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Highest EBITDA and Operating Cash Generation Ever
Efficiency gains and favorable currency scenario
mitigated the impact of the drop in volumes in 2024
Net Revenue: R$10.7 billion in 2024 (-6% vs. 2023). The depreciation of the Brazilian real and the 17% growth of MWM’s revenue mitigated the impact of the reduction of roughly 20% in the physical sales volume, due to the lower demand for commercial vehicles and off-road applications in the export market.
Gross Profit: R$1.9 billion, with a margin of 1% (vs. 17.0% in 2023).
Adjusted EBITDA: R$1.3 billion (+2% 2023), the highest figure ever, due to efficiency gains and the favorable currency scenario.
Adjusted EBITDA margin of 1% (vs. 11.1% in 2023).
The traditional business’s margin reached 13%, close to that of the period prior to the acquisitions (14%), despite falling volumes and synergy projects yet unfinished, like the relocation of production to more efficient lines. MWM’s margin was 8%, vs. 6% in the period prior to the acquisition.
Highest Operating Cash Generation ever, amounting to R$1.4 billion, due to operational efficiency and working capital management initiatives, the favorable currency scenario, and the performance of MWM’s operation.
Net Income: R$82 million (vs. R$517 million in 2023), due to the effect of the appreciation of the Mexican peso on the tax base and the impairment of assets, in the amount of R$250 million, with no cash effect, owing to initiatives to relocate production to more efficient lines.
Shareholder remuneration: (i) Interest on equity of R$190 million, referring to the 2024 fiscal year; and (ii) share buyback in the amount of R$173 million*.
* Cash effect of R$143 million in the period.
To access the Earnings Release, click here.