Slides
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Conference Call 3Q26
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Important Our estimates and future statements are largely based on current expectations and projections in relation to future events and financial trends that affect or could affect our business. Many important factors can adversely affect our results, such as those predicted in our estimates and future statements. The words "we believe" ,"we can" ,"we aim to" ,"we estimate" and other similar words are for the purpose of identifying estimates and projections. The considerations about estimates and future statements include information related to results and projections, strategies, financing plans, competitive position, sectoral environment, potential growth opportunities, effects of future regulations and effects of competition. These estimates and projections refer only to the date when they were expressed. We do not undertake any obligation to publicly update or revise any of these estimates as a result of new information, future events or any other factors, except as required by applicable regulations.
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Profile HIGHLIGHTS 3Q26 0.3x Net debt / EBITDA 20.0% ROIC R$ 377.8M Revenue of Exports from Brazil R$ 2,293.5M Consolidated Net Revenue R$ 274.1M EBITDA R$ 186.5M Net Income Marcopolo is protagonist in the world bus market, a reference in body technology and leader in the Brazilian market. Founded in 1949, Marcopolo has been a publicly traded company since 1978. 15 thousand employees produce more than 15 thousand buses per year, bringing mobility and economic, social and environmental sustainability to millions of users of our products.
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3.896 4.870 4.665 5.480 4.413 1.779 1.241 1.792 2.676 2.648 2.411 3.398 4.659 2.446 3.968 3.201 2.398 2.462 5.109 4.211 4.466 4.271 3.809 4.168 4.498 4.889 5.793 4.948 3.416 2.823 3.801 2.589 2.800 3.483 2.526 2.173 28.286 31.778 28.614 28.838 24.620 13.343 9.874 9.804 14.797 17.873 13.299 9.895 15.545 17.023 20.299 20.832 15.474 15.935 37.291 40.859 37.745 38.589 32.842 19.290 15.613 16.485 23.266 25.469 19.126 16.116 24.005 22.058 27.067 27.516 20.398 20.570 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M25 9M26 Volare Export Market Domestic Market Brazilian Bus Body Production Between 2012 and 2025, the average age of the Brazilian bus fleet increased from 8 years to 11 years and 3 months. Minimum volume for sustainability of average age and fleet size. Accommodation of volumes, after a period of advance purchases. Euro 6Pandemic 0.8% Sales encouraged by lower financing costs.
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853 803 823 775 864 3.274 3.000 2.174 3.330 2.221 3Q25 4Q25 1Q26 2Q26 3Q26 Volare Model Bus Bodies 2.814 484 829 156 194 160 51 268 2.240 508 337 26 30 175 47 59 Brazil Export External Units South Africa Argentina Australia China Mexico 3Q25 3Q26 Marcopolo’s Production 3Q26 Quarterly Evolution by Type (units) -59.3% 5.0% 9.4% -78.0% -84.5% -83.3% -20.4% -7.8%
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35,6% 29,5% 7,4% 15,6%2,5% 9,4% Coach City Bus Micros Volare Chassis Moneo Bank, Parts & Others Net Revenue Distribution by Segment (3Q26x3Q25) Net Revenue Distribution by Geography R$ Million 26,7% 7,2% 41,2% 0,6% 7,2% 17,1% 1.243,9 894,8 366,7 1.212,4 703,2 377,8 Brazil International Operations Exports from Brazil 3Q25 3Q26 6,5% 12,6% 64,1% 2,1% 14,5% South Africa Argentina Australia China Mexico
