This article first appeared on GuruFocus .
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Net Revenue:R$4.4 billion, up nearly 16% year over year in Q3 2026.
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Gross Profit Margin:13.3%, a 1.2 percentage point increase versus Q3 2025; year-to-date gross profit now above prior year.
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Adjusted EBITDA:R$480 million, representing a 10.9% margin, up 0.6 percentage points year over year; year-to-date adjusted margin at 10.2%.
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Net Income:Adjusted net income higher both in Q3 2026 and year-to-date versus prior year (adjusted for Germany accrual).
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Leverage (Net Debt/EBITDA):2.50x in Q3 2026, slightly down from 2.52x prior quarter and 2.55x in Q3 2025; ~2.352.36x excluding the Germany accrual.
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Capex:Lower year-to-date spending, though on track with project targets; some catch-up expected in Q4 and Q1.
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Revenue by Product:Structural components CV now 19% of total business; total components group 22%; aluminum wheels growing as share of portfolio.
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South America:LV production up 9.1% year over year; company sales up 18% in the quarter.
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North America:CV market up 20.9%; Class 8 heavy trucks up 54%; company outperformed with 65.7% growth; overall regional revenue up 30%+ year over year.
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EMEA:Overall sales up 8.3% year over year; LV sales up ~1011% versus market up 23%.
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Asia:CV revenue up 30%+ and LV revenue up 70%+ in the region.
Release Date: November 05, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Iochpe-Maxion SA ( IOCJY ) delivered strong operational and commercial execution, driving profitability gains and a 16% year-over-year increase in net revenue to $4.4 billion.
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The company achieved a solid gross margin of 13.3% (up 1.2% year-over-year) and an adjusted EBITDA margin of 10.9%, supported by cost discipline and a favorable product mix.
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Iochpe-Maxion SA ( IOCJY ) demonstrated financial stability, slightly improving leverage to 2.50x despite absorbing a significant one-off accrual in Germany.
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The company is capitalizing on key growth drivers, including a strong recovery in the North American commercial vehicle market (Class 8 up 54%) and rapid expansion in Asia, particularly India.
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Iochpe-Maxion SA ( IOCJY ) is making strategic progress with its new commercial vehicle aluminum wheel plant in Turkey, which is now producing and homologating products for future growth.
Negative Points
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The global light vehicle market remains flat, with production down 2% including China, limiting organic growth opportunities in this key segment.
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Iochpe-Maxion SA ( IOCJY ) had to book a significant accrual related to an ongoing German antitrust proceeding, which negatively impacted reported net income and leverage.
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The commercial vehicle market in South America, particularly Brazil, remains sluggish and is expected to see only slow growth, posing a challenge for the company's regional performance.
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The company faces a highly competitive and flattish market in Europe, where it cannot continue to gain market share and must focus on defending its position.
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Iochpe-Maxion SA ( IOCJY ) expects it will take one to two years to reach the targeted, higher margins for its new commercial vehicle aluminum wheel operation, requiring a utilization rate of at least 50%.
Q & A Highlights
Q: Can you give an update on the commercial vehicle aluminum wheels (CVA) operation in Turkey in terms of expected margin progression, when you expect to reach a normalized level, and what that means for consolidated margins going forward? A: CEO Pieter Klinkers said the targeted margins set when the investment was mademeaningfully above the company's current overall marginsremain valid, but require at least roughly 50% utilization to be achieved. He expects it will take one to two years to reach those volume levels, with some margin generated in between.
Q: On India, one of the main highlights, how have utilization levels been evolving and how much room is there for further growth without meaningful CapEx? A: CEO Pieter Klinkers said the company is investing in all its Indian plants, but with much smaller tickets than the $100 million projects in Turkey or Castanosaround $5 million to $10 million in steel wheel plants, which are sold out. In aluminum wheels, an initial step can add 300,000 to 500,000 wheels of capacity, with larger tickets only beyond that, executed in steps according to volumes sold.
