MAHLE Metal Leve (LEVE3) Q4 2025 earnings summary

Executive summary

• Net operating revenue reached BRL 5.41 billion in 2025, up 18.6% year-over-year, driven by acquisitions and strong Aftermarket and domestic OE sales.

• Gross margin was 27.2%, EBITDA margin 19.3%, and EBIT margin 16.9% for the year.

• Net profit totaled BRL 608.7 million, a 12.5% increase compared to 2024.

• Acquisitions, especially in compressors and Arco Climatização, contributed positively to revenue and portfolio expansion.

• Market share gains in pistons and automobile filters, outperforming vehicle production growth.

Financial highlights

• Revenue grew 18.6% year-over-year to BRL 5,406.7 million; Q4 revenue was BRL 1,325.6 million (+0.6% YoY).

• Original Equipment - Domestic sales grew 54% year-over-year; Aftermarket domestic up 5.7%, export up 4.8%.

• Net profit: BRL 608.7 million (+12.5% YoY); EPS: BRL 4.49 (+12.4% YoY).

• Cash and equivalents at year-end 2025 were BRL 658.7 million.

• CapEx approved at BRL 180 million for 2025; capital expenditures totaled BRL 153.7 million (2.8% of net sales).

Outlook and guidance

• Expectation of stable heavy-duty vehicle sales in 2026, with slight growth in production (0%-2%).

• Light vehicle market in Brazil and Argentina projected to grow 3%-4% in 2026.

• Export markets (Europe, North America) expected to remain flat or slightly decline for light vehicles; heavy-duty exports to North America expected to grow 7%.

• MOVE Brasil program launched to stimulate truck sales with R$10 billion in credit until May.

• Strategic investments in R&D, innovation, and sustainability to drive future growth.