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3Q26 Results 3Q26 3Q25 ∆3Q26/3Q25 9M26 9M25 ∆ 9M26/9M25 Net Operating Revenue 2.293,5 2.505,4 -8,5% 6.322,0 6.488,0 -2,6% Domestic Revenue 1.212,4 1.243,9 -2,5% 3.574,2 3.490,1 2,4% Exports from Brazil 377,8 366,7 3,0% 827,0 791,2 4,5% Revenue from International Operations 703,2 894,8 -21,4% 1.920,7 2.206,6 -13,0% Gross Profit 464,8 668,7 -30,5% 1.357,9 1.646,2 -17,5% Gross Margin 20,3% 26,7% -6,4 pp 21,5% 25,4% -3,9 pp EBITDA 274,1 419,8 -34,7% 917,4 1.080,1 -15,1% EBITDA Margin 12,0% 16,8% -4,8 pp 14,5% 16,6% -2,1 pp Net Income 186,5 329,6 -43,4% 722,4 893,8 -19,2% Net Margin 8,1% 13,2% -5,0 pp 11,4% 13,8% -2,3 pp BRL Million
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Market Conditions CITY BUSES Concentrated sales in 3Q26 reduced order backlog visibility for late 2026 and early 2027. Pent-up demand remains high following another period of below-normal fleet replacement.Higher diesel prices continue to put pressure on the segment. Need for economic and financial rebalancing of contracts. Marcopolo delivered 44 Attivi electric buses in 3Q26 and 116 units year to date. Phase 12 completed: 1,527 Volares and 4,785 micros in total. Production focused on private customers and smaller tenders in 3Q26. Phase 13: 11 approved models, with potential sales of 5,210 units. Move II supported volumes in Brazil through temporarily lower interest rates. Performance and Outlook MICRO AND VOLARE COACHES
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South Africa (MASA): volumes below 3Q25 levels, with structural adjustments to align operations with demand. Argentina (Metalsur): following restructuring in 2Q26, the operation is monitoring a potential market recovery from 2027. Australia (Volgren): record quarter, with growth in volumes, revenue and financial results. Projected 2027 volumes are below 2026 levels following completion of tender contracts. China (MAC): focus on maintaining 2026 results and further developing its role as the Company's technology and supply hub. Colombia (Superpolo): consistent performance. Production and deliveries under the Bogotá tender are expected to begin in 1H27. Mexico (Polomex): restructuring to align operations with demand, with no recovery expected in the near term. International Operations Subsidiaries and Associates Polomex 74% Superpolo 50% Metalsur 100% MASA 100% Volgren 100% MAC 100% New Flyer 8.1%
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Investments in modernization and automation. Superior and sustainable value proposition. High interest rates continue to limit demand for fleet replacement. Resumption of the Caminho da Escola program. Limited order backlog visibility, especially for early 2027. Market Environment Competitiveness Performance and Outlook Disciplined capital allocation and project optimization. Adjustments to operations in Brazil and abroad. Tax Reform Structure, Cost and Expense Adjustments Aligning costs with activity levels.
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APPENDIX
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Consolidated Net Revenue BRL Million 1.263,5 788,3 1.086,5 1.916,1 2.252,7 1.817,8 1.784,2 3.179,2 4.019,7 5.478,2 4.945,6 1.243,9 1.212,4 746,0 950,0 999,5 1.360,4 1.015,3 938,3 649,3 1.018,6 830,1 873,8 1.145,3 366,7 377,8 729,6 835,8 790,0 921,0 1.046,5 833,5 1.065,9 1.217,8 1.833,4 2.241,8 2.966,7 894,8 703,2 2.739,1 2.574,1 2.876,0 4.197,5 4.314,5 3.589,7 3.499,4 5.415,6 6.683,2 8.593,8 9.057,5 2.505,4 2.293,5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q25 3Q26 Revenues in Brazil Exports revenue from Brazil Revenue from International Operations TOTAL
