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Results driven by volume growth, operational efficiency, and financial discipline
Net Revenue: R$2.6 billion (+8% vs. 3Q25), driven by a 10% increase in physical sales volume, particularly the performance of commercial vehicle and off-road applications in the international market, which mitigated the effects of the Brazilian real’s 6% appreciation against the U.S. dollar and the decline in revenue from the Energy & Decarbonization and Distribution Business Units.
Adjusted EBITDA: R$298 million (+81% vs. 3Q25), with a margin of 11.5% (vs. 6.9% in 3Q25 and 6.3% in 2Q26). Margin improved consistently, driven by higher sales and production volumes, commercial negotiations, and initiatives to improve efficiency and reduce costs. Excluding the one-off effects of commercial negotiations in 3Q26, the Adjusted EBITDA margin would have been approximately 9.5% for the period.
Net Income: R$54 million (vs. a loss of R$40 million in 3Q25), due to operating and financial performance.
Operating Cash Flow: R$292 million generated, primarily reflecting working capital management. Cash conversion cycle of 62 days, 24 days less than in 3Q25 and 4 days less than in 2Q26.
Net Debt: R$1.7 billion, down by 23% from 3Q25 and by 8% from 2Q26, reflecting an increase in the cash position, which reached R$2.4 billion, driven by operating generation and the raising of financing lines under the Brasil Soberano program.
The net debt/Adjusted EBITDA ratio reached 2.94x (vs. 4.14x in 2Q26), reflecting a reduction in net debt and an increase in Adjusted EBITDA for the last twelve months.
Liability Management (subsequent event): partial repurchase of debentures at market prices in October 2026, with a principal amount of approximately R$257 million and a cash disbursement of R$250 million, in line with the Company’s debt management and capital structure strategy.
To access the Earnings Release, clique aqui.
To access the TUPY3 Comenta, clique aqui.