolidated financial results.
Good morning, everyone. Thank you, Christian. Welcome back home. I wish you every success in this new challenge. Slide 17, consolidated financial results. Consolidated net revenue increased 10.8% compared to 2Q 2025, with growth across all segments as already discussed.
In the industrial segment, 2026 has seen volume growth both in truck, van, trailer sales and in BMB customization projects. Consolidated EBITDA reached a record of BRL 972 million in 2Q 2026, up 8.4% from 2Q 2025. EBIT, BRL 676 million, increase of 5.7% in the same period. In 2Q 2026, net financial expenses total BRL 547 million, up 3% and 1.1% from 2Q 2025 and 1Q 2026.
The line is indexed to BNDES's long-term rate, which consists of IPCA inflation plus a fixed real interest rate based on a five-year NTN-B government bonds and increased more than IPCA in 2Q 2026. The higher expense more than offset the positive effects from lower net debt and leverage, as well as the 25 basis points reduction in the benchmark interest rate.
As EBIT grew faster than net financial expenses, net income increased 22% compared to 2Q 2025, reaching BRL 101 million, twice the amount reported in 3Q 2025, which marked the inflection point in our earnings. Since then, we have delivered double-digit sequential growth for three consecutive quarters.
Finally, I would like to highlight that the BRL 101 million in net income is already nearly in line with the level reported in 1Q 2025, despite an average CDI rate 1.4 percentage points higher, showing that the company can grow earnings without relying on lower interest rates. Slide 18, return metrics. LTM ROIC as of June 2026 was 13.9%, while after-tax cost of debt stood at 10.4%. ROIC spread of 3.5 percentage points. ROE at 10.7%. 2Q 2026 shows the highest utilization rate of the last 12 months, and returns show that the upward inflection has already begun.
ROIC reached 14.4%, ROIC spread was a positive four percentage points, and ROE 13.7%. Considering normalized used asset margins, utilization is still optimized and an average CDI at 14.5%. Slide 19, cash generation and the change in net debt. The company generated BRL 436 million in operating cash as we increased fleet utilization, maintained disciplined control over costs, robust used asset sales, kept asset purchases low, and reduced the leverage organically.
However, it's important to say that with increase in new asset purchases expected to meet the higher contracted CapEx in 2Q 2026, cash payments for vehicle purchases will increase over the coming quarters. Those investments, however, will also generate additional leasing cash as the assets are deployed. In addition, the company has been gradually reducing its receivables assignment balance, a process that was further accelerated by the BRL 596.6 million private capital increase. Slide 20, first chart.
We continue to raise new funding and prepaid debt in order to optimize our debt amortization schedule. We remain attentive to market opportunities that allow us to improve our debt maturity profile in 2027 and in 2028. Leverage, we continue to reduce it consistently as net debt declines, as it did this quarter, and EBITDA continues to grow.
Our leverage for covenant purposes stood at three times in June 2026, the lowest level since 2021, in line with our strategy of gradual organic deleveraging combined with sustainable business growth. I would also like to highlight that as we continue to focus on reducing receivables assignments, the balance has already declined 38% from its peak in September 2025. Combined with the reduction in [complement ne t], this helped bring us have the leverage ratio down from 3. 7x to 3.24 x.
Finally, the ratio fleet value to net debt stood at 1.34 x, an improvement compared to recent quarters. With that, I conclude my presentation and turn the call back to Christian.
Moving on to the final slide, I would like to reinforce what we have been saying for some quarters now. Our earnings generation and deleveraging depend primarily on our execution and operating efficiency. This means being efficient in fleet utilization, increasing revenue per asset, controlling cost and expenses, increasing used asset sales, and developing new products.
All of which contribute to a lower need for net CapEx and allow us to deleverage naturally. We are confident that we enter the second half of the year in an even stronger operating position than in the beginning of the year. For that reason, we are once again reiterating our guidance.
There is still significant value to be extracted from our assets, and that is the number one priority from all of us here. Thank you. Now we are going to open for your questions. We may begin.
We will now start the Q&A session for investors and analysts. If you have a question, please raise your hand. If your question is answered, just lower your hand. If you want to submit a question in writing, please enter your question on the Q&A field with your name and company. The first question comes from Guilherme Mendes from JPMorgan.
