Earnings release
Page 1
CONSOLIDATED INFORMATION – 3Q26 Caxias do Sul, November 03, 2026 - Marcopolo S.A. (B3: POMO3; POMO4) publishes the results referring to the performance of the third quarter of 2026 (3Q26). The individual and consolidated interim financial information is presented in accordance with CPC 21 (R1) and the international standard IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board – (IASB), as well as for the presentation of this information in a manner consistent with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the prepar ation of the Quarterly Information (ITR). HIGHLIGHTS OF THE 3rd QUARTER OF 2026 Marcopolo’s Total Production reached 3,085 units, 25.2% lower than 3Q25. Net Revenue totaled R$ 2,293.5 million, a decrease of 8.5% compared to 3Q25. Gross Profit reached R$ 464.8 million, with a margin of 20.3%. EBITDA totaled R$ 274.1 million, with a margin of 12.0%. Net Income was R$ 186.5 million, with a margin of 8.1%. (R$ million and variation in percentage, except when otherwise indicated). Selected Information 3Q26 3Q25 Var. % 9M26 9M25 Var. % Net operating revenue 2,293.5 2,505.4 -8.5% 6,322.0 6,488.0 -2.6% Revenues in Brazil 1,212.4 1,243.9 -2.5% 3,574.2 3,490.1 2.4% Export revenue from Brazil 377.8 366.7 3.0% 827.0 791.2 4.5% Revenue abroad 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% EBITDA (1) 274.1 419.8 -34.7% 917.4 1,080.1 -15.1% Net Income 186.5 329.6 -43.4% 722.4 893.8 -19.2% Earnings per Share 0.151 0.285 -47.1% 0.584 0.778 -24.9% Return on Invested Capital (ROIC) (2) 20.0% 25.0% -4.9 p.p. 20.0% 25.0% -4.9 p.p. Return on Shareholders' Equity (ROE) (3) 27.8% 30.1% -2.3 p.p. 27.8% 30.1% -2.3 p.p. Investments 45.3 103.2 -56.1% 169.4 236.3 -28.3% Gross Margin 20.3% 26.7% -6.4 pp 21.5% 25.4% -3.9 p.p. EBITDA Margin 12.0% 16.8% -4.8 p.p. 14.5% 16.6% -2.1 p.p. Net Margin 8.1% 13.2% -5.0 p.p. 11.4% 13.8% -2.3 p.p. Balance Sheet Data 09/30/2026 06/30/2026 Var. % Shareholders' Equity 4,260.8 4,240.2 0.5% Cash, cash equivalents and financial investments 1,667.4 1,588.4 5.0% Short-term financial liabilities -1,169.0 -1,093.4 -6.9% Long-term financial liabilities -2,297.7 -2,311.0 0.6% Net financial liabilities – Industrial Segment -341.1 -475.1 28.2% Notes: (1) EBITDA = Profit before interest, taxes, depreciation and amortizations; (2) ROIC (Return on Invested Capital) = (Nopat of the last 12 months) / (customers + inventories + other accounts receivable + investments + fixed assets + intangible assets - suppliers - other accounts payable). Banco Moneo's effects on the assets and liabilities base were excluded from the calculation. (3) ROE (Return on Equity) = Net Income for the last 12 months /Initial Shareholders' Equity; pp = percentage points.
Page 2
CONSOLIDATED INFORMATION – 3Q26 PERFORMANCE OF THE BRAZILIAN BUS SECTOR In 3Q26, Brazilian bus body production reached 6,740 units, down 7.1% compared to 3Q25. a) Domestic Market: Production destined for the domestic market totaled 5,818 units in the quarter, 4.8% lower than the 6,113 units produced in 3Q25. b) Foreign Market: Exports totaled 922 units in 3Q26, 19.1% lower than the 1,140 units exported in the same quarter of 2025. BRAZILIAN BUS BODY PRODUCTION (in units) PRODUCTS (1) 3Q26 3Q25 Var. MI ME (2) TOTAL MI ME (2) TOTAL % Buses 1,237 696 1,933 1,220 961 2,181 -11.4% City Buses 2,198 74 2,272 2,680 42 2,722 -16.5% Micros 1,566 105 1,671 1,464 33 1,497 11.6% Volares 817 47 864 749 104 853 1.3% TOTAL 5,818 922 6,740 6,113 1,140 7,253 -7.1% PRODUCTS (1) 9M26 9M25 Var. MI ME (2) TOTAL MI ME (2) TOTAL % Coaches 3,218 1,798 5,016 3,837 2,117 5,954 -15.8% City Buses 6,167 185 6,352 7,244 261 7,505 -15.4% Micros 6,550 190 6,740 4,393 148 4,541 48.4% Volares 2,317 145 2,462 2,178 220 2,398 2.7% TOTAL 18,252 2,318 20,570 17,652 2,746 20,398 0.8% Source: FABUS (National Association of Bus Manufacturers). Notes: (1) MI = Domestic Market; ME = Foreign Market, units produced for export; (2) Includes units exported in PKD (partially disassembled).
