Iochpe-Maxion S.A.

Net revenue for 2025 was BRL 15.3 billion, slightly up versus 2024. Gross profit margin was 11.7% in Q4 2025 and 12% for full-year 2025; recurring EBITDA margin was 9.6% in Q4 and 10.1% for the full year. Leverage was 2.65x in Q4 versus 2.55x in Q3, though management said lower factoring of about BRL 100 million means the adjusted leverage was roughly stable. CapEx for 2025 was BRL 554 million, down meaningfully versus 2024. For 2026, management said North America is expected to ramp during the year, Brazil should be better in the first half, Europe should improve, and India should show solid growth; they also said the latest tariff changes should have no meaningful impact on the company based on current understanding.

Pieter Klinkers framed 2025 as a difficult year for commercial vehicles, especially in North America and then Brazil, but emphasized that the company adapted quickly and protected profitability. He stressed that Maxion outperformed the market in regions like Europe and Asia, and said the company is increasingly well positioned to benefit from a better truck environment in 2026 and beyond. He also highlighted growth avenues beyond large greenfield investments, including market share gains, innovative products, Chinese OEM expansion, and selective projects in Mercosur, Turkey, and India.

Renato Salum focused on why net income and taxes were weaker in Q4 2025. He said Q4 tax pressure reflected the absence of a roughly BRL 30 million benefit seen in 2024 from an India plant ramp-up and a roughly BRL 40 million negative impact from Turkey’s inflation-account treatment being suspended for 2025 and 2026; he also noted higher financial expenses from the SELIC rate and around BRL 50 million of restructuring costs. On leverage, he said the 2.65x year-end figure included about BRL 100 million less factoring, and that the company generated BRL 328 million of cash flow while closing with BRL 508 million of CapEx spend in the quarter context discussed; management also cited BRL 1.6 billion in cash and BRL 760 million of undrawn credit lines.

Analysts focused on U.S. tariffs, Brazil heavy-vehicle demand, customer inventories, market share gains, CapEx, and leverage. Management said the latest tariff changes should not have a meaningful impact because its North American products are handled under Section 232 and exports from Mexico benefit from USMCA exemption, while Brazil should see better conditions in the first half of 2026 and the MOVER program should help. On inventories, management said it does not see unusual inventory overhang or catch-up effects in Brazil, and on market share it said gains are more relevant in Europe and Asia, where further upside is possible but not endless.