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3Q25 Highlights
Impact of global uncertainties on demand for
commercial vehicles
Net Revenue: R$2.4 billion in 3Q25 (-13% vs. 3Q24). Impact from a 15% decrease in physical sales volumes, driven by the performance in the commercial vehicle market and by the appreciation of the Brazilian real, partially offset by a better product mix and the performance of the aftermarket, energy & decarbonization businesses.
Adjusted EBITDA: R$165 million (-51% vs. 3Q24), with a margin of 7% (vs. 12% in 3Q24), mainly affected by the traditional business performance e by the appreciation of the Brazilian Real.
The margin of the traditional business, which includes structural components and hydraulic products, reached 5% in 3Q25. The double-digit decline in sales and production volumes, which affected operational efficiency, quality indicators, and the dilution of costs and expenses, had an approximately R$210 million impact on EBITDA in the quarter. The margin of MMW’s operations stood at 11% in the period.
Operating Cash Flow: generation of R$383 million (vs. R$227 million in 3Q24). Record cash flow generation for the Company in a third quarter mainly due to working capital management initiatives, with a 6-day reduction in the cash conversion cycle compared to the previous quarter (2Q25).
Financial Result: net expense of R$68 million (vs. an expense of R$83 million in 3Q24), due to the positive impact of exchange rate variation on balance sheet accounts in foreign currency and the result of hedge operations (which recorded a negative result in 2024).
Net Result: loss of R$40 million, due to operating performance, partially offset by better financial results, and the currency effect on tax base (a positive impact of R$79 million year over year).
To access the Earnings Release, click here.
To access the TUPY Comenta, click here.