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Gross Profit & Gross Margin BRL Million 12,7% 14,0% 15,8% 15,1% 16,6% 10,2% 15,3% 23,0% 24,8% 25,6% Gross Margin 325,8 403,6 664,3 650,3 595,6 356,2 829,5 1.538,6 2.131,4 2.314,3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross Profit 668,7 668,1 373,4 519,7 464,8 3Q25 4Q25 1Q26 2Q26 3Q26 26,7% 26,0% 22,6% 21,9% 20,3% 1.646,2 1.357,9 9M25 9M26 25,4% 21,5%
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EBITDA & EBITDA Margin 353,6 119,7 362,1 338,0 268,9 333,5 385,6 946,9 1.625,2 1.506,1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 EBITDA BRL Million 419,8 426,0 304,8 338,6 274,1 3Q25 4Q25 1Q26 2Q26 3Q26 16,8% 16,6% 18,4% 14,3% 12,0% 1.080,1 917,4 9M25 9M26 16,6% 14,5% 13,7% 4,2% 8,6% 7,8% 7,5% 9,5% 7,1% 14,2% 18,9% 16,6% EBITDA Margin
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Net Income & Net Margin BRL Million 222,5 82,1 190,9 212 90,7 358,4 436,8 810,8 1.222,4 1235,1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Income 329,6 341,7 264,6 271,2 186,5 3Q25 4Q25 1Q26 2Q26 3Q26 13,2% 13,3% 16,0% 11,4% 8,1% 893,8 722,4 9M25 9M26 13,8% 11,4% 8,6% 2,9% 4,5% 4,9% 2,5% 10,2% 8,1% 12,1% 14,2% 13,6% Net Margin
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Earnings Per Share 0,248 0,078 0,203 0,214 0,096 0,381 0,464 0,861 1,086 0,996 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Earnings Per Share 0,292 0,275 0,213 0,218 0,151 3Q25 4Q25 1Q26 2Q26 3Q26 0,793 0,583 9M25 9M26
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Indebtedness BRL Million 608,4 486,0 415,7 468,5 523,9 480,7 478,8 693,0 1.032,6 1.199,3 1.208,7 1.458,2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q25 3Q26 Financial Net Debt 232,4 296,8 550,4 108,4 395,3 615,3 648,2 121,2 125,5 281,9 69,5 341,1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q25 3Q26 Industrial Net Debt 0,7 2,3 1,5 0,3 1,5 1,4 1,7 0,1 0,1 0,2 0,05 0,3 Industrial Net Debt / EBITDA
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Shareholder Distributions BRL Million R$118,43 R$36,36 R$82,91 R$101,68 R$42,26 R$100,55 R$220,05 R$226,00 R$580,70 R$1.161,29 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Paid amount 4,7% 1,0% 2,2% 2,4% 1,6% 3,5% 8,3% 3,4% 6,4% 15,7% Dividend Yield 53,9% 50,4% 44,4% 50,4% 40,7% 29,0% 50,4% 27,9% 47,5% 94,9% Pay-out R$0,13 R$0,04 R$0,09 R$0,11 R$0,04 R$0,11 R$0,23 R$0,24 R$0,55 R$0,94 Dividend per share
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181,6 658,2 761,6 54,6 549,6 150,0 300,6 1210,7 43,6 211,0 South Africa Argentina Australia China Mexico 9M25 9M26 Consolidated International Operations Net RevenueBRL Million 833,5 1.065,9 1.217,8 1.833,4 2.241,8 2.966,7 2020 2021 2022 2023 2024 2025 59.0% -17.4% -54.3% -61.6% -20.2% 894,8 703,2 3Q25 3Q26 77,0 258,2 289,4 24,2 245,9 46,0 88,5 451,0 14,7 102,2 South Africa Argentina Australia China Mexico 3Q25 3Q26 -65.7% 55.8% -58.5% -40.3% -39.3%
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Consolidated International Operations Net IncomeBRL Million -60,7 -75,3 -87,8 -8,8 216,0 338,1 2020 2021 2022 2023 2024 2025 20,4 104,3 101,3 5,8 35,712,7 2,0 167,7 -2,4 -12,0 South Africa Argentina Australia China Mexico 9M25 9M26 65,5% -37,7% -98,1% -133,6% -141,7% 129,6 68,2 3Q25 3Q26 7,6 50,2 46,0 1,8 24,13,1 3,9 67,1 -4,2 -1,7 South Africa Argentina Australia China Mexico 3Q25 3Q26 -92,1% 45,9% -107,2% -59,4% -327,0%
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Canada Colombia -43,3 11,1 -55,0 -27,0 1,3 -112,8 2020 2021 2022 2023 2024 2025 Consolidated International Operations Equity IncomeBRL Million -71,3 -62,0 70,3 4,8 7,3 3Q25 4Q25 1Q26 2Q26 3Q26 4,5 5,7 2,9 3,3 3,7 3Q25 4Q25 1Q26 2Q26 3Q26
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ri.marcopolo.com.br | ri@marcopolo.com.br THANK YOU FOR YOUR ATTENTION!