Tupy (TUPY3) investor relations material

Executive summary

• 3Q26 revenue rose 8.2% YoY to R$2.596bn and Adjusted EBITDA increased 80.6% to R$298m, supported by volume growth, efficiency gains and commercial negotiations.

• Net income was R$54m versus a R$40m loss in 3Q25; operating cash flow reached R$292m and net debt fell 23% YoY.

• 9M26 revenue declined 1.8% YoY to R$7.378bn and Adjusted EBITDA fell 11.2% to R$552m, despite quarterly margin recovery.

Financial highlights

• Sales volume increased 10% YoY; foreign-currency revenue represented 61% of the total, while the real strengthened 6% against the U.S. dollar.

• Adjusted EBITDA margin was 11.5% versus 6.9% in 3Q25 and 6.3% in 2Q26; excluding one-off commercial-negotiation effects, it was ~9.5%.

• Gross profit rose 45.2% to R$438m and gross margin reached 16.9%, up from 12.6% in 3Q25.

• Net financial expense declined 26.3% to R$49.7m; operating income before financial result was R$173m versus R$20m in 3Q25.

• Cash and cash equivalents were R$2.425bn at quarter-end; operating cash flow was R$292m.

Outlook and guidance

• Expected 2026 gains from production transfers are ~R$100m, subject to transfers, approvals and operational stabilization; North American order backlog supports higher volumes.

• New North American heavy-duty truck programs carry higher margins than legacy contracts, supported by machining and assembly services.

• Priorities include margin expansion, cash generation, return on capital and optimized resource allocation; execution and stabilization of new projects remain key.