Tupy (TUPY3) posted a net loss of R$ 10.9 million in the second quarter of 2026 (2Q26), compared to net income of R$ 23.9 million in 2Q25. In the period, net revenue totaled R$ 2.5 billion, down 5.8% year over year, influenced by the average 11% appreciation of the real against the dollar and the contraction of the domestic market, partially offset by higher demand for commercial vehicles abroad.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 155.6 million in 2Q26, a decrease of 25.8% compared to the same quarter of 2025, with a margin of 6.3% versus 8.0% a year earlier. The company estimates a negative impact of R$ 104 million resulting from the appreciation of the real and the Mexican peso against the dollar and from lower production, partially mitigated by efficiency gains and an improved product mix that totaled R$ 68 million. Compared to 1Q26, adjusted EBITDA grew 57%, with a 2 percentage point increase in margin.
Operating cash generation was R$ 303.4 million in 2Q26, an increase of 185.1% compared to R$ 106.4 million a year earlier, mainly supported by working capital management, with a R$ 117 million reduction in inventories and a 26-day shortening of the cash conversion cycle over twelve months. Investments in property, plant and equipment and intangible assets totaled R$ 79.4 million in the quarter, equivalent to 3.2% of revenue and 22.2% below 2Q25.
Tupy’s net debt stood at R$ 1.9 billion at the end of June 2026, down 26% compared to 2Q25 and 8% versus 1Q26. The net debt/adjusted EBITDA ratio for the last 12 months reached 4.14 times, above the 4.02 times recorded in the previous quarter, reflecting the lower accumulated adjusted EBITDA in the period.
After the end of the quarter, the company secured R$ 600 million in financing from BNDES under the Programa Brasil Soberano, split between Giro Livre and Giro Exportação credit lines, both with a 60-month term and a 12-month grace period, still subject to the fulfillment of disbursement conditions. On July 31, 2026, the Board of Directors also approved the succession in the Finance and Administration vice presidency, electing Augusto Ribeiro Junior to serve as executive vice president of Finance and Administration and Investor Relations Officer, with a term of office until April 30, 2028.
