This report does not constitute a rating action. Overview Key strengths Key risks Diversified portfolio of products and services. Revised growth prospects and smoother margin increases amid harsh macro environment in both Brazil and the U.S. Historically low leverage. Continuously high interest rate in Brazil challenges the automotive segment. Strong liquidity with extended debt maturity profile. We think that a potential stronger-than-expected global economic slowdown, with low consumer confidence would affect the automotive industry and consequently dent Tupy?s volumes, prices, and profitability of operations. Tupy?s revenues generated in North America represented about 40% of the total in 2024, most of it produced in Mexico and sold to original equipment manufacturers (OEM) in the same country (which would later send to
