Iochpe Maxion S A : Dados Econômico-Financeiros

Individual and Consolidated Interim Financial Information

Iochpe-Maxion S.A. and Subsidiaries

Three and six-month period ended June 30, 2023

with Independent Auditor's Review Report on Interim Financial Information

MANAGEMENT REPORT - 2Q23	ADR: IOCJY

1) MESSAGE FROM THE CEO

The second quarter of 2023 was still characterized by a scenario of global economic and geopolitical uncertainties. Despite being above historical levels, inflation maintains a trend of declining and stabilization in several countries. In Brazil, truck production volume continues to be negatively impacted by the transition from Euro 5 to Euro 6, with a lower performance than in 1Q23, and by the high level of interest rates impacting the demand for vehicles in general. On the other hand, regions such as Europe and North America continue to show production levels above the initially projected for the period, promoting the benefit of the geographic diversification of our business model.

Global production of light vehicles, excluding China, according to the IHS consulting, increased by 13.6% in 2Q23 compared to 2Q22. The commercial vehicle segment showed growth in global production, excluding China, of 2.2% in 2Q23 compared to 2Q22, according to the LMC consulting.

The Company's net operating revenue decreased by 9.3% in 2Q23 compared to 2Q22, reaching R$ 3.8 billion. The reduction is due to the lower cost of raw materials reflected in sales prices and the lower production volume of commercial vehicles in Brazil. The commercial vehicle segment had its share in the Company's net operating revenue reduced from 47.9% in 2Q22 to 42.3% in 2Q23.

Despite the significant drop in commercial vehicle production in Brazil, which impacted operational efficiency, the Company presented a gross margin in 2Q23

2.5 percentage points above the gross margins presented in the previous 3 quarters. The improvement is related to the higher global vehicle production volume and the reduction of negative temporal factors observed since 3Q22.

EBITDA was R$ 363.4 million in 2Q23, a decrease of 32.0% compared to 2Q22. Excluding non-recurring events in both periods, we had an EBITDA reduction of 27.2% in 2Q23, with a recurring margin of 9.5% in 2Q23 compared to 11.8% in 2Q22 and 7.1% in 1Q23.

Our financial leverage, measured by the ratio of net debt to EBITDA in the last 12 months, was 2.72x in 2Q23, compared to 2.77x in 1Q23 and 2.21x in 2Q22. The main impact of this increase compared to 2Q22 was the reduction in accumulated EBITDA in the last 12 months. Net debt reached R$ 3,546.1 million in 2Q23, a reduction of R$ 370.9 million or 9.5% compared to net debt at the end of 2022.

The cash position at the end of 2Q23 was R$ 2,458.6 million compared to R$ 1,392.9 million at the end of 2Q22. Additionally, we have an undrawn committed credit line (Revolver Credit Facility) of R$ 500.0 million. The liquidity ratio, measured by total liquidity divided by short-term debt, ended the quarter at 1.63x, compared to 1.54x in 1Q23 and 1.48x in 2Q22.

Regarding the Company's ESG initiatives, we announced in our sustainability report a 19.7% reduction in intensity of CO2 emission in 2022 compared to our 2019 baseline. We maintain our goal of achieving carbon neutrality by 2040, with key reduction targets in 2025 and 2030.

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MANAGEMENT REPORT - 2Q23	ADR: IOCJY

After the success of our "lightweighting technology" aluminum wheel with several premium vehicle manufacturers, we are now taking this technology to be used at Ferrari. This new achievement reinforces our feeling that we are on the right track to offer innovative solutions for the automotive industry and in reducing CO2 emission.

We were recognized again by OEMs in 2Q23, which proves our commitment to quality, technology, competitiveness, delivery and overall customer satisfaction. At the wheel plants in Brazil, we received the "Quality Achievement" award from DAF/Paccar and the "Supply Security" award from Volkswagen. At factories in Asia and Europe, we received the "2022 Appreciation Award" from Hyundai India, the "Award of Quality Control" from Hino Japan and the "Supplier Performance Management" award from DAF Germany.

Attentive to market changes, inflationary pressures and variations in our customers' production volumes, we quickly adapted our operations in Brazil to the current demand for commercial vehicles in order to mitigate impacts on the profitability of operations. We remain focused on gains in productivity and operational efficiency, launching new products, developing our advanced engineering, digitalization and innovation and strengthening our balance sheet, so that we can continue to generate value in a sustainable way over time.

