Slides
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1 INVESTOR RELATIONS 3Q25 Results
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2 INVESTOR RELATIONS CEO’s MESSAGE o Impact of global uncertainties on the demand for commercial vehicles o Execution of the capacity demobilization plan and efficiency gains o Capital allocation and cash flow generation o Revenue and margin expansion in New Businesses ➢ Net Revenues: R$ 2.4 billion (-13% vs. 3Q24) Impact of lower volumes and appreciation of the Brazilian Real. ➢ EBITDA Margin: 7% (vs. 12% in 3Q24) Driven by declining sales and production volumes, leading to lower dilution of fixed costs ➢ Cash Flow from Operations: R$ 383 million (+69% vs. 3Q24) Highest value in history for a 3rd Quarter
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3 INVESTOR RELATIONS Origin [% Revenue] Segments [% Revenue] 48% LatAm 3% Others 14% Europe 9% Distribution 83% Structural Components & Manufacturing Contracts 8% Energy & Decarbonization 35% North America 55% FM 45% DM 3Q24 LTM 3Q25 TM 10,794 10,003 -7% 3Q24 4Q24 1Q25 2Q25 3Q25 2,768 2,493 2,483 2,627 2,399 -13% REVENUE [M BRL]
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4 INVESTOR RELATIONS STRUCTURAL COMPONENTS & MANUFACTURING CONTRACTS 3Q24 3Q25 865 725 -16% 3Q24 3Q25 1,533 1,258 -18% DomesticMarket ForeignMarket 95% Of Revenues 67% Of Revenues Increased sales for off-road applications and a more favorable product mix partially mitigated the impact of lower volumes in commercial vehicles [M BRL] [M BRL] Revenues 45%* Manufacturing Contracts *Percentage of value-added products (Machining and/or Assembly)
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5 INVESTOR RELATIONS AFTERMARKET DomesticMarket ForeignMarket Expansion of product portfolio and operational efficiency 3Q24 3Q25 110 124 +13% 3Q24 3Q25 30 24 -19% 12% Of Revenues 2% Of Revenues [M BRL] [M BRL]
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6 INVESTOR RELATIONS ENERGY & DECARBONIZATION DomesticMarket ForeignMarket Increase in sales of gensets and MWM engines 3Q24 3Q25 121 176 +45% 3Q24 3Q25 25 27 +8% 16% Of Revenues 2% Of Revenues [M BRL] [M BRL]
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7 INVESTOR RELATIONS 60%21% 8% 5%4% 2% Raw material Labor, profit sharing, and social benefits Maintenance Energy Depreciation Others COGS BREAKDOWN [%] 2,098 M BRL-7.7% 12.6 %17.9 %Gross Margin -530pp COGS 230 M BRL253 M BRL -9.0%SG&A 2,273 M BRL 3Q253Q24 OPERATING COSTS AND EXPENSES [M BRL] Impact of lower volumes, with effect on dilution of fixed costs 9M24 9M25 736 709 -4% Expenses impacted by the reduction in freight prices, synergies, and efficiency gains. Expenses [MBRL]
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8 INVESTOR RELATIONS ▪ Impact of lower sales and production volumes, and the appreciation of the Brazilian Real ▪ Loss driven by operating performance, partially offset by improved financial results and lower effective income tax rate AdjustedEBITDA Net Profit 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 LTM 3Q25 LTM 250 308 395 338 252 247 210 165 1,292 874 9.5 11.9 14.1 12.2 10.1 10.0 8.0 6.9 12.0 8.7 % Adj EBITDA Margin 6.1 4.3 0.6 1.8 -3.9 -0.5 0.9 -1.7 3.1 -1.3 % Net Margin ADJUSTED EBITDA & NET INCOME [M BRL] 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 LTM 3Q25 LTM 160 112 18 50 24 340 -126-12-98 -40
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9 INVESTOR RELATIONS Impact of rising interest rates on local currency-denominated debt Reduced cash holdings in BRL, mitigated by increased yield on financial investments Exchange rate variation on balance sheet items denominated in foreign currency and results from hedge operations. 3Q25 3Q24 Financial Expenses (117) (110) Financial Income +38 +42 Monet. and Currency Var. 11 (15) TOTAL (68) (83) 1 2 3 1 2 3 FINANCIAL RESULT [M BRL]
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10 INVESTOR RELATIONS Receivables[M BRL]and DSO [days] Inventories[M BRL] and DIO [days] Accountspayable[M BRL] and DPO [days] * 71 63 70 68 61 3Q24 4Q24 1Q25 2Q25 3Q25 2,110 1,837 2,028 1,936 1,660 3Q24 4Q24 1Q25 2Q25 3Q25 2,070 2,198 2,134 2,041 1,979 61 65 73 62 60 3Q24 4Q24 1Q25 2Q25 3Q25 1,488 1,568 1,724 1,473 1,289 85 92 89 86 85 WorkingCapital [M BRL] andCCC [days] * 95 90 86 92 86 3Q24 4Q24 1Q25 2Q25 3Q25 2,693 2,467 2,439 2,504 2,239 WORKING CAPITAL * Includes advance payment, by clients, for working capital on the MWM engine manufacturing contracts.
