Slides
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4Q24 and 2024 EARNINGS RELEASE FEBRUARY 27, 2025 ADR: IOCJY
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Market - Global Vehicle Production 2 2024 2025 2026 2027 2028 3,402 3,226 3,260 3,594 3,590 3,878 2023 -5% 1% 10% 0% 8% 90 89 88 91 93 94 2023 2024 2025 2026 2027 2028 -1% -1% 3% 2% 1% Light Vehicles¹ - Millions Units Commercial Vehicles² Thousands Units Global production ex-China - var. Source: ¹S&P Global - February 2025 ² Global Data 4Q24 -3% -1% +2% +2% +1% -6% -1% +11% -4% +9%
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3 Gross Profit Net Revenue Recurring² EBITDA Net Income Leverage Main Highlights of 4Q24 and 2024 ¹Compared to the same period last year ²Excluding non-recurring effects in both periods (slide 12) ³Net debt/EBITDA for the last 12 months R$ 483.0 mi, with a gross margin of 12.4% in 4Q24, an increase of 27.0% and 1.5 p.p.¹ R$ 3.90 bi in 4Q24, growth of 12.2%¹ + 33.1% in 4Q24 with a margin of 9.9%, an increase of 1.6 p.p.¹ 2.39x in 4Q24, compared to 2.93x in 4Q23 and 2.59x in 3Q24 R$ 68.4 mi in 4Q24 Dividends Distribution of R$ 99.3 mi for 2024, of which R$ 70.2 million in interest on capital and R$ 29.1 million in dividends R$ 1.8 bi, with a gross margin of 11.9% in 2024, an increase of 20.8% and 1.8 p.p.¹ + 26.3% in 2024 with a margin of 10.2%, an increase of 1.9 p.p.¹ R$ 264.7 mi in 2024 R$ 15.3 bi in 2024, an increase of 2.5%¹
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Consolidated Operating Revenue - R$ million 4 4Q23 4Q24 3.484 3.909 +12,2% 2023 2024 14.955 15.332 +2,5% ▪ Positive exchange rate variation of R$404.4 million in 4Q24 and R$744.8 million in 2024
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Revenue by product 5 30% 32% 31% 30% 21% 19% 22% 20% 25% 24% 24% 25% 21% 22% 21% 23% 3% 4Q23 3% 4Q24 3% 2023 3% 2024 Structural Components LV Structural Components CV Steel Wheels LV Steel Wheels CV Aluminum Wheels LV VL: light vehicles VC: commercial vehicles
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6 Aftermarket Trailer Others Clients 4Q23 4Q24 Top 1 14% 12% Top 5 49% 50% Top 10 77% 75% Revenue by customer 14.0% 10.7% 8.3% 9.3% 10.1% 9.2% 9.6% 7.9% 7.0% 7.7% 9.0% 4.8% 4.8% 4.6% 4.7% 4.6% 12.5% 4.3% 4.4% 4.0% 2.5% 3.0% 3.2% 2.7% 3.2% 1.4% 1.0% 1.1% 1.2% 0.5% 0.6% 11.7% 11.6% 4.9% 4Q24 4Q23
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Operational Performance - South America 7 901 4Q23 4Q24 1,115 +23.7% + 19.9% light vehicles + 26.9% commercial vehicles Net Operating Revenue - R$ million Brazil Market performance¹ - vehicles produced (thousand) ▪ Strong growth in production in the light and commercial vehicle segments ¹ Source: ANFAVEA and company estimates. 4Q23 4Q24 Var. Light vehicles 540 630 16,7% Commercial vehicles 30 45 48,6% Share of consolidated Net Operating Revenue - (%) 4Q23 4Q24 R$ 4.4 billion 10.5% vs 2023 2024
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Operational Performance - North America 8 4Q23 4Q24 1,004 1,080 +7.6% + 11.2% light vehicles + 4.2% commercial vehicles Net Operating Revenue - R$ million Market performance¹ - vehicles produced (thousand) ¹ Source: S&P Global light vehicles, Global Data commercial vehicles and company estimates. 4Q23 4Q24 Var. Light vehicles 3.762 3.610 -4,1% Commercial vehicles 154 130 -15,6% Share of consolidated Net Operating Revenue - (%) 4Q23 4Q24 R$ 4.6 billion 6.1% vs 2023 2024 ▪ Increased production of structural components for commercial vehicles ▪ Positive exchange rate variation (R$157.3 million)
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Operational Performance - Europe 9 4Q23 4Q24 1,225 1,359 +10.9% + 17.1% light vehicles - 5.9% commercial vehicles Net Operating Revenue - R$ million Market performance¹ - vehicles produced (thousand) 4Q23 4Q24 Var. Light vehicles 4.284 3.878 -9,5% Commercial vehicles 155 110 -29,3% Share of consolidated Net Operating Revenue - (%) 4Q23 4Q24 ¹ Source: S&P Global light vehicles, Global Data commercial vehicles and company estimates. R$ 5.0 billion 4.3% vs 2023 2024 ▪ Decrease in production volume in the region, mainly in the commercial vehicle segment ▪ Positive exchange rate variation (R$ 193.0 million)
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Operational Performance - Asia + others² 10 353 354 4Q23 4Q24 +0.3% - 3.9% light vehicles + 9.2% commercial vehicles Net Operating Revenue - R$ million Market performance¹ - vehicles produced (thousand) ▪ Reduction in the volume of aluminum wheels for light vehicles in South Africa and Thailand ▪ Increase in the volume of steel wheels in India ▪ Positive exchange rate variation (R$ 54.2 million) 4Q23 4Q24 Var. India - VL 1.292 1.336 3,4% India - VC 118 100 -15,8% Thailand - VL 443 335 -24,4% South Africa - VL 143 133 -6,8% Share of consolidated Net Operating Revenue - (%) 4Q23 4Q24 ¹ Source: S&P Global light vehicles, Global Data commercial vehicles and Company estimates ² Considers plants in Asia + South Africa R$ 1.4 billion 5.2% vs 2023 2024 VL: light vehicles VC: commercial vehicles
