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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Tupy (TUPY3) investor relations material
Tupy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net revenue reached R$2.4 billion in 3Q25, a 13% decrease year-over-year, mainly due to lower commercial vehicle volumes and currency appreciation, partially offset by growth in aftermarket, energy, and decarbonization segments.
Adjusted EBITDA was R$165 million, with a 7% margin, down from 12% in 3Q24, impacted by lower sales and production volumes.
Record operating cash flow reached R$383 million, up 69% year-over-year, supported by working capital management and a 6-day reduction in the cash conversion cycle.
Net result was a loss of R$40 million, compared to a profit of R$50 million in 3Q24, mainly due to weaker operating performance and lower volumes.
Execution of capacity demobilization, efficiency plans, and diversification into high-value-added products and new partnerships are expected to drive future growth.
Financial highlights
Revenue totaled R$2.4 billion, a 13% decrease year-over-year, with 48% from South/Central America, 35% North America, 14% Europe, and 3% Asia/Africa/Syria.
Adjusted EBITDA for 3Q25 was R$165 million (7% margin), down 51% year-over-year; traditional business margin was 5%.
Gross margin was 13%, down from 18% in 3Q24, impacted by lower production volumes and inflation.
Net debt at quarter-end was R$2.3 billion, with 58% in foreign currency; cash position was R$1.65 billion.
Operating cash flow was R$383 million, up 69% year-over-year, driven by working capital initiatives.
Outlook and guidance
Management expects continued macroeconomic and cyclical challenges, with demand in key markets likely to remain under pressure due to geopolitical conflicts, trade barriers, and high interest rates.
Industrial reorganization and plant integration are expected to yield R$100 million in cost savings in 2026 and R$180 million annually from 2027.
Productivity and automation initiatives are projected to add 2 percentage points to EBITDA margin in 2026.
New contracts, especially for next-generation engines, will begin contributing in 2025 and 2026.
How does reduced capacity affect future volume growth?
MWM's role in diversifying revenue and margins
Tariff mitigation and supply chain resilience strategy
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