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11 INVESTOR RELATIONS CASH FLOW FROM OPERATIONS [MBRL] 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 155 -29 230 359 227 383 +69% • Management initiatives with positive impact on operating cash flow • 6-day reduction in cash conversion cycle • Highest cash flow from operations for a 3rd Quarter
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12 INVESTOR RELATIONS Foreign Currencies Domestic Currency 835 845 Cash and equivalents 5671 Up to 12 months 245 1,036 2025 - 2030 1,984 548 2031 - 2034 2,285 1,654 Gross debt 1,680 127 1,281 2,531 3,940 42% 58% 100% 3Q24 4Q24 1Q25 2Q25 3Q25 1.81x 1.81x 2.03x 2.45x 2.58x Debt Cash 50% 50% Indebtedness[M BRL] Currencydistribution[% total] Net Debt / 12M Adj. EBITDA CASH AND INDEBTEDNESS | SEPTEMBER 2025
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13 INVESTOR RELATIONS Commercial Vehicles Off-Road • USA: Uncertain environment and high inventory levels impacting truck production • Europe: Stable demand supported by incoming orders • 13% decline in heavy vehicles sales (3Q25 vs. 3Q24) • Interest rate levels, credit restrictions, and performance of the agribusiness sector impacting the segment • Machinery demand supported by non-residential construction investments • Growing demand for power generation solutions (datacenters) • Recovery in agricultural machinery segment, despite unfavorable fundamentals UNCERTAINTIES IMPACTING THE COMMERCIAL VEHICLES MARKET DOMESTIC MARKET FOREIGN MARKET Sources: ANFAVEA, DMI, OEM’s
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14 INVESTOR RELATIONS COMMERCIAL VEHICLES – NORTH AMERICA Inventory vs. Retail Sales – Classes 5-8 Source: ACT Research Retail Sales [‘000 units] 20 25 30 35 40 45 50 55 60 50 100 150 200 Inventory Retail Sales (6M.Mov.Avg) Inventory [‘000 units] 0 2 4 Inventory / Retail Sales (months) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Historical range
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15 INVESTOR RELATIONS PRESENCE IN 3 CONTINENTS: UNIQUE POSITIONING IN THE INDUSTRY Betim Joinville Ramos Saltillo EUROPE Aveiro ▪ Flexibility and value-added services: significant competitive advantages Competitive advantages leading to new contracts: ~ R$1.4 billion in incremental revenue Tariffs* 25% Tariffs* 0% Tariffs* 15% Status as of November 06, 2025 for raw engine blocks and cylinder heads. Products manufactured in Mexico are compliant with USMCA regulations ▪ New value-added contracts Tariffs* 60%
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16 INVESTOR RELATIONS Teksid acquisition Sales Volume* (Kton) Cap.* (kton) Capacity Reduction Positive impact of R$ 100 million in 2026 and R$ 180 million per year as of 2027 due to lower fixed costs Mexico Reduction 2021 2022 2023 2024 2025E 2026E Initiatives 3Q25 ▪ Flexibility in manufacturing plants (tooling and processes) ▪ Customers approvals * Illustrative images (not to scale) EXECUTION OF THE SYNERGY PLAN: FLEXIBILITY AND CAPACITY OPTIMIZATION
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17 INVESTOR RELATIONS Efficiency Productivity Automation Labor Raw-material optimization Quality Processes STRUCTURAL GAINS ACROSS ALL PLANTS Positive impact of 2 percentage points on the EBITDA margin in 2026 Initiatives 3Q25* ▪ R$ 62 million reduction in inventory ▪ Automation of critical steps of the manufacturing process * Non-exhaustive
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18 INVESTOR RELATIONS DIVERSIFICATION IN SEGMENTS WITH HIGH GROWTH AND PROFITABILITY POTENTIAL National leader in gensets+ 700 POS in Brazil Biomethane and ethanol solutions Operational efficiency and improved product mix driving increase in EBITDA margins, which reached 11% in 3Q25 (+4 p.p.)
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19 INVESTOR RELATIONS AFTERMARKET Countercyclical segment and higher margins 6% increase in revenues (13% in domestic sales) vs. 3Q24 New products: Masterparts and Optional lines: 40% growth, accounting for 20% of revenues New operating model delivering significant productivity gains.
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20 INVESTOR RELATIONS Leadership in biofuel technology and decarbonization solutions Strong growth in gensets sales (+36%) and MWM engines Higher demand for biofuel solutions ▪ Agribusiness ▪ Buses ▪ Freight transportation ▪ Waste management Portfolio expansion & Yuchai partnership ENERGY & DECARBONIZATION
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21 INVESTOR RELATIONS Tupy O Linkedin fundo png imagem png - O LinkedIn Logotipo Ícones Do ... Tupy SA tupy.com.br/ri