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Gross Profit (R$ million) and Gross Margin (%) 11 ▪ Gross margin growth of 1.5 p.p. in 4Q24 and 1.8 p.p. in 2024 380 483 10.9% 4Q23 12.4% 4Q24 +27.0% 10.1% 1,508 2023 11.9% 1,821 2024 +20.8%
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EBITDA (R$ million) and EBITDA Margin (%) Adjusted EBITDA Conciliation 4Q23 4Q24 2023 2024 EBITDA 289,3 378,3 1.252,9 1.524,0 Excl. of ICMS from PIS/Cofins (-) - - 15,0 - Insurance reimbursement (-) - - 17,5 3,6 Restructuring Expenses (+) 0,4 6,9 14,4 20,2 Put Option - Subsidiary (+) - - 18,7 Adjusted EBITDA 289,7 385,2 1.234,7 1.560,0 Adjusted EBITDA margin % 8,3% 9,9% 8,3% 10,2% 289 379 8.3% 4Q23 9.7% 4Q24 +30.9% 8.4% 1,253 2023 9.9% 1,525 2024 +21.7% ▪ Growth of 1.6 p.p. in the recurring EBITDA margin in 4Q24 and 1.9 p.p. in 2024 12
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Net Income - R$ million ▪ Distribution of R$ 99.3 million in earnings for 2024 ▪ The net result was negatively impacted by the constitution of a deferred income tax provision (non-cash) related to the exchange rate variation of the local currencies of the Company's subsidiaries in Mexico, the Czech Republic and Turkey compared to their functional currencies in the amount of R$2.2 million in 4Q24 and R$75.2 million in 2024 68 -0,2% -8 4Q23 1,7% 4Q24 265 0,2% 31 2023 1,7% 2024 13
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Investments– R$ million ▪ Exchange rate variation impacted investments by R$30.9 million in 4Q24 and R$52.9 million in 2024 222 245 4Q23 4Q24 +10.4% 552 678 2023 2024 +22.9% 14 ▪ Cash investments of R$ 590.9 million in 2024, compared to R$ 505.2 million in 2023 ▪ The main investments in the period were related to increasing capacity in North America and the construction of a new aluminum wheel plant for trucks in Europe
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15 Financial leverage Leverage - net debt / EBITDA 2023 1Q24 2Q24 3Q24 4Q24 3.675 1.253 3.783 1.283 3.885 1.308 3.712 1.435 3.637 1.524 Net Debt LTM EBITDA 2,93 2,95 2,97 2,59 2,39 Net Debt/ EBITDA ▪ Devaluation of the real negatively impacted net debt in 4Q24 by R$ 78.8 million compared to 3Q24 and R$ 407.7 million compared to 2023
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16 Liquidity Ratio Liquidity ratio – cash / short-term debt 615 2023 1Q24 2Q24 3Q24 4Q24 1,632 3,462 1,387 2,795 1,113 2,806 1,070 3,098 3,224 Short term debt Cash Undrawn Available Credit Lines 2,962 2,295 2,256 2,338 760 2,463 2.12 2.02 2.52 2.90 5.24 Liquidity Ratio 760550500 500
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Gross Debt (R$ million) 17 Gross debt composition 19.9% 43.3% 34.3% 2.6% 24,1% 74,1% 9,6% 90,4% 4Q23 4Q24 571 281 816 421 249 760 2,463 Cash 2025 2026 2027 2028 2029 2030 3,223 3,763 Debt Maturity* - R$ million Gross debt (4Q24)* : R$6,100.7 million *Includes financial instruments 4Q23 4Q24 Cost (BRL) CDI + 2.1% CDI + 1.6% Cost (EUR) 4.6% 3.5% Cost (USD) 6.2% 5.6% Average time 4.2 years 3.8 years Undrawn Available Credit Lines Dollar Reais Euro Other currencies Short term Long term
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Main Launches - 4Q24 18 SOUTH AMERICA Citroen Basalt Aluminum wheels - 16" Limeira, Brazil EUROPE DAF XB Steel wheels - 17" and 19" Manisa, Turkey NORTH AMERICA Kia K4 Steel Wheels - 15" and 16" San Luis Potosi, Mexico ASIA BIZ NEX Tuk Tuk Aluminum wheels - 12" Saraburi, Thailand
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4Q24 Awards and Highlights "HR diversity and inclusion best practices" - Global India Business Forum, India "Excellence in supplier quality"- Daimler, India "Excellence in Quality" - Hyundai Motors, Brazil "Customer Service and After Sales on Time" - GM, Brazil "Key Supplier" - Tredit Tire and Wheel , Brazil and India "1st place in the Excellence in Productivity category" - Kaizen Institute, Mexico "Czech & Slovak Industria 4.0 : Implementation in the factory category" - Confederation of Czech Industry , Czech Rep. "Thailand 5s Award 2024 (Bronze Level)" - Technology Promotion Association (Thailand- Japan), Thailand Others Clients 19
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Sustainable Journey in 2024 Commitment to best governance, environmental and social practices Debut in ICO2 (Carbon Efficient Index) Debut in the Diversity Index Staying in the Corporate Sustainability Index 2024: Approx. 38% reduction in GHG emission intensity (scope 1 and 2) vs. 2019 baseline 2024: Approx. 75% of electricity used from renewable sources 20
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