Mahle Metal Leve SA
BOVESPA:LEVE3
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Mahle Metal Leve SA
BOVESPA:LEVE3
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Mahle Metal Leve SA
Mahle-Metal Leve SA engages in the manufacture and sale of engine components for internal combustion engines and automotive filters. The company is headquartered in Mogi Guacu, Sao Paulo and currently employs 7,514 full-time employees. The company went IPO on 2005-09-22. The Company’s activities are divided into two business segments: Engine components and Filter. The Engine components division produces parts for internal combustion engines and automotive vehicles, such as rings, sensors, rockers, rods, crank arms, bushes, cylinder sleeves, bearing covers, rocker assemblies, crowns, injectors, synchromesh hubs, universal joints, shafts, gears, guides and valve seats, pistons, water and oil pump impellers, gudgeon pins and pulleys. The Filters division manufactures various types of filters, such as fuel, air, oil, cabin and press, used in vehicles, as well as applied in industry, automobile service stations, passenger and cargo transport, earthworks, fishing terminals and farms. The firm is indirectly controlled by Mahle Industriebeteiligungen GmbH.
Mahle-Metal Leve SA engages in the manufacture and sale of engine components for internal combustion engines and automotive filters. The company is headquartered in Mogi Guacu, Sao Paulo and currently employs 7,514 full-time employees. The company went IPO on 2005-09-22. The Company’s activities are divided into two business segments: Engine components and Filter. The Engine components division produces parts for internal combustion engines and automotive vehicles, such as rings, sensors, rockers, rods, crank arms, bushes, cylinder sleeves, bearing covers, rocker assemblies, crowns, injectors, synchromesh hubs, universal joints, shafts, gears, guides and valve seats, pistons, water and oil pump impellers, gudgeon pins and pulleys. The Filters division manufactures various types of filters, such as fuel, air, oil, cabin and press, used in vehicles, as well as applied in industry, automobile service stations, passenger and cargo transport, earthworks, fishing terminals and farms. The firm is indirectly controlled by Mahle Industriebeteiligungen GmbH.
Revenue: Net operating revenue of BRL 5.4 billion in 2025 (management says growth of 18.6% including acquisitions).
Margins: Reported gross margin ~27% and EBITDA margin ~17% (management later referenced 17.4% with IAS effects), with some margin pressure from Limeira and Rafaela operations and Argentina aftermarket pricing.
Tariffs: U.S. tariff treatment moved through litigation; a 10–12% tariff replacement is in place and MAHLE says ~95% of customers agreed commercial compensation for prior tariffs.
Market drivers: MOVER Brasil (BRL 10 billion program, ~BRL 5 billion used) has helped stop a deeper decline in heavy-truck demand; management expects a stabilizing heavy-duty market in 2026 with potential improvement if Selic falls.
Acquisitions: Compressors and Arco minority stake contributed materially to 2025 results; ~BRL 510 million cash outflow for acquisitions (total consideration ~BRL 800 million) and Arco stake increased to 49.9% with a first call option exercised.
Cash & leverage: Year-end cash BRL 615 million, leverage rose from 0.66 to 0.96; management highlights BRL 1 billion of operational cash generation and that follow-on/dividend timing is affecting short-term leverage.
Warranty & provisions: BMW motorcycle warranty provision reversed significantly in 2025: EUR 36 million reversal and remaining balance EUR 1.6 million.
Electrification strategy: Management expects hybrids (light hybrids, full and plug-in) to remain dominant near-term; MAHLE Metal Leve will leverage group technology and consider local production as volume justifies it.
