Marcopolo (POMO4) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$2,373.3 million in 2Q26, up 3.0% year-over-year, with microbuses driving growth and accounting for 42.5% of total volume.

• Net income was R$271.2 million (margin 11.4%), down 15.5% year-over-year, impacted by margin compression, a lighter product mix, and restructuring costs in Argentina.

• Profitability and margins declined due to higher costs, inflation, and a shift toward lower value-added products.

• Market share in Brazil increased to 48.3% in 2Q26.

• International operations showed mixed results: Australia delivered strong growth, while Argentina, Mexico, South Africa, and China faced challenges.

Financial highlights

• Gross profit for 2Q26 was R$519.7 million (margin 21.9%), down 12.4% year-over-year; gross margin declined 3.8 p.p.

• EBITDA for 2Q26 was R$338.6 million (margin 14.3%), down 15.0% year-over-year; EBITDA margin fell 3.0 p.p.

• Net financial debt stood at R$1,815.9 million, with industrial segment leverage at 0.3x LTM EBITDA.

• Operating cash flow was negative at R$96.5 million in 1H26, reflecting increased working capital needs.

• Earnings per share for 2Q26 was R$0.218–R$0.219.

Outlook and guidance

• Sequential recovery is expected in 2H26, with the Move program and anticipated demand for road buses supporting volumes.

• Delays in government programs and absence of new health sector orders may affect 3Q26, with recovery expected in 4Q26.

• Diesel and operating costs remain a short-term headwind, but new public transport frameworks may support medium- to long-term fleet renewal.

• Investments are aligned with future demand expectations, focusing on value creation, efficiency, and innovation.