By Brazil Stock Guide – Marcopolo S.A. (B3: POMO3; POMO4) posted a consolidated net profit of R$ 329.6 million (about US$ 58 million) in the third quarter of 2025, down 1.8% from the same period last year, but supported by strong international operations and rising exports. Net revenue increased 8.2% to R$ 2.505 billion (approx. US$ 443 million), beating market expectations despite a weaker domestic environment.
Adjusted EBITDA reached R$ 491.1 million, with a margin of 19.6%, excluding non-recurring impairment effects at the Canadian affiliate NFI. Revenue from international operations jumped 51.3% to R$ 894.8 million, while exports from Brazil grew 43%. Gross profit rose 15.9% to R$ 668.7 million, reflecting efficiency gains and a more favorable sales mix. Net financial debt in the industrial segment stood at R$ 69.5 million, equivalent to 0.05x the last 12 months’ EBITDA.
“The improved performance of our international operations and the expansion of gross profit were key to this quarter’s results,” the management stated in the earnings release. The company maintained operational discipline and invested R$ 103.2 million in the period, focusing on fixed assets and technological innovation.
Domestically, sales fell 15.2%, pressured by high financing costs and lower demand for highway buses and Volares models. Market share in Brazil increased to 48.7%, led by the microbus segment. Abroad, operations in Argentina, Australia, and South Africa showed solid growth, while Volgren (Australia) improved profitability despite lower volumes.
Marcopolo’s shares have gained 12% year-to-date through September 30, closing at R$ 8.91. The outlook for the fourth quarter points to sustained delivery levels, supported by firm international orders and expectations for a new school bus program tender.
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