Slide 1: Earnings Release 3Q25
Earnings Release 3Q25 November 6, 2025 ADR: IOCJY
Slide 2: Market – Global Vehicle Production
Market – Global Vehicle Production Light Vehicles¹ Commercial Vehicles² (Unit in millions) (Unit in thousands) +3% +2% +7% +2% 0% +2% +1% +7% +5% 4.013 4.153 93 93 95 +2% 90 91 91 3.757 3.517 3.305 3.356 2024 2025 2026 2027 2028 2029 2024 2025 2026 2027 2028 2029 Global production -0.3% -0.1% +3% +1
Slide 3: 3Q25 Highlights
Net Revenue R$ 3.8 billion in 3Q25, down 4.5%¹ 3Q25 Highlights Gross Profit R$ 460.3 million and gross margin of 12.1% in 3Q25 Recurring EBITDA² R$ 391.6 million in 3Q25 with margin of 10.3% Net Income R$ 35.1 million in 3Q25 Leverage³ 2.55x in 3Q25, a reduction when compared to 2.59x in 3Q24 Growth
Slide 4: Consolidated Operating Revenue
Consolidated Operating +3.7% Revenue -1.1% 11,423 11,847 3,845 3,803 3Q24 3Q25 9M24 9M25 Positive exchange rate variation of R$ 28.2 million in 3Q25 and R$ 729.5 million in 9M25. Note: Financial information reported in Brazilian Reais (R$) millions. 4
Slide 5: Revenue by Product
Revenue by Product Structural Components LV 3% 4% 3% 3% 17% 18% Structural Components CV 24% 23% 27% 26% Steel Wheels LV 24% 25% 21% 20% Steel Wheels CV 19% 20% Aluminum Wheels LV 30% 32% 30% 33% 3Q24 3Q25 9M24 9M25 Wheels revenue growth is offsetting the negative impact of the North American truck
Slide 6: Revenue by Customer
Revenue by Customer Customers 3Q24 3Q25 14.7% Top 1 15% 12% Top 5 49% 50% 12.0% Top 10 78% 78% 11.9% 10.5% 3Q25 3Q24 9.8% 9.4% 9.4% 9.4% 9.3% 9.1% 8.7% 8.6% 8.7% 7.1% 5.9% 4.8% 4.7% 4.2% 4.2% 4.2% 4.2% 4.4% 3.5% 3.2% 2.4% 2.5% 2.7% 1.8% 1.8% 1.0% 1.2% 1.1% 1.1% 1.0% 1.0% 0.4% Aftermarket Trailer Oth
Slide 7: Operational Performance – South America
Operational Performance America South America Share of Consolidated Net Net Operating Revenue Operating Revenue – (%) + 13.0% light vehicles - 5.1% commercial vehicles 3Q24 3Q25 3Q25 9M25 R$ 1.2 billion R$ 3.5 billion Brazilian Market Performance¹ – Vehicles 2.6% vs 3Q24 6.8% vs 9M24 Produced (in th
Slide 8: Operational Performance – North America
Operational Performance America North America Share of Consolidated Net Net Operating Revenue Operating Revenue – (%) - 1.6% light vehicles - 46.9% commercial vehicles 3Q24 3Q25 3Q25 9M25 R$ 930 million R$ 3.0 billion Market Performance¹ – Vehicles Produced 25.0% vs 3Q24 13.1% vs 9M24 (in thousands)
Slide 9: Operational Performance – EMEA
Operational Performance America EMEA¹ Share of Consolidated Net Net Operating Revenue Operating Revenue – (%) + 7.0% light vehicles + 22.4% commercial vehicles 3Q24 3Q25 3Q25 9M25 R$ 1.4 billion R$ 4.5 billion Market Performance² – Vehicles Produced 10.5% vs 3Q24 17.3% vs 9M24 (in thousands) Strong[
Slide 10: Operational Performance – Asia
Operational Performance America Asia Share of Consolidated Net Net Operating Revenue Operating Revenue – (%) - 9.8% light vehicles - 11.3% commercial vehicles 3Q24 3Q25 3Q25 9M25 R$ 274 million R$ 855 million Market Performance² – Vehicles Produced 10.3% vs 3Q24 0.0% vs 9M24 (in thousands) 3Q24 3Q25
