By Brazil Stock Guide – SIMPAR posted record consolidated gross revenue of R$48.1 billion in 2025 while reducing financial leverage to its lowest level in 15 years, signaling a shift from expansion to balance-sheet repair after a capital-intensive cycle. Net debt to EBITDA fell to 3.1x in the fourth quarter, down 0.5x year on year, supported by lower net capex, operational gains and the sale of non-core assets.
The deleveraging came alongside a more disciplined investment profile. Net capex in both the fourth quarter and full year reached the lowest level in five years, reflecting management’s decision to extract value from an already-built operating platform rather than pursue aggressive fleet expansion. Even excluding the divestment of Ciclus Rio, leverage would have declined sequentially from the third quarter, according to the company.
Asset monetization played a central role. Revenue from asset sales rose 22.6% year on year in the fourth quarter to R$2.0 billion, with VAMOS nearly doubling its asset sales compared with the prior year. The performance highlighted the liquidity of SIMPAR’s fleet and its ability to convert inventory into cash without compromising service revenue, which grew 8.1% in 2025 to R$35.2 billion.
“The combination of efficiency gains, reduced investment needs and portfolio rotation allowed us to reach the lowest leverage level in 15 years,” said chief financial officer and investor relations officer Denys Marc Ferrez, adding that the group’s focus has shifted toward cash generation and balance-sheet resilience.
SIMPAR also concluded the sale of Ciclus Rio in December for R$1.8 billion, receiving R$769 million at closing out of total equity value of R$1.085 billion, with the remaining payments scheduled for 2026 and 2027. The transaction further reinforces the group’s strategy of recycling capital while maintaining revenue growth momentum heading into 2026.
The final audited financial results for the quarter and full year are expected to be released on March 31.