MAHLE Metal Leve (LEVE3) Q3 2026 earnings summary

Executive summary

• 9M26 revenue declined 2.0% YoY to R$3,998.9m; net profit rose 12.4% to R$531.3m, with gross margin at 28.2%.

• OEM resilience and diversified domestic and export operations supported profitability amid softer Aftermarket demand, currency headwinds and a challenging industry backdrop.

• Exercising the Arco Climatização call option will raise the stake from 49.99% to 70%, expanding thermal-management and air-conditioning exposure.

Financial highlights

• 9M EBIT rose 0.6% to R$716.5m; gross profit declined 1.0% to R$1,127.5m, while adjusted EBITDA was R$809.1m, up 0.1%.

• Q3 revenue fell 2.4% to R$1,410.3m; EBIT declined 9.0% to R$254.1m and net profit fell 15.9% to R$157.5m.

• 9M OEM revenue rose 1.3% to R$2,570.6m; Aftermarket revenue declined 7.4% to R$1,428.3m.

• 9M operating cash flow was R$503.3m, up from R$391.0m; cash and equivalents stood at R$491.7m at September-end.

Outlook and guidance

• ANFAVEA forecast 2026 Brazilian vehicle registrations up 15.2% to 3.1m and production up 6.7% to 2.82m; exports were projected down 17.7%.

• New-business nominations in 9M26 were 40% above the total secured during FY25, supporting efforts to gain light- and heavy-vehicle market share.

• Q4 was characterized as challenging; no earnings guidance was given, and the quarter’s result was to be submitted to the board in December.