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2025 Highlights
Impact of global uncertainties on Company’ results
Net Revenue: R$9.7 billion in 2025 (-9% vs. 2024), a 10% decrease in volumes sold due to lower demand for commercial vehicles.
Export Market: impacts from uncertainties regarding tariffs and emissions regulations (EPA27) on truck buyers’ confidence, along with depressed freight rates.
Domestic Market: truck sales affected by interest rates, delinquency levels, and agribusiness performance, offset by double-digit growth in the Aftermarket segment and the Energy & Decarbonization Business Unit.
Operating Cash Flow: R$915 million, the second highest in the Company’s history, driven by efficient working capital management, MWM’s performance, and the sale of tax credits (IPI).
Adjusted EBITDA: R$661 million (-49% vs. 2024), with a margin of 6.8% (vs. 12.1%).
The margin of the traditional business, which includes structural components and hydraulic products, reached 5% in 2025 (vs. 13% in 2024). The decline in sales and production volumes, with impacts on operational efficiency, cost dilution, and quality indicators, affected EBITDA by approximately R$730 million in the period, partially offset by cost and expense reductions totaling R$300 million and a favorable currency impact of R$120 million. The EBITDA margin of MWM’s operations reached 10% in 2025 (8% in 2024), reflecting productivity gains, a more favorable product mix, and recurring effects from the operational and administrative restructuring implemented since 2024.
Structural Capacity Reduction Initiatives: changes to the scope of the capacity reduction project initiated in 2024 (originally expected to be completed in 2025), resulting from geopolitical developments in the United States, with impacts from idle capacity costs and the postponement of the expected benefits. Investments in fixed assets and inventories related to the project originally planned totaled R$145 million, incurred throughout 2024 and early 2025.
Net result: loss of R$655 million (vs. income of R$ 82 million in 2024). Impact of R$ 544 million resulting from restructuring initiatives executed and provisioned throughout the year based on the implementation of the capacity decommissioning project, in line with the strategy to revise the footprint and allocate production to more efficient lines. This amount is composed of: (i) recognition of impairment totaling R$ 327 million, (ii) reduction of realizable value of inventories amounting to R$ 40 million, (iii) write‑off of tax credits (IR/CSLL) of R$ 125 million, and (iv) restructuring expenses of R$ 52 million. Other optimization and restructuring initiatives resulted in expenses of R$ 45 million.
Net Debt: R$2.2 billion, down by 5% from 2024. The net debt/Adjusted EBITDA ratio reached 3.35x, due to lower operating results in the period.
To access the Earnings Release, clique aqui.
To access the TUPY3 Comenta, clique aqui.