Page 3
CONSOLIDATED INFORMATION – 3Q26 OPERATIONAL AND FINANCIAL PERFORMANCE OF MARCOPOLO Units recorded in Net Revenue In 3Q26, consolidated net revenue included 2,918 units: 2,012 units sold in the Brazilian domestic market (69.0% of the total), 501 units exported from Brazil (17.2%), and 405 units from overseas operations (13.8%). OPERATIONS (in units) 3Q26 3Q25 Var. % 9M26 9M25 Var. % BRAZIL: - Domestic Market 2,012 2,772 -27.4% 7,808 8,149 -4.2% - Foreign Market 537 705 -23.8% 1,198 1,607 -25.5% SUBTOTAL 2,549 3,477 -26.7% 9,006 9,756 -7.7% Exported KD eliminations (1) 36 232 -84.5% 109 540 -79.8% TOTAL IN BRAZIL 2,513 3,245 -22.6% 8,897 9,216 -3.5% OVERSEAS: - South Africa 39 151 -74.2% 184 351 -47.6% - Argentina 54 142 -62.0% 186 359 -48.2% - Australia 228 160 42.5% 574 442 29.9% - China 14 48 -70.8% 75 119 -37.0% - Mexico 70 207 -66.2% 173 666 -74.0% TOTAL OVERSEAS 405 708 -42.8% 1,192 1,937 -38.5% GRAND TOTAL 2,918 3,953 -26.2% 10,089 11,153 -9.5% Note: (1) KD (Knock Down) = Disassembled bodies. PRODUCTION Marcopolo's consolidated production was 3,085 units in 3Q26, down 25.2% compared to 3Q25. In Brazil, production reached 2,748 units, 16.7% lower than in 3Q25, while abroad production was 337 units, 59.3% lower than the units produced in the same period of the previous year. Compared with the same quarter of 2025, the decline in production volumes is associated with the absence of significant production of micros intended for the Caminho da Escola program, as well as the contraction of the city bus market in Brazil. International operations, particularly in Mexico, Argentina, and South Africa, continue to record significant declines in volumes compared to 2025, while Australia remains the year's main positive highlight. Marcopolo's production data and its respective comparison with the previous year are presented in the following table:
Page 4
CONSOLIDATED INFORMATION – 3Q26 MARCOPOLO - CONSOLIDATED WORLD PRODUCTION OPERATIONS (in units) 3Q26 3Q25 Var. % 9M26 9M25 Var. % BRAZIL: (1) - Domestic Market 2,240 2,814 -20.4% 7,957 8,073 -1.4% - Foreign Market 544 716 -24.0% 1,209 1,590 -24.0% SUBTOTAL 2,784 3,530 -21.1% 9,166 9,663 -5.1% Exported KD eliminations (2) 36 232 -84.5% 109 540 -79.8% TOTAL IN BRAZIL 2,748 3,298 -16.7% 9,057 9,123 -0.7% OVERSEAS: - South Africa 26 156 -83.3% 150 356 -57.9% - Argentina 30 194 -84.5% 136 416 -67.3% - Australia 175 160 9.4% 525 444 18.2% - China 47 51 -7.8% 107 122 -12.3% - Mexico 59 268 -78.0% 184 760 -75.8% TOTAL OVERSEAS 337 829 -59.3% 1,102 2,098 -47.5% GRAND TOTAL 3,085 4,127 -25.2% 10,159 11,221 -9.5% Notes: (1) KD (Knock Down) = Disassembled bodies. MARCOPOLO – WORLDWIDE PRODUCTION CONSOLIDATED BY MODEL PRODUCTS/MARKETS (2) 3Q26 3Q25 (in units) MI ME (1) TOTAL MI ME (1) TOTAL Coaches 624 479 1,103 592 881 1,473 City Buses 563 245 808 734 531 1,265 Micros 236 110 346 739 29 768 SUBTOTAL 1,423 834 2,257 2,065 1,441 3,506 Volares 817 47 864 749 104 853 TOTAL PRODUCTION 2,240 881 3,121 2,814 1,545 4,359 PRODUCTS/MARKETS (2) 9M26 9M25 (in units) MI ME (1) TOTAL MI ME (1) TOTAL Coaches 1,525 1,150 2,675 1,864 1,902 3,766 City Buses 1,288 804 2,092 1,832 1,450 3,282 Micros 2,827 212 3,039 2,199 116 2,315 SUBTOTAL 5,640 2,166 7,806 5,895 3,468 9,363 Volares 2,317 145 2,462 2,178 220 2,398 TOTAL PRODUCTION 7,957 2,311 10,268 8,073 3,688 11,761 Notes: (1) MI = Domestic Market; ME = Foreign Market. (2) The total ME production includes the units exported in KD (disassembled bodies).