Hello, everyone. Thanks for taking my question. Good morning. The first call with the company's new management. Good luck, Christian, Rodrigo, in your new roles, and Cezário for your new challenges. I would like to understand the priorities of the new management, any change in strategy, or it would just be continuity.
The second question about repossessions and early returns. We do see an improvement quarter-on-quarter. Could you give us some color for the first half of the third quarter? Thank you.
Thank you, Guilherme, for your questions. The company was already at a very interesting pace, and our idea is to carry on with everything that was very well done in the company. Doing more and better in terms of operational efficiency, paying attention to costs, the management of our assets, the turnover of assets, and accelerating deliveries, either selling or leasing.
That will improve our utilization rates and bring innovations, which is our objective from now on in terms of different sales in short-term rentals, which is something that we are already doing 12, 24 months, or even less, a month, six months, daily rentals. This is something that is about to come true.
Make our stores, we already have 23 stores in Brazil as a point of delivery and also for returns. So our mission is to deliver what we have in terms of plans, increase utilization rate, which is our main metric today, to build revenue and deleverage the company.
Hi, Guilherme. Good morning. Rodrigo here. In terms of repossessions and returns, we do not see anything different from what we saw in the second quarter. No updates to bring to the market right now. It is very early. So, we are starting the month of August now. The second half of the year is still going to have high interest rates, which can be a challenge for the Brazilian economy. But in our portfolio, we are not seeing any problems in terms of deterioration of clients or payments that we should share with the market right now.
Very good. Very clear. Thank you and have a good day.
Our next question comes from Filipe Nielsen from Citi.
Hi, everyone. Good morning. Thanks for taking my questions. Again, I would like to wish you good luck to the new management. My questions are more focused on used assets. I would like to try and understand your mindset in terms of leasing for you to get to a utilization rate that is optimal at the end of the year. Considering the sale of assets and the leasing of used assets, how do you think this is going to progress in the second half of the year?
Are you considered used assets that are not progressing as well because of the Mover Brasil program, as you mentioned in your release, or is it that you see a better return for the leasing of used assets, and then perhaps it is not so good to sell at this point? I would like to know about sales terms and how they are behaving. This is the first call with Christian Hahn, and given your experience, what are you seeing the company in the segment, and how you think you can improve and bring new things to accelerate this avenue of used assets in Vamos? Thank you very much.
Thanks, Filipe. It is a pleasure to talk to you. Well, Filipe, I am going to start with your second and last question. We always say that we are here in a country whose main means of transportation is the highways.
A very important means of transportation in our country. That brings huge opportunities for the business in which we are inserted. Today, the penetration of our products, us and other leasing companies, is still very small. 6%, 7% of what is sold in the country a year is for leasing. In mature markets, you are talking about 25%, 30%.
Used assets, we have data from the transfer of vehicles. That is how we measure this market. You are talking about an annual 300,000 vehicles with very low penetration in the volume of leasing. We see a huge avenue of growth for this type of product. To answer your first question, this is the opportunity that we have of renting and leasing used assets at competitive prices that can be deployed faster, and they can be used in a new deployment, but also in contract extensions.
In some countries, assets are used for 10 years. Here we have the habit of using an asset for five, six years and then renew the fleet. But some assets could last with quality for longer periods. That does not mean that because of that, we are going to decrease the sale of used assets. We do have stores at 23 locations, another four to be opened within this year, and these are stores that are still not fully mature.
They have a lot to grow and explore in the market geographically in the country. Also, the quality of our assets. Not only trucks, trailers, but we have the agriculture machinery, mining, construction, intralogistics. We are always going to explore used assets this way, either by sale, leasing, or contract extensions. The idea is to enjoy all the avenues at different times. This is how we want to work with used assets.
Just to add to what Christian said, Filipe, we focus on utilization. Why utilization? Because utilization is a summary of it all. Either I generate cash by leasing an asset, an asset that is idle. I have a financial cash cost, but I do not have the cash. When I sell, I am going to pay the debt for the purchase of this vehicle. When you take a look at used assets, it is very important to see what we have in terms of inventory to sell.
Following this reasoning, if you see what we delivered in the first half of 2026, both in used vehicles and extensions, if you annualize the first half in terms of CapEx, you are going to see that we are even above guidance, which shows that we are receiving less assets from contract maturities as expected, and we are renting more used assets.