Slide 11: Gross Profit and Gross Margin (%)
Gross Profit and 12.1% Gross Margin (%) 11.7% +7.5% 12.0% 12.1% 1,439 1,338 -3.6% Despite a very difficult truck market in North America, Maxion maintained strong gross margin 478 460 3Q25 and 9M25. 3Q24 3Q25 9M24 9M25 Note: Financial information reported in Brazilian Reais (R$) millions. 11
Slide 12: Recurring EBITDA and Recurring EBITDA Margin (%)
Recurring EBITDA¹ and 10.5% 10.2% Recurring EBITDA Margin (%) +0.9% 11.2% 10.3% -12.2% 1,196 1,207 Margins remained above double digit in 3Q25, while recurring EBITDA 446 392 decreased relative to prior year. 3Q24 3Q25 9M24 9M25 Note: Restructuring costs amounted to R$ 31.5 million in 3Q25 and R$ 41
Slide 13: Net Income
Net Income 2.7% 0.9% Decrease in net income is primarily 1.7% 1.1% attributed to reduced truck production in North America, restructuring costs, and higher financial expenses resulting 196 from the SELIC cost. 109 133 35 3Q24 3Q25 9M24 9M25 Note: Financial information reported in Brazilian Reais (R$
Slide 14: Investments
Investments -11.0% -26.3% 434 386 193 Disciplined Capex management. 142 3Q24 3Q25 9M24 9M25 Note: Financial information reported in Brazilian Reais (R$) millions. 14
Slide 15: Leverage – Net Debt / EBITDA
Leverage – Net Debt¹/ EBITDA Net Debt EBITDA LTM² Net Debt/ EBITDA 2.93 2.95 2.97 2.59 2.55 2.39 2.34 2.38 3,675 3,783 3,885 3,712 3,637 3,661 3,867 3,932 1,253 1,283 1,308 1,435 1,524 1,562 1,679 1,625 2023 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ¹ Considers net debt + derivative financial instruments ²
Slide 16: Gross Debt
Gross Debt Composition Maturity¹ (in millions) 2% 3.120 19% 2.385 Dollar 760 34% Reais Euro 800 653 1.625 558 Other currencies 198 172 45% Cash 2025 2026 2027 2028 2029 2030 Undrawn credit lines Term Cost 17.2% 6.9% 3Q24 3Q25 Cost (BRL) CDI + 1.9% CDI + 1.2% 3Q24 3Q25 Cost (EUR) 4.2% 3.5% 82.8% 93.1
Slide 17: 3Q25 Wheel Program Highlights
3Q25 Wheel Program Highlights Aluminum Wheels Maxion’s proprietary lightweighting process BMW iX3 – 20”/ 21” continues to attract luxury brands as a cost- competitive optimization solution. Dello / Italy Aluminum Wheels No matter the wheel, no matter the Kepler Golf Cart –14” application. Our commit
Slide 18: LV Aluminum Wheel Growth in Mercosur
LV Aluminum Wheel Growth in Mercosur Serving Growing Market Demand San Luis, Argentina 18 18
Slide 19: Latest Innovation Launched at IAA Mobility
Latest Innovation Launched at IAA Mobility Two Different Materials for Added Value Maxion FUSION is the joining of two different materials for improved wheel functionality and added value By “fusing” the materials together, we deliver affordable styling, a robust product reducing costly wheel impact
Slide 20: 3Q25 Business Summary
3Q25 Business Summary Main Highlights of 2Q25 Despite global volatility and (temporary) VALUE North American truck market turmoil, Maxion CREATION maintained robust financial results overall. Achieved appropriate top line and margin RESILIENT levels, appropriate productivity and disciplined cost- an
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