Q: North America structural components was a clear highlight this quarter. How much of the improvement came from market recovery versus capacity ramp-up, and what is the outlook given uncertainty such as the EPA change in the US? A: CEO Pieter Klinkers said the improvement is largely driven by market recovery, noting that the segment grew 50% to 55% while the company improved 60% to 65%. The Castanos investment in Mexico means the company now has capacity to capture that recovery rather than being capacity-constrained, allowing it to do slightly better than the market.
Q: Most one-off effects this quarter related to the antitrust provision, plus some small restructuring costs. Can we expect a cleaner P&L going forward, or are there non-recurring effects in the pipeline? A: CEO Pieter Klinkers said there will always be smaller items such as restructuring, but the Germany accrual is not something the company expects to repeat many times. He advised counting on much smaller, usual adjustments similar to those seen in the past.
Q: With BRL volatility and recent depreciation, what is the net effect on the company, given that 70% to 75% of revenues come from external markets but some debt is linked to hard currency? A: CEO Pieter Klinkers said a weaker BRL is positive for the company overall, since a large share of revenue is in foreign currency while part of the debt is in hard currency. He noted the real had depreciated over a long period and that, at the end of the day, this is positive for the company.
Q: Light vehicle aluminum wheels had strong performance across regions. Can you break down volume versus market share gains, the pricing and pass-through of aluminum prices, and whether you already supply Chinese OEMs anywhere in the world? A: CEO Pieter Klinkers attributed the performance to a mix of factors: aluminum pricing passed through via formal clauses, being present on the right platforms, and gaining rather than losing market share. He said the company works with about 30 Chinese OEMs and is already in business with more than 15 of them, in Asia, Europe and Brazil, for both aluminum and steel wheels.
Q: Adjusted EBITDA is already close to the company's normalized level, and the third quarter is seasonally stronger. What are the structural drivers for margin in the coming yearis price/cost already well matched, and are there plant ramp-ups that could help? A: CEO Pieter Klinkers said higher volume helps EBITDA margin, and while the market may be flattish, the company targets outperformance through its combined LV and CV portfolio, with Asiamainly Indiaplaying a specific role. He acknowledged cost pressure, such as higher energy prices in Europe and rising metal prices, and stressed the need to recover those increases, citing the company's century-long track record of doing so through good and bad times.
Q: Light vehicle production in India rose about 21% year over year in the quarter. How much of the company's growth there came from market expansion versus market share gains or new product launches? A: CEO Pieter Klinkers said the company benefits from a very positive Indian market expected to grow in coming years, and it is also gaining some share through new business wins now ramping up and strong customer vehicles. He added that more capacity is available and the company will follow the market's ramp-up without doubling capacity in six months.
Q: With India and US commercial vehicles representing a growing share of consolidated revenue, should this geographic mix continue supporting margins over the next few quarters? A: CEO Pieter Klinkers said the geographic footprint is a clear advantage: Brazil is good for light vehicles, Europe is tough but the company is well positioned after restructuring 10 to 15 years ago, and Asia is still small but growing, with the company playing catch-up, more so in India than in China. He said these dynamics should not reverse from one quarter or one year to the next.
Q: What is the outlook for commercial vehicles in Brazil given the macroeconomic developments, since the segment is highly levered to GDP growthshould we expect a rebound next year or another lackluster year? A: CEO Pieter Klinkers said the company's base case assumes very slow growth, with no meaningful increase in the Brazilian market but also no sharp downturn. The outlook for CV Brazil, for both components and wheels, is based on a more or less stable scenario with possibly very small growth.
Q: On the antitrust case resolution, the financial statements suggest it is not 100% defined. Could the provision change or even be reverted, what is your confidence level in the amount, and when is the expected cash out? A: CEO Pieter Klinkers declined to provide details, saying the German antitrust matter is still an ongoing and non-public proceeding. He said the company shared what it is allowed to share and will keep the market posted on any new relevant developments.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
