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Disciplined strategy execution, with focus on operational efficiency and gradual demand recovery
Net Revenue: R$ 2.3 billion (-7% vs. 1Q25). Impact of the 9% reduction in physical sales volumes of commercial vehicles and off-road applications in the domestic and foreign markets, and the appreciation of the Brazilian real, partially offset by the performance of the Manufacturing Contracts and Energy & Decarbonization Business Units.
Revenue increased by 6% compared to 4Q25, reflecting favorable seasonal effects and market share gains in the Structural Components segment (launch of new projects and resumption of programs).
Operating Cash Flow: generation of R$ 198 million, the Company’s best first-quarter result, reflecting consistent working capital management initiatives, with a 7-day decrease in the cash conversion cycle compared to 4Q25 and a 15-day reduction compared to 1Q25, mainly driven by lower inventory levels.
Adjusted EBITDA: R$ 99 million (-60% vs. 1Q25), with a margin of 4.3% (vs. 1.8% in 4Q25 and 10.0% in 1Q25). EBITDA was impacted by approximately R$ 89 million, due to lower sales and production volumes, and by R$ 95 million, due to the appreciation of the Brazilian real and the Mexican peso against the U.S. dollar. These effects were partially offset by internal initiatives and a better product mix, totaling R$ 50 million, including R$ 22 million from the capacity reduction project.
The margin expansion compared to 4Q25 mainly reflects higher volumes and progress in efficiency projects, with direct impacts on costs and improvements in operational and quality indicators.
Net result: loss of R$ 94 million (vs. a loss of R$ 12 million in 1Q25), due to operating performance.
Net Debt: R$ 2.1 billion, down by 18% from 1Q25 and by 7% from 4Q25. The net debt/Adjusted EBITDA ratio reached 4.02x (vs. 3.35x in 4Q25), reflecting lower adjusted EBITDA accumulated over the last twelve months.
To access the Earnings Release, click here.
To access the TUPY3 Comenta, click here.