That is, the use of this fleet that could go to sale is somehow being redeployed, then we have a reduction of fleets to be sold. If we had any problem in utilization, then perhaps that would be a point for us to discuss, but not really. Utilization is even better than expected for June. We just have 1 percentage point to reach our midpoint of our guidance, which is due six months.
For four, five quarters, we are adding almost 1 percentage point every quarter. So a very good trend, and we still have other avenues, as Christian mentioned. We have to look at all fronts together, but utilization rate is the most important thing.
Very good. Thank you very much.
Our next question comes from Andre Ferreira from Bradesco BBI.
Hello. Good morning, everyone. Thanks for taking my questions. Congratulations on all of your results. Welcome, Christian, and thanks, Cezário, for the partnership in the last years. Cezário and Rodrigo, I wish you all the success. I have two questions on my side. First, a follow-up in terms of used assets. If the pace as of July is faster compared to the second quarter, past Mover Brasil, and also trucks with a margin of 9%.
As you normalize the mix, and you show that this is improvement, do you think used truck margins is going to go up? Second, about the e-commerce contract, just to confirm if in the percentage of revenue, the segment has less than 5% of consolidated. So there was a concentration in the contracting of services, but not in revenue. Is that correct?
Well, first of all, Andre, thanks for your question. Well, in July, we had a very good pace of sales. It is likely above what we had in coming months. We saw the Mover Brasil effect in the past months, but it was a program that was very much used for new vehicles. Banks were offering for fleet owners, and the amount was quickly occupied from the demand for new assets. It really did not affect the used vehicles that much.
Also, the fund exhausted very soon. So now we are no longer talking about the program because it used up all the resources. We believe we are going to have a better movement. The third quarter is usually very strong for used assets, and we have the products, we have diversification, as you mentioned.
Talking about margins, the margin is not something that we tend to grow or increase. We want to depreciate the product at the right amount to be sold and close the cycle or even extend the contract whenever possible. So we do not want to increase margins up to what we had three, four years ago, that were a bit off. The idea is to have the right depreciation and use our assets as well as possible.
Just to add to what Christian said, Andre, and thanks for your kind words. If you take a look at that on slide 11 of our presentation, we showed that the inventory of used assets dropped by 23%, but the inventory of equipment and trailers dropped by 55%. They have lower price, and you could not expect margins as good than trucks, for instance. One of the reasons is Euro VI, that they only got to the trucks and trailers. We did not have Euro VI for road equipment.
Therefore, the normalization of margins of these assets is going to be faster than for trucks. The market of road equipment is hard. You see data from manufacturers and ANFAVEA, and we see that we are reducing inventory by almost half in 12 months. This is critical inventory because almost all comes from the grain transportation sector, and these assets were dropping by 40% year-over-year until last year.
This is a bit better because the crop is a little better, but that is one of the factors that explain, not in full, but this margin fluctuation. We do not see a concern with depreciations and margins for us to make any specific movement. Depreciation this quarter is very similar to the first quarter.
We might have some volatility according to the assets that are being purchased or sold, but this is not something that we are concerned about. Mover Brasil program, it is very important to talk about that. We already talked to the market about that because Mover Brasil, people thought, could cannibalize the sale of used assets. I don't believe this is true. We have different buyer profiles for used and new assets.
What we felt with Mover Brasil was a predisposal of potential buyers to wait a bit more to make a purchase decision because they would like to know if they would be awarded by the program. Many weren't. Some official data that we have shows that it was 98% - 99% consumed for new vehicles only.
So those that waited to buy used assets through Mover Brasil were not awarded, and the two phases of Mover Brasil are now closed. They did not have the credit, and now they are going to buy the used asset without the program. That did have an impact in the sales of May and June, a bit stronger. April was the best month of sales in the year. July already shows an improvement as we showed in our material.
It is important to say that last year, the third quarter 2025 accounted for 30% of the sales of the year. So for us to know what 2026 is going to be like, we have to wait for the third quarter.
Very clear. The concentration, e-commerce, 5% of revenue, correct?
Yes. E-commerce, we broke out information on the presentation. We talk about revenue on page 13. Here is retail e-commerce. It is the ninth largest sector accounting for 4.8% of our revenues. The 37% that we announced is only for contracted CapEx for the second quarter. It is diluted in the year. E-commerce does contribute to the company because the 4.8% will go up. When you see the center table of this slide, some sectors are growing more than company revenue, logistics first, services, fuel, transportation, retail, and e-commerce next. Here, talking about 12 months.
