MAHLE Metal Leve (LEVE3) Q4 2025 earnings summary

Executive summary

• Net operating revenue reached BRL 5.41 billion in 2025, up 18.6% year-over-year, driven by strong domestic OE sales (+54%) and resilient aftermarket performance (+5.7%).

• Gross margin was 27.2%, EBIT margin 16.9%, and EBITDA margin 19.3% for the year.

• Net profit totaled BRL 608.7 million, a 12.5% increase compared to 2024.

• Strategic acquisitions in Q4 2024 (MAHLE Compressores, MAHLE Aftermarket Thermal) and increased stake in Arco Climatização contributed to portfolio expansion and revenue growth.

• The company maintained a balanced approach between OE and Aftermarket, domestic and export markets, mitigating sector-specific risks.

Financial highlights

• Net operating revenue: BRL 5,406.7 million (+18.6% YoY); Q4 revenue: BRL 1,325.6 million (+0.6% YoY).

• Gross profit: BRL 1,473.2 million (+13.4% YoY); gross margin: 27.2%.

• EBIT: BRL 916.2 million (+5.3% YoY); EBIT margin: 16.9%.

• EBITDA: BRL 1,043.6 million (+7.0% YoY); EBITDA margin: 19.3%.

• Net profit: BRL 608.7 million (+12.5% YoY); net margin: 11.3%.

• Net finance costs decreased to BRL 124.5 million from BRL 171.1 million.

• Capital expenditures: BRL 153.7 million (2.8% of net sales).

• Net debt: BRL 998.4 million; Net debt/Adjusted EBITDA: 0.96x.

• Interest on capital distributed: BRL 110.5 million.

Outlook and guidance

• The company expects continued resilience in domestic demand, supported by a dynamic labor market and gradual improvement in credit conditions.

• Macroeconomic volatility and high interest rates remain challenges, but gradual disinflation and stable activity are expected.

• Strategic focus remains on innovation, sustainability, and portfolio diversification.

• MOVE Brasil program and energy-efficiency rules to impact vehicle sales and production.

• Europe-Mercosur agreement under legal review, with provisional application scheduled for May 2026.