Page 5
CONSOLIDATED INFORMATION – 3Q26 MARCOPOLO - PRODUCTION IN BRAZIL PRODUCTS/MARKETS (2) 3Q26 3Q25 (in units) MI ME (1) TOTAL MI ME (1) TOTAL Coaches 624 409 1,033 592 565 1,157 City Buses 563 22 585 734 18 752 Micros 236 66 302 739 29 768 SUBTOTAL 1,423 497 1,920 2,065 612 2,677 Volares 817 47 864 749 104 853 TOTAL PRODUCTION 2,240 544 2,784 2,814 716 3,530 PRODUCTS/MARKETS (2) 9M26 9M25 (in units) MI ME (1) TOTAL MI ME (1) TOTAL Coaches 1,525 888 2,413 1,864 1,192 3,056 City Buses 1,288 66 1,354 1,832 62 1,894 Micros 2,827 110 2,937 2,199 116 2,315 SUBTOTAL 5,640 1,064 6,704 5,895 1,370 7,265 Volares 2,317 145 2,462 2,178 220 2,398 TOTAL PRODUCTION 7,957 1,209 9,166 8,073 1,590 9,663 Note: See notes in the Consolidated World Production by Model table. PARTICIPATION IN THE BRAZILIAN MARKET Marcopolo's market share in Brazilian bus body production was 41.3% in 3Q26 versus 48.7% in 3Q25. The decline is mainly associated with the micros segment, due to the absence of significant deliveries related to the federal Caminho da Escola and Caminhos da Saúde programs. Market share also reflects increased price competition, particularly in the micros segment, amid the contraction of the market. PARTICIPATION IN BRAZILIAN PRODUCTION (%) PRODUCTS 3Q26 3Q25 2Q26 9M26 2025 Coaches 53.4 53.0 46.1 48.1 50.6 City Buses 25.7 27.6 20.5 21.3 26.4 Micros 46.0 69.0 63.3 58.7 65.0 TOTAL (1) 41.3 48.7 48.3 44.6 47.1 Source: FABUS. Note: (1) Volare models were computed as micros.