Retail and e-commerce is growing 1.3 percentage points in share of revenue of the company. These four sectors will dilute other sectors. The sectors that are being diluted are not necessarily dropping revenue. They are just not growing as fast as these other sectors. I am diluting the 100 larger customers.
We are having demands from all sides for new and used assets. If these potential customers fit what we understand in terms of credit risk, right tier, price, asset liquidity, then obviously we are going to have the customer because it is going to be beneficial for the whole of the company.
Thank you very much.
Our next question comes from Alberto Valerio from UBS.
Good morning, Christian, Rodrigo. Thanks for taking my questions. Congratulations for your new roles. Good luck.
Thank you, Cezário, for all the interactions that we had along the years. I would like to ask a question about something that still concerns investors a bit. Before my question, it seems that we have been through the worst. We see contracted CapEx going up. We see repossessions and returns going down, company balance sheet improving with the capital injection.
It seems that the worst has passed. We are at an inflection point. Two points of concern still. First, depreciation. I see in your IRR the assets that you sold, the depreciation, and you see the spread or the discount going up 20%- 24%, 7% last year. At what point should we stop and at what speed? Second question, refinancing costs. How do you see Vamos pipeline for this year and next year?
We are seeing some companies coming to market, the CDI spread going up more recently. I would like to know how you consider that, if you had considered that, if your costs would go up, and what are your financing costs? Thanks for the opportunity anyway.
Alberto, thanks for your message. I am going to answer your two questions. Depreciation. If you follow our chart on page 14 of the presentation, you are going to see that it has been almost five quarters that in machinery and equipment of depreciation that is not changing much, between 10.5% and 11.5%.
We have fluctuations. It depends on the mix that we have in terms of machinery and equipment, because here you have forestry equipment, mining, construction equipment, forklifts. So very volatile prices depending on the fleet mix. In trucks, we are still in a process of normalization.
You see that in the range that we have on this chart, we go from 2.8% annualized in 2024 to 4.8%, almost double in two years. This will continue to go up. Today, we price new contracts depreciating trucks at 7%. It is not an economic depreciation, it is an accounting depreciation. We have to have some fat in margin, but it could get to 7%.
With the 11% of machinery, 20% machinery, 80% trucks, the implied combined rate of 6.2% could get to 7.5%. We do not know when this is going to happen. It depends on the speed of fleet renewal, the purchase of new assets, the sale of used assets, and when 100 of the trucks are going to be Euro VI, which I do not know when it is going to happen. Your question about funding.
If you take a look at the new debentures, and we have that in our release, there is a table in which we show the new funding that we have. If you take a look at the 15th debenture, which was our last issuance on March 23, 2026, we captured at CDI plus 217. In 13th, it was CDI plus 225. The other 235 older issuances.
Today, we have an opportunity to refinance existing debt rollouts with the same creditor. This is a constant bilateral conversation. We also have the capacity of absorbing more Finame. I do not know when this is going to happen because I still do not have the information.
We do not see marginally any risk to increase the weighted average cost of our debt. That is CDI plus 1.7 on average. Finame will bring it down, and bilateral debentures will bring more to the average.
But I do not see any pressure with regards to that. Recently, just to tell you, we had the update of our ratings by our main risk agencies. They reiterated our ratings and that of the hold of group with a stable outlook. We are de-leveraging, generating more cash, and that may contribute to the company further on. But we are not counting on that.
Very clear, Rodrigo. Thank you. Good luck.
Thank you.
Our next question comes from Rogério Araújo from Bank of America. Rogério, your mic is clear.
Hello?
We can hear you.
Okay, good. My question is to Christian. If you did not hear the question, I wish you good luck on your new challenges. My question is to Christian. You are just joining the company with a relevant experience in the truck market.
I would like to understand your take on the price cycle of trucks in Brazil. In the last five years, the prices went up by more than 120%. With that, used vehicles were very high margins, even for Vamos last year. Recently, the margin is closer to zero. Our expectation is a gradual normalization of the trucks price cycle for next year.
In this context, if you could share with us three points. First, how do you see this accommodation of margins for used trucks in Vamos in 2026? Is it more one-off because of the concentration of certain assets, or is it a trend? Second, your level of confidence in estimated sales prices for these trucks in 2026 and 2027. Third, if you see the current level of depreciation in line with the margin being close to zero. Thank you.
Thanks, Rogério, for your question.