2) HIGHLIGHTS OF THE 2Q23

• Net operating revenue of R$ 3,801.2 million in 2Q23, a decrease of 9.3%1
• 5.8% growth in net operating revenue in Europe¹
• Gross margin of 11.2% in 2Q23, 2.5 percentage points above the gross margins presented in the previous 3 quarters
• Net leverage2 of 2.72x in 2Q23, compared to 2.21x in 2Q22 and 2.77x in 1Q23
• Reduction of R$ 370.9 million (9.5%) in net debt in 2Q23 compared to the end of 2022 and R$ 538.9 million (13.2%) compared to 1Q23
• Total liquidity of R$ 2,958.6 million3 in 2Q23 compared to R$ 1,892.9 million in 2Q22. Liquidity ratio (total liquidity divided by short-term debt) of 1.63x, compared to 1.48x in 2Q22
• Reduction in the intensity of CO2 emission by 19.7% in the last year compared to the 2019 baseline4

1. Compared to the same period of the previous year
2. Net debt/ EBITDA of the last 12 months
3. Cash + revolving credit facilities
4. Baseline 2019 referring to the emission reduction targets defined in the 1st issuance of Sustainability Linked Bonds in 2021

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MANAGEMENT REPORT - 2Q23	ADR: IOCJY

3) MARKET

Production of vehicles in regions where the Company's highest percentage of consolidated revenues are concentrated, presented the following behavior in the periods indicated (thousand):

		Light Vehicles¹			Commercial Vehicles²
Region		2Q22	2Q23	Var.		2Q22	2Q23	Var.
Brazil	551	568	3.1%	45	28	-37.4%
India	1,238	1,271	2.7%	106	100	-5.6%
North America	3,548	4,078	14.9%	145	150	3.6%
Europe³		3,793	4,300	13.4%		124	141	13.6%
Global	19,003	21,957	15.5%	713	842	18.0%
Global Ex-China	13,545	15,388	13.6%	530	542	2.2%
Region		1H22	1H23	Var.		1H22	1H23	Var.
Brazil	1,007	1,075	6.8%	85	57	-33.4%
India	2,497	2,659	6.5%	220	232	5.5%
North America	7,098	7,967	12.2%	277	305	10.2%
Europe³		7,339	8,732	19.0%		243	286	17.8%
Global	38,933	43,300	11.2%	1,532	1,708	11.5%
Global Ex-China		27,306	30,856	13.0%		1,059	1,124	6.1%

(1) Source: ANFAVEA (Brazil) and IHS (other regions)

(2) Source: LMC Automotive (Commercial Vehicles)

(3) Consider EU27 + UK + Turkey

The most recent forecasts from the consultants indicate a growth of 7.5% in the global production of light vehicles and 0.4% in the production of commercial vehicles in 2023, both excluding China.

4) OPERATING AND FINANCIAL PERFORMANCE

Consolidated I.S - R$ thousand		2Q22	2Q23	Var.		1H22	1H23	Var.
Net Operating Revenue		4,192,384	3,801,203	-9.3%		8,469,575	7,799,356	-7.9%
Cost of Goods Sold	(3,657,734)	(3,376,475)	-7.7%	(7,323,925)	(7,033,542)	-4.0%
Gross Profit	534,650	424,728	-20.6%	1,145,650	765,814	-33.2%
	12.8%	11.2%		13.5%	9.8%
Operating Expenses	(181,613)	(192,898)	6.2%	(350,468)	(377,757)	7.8%
Other Operating Expenses/Revenues	54,834	10,486	-80.9%	27,916	14,162	49.3%
Equity Income	6,024	3,309	-45.1%	10,698	9,166	-14.3%
Operating Income (EBIT)	413,895	245,625	-40.7%	833,796	411,385	-50.7%
	9.9%	6.5%		9.8%	5.3%
Financial Results	(112,366)	(122,408)	8.9%	(234,618)	(254,297)	8.4%
Income Taxes	(82,338)	(41,112)	-50.1%	(191,275)	(74,581)	-61.0%
Minority Shareholders	(28,706)	(22,745)	-20.8%	(57,212)	(39,488)	-31.0%
Net Income		190,485	59,360	-68.8%		350,691	43,019	87.7%
		4.5%	1.6%			4.1%	0.6%
EBITDA		534,573	363,407	-32.0%		1,082,724	650,167	-40.0%
		12.8%	9.6%			12.8%	8.3%

4.1) Net Operating Revenue

Consolidated net operating revenue reached R$ 3,801.2 million in 2Q23 and R$ 7,799.4 million in 1H23, a decrease of 9.3% and 7.9% compared to 2Q22 and 1H22,

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MANAGEMENT REPORT - 2Q23	ADR: IOCJY

respectively.