Page 6
CONSOLIDATED INFORMATION – 3Q26 NET REVENUE Consolidated net revenue reached R$ 2,293.5 million in 3Q26, of which R$ 1,212.4 million came from the domestic market (52.9% of the total), R$ 377.8 million from exports from Brazil (16.4% of the total) and R$ 703.2 million originated from the Company's international operations (30.7% of the total). In 3Q26, the decrease in net revenue is mainly attributable to the decline in deliveries from the Company's international operations, particularly in Mexico, Argentina, and South Africa. The table and charts below present the net revenue opening by products and markets: CONSOLIDATED TOTAL NET REVENUE By Products and Markets (R$ Million) PRODUCTS/MARKETS (1) 3Q26 3Q25 MI ME TOTAL MI ME TOTAL Coaches 349.8 465.9 815.7 330.2 701.2 1,031.4 City Buses 212.7 463.7 676.4 254.4 415.3 669.7 Micros 132.7 38.0 170.7 170.0 9.5 179.5 Bodies subtotal 695.2 967.6 1,662.8 754.6 1,126.0 1,880.6 Volares (2) 326.8 30.6 357.4 369.0 60.0 429.0 Chassis 6.2 51.5 57.7 3.3 12.3 15.6 Bco. Moneo 81.2 0.0 81.2 69.5 0.0 69.5 Parts and Others 103.0 31.4 134.4 47.5 63.2 110.7 GRAND TOTAL 1,212.4 1,081.1 2,293.5 1,243.9 1,261.5 2,505.4 PRODUCTS/MARKETS (1) 9M26 9M25 MI ME TOTAL MI ME TOTAL Coaches 847.7 1,119.4 1,967.1 1,002.7 1,545.5 2,548.2 City Buses 511.6 1,243.7 1,755.3 610.0 1,110.8 1,720.8 Micros 638.0 122.3 760.3 442.0 38.4 480.4 Bodies subtotal 1,997.3 2,485.4 4,482.7 2,054.7 2,694.7 4,749.4 Volares (2) 1,093.2 75.5 1,168.7 1,111.9 114.8 1,226.7 Chassis 15.6 91.2 106.8 12.8 20.6 33.4 Bco. Moneo 227.8 0.0 227.8 188.9 0.0 188.9 Parts and Others 240.3 95.7 336.0 121.8 167.8 289.6 GRAND TOTAL 3,574.2 2,747.8 6,322.0 3,490.1 2,997.9 6,488.0 Notes: (1) MI = Domestic Market; ME = Foreign Market, units exported and produced in international operations by controlled companies; (2) Volares revenue includes chassis.
Page 7
CONSOLIDATED INFORMATION – 3Q26 GROSS INCOME AND MARGIN Consolidated gross profit in 3Q26 reached R$ 464.8 million, with a margin of 20.3%, against R$ 668.7 million with a margin of 26.7% in 3Q25. The decrease in gross profit and gross margin mainly reflected operating deleverage resulting from lower volumes in operations in Mexico, Argentina, and South Africa, as well as reduced manufacturing efficiency associated with the decline in deliveries of micros and city bus buses in Brazil. Profitability was also impacted on a quarter-over-quarter basis by the appreciation of the Brazilian real against the U.S. dollar in exports and by an increase in raw material costs above the levels anticipated at the time of sale. SELLING EXPENSES Selling expenses totaled R$ 99.5 million in 3Q26, or 4.3% of net revenue, against R$ 115.2 million in 3Q25, 4.6% on net revenue. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses totaled R$ 114.3 million in 3Q26, or 5.0% of net revenue, while in 3Q25 these expenses totaled R$ 127.7 million, or 5.1% of net revenue. OTHER NET OPERATING REVENUE/EXPENSES In 3Q26, R$ 34.8 million were recorded as “Other Operating Revenues” against R$ 18.8 million recognized as “Other Operating Expenses” in 3Q25. The main negative impact on the “Other Operating Expenses” line item relates to restructuring costs for operations in Brazil and Mexico, with a non -recurring impact of R$19.9 million in 3Q26 (R$16.7 million related to Brazil and R$3.2 million to Mexico), associated with workforce adjustments. The recognition of labor provisions in 3Q26 amounted to R$ 4.5 million (R$ 11.3 million in 3Q25). The Company continues adopting all necessary measures for its defense, loss reduction, and mitigation of future labor risks. EQUITY METHOD RESULT The result of the equity method in 3Q26 was R$ 14.7 million positive against R$ 63.5 million negative in 3Q25. The main contributions to the results came from the performance of Canadian associate NFI Group Inc., with R$ 7.3 million, Colombian associate Superpolo, with R$ 3.7 million, and Spheros, the associate responsible for manufacturing air conditioning units in Brazil, with R$ 3.2 million. The equity equivalence result is presented in detail in the Investments Explanatory Note.
