Marcopolo (POMO4) Q2 2025 earnings summary

Executive summary

• Net revenue grew 17.8% year-over-year to R$2,305.1 million in Q2 2025, driven by strong international operations and export growth, with exports from Brazil up 22.4%.

• Net income reached R$321.1 million, up 28.0% year-over-year, with a net margin of 13.9% and return on invested capital at 26.1%.

• Production mix shifted toward heavier, higher-margin vehicles, with coach buses now representing up to 55% of deliveries and market share rising to 54%.

• Total production declined 5.0% compared to Q2 2024, mainly due to lower volumes from the Caminho de Escola program.

• Maintained leadership in the Brazilian bus market and continued global expansion.

Financial highlights

• Q2 2025 consolidated revenue was R$2,305.1 million, up from R$1,956.7 million in Q2 2024.

• Gross profit reached R$593.2 million, up 16.3% year-over-year, with a gross margin of 25.7%.

• EBITDA was R$398.3 million, up 4.2% year-over-year, with a margin of 17.3%.

• Net financial result turned positive at R$42.7 million, compared to a negative R$23.9 million in Q2 2024.

• Earnings per share for Q2 2025 were R$0.285, up from R$0.222 in Q2 2024.

Outlook and guidance

• Backlog remains healthy, supporting sequential volume growth and new electric vehicle deliveries in H2 2025.

• Expects positive seasonality and a heavier sales mix in H2 2025, with higher value-added products and international strength.

• Anticipates a new bidding process for the Caminho da Escola program by year-end.

• Strategic focus on operational efficiency, automation, and lean manufacturing to sustain margin improvements.

• International operations, especially in Australia, Argentina, and South Africa, are projected to maintain strong performance.