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Results improved sequentially, driven by volume recovery, operational efficiency, and financial discipline
Net Revenue: R$2.5 billion (-6% vs. 2Q25), with sales volumes remaining flat vs. 2Q25. Performance reflected the average appreciation of the Brazilian real against the U.S. dollar (+11%) and weaker domestic market conditions, partially offset by growth in commercial vehicle applications in international markets.
Revenue increased by 7% over 1Q26, reflecting the recovery in international sales volumes and market share gains in the Structural Components segment, driven by new project launches and the resumption of existing programs.
Operating Cash Flow: R$303 million generated during the period, primarily reflecting working capital management, including a R$117 million reduction in inventories and the monetization of surplus contracted energy for future periods, totaling R$30 million. As a result, the cash conversion cycle decreased by 26 days compared to 2Q25 and by 5 days compared to 1Q26.
Adjusted EBITDA: R$156 million (-26% vs. 2Q25), with a margin of 6.3% (vs. 8.0% in 2Q25 and 4.3% in 1Q26). Year-over-year performance was impacted by R$104 million due to the appreciation of the Brazilian real and the Mexican peso against the U.S. dollar, as well as lower production volumes, which reduced fixed-cost absorption. These effects were partially offset by operational efficiency initiatives and an improved product mix, which contributed R$68 million.
The 200-basis-point margin expansion compared to 1Q26 mainly reflects higher volumes and the progress of efficiency projects, with direct impacts on costs and improvements in operational and quality indicators.
Net result: loss of R$11 million (vs. net income of R$24 million in 2Q25), primarily reflecting weaker operating performance.
Net Debt: R$1.9 billion, down by 26% from 2Q25 and by 8% from 1Q26. The net debt/Adjusted EBITDA ratio reached 4.14x (vs. 4.02x in 1Q26), as a result of lower adjusted EBITDA accumulated over the last twelve months.
To access the Earnings Release, click here.
To access the TUPY3 Comenta, click here.