Page 8
CONSOLIDATED INFORMATION – 3Q26 NET FINANCIAL RESULT The net financial result for 3Q26 was positive by R$ 15.3 million, compared to a positive result of R$ 33.0 million recorded in 3Q25. In the quarter, the Company recognized a positive foreign exchange gain in its US dollar order backlog. The Company performs the export exchange hedge at the time of confirmation of sales orders, protecting its operating margins. As products are shipped and invoiced, the Company records the impact of the appreciation or depreciation of the Real on its operating margins or financial results, as was the case in 3Q26. The financial result is presented in detail in the Financial Result Explanatory Note. EBITDA EBITDA was R$ 274.1 million in 3Q26, with a margin of 12.0%, versus EBITDA of R$ 419.8 million and a margin of 16.8% in 3Q25. During the quarter, EBITDA was negatively affected by the same factors that impacted gross margin, particularly the operating deleverage observed in the Company's international operations, especially the significant decline in deliveries in Mexico, Argentina, and South Africa, the reduced manufacturing efficiency resulting from the decline in deliveries of micros and city bus buses at our Brazilian operations, the appreciation of the Brazilian real against the U.S. dollar and its impact on export profitability, as well as the increase in raw material costs above the levels anticipated at the time of sale. In 3Q26, EBITDA was negatively impacted by R$ 19.9 million on a non -recurring basis due to restructuring costs for operations in Brazil and Mexico. Excluding the non - recurring amount, EBITDA and EBITDA margin would have been R$ 294.0 million and 12.8%, respectively. The table below highlights the accounts that make up EBITDA: R$ million 3Q26 3Q25 9M26 9M25 Result before IR and CS 246.1 414.1 902.4 1,149.1 Financial Revenues -137.1 -188.3 -546.4 -696.1 Financial Expenses 121.8 155.3 432,3 511.1 Depreciation / Amortization 43.3 38.8 129.1 116.0 EBITDA 274.1 419.8 917.4 1,080.1 NET INCOME Consolidated net income in 3Q26 was R$ 186.5 million, with a margin of 8.1%, against R$ 329.6 million and a margin of 13.2% in 3Q25. Net income in 3Q26 was affected by the same factors described under EBITDA and the financial results.
Page 9
CONSOLIDATED INFORMATION – 3Q26 FINANCIAL DEBT Net financial debt totaled R$ 1,799.2 million on 09/30/2026 (R$ 1,815.9 million on 06/30/2026). Of this total, R$ 1,458.2 million came from the financial segment (Banco Moneo) and R$ 341.1 million from the industrial segment. It should be noted that the debt from the financial segment comes from the consolidation of Banco Moneo's activities and should be analyzed separately, since it has characteristics that are different from those of the Company's industrial activities. Banco Moneo's financial liabilities are offset by the "Customers" account in the Bank's Assets. Credit risk is properly provisioned. As these are FINAME transfers, each disbursement from BNDES has an exact counterpart in Banco Moneo's customer receivables accou nt, both in term and in rate. On September 30, the net financial debt of the industrial segment represented 0.3 times EBITDA for the last 12 months. CASH GENERATION In 3Q26, operating activities generated cash of R$ 300.5 million, investment activities, net of dividends and exchange variation, consumed R$ 45.3 million, while financing activities consumed R$ 175.4 million. The initial cash balance of R$ 1,588.4 million at the end of June 2026, taking into account the unavailable financial investments and decreasing by R$ 0. 8 million from the difference between the exchange variation and the variation in the accounts related to unavailable financial investments, reached R$ 1,667.4 million at the end of September 2026. INVESTMENTS IN FIXED ASSETS In 3Q26, Marcopolo invested R$ 45.3 million in its fixed assets, of which R$ 25.3 million were spent by the parent company and invested as follows: R$ 22.3 million in machinery and equipment, R$ 1.3 million in real estate and improvements, and R$ 1.7 million in other fixed assets. Subsidiaries received R$ 20.0 million: R$ 9.7 million at Volare Veículos (São Mateus), R$ 6.2 million at Apolo, R$ 2.7 million at Marcopolo Australia and R$ 1.4 million at other units. CAPITAL MARKET In 3Q26, transactions with Marcopolo shares moved R$ 4,737.3 million. On September 30, the participation of foreign investors in Marcopolo's share capital amounted to 43.1% of the preferred shares and 28.8% of the total share capital. At the end of the period, the Company had 140,802 shareholders. The following table shows the main indicators related to the capital market:
Page 10
