By Brazil Stock Guide – Iochpe-Maxion S.A. (B3: MYPK3; OTC: IOCJY) reported a fourth-quarter net loss as softer commercial vehicle volumes in North America and Brazil weighed on revenue, while higher interest rates pressured financial results. The Brazilian auto parts maker said recurring EBITDA margins remained broadly stable for the full year despite a volatile operating backdrop.
Net operating revenue fell 10% in the fourth quarter to R$ 3.52 billion, reflecting lower sales in commercial vehicles, partially offset by other markets and product lines. For 2025, revenue edged up 0.2% to R$ 15.37 billion.
Recurring EBITDA declined 12.3% in the quarter to R$ 337.9 million, with a 9.6% margin, while full-year recurring EBITDA totaled R$ 1.54 billion, with a 10.1% margin, essentially stable year over year. Reported EBITDA for the quarter was R$ 328.1 million, down 13.2%.
The company posted a net loss of R$ 34.3 million in 4Q25, versus net income of R$ 68.4 million a year earlier. For the full year, net income declined to R$ 98.3 million from R$ 264.7 million in 2024.
Operating profit (EBIT) dropped 20.6% in the quarter to R$ 196.1 million, as lower volumes reduced operating leverage and restructuring expenses weighed on results. Restructuring costs totaled R$ 9.8 million in the quarter and R$ 51.1 million in 2025, mainly linked to weaker demand in North America and Brazil’s commercial vehicle market.
Financial expenses increased as interest rates rose. The company reported a negative financial result of R$ 142.3 million in the quarter, up 14.1% year over year, and R$ 578.3 million for 2025, up 32.8%.
Net debt rose to R$ 3.96 billion at the end of December, with leverage at 2.65 times EBITDA over the last 12 months, compared with 2.39 times a year earlier. Cash and cash equivalents totaled R$ 1.6 billion, with total liquidity of R$ 2.36 billion including undrawn credit lines.
Shares of Iochpe-Maxion (MYPK3) closed the quarter at R$ 10.09, down 15.4% in the period and 10.5% over the past 12 months, giving the company a market capitalization of R$ 1.55 billion.
The company also disclosed that its German subsidiary, Maxion Wheels Holding GmbH, received a formal notification in January from the Bundeskartellamt related to an antitrust investigation into aluminum wheel sales for light vehicles. No provision has been recognized, and the matter is being treated as a contingent liability.