PLAS3: quote, dividends and indicators for Plascar

Plascar Participações Industriais S.A. is a Brazilian company with a long-standing presence in the automotive sector, listed on B3 under the ticker PLAS3. Its origin dates back to 1963, with the founding of Oscar S.A. Indústria de Artefatos de Borracha, initially dedicated to producing industrial rubber artifacts. Its effective entry into the automotive segment took place in 1973, when the company began to direct its operations toward supplying components and systems for the domestic automotive industry. In 1982, Plascar S.A. Indústria e Comércio was incorporated, formalizing its focus on the industrialization, commercialization, import, and export of parts for the automotive sector, while, in parallel, corporate structures such as Agricar, Multicar, and later OSA S.A. consolidated the expansion of the business. The IPO occurred in 1989, when the shares began trading on the then São Paulo Stock Exchange, now B3 S.A. – Brasil, Bolsa, Balcão, where they still trade under the code PLAS3.

Throughout the 1990s, Plascar expanded its industrial footprint and diversified its shareholder control. In 1991, it started activities in the industrial district of Jundiaí, in the state of São Paulo, where it still maintains one of its main plants. In 1994, it expanded into Minas Gerais with the Betim unit, structured to serve Fiat Automóveis S.A., currently part of the Stellantis N.V. group, and in the same year it began operations in Varginha through the acquisition of Plavigor. In 1995, control of OSA S.A. was acquired by the BTR Group through its affiliate Permali do Brasil, and in 1998 the company acquired almost all of the capital of Eletromecânica Carto Ltda., strengthening its industrial capacity. In the 2000s, control passed through different international groups in the auto parts sector, such as S.W. Textron International Holding S.L., Collins & Aikman Corporation and, in 2006, International Automotive Components Group Brazil, LLC (IAC Group). In 2019, the entry of Mapa Capital as controlling shareholder marked a cycle of financial, operational, and organizational restructuring, which included cost rationalization and reinforcement of the capital structure, enabling new investments and the inauguration in 2022 of an industrial unit in Caçapava (SP), identified as one of the most modern in the plastic auto parts segment in the country.

Plascar’s business model is centered on the development, industrialization, and supply of higher-complexity plastic components for the automotive industry, serving both the original equipment market (OEM) and the replacement market via automakers. The company operates four production units in Jundiaí (SP), Betim (MG), Varginha (MG), and Caçapava (SP), supported by two business units in São Bernardo do Campo (SP) and São José dos Pinhais (PR), located close to Brazil’s main automotive hubs. Its technological structure integrates capabilities in product development, design, materials engineering, tooling engineering, and manufacturing, allowing it to work together with automakers from the earliest stages of projects, adapting parts to the quality, performance, safety, and efficiency specifications required by the light and commercial vehicle industries.

The products manufactured by Plascar cover a broad set of components used in the internal and external finishing of automobiles and commercial vehicles. Among the items produced are bumpers, spoilers, instrument panels, air vents, grilles, tail lights, door panels, window controls, consoles, and sun visors, in addition to other technical plastic parts that require a high standard of engineering and finish. The company also maintains a complementary front in the industrialization of non-automotive products, through plastic injection and assembly of components for applications such as supermarket carts and card machines. This non-automotive line, however, represents a small portion of operations, accounting for less than 5% of total assets and approximately 3% of consolidated net revenue, keeping its core activity concentrated in the auto parts segment.

From an operational standpoint, Plascar uses integrated industrial processes focused on transforming plastic materials and assembling components, with several technologies that include conventional plastic injection, gas-assisted injection, double injection (2K), and multiple colors (3K and 4K). The company also uses PVC slush molding, painting and surface finishing processes with metallization and chrome plating, vibration welding, ultrasonic welding, hot plate and hot air welding, as well as thermoforming, stamping, and SMC (Sheet Molding Compound) technologies. The distribution system is structured to follow the automakers’ production logic, with direct deliveries from the industrial units, based mainly on JIT (Just-in-Time) and KANBAN systems, which seek to synchronize the supply chain and reduce inventories. In some cases, the company operates via the DSH (Direct Shipment) system, in which parts are sent to logistics operators that supply dealership networks directly, without the use of its own agencies, stores, or resellers.

Plascar’s target market is predominantly the auto parts segment for automakers operating in Brazil, a highly competitive environment that brings together domestic and international manufacturers of automotive components. Consolidated net revenue arises almost entirely from this activity, with a relevant concentration in large automotive groups. In 2024 and 2025, Stellantis, Volkswagen do Brasil, Scania, and Volkswagen Truck & Bus were among its main customers, representing a significant share of net revenue in each year, highlighting its economic dependence on the national automotive chain. Exports exist, but revenue from abroad accounts for less than 5% of the company’s total revenue, indicating an essentially domestic focus. Operating performance is influenced by macroeconomic factors and by automakers’ production dynamics, with seasonality associated with technical shutdowns and year-end collective vacations, in addition to possible fluctuations resulting from scheduled or unforeseen stoppages in the vehicle and truck industries.

In terms of supply, Plascar uses thermoplastic resins, chemical compounds, paints, metal components, and other typical materials used in the manufacture of automotive parts as its main inputs. Its purchasing strategy seeks to maintain a diversified base of domestic and international suppliers, subject to technical, financial, logistics, and quality criteria compatible with the requirements of the automotive supply chain. Some materials, such as certain resins and petrochemical compounds, may have a smaller number of qualified suppliers and show higher price volatility, influenced by international commodity quotations, exchange rates, global supply, and logistics costs. This dynamic can affect the company’s cost structure, depending on market conditions and how cost pass-through is negotiated with customers and supply partners.

Although Plascar’s activities are not subject to direct state regulation specific to the sector, the business environment is impacted by public policies applicable to the automotive industry, such as tax incentives, programs to stimulate vehicle consumption, monetary policies, credit availability, and changes in interest rates. Demand for components is sensitive to changes in automakers’ production levels, which, in turn, may be affected by disruptions in the supply chain, changes in raw material costs, macroeconomic, health, climate, or geopolitical events. The company’s operations and those of its suppliers are also subject to environmental, labor, tax, and occupational safety legislation, in addition to specific industry standards related to the manufacture of auto parts.

Regarding environmental, social, and governance practices, Plascar has been structuring a set of initiatives aimed at consolidating its ESG agenda. In 2024, it created a Corporate Responsibility (ESG) area, responsible for organizing data, indicators, and governance processes related to sustainability, with the intention of enabling the future preparation of specific reports and the gradual adherence to international reporting standards such as IFRS S1 and S2. All industrial units are certified under ISO 14001, indicating the adoption of formal environmental management systems and a focus on continuous improvement. In governance, since 2019 the company has been revising its structure, with updated bylaws and strengthened control mechanisms, including the creation in 2022 of an Ethics and Compliance Committee and the adoption of a Code of Conduct applicable to employees, third parties, and other stakeholders. The company is in the process of preparing its greenhouse gas emissions inventory, developing a materiality matrix and defining key ESG performance indicators, in addition to considering references such as the UN Sustainable Development Goals and international recommendations for climate-related financial disclosures, in gradual alignment with best practices in corporate sustainability.