CONSOLIDATED INFORMATION – 3Q26 INDICATORS 3Q26 3Q25 9M26 9M25 Transacted amount (R$ million) 4,737.3 4,697.8 13,439.0 16,463.8 Market value (R$ million) (1)(2) 5,224.6 10,124.2 5,224.6 10,124.2 Existing shares 1,249,898,603 1,136,271,458 1,249,898,603 1,136,271,458 Equity value per share (R$) 3.44 3.83 3.44 3.83 POMO4 quotation at the end of the period (R$) 4.18 8.91 4.18 8.91 Notes: (1) Quotation of the last transaction of the Preferred share period (POMO4), multiplied by the total of the shares (common and preferred) existing in the same period. (2) Of this total 11,186,358 preferred shares were in treasury on 09.30.2026. ANALYSIS & PERSPECTIVES 3Q26 was marked by pressure on volumes, with significant declines in deliveries both in Brazil and in the Company's International Operations. In the domestic market, the absence of significant volumes allocated to the Caminho da Escola program resulted in idle labor and lower manufacturing capacity utilization, while the Company awaited the approval of the models covered by the latest bidding process and the subsequent start of production. In international operations, the adverse macroeconomic environment i n Mexico, Argentina, and South Africa continued to put pressure on demand, in line with the trend observed throughout 2026. The factors that had already negatively affected demand in 1H26 also persisted, particularly tighter credit conditions, rising costs , and heightened uncertainty. In Brazil, the increase in coach volumes in 3Q26 can be attributed to the effects of the Move II program, which temporarily made more affordable interest rates available. This trend highlighted the latent demand for coach fleet renewal, which has been constrained by high interest rates in recent years. The concentration of the program in 3Q26, combined with an environment of heightened political and macroeconomic uncertainty in Brazil, may have contributed to the accelerat ion of purchases that would seasonally have occurred in the last quarter of the year. In the city bus market, the decline in volumes was associated with rising diesel prices and operators' difficulty in passing on increased costs, factors that persist and have reversed the initially positive expectations for the segment in 2026. In the short term, the recovery in demand depends largely on restoring the economic and financial balance of municipal fares, the pace of which remains uncertain. In the long term, the segment continues to offer significant potential for fleet renewal, given the aging of the fl eet observed in recent years. In 3Q26, Marcopolo delivered 44 Attivi electric buses, compared to 64 units in 3Q25. In the first nine months of 2026, 116 units were delivered, compared to 111 units recorded in the same period of the previous year. The micro and Volare segment recorded a decline, reflecting the gap between deliveries under Phases 12 and 13 of the Caminho da Escola program s, as well as the absence of significant volumes allocated to the Caminhos da Saúde program. During this period, production of micros and Volares was mainly directed toward private customers and smaller -scale public tenders. In 3Q26, the Company delivered 2 Volares to the
Page 11
CONSOLIDATED INFORMATION – 3Q26 Caminho da Escola program, completing deliveries under Phase 12, compared to 631 units in 3Q25, of which 564 were mi cro and 67 were Volares. A total of 6,312 buses were delivered under Phase 12, consisting of 1,527 Volares and 4,785 micros. For the Ministry of Health, 12 mi cros were delivered during the quarter, also completing the order for 1,500 units under the Caminhos da Saúde program. In 3Q26, the approval process for 11 models under Phase 13 of the Caminho da Escola program was completed, representing potential sales of 5, 210 units, consisting of 620 Volares, 2,220 city buses, and 2,370 micros, depending on participation by states and municipalities. The Company is also awaiting approval for an additional 2,000 units, which are currently suspended pending a decision by the Federal Court of Accounts (TCU). Production related to Phase 13 began in 4Q26. In exports, traditional markets such as Peru and Chile remained among the main destinations, particularly for coach bus models. The reduction in deliveries to Argentina, in turn, impacts the results of subsidiary Metalsur since the units are completed and invoiced in that country and are therefore not recorded as exports from Brazil. Additionally, the appreciation of the Brazilian real against the U.S. dollar continued to put pressure on export profitability. In international operations, the Company recorded varied performance across countries. Marcopolo Australia (Volgren) established