Rogério, if you take the history of the truck market, and that has very much to do with Vamos' own history when joining the market since 2019, 2020, and then we had the pandemic. Then we started to have this increase of prices. At first, Vamos benefited from that because it bought products in 2019 and 2020. The product it was able to lease at the time, when were returned, could be sold at margins of 20%, 30% in the years of 2022 and 2023.
Then, in addition to the hike in prices and the lack of products because of the change from Euro V to Euro VI, prices again did go up. Now, recently, prices are more stable. We had some adjustments throughout the year, but nothing as we saw in previous year. So I do believe in the accommodation of prices along this year.
As for the trust in our sales price, yes, it is 100% confidence with the fair depreciation that Rodrigo already mentioned in the previous answer. We believe that we are depreciating at right to have the margin of 0% to 1% at the time of sale. We do not expect to have huge margins in used assets given the current market momentum. In addition to this, there is something that keeps our margin, which is the diversification of assets.
We did have a huge concentration of road equipment, lots of returns from agriculture, which affected us a bit. But trucks and trailers, trucks and tractors always helped us to balance our margin. The current scenario in our market, we believe that the drop in the truck market is close to 9%. It is going to be very close to that. This is a market that is growing through an adjustment. OEMs are having some difficulties to deliver, so we believe the market is going to be stable in terms of prices and quantity.
Very clear. Thank you very much, Christian.
Thank you, Rogério.
Our next question comes from Pedro Tinel from Itaú BBA.
Hello, everyone. First of all, I also want to wish you all the success, Cris, Rodrigo. I have two questions on our side. First, I would like to understand the acceptance of Sempre Novo product. I see that your trend is going up.
Just a recap, what has changed from the past to today? The segment was not performing as we see now. Do you expect it to even perform better as you have a more diversification of assets? Second question, you talked about cash generation, focusing on the anticipation of receivables.
What do you see as opportunities on this front, and what should we expect until the end of the year? Thank you very much.
Pedro, thanks for your question. I am going to talk about the acceptance of the Sempre Novo product. This is something we truly believe it is working very well, and the trend is for Sempre Novo to increase its share in our revenue. It is a focus, a mission that we have, and it is what has been helping us improve our utilization rate.
The Sempre Novo product is a new concept, so it is a used asset that goes back to rental or leasing at a smaller period, and that gives customers possibilities. It is just another option. Remember, in the past, you would lease for a minimum 60 months, which was the market standard.
Now we can have 12, 24 months at an affordable cost because this is a product that was used for three, four years. The other work we are doing is the preparation of this asset. This asset is returned to us. We have a center that prepares this vehicle in Guarulhos for the customer to have confidence in the product. It gives a survival period for this product.
This is a market we are working very well. We have a very interesting customer niche, and we are opening for diversification. Not only trucks, but tractors, trailers, construction, mining equipment, agriculture equipment, forestry equipment. This is a product that we have a lot of confidence in. The market is accepting it well, and I think the trend is upwards towards this year. For, again, new leasing but also contract extensions.
The customer, I don't know, rents or leases a truck for five years, and they can extend for another 12, 24 months. They know the asset, and they have the option. Another thing, in intra-logistics, these products have a very long useful life. The average leasing of these products are above five years. Some will last eight, nine, 10 years. So Sempre Novo is a business that we'll continue to talk about and will continue to be a product that is really going to stand out for the company.
Hi, Pedro. Thanks for your questions. In terms of cash management, we'll continue to work. The idea is to manage our net debt, not only in terms of long-term but also to change the net debt mix. So in the next quarters, you should expect us to reduce some net debt, not renewing maturities, and we have other opportunities.
We are looking at the secondary net debt market, what it can offer. It depends on liquidity. Of course, we cannot buy everything we want because of a lack of supply. But we want to address, especially the net debts of 2027 and 2028. We had a capital increase that is already being put to service. You can see that in our results. We are improving the company cash in the rental and leasing and sale of assets.
Important to mention is that the cash generation we had in the second quarter was also benefited because until June, we were not buying many new assets. Now, we should accelerate purchases to the end of the year because of the contracted CapEx and contracts with new vehicles. With that, we are going to have a bit more purchases of new assets until the end of the year.
It's important to highlight, in recent years, contracted CapEx was more concentrated in the first quarter. Now it's going to be different, and it was stronger in the second. So cash consumption, generally, you see at the end of the year a bit lower, but this year is going to be a bit different. But again, nothing relevant, but we are still seeing our leverage very comfortably.
Very good. Thank you very much.
Our next question comes from Afonso Pereira from Securiet Asset Management.
Hello, everyone. Good morning. Thanks for taking my questions. I wish you all success in the new management. I would like to understand utilization rates per category of assets. You said forklifts performed well. What is the percentage of forklifts, trucks, tractors? This is one. Then the impact of Mover Brasil. That's it.
Good morning. Utilization rate is not something that we disclose by type of asset. So I'm limited to answer the question. I'm sorry.
Mover Brasil, the impact on rental?
No impact on rental or leasing. What Mover Brasil brought to us was an impact on the delay of sales. Just for you to have an idea, to prove what we are saying. Mover Brasil in the first phase had BRL 10 billion. Second phase, BRL 21 billion, of which BRL 1 billion for independent truckers. So let's consider 20.
Total BRL 30 billion. Last year, we sold 122,000 trucks in Brazil. The average purchase price of a truck in Brazil is BRL 800,000, BRL 900,000. Multiplied by 122, you get to BRL 97 billion to BRL 100 billion of sales revenue for new trucks in Brazil. BRL 30 billion is 30% of that. So 30% should be about four months of sales.
Move Brasil was consumed, but it did not increase demand for new vehicle sales. It made credit easier. Sales happen more naturally. If you take a look at data from FENABRAVE, registration of new trucks are exactly the same level of last year. Move Brasil did not grow new truck sales. It just had the objective of making access easier with cheaper money, which was expected.
Very clear. Thank you very much, Rodrigo, and I wish you all the success.
Thank you.
We have several questions from analysts in writing. I am just going to get one from Lucas Barbosa, our analyst from Santander. Lucas, thanks for your question. He says, "Good morning, Cris, Rodrigo. Congratulations on the results. Thank you for the opportunity. I have a question about the outlook for used assets.
In a scenario where agribusiness remains challenging over the next 12- 18 months, how much could this affect used assets business? Does the fleet available for sale, as well the fleet expected to be decommissioned, have significant exposure to heavy and extra heavy trucks?"
Lucas, to answer your question, agribusiness for three years now is going through huge difficulty, and we have no questions the segment is going to recover. The country as it is, the barn of the world, the regions we have, it will resume. It is taking time, but it will. The maintenance of the segment are here. We had a strong return 2023, 2024. Products that were very much developed in used vehicle sales. I said in the beginning of the presentation, the products that were returned from grain transportations in the Midwest, lots of tractors, lots of trailers were already sold.
Today we have some contracts when we talk about agribusiness. Not even agribusiness, but sugar and ethanol. This is a business in which we have an expertise to work with. We understand that most of the assets already had a demand, were already sold or re-leased. We did not have any major contracts in the segment, at least not in the last 18 months.
Just to add to what Cris said, agribusiness means several sectors. The company in last years was a bit affected by agribusiness, but the problem we had was with grain transportation, that today has a very low share for the company. It is important to highlight that people talk a lot about sugar and ethanol, but sugar and ethanol had CapEx in the first and the second quarter, the sector that contracted the most. Agribusiness still has a demand.
It has not stopped. We are not feeling anything out of the ordinary.
We would like to inform you that the other questions in writing are going to be answered by the IR team. Now we are going to close the Q&A session and turn over to Mr. Christian Hahn for his final remarks.
Well, first, I would like to thank you for taking part in our conference call. It is my first. I am very happy with everything that we showed you, but we know there is lots of work ahead of us. We lack no dedication or willingness to meet our commitments, focus on operational efficiency, cost management, asset management, asset turnover, more cash, and responsibility in governance of the company. Focus on accelerating deliveries by selling, leasing, and having revenue with our inventory and bringing new products.
More and more bringing new products also directed to leasing, new sales in our used sales stores and diversifying revenues, not only in trucks, road equipment, trailers, but different heavy truck markets where we have opportunities.
Agribusiness, forestry, sugar ethanol, logistics, intralogistics with forklifts, distribution centers growing in urban regions bring us lots of opportunities. Remember, we reinforced our commercial teams with our management leasing team, and we are going to focus on improving utilization rates. Thank you very much, and I wish you a very good afternoon.
Vamos conference call is now closed. We thank you very much for attending and wish you a good afternoon.