itself as the year's main highlight, with growth in volumes, revenue, and earnings in another record quarter. The operation maintains a substantial order backlog and a favorable produ ct mix, including electric models, with volumes projected for 2027 to be lower than in 2026 following the completion of recent public tenders. Marcopolo Argentina (Metalsur), following the restructuring conducted in 2Q26, is monitoring signs of a potential recovery in the local market starting in 2027. The Company maintains its view that pent -up demand for fleet renewal could drive demand in the coming years as macroeconomic conditions become more favorable. Like Metalsur, Marcopolo Mexico (Polomex) is also undergoing a restructuring process and adjusting its workforce to the current level of activity, amid a challenging market environment with no prospects for recovery in the short term. Marcopolo South Africa (MASA), in turn, recorded volumes below those reported in the same period of 2025 and continues to adjust its structure to current market conditions. Finally, Marcopolo China (MAC) faces the challenge of sustaining its results in 2026 while continuing to strengthen its position as a technology and sourcing hub for the Company. Among the affiliated companies, Colombia’s Superpolo maintained consistent performance and is preparing for the production and delivery of units associated with the Bogotá transportation system tender, scheduled to begin in 1H27. Canada’s NFI, in turn, made a positive contribution in the quarter, reversing the negative impact recognized by Marcopolo in 3Q25. The company’s robust order backlog is expected to continue supporting its recovery in profitability to pre-pandemic levels. For late 2026 and early 2027, the Company does not anticipate a sustained recovery in sales and production volumes. Purchases brought forward under the Move II program are expected to result in a moderation of demand in the coach bus and Volare segments, while the start of deliveries under Phase 13 of the Caminho da Escola program
Page 12
CONSOLIDATED INFORMATION – 3Q26 will begin contributing to the production of light-duty models. Against this backdrop, the Company made significant adjustments in 3Q26, seeking to align its expense structure with the current level of activity. This process may also continue into 4Q26, gi ven the outlook for more subdued demand in the Brazilian market. In its international operations, the Company also does not anticipate a significant recovery in volumes in the short term, which suggests that further, more targeted adjustments may be made to these operations. The outlook for a more challenging market reinforces the importance of the Company’s culture as a fundamental element in achieving excellence, quality, and efficiency in execution. Even amid an environment of reduced short -term visibility, the Company remains focused on the factors within its control, maintaining cost discipline and rigorous capital allocation. At the same time, Marcopolo remains committed to its long-term strategic priorities and maintains its investment capacity, seeking to strengthen its competitiveness and position itself to capitalize on opportunities arising from fleet renewal as market conditions become more favorable. The Management.
Page 13
CONSOLIDATED INFORMATION – 3Q26 BALANCE SHEET 09/30/26 12/31/25 Current Assets Cash and cash equivalents 1.667.181 2.221.811 Short-term investments valued at fair value - - Derivatives financial instruments 234 145 Trade accounts receivable 1.739.502 1.526.718 Inventories 2.096.263 1.771.089 Recoverable taxes 194.190 196.850 Other accounts receivable 224.796 232.449 5.922.166 5.949.062 Non-current Assets Related parties - - Financial assets available for sale - - Recoverable taxes 255.385 275.879 Deferred income tax and social contribution 223.984 278.951 Judicial Deposits 44.992 40.480 Trade accounts receivable 1.144.870 962.302 Other accounts receivable 4.129 4.016 Investments 483.991 386.070 Investment Property 44.609 45.098 Property, plant and equipment 1.557.159 1.481.206 Intangible assets 294.755 299.582 4.053.874 3.773.584 TOTAL ASSETS 9.976.040 9.722.646 30/09/26 31/12/25 Current Liabilities Suppliers 848.411 595.686 Loans and financing 1.168.021 1.193.030 Derivative financial instrucions 932 10.664 Salaries and vacation pay 394.804 355.275 Taxes and contributions payable 164.145 306.747 Related parties - - Advances from customers 223.702 260.420 Comissioned representatives 38.632 42.123 Interest on own capital and dividends 5.027 4.800 Management profit sharing 10.733 9.967 Other accounts payable 339.486 367.789 3.193.893 3.146.501 Non-current Liabilities Loans and financing 2.297.711 2.499.504 Provision 131.348 134.120 Taxes contributions payable 1.526 - Employees' pension plan and benefits - - Obligations to purchase equity interests - - Other accounts payable 34.666 46.992 2.465.251 2.680.616 Stockholders' equity Capital 3.039.802 3.039.802 Capital reserves (20.081) (20.013) Revenue reserves 1.021.353 562.761 Treasury stock (55.812) (49.259) Equity valuation adjustments 275.530 299.077 4.260.792 3.832.368 Non-controling Interest 56.104 63.161 4.316.896 3.895.529 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 9.976.040 9.722.646 www.cvm.org.br e www.bmfbovespa.com.br ASSETS Consolidated L I A B I L I T I E S A N D S T O C K H O L D E R S' E Q U I T Y Consolidated The consolidated financial statements, the notes and the report of independent auditors KPMG Auditores Independentes are available at the sites:
Page 14
CONSOLIDATED INFORMATION – 3Q26 3Q26 3Q25 Net sales and service revenues 2.293.469 2.505.449 Cost of sales and services (1.828.713) (1.836.727) Gross Profit 464.756 668.722 Operating income (expenses) 0,0% 0,0% Selling expenses (99.535) (115.206) Administrative expenses (114.336) (127.720) Other operating income (expenses), net (34.828) 18.781 Equity in the results of investees 14.736 (63.531) Net income (loss) from operations 230.793 381.046 Financial revenue 137.142 188.343 Financial expenses (121.812) (155.329) Financial Income/loss 15.330 33.014 Equity in earnings of affiliates 246.123 414.060 Profit before income tax and social contribution Income taxes and social contribution Current (46.994) (90.484) DefferedDeferred (12.581) 6.043 - - Net income from continued operations 186.548 329.619 Net income per share - R$ 0,15029 0,29247 STATEMENTS OF INCOME A C C O U N T S Consolidated www.cvm.org.br e www.bmfbovespa.com.br The consolidated financial statements, the notes and the report of independent auditors KPMG Auditores Independentes are available at the sites:
Page 15
CONSOLIDATED INFORMATION – 3Q26 CASH FLOWS 3Q26 3Q25 Cash flows from operating activities Net income for the period 186.548 329.618 Cash generated by (used in) operating activities: - Depreciation and amortization 43.316 38.781 Loss on Asset Recovery - - Cost of selling investment assets, fixed assets and intangible assets 1.174 530 Equity in the results of investees (14.736) 63.531 Expected credit losses 6.087 (196) Current and deferred income tax and social contribution 59.575 84.441 Interest and appropriated exchange variations 62.285 12.835 Provision for labor contingencies 6.529 11.905 Advantageous Purchase - - Provision for inventory losses 2.625 15.487 Non-controling Interest - - Variation in bonds and securities 894 (2.056) Provision for guarantees 17.370 22.908 Provision for estimated loan loss - Monetary correction for hyperinflation (6.756) Changes in assets and liabilities (Increase) decrease in trade accounts receivable 81.340 (232.554) (Increase) decrease in other accounts receivable 81.340 (232.554) (Increase) decrease in inventories (159.831) (46.903) (Increase) decrease in short-term investment (2.484) (33.995) Increase (decrease) in suppliers 38.431 85.129 (Increase) decrease in actuarial liabilities - - Increase (decrease) in accounts payable 12.330 35.631 Cash flows from operating activities 334.697 391.095 Income Tax and Social Contribution paid (34.157) (10.642) Net cash provided by (used in) operating activities 300.540 380.453 Cash flows from investing activities Investments - 3.547 Related parties - - Dividends from subsidiaries, jointly-controlled entities and associates - - Purchase of fixed assets (44.393) (76.140) Purchase of intangible assets (904) (27.108) Proceeds from sale of fixed (32) (108) Net cash obtained in investing activities (45.329) (99.809) Cash flows from financing activities Issued shares - - Treasury stock (11.177) 1.426 Borrowings from trird parties 276.534 412.065 Payment of borrowings - principal (230.456) (414.591) Payment of borrowings - interest (45.442) (44.873) Interest on capital and dividends (154.970) (185.964) Payment of Leases (9.871) (7.408) Net cash applied financing activities (175.382) (239.345) Foreign exchange gains on cash and cash equivalents 32 (4.120) Foreign exchange gains/(losses) on cash equivalents 32 (4.120) Cash and cash equivalents at the beginning of the period - - Cash and cash equivalents at the end of the period 79.861 37.179 Net increase (decrease) in cash and cash equivalents 79.861 37.179 Statement of Cash Flows Consolidated The consolidated financial statements, the notes and the report of independent auditors KPMG Auditores Independentes are available at the sites: www.cvm.org.br e www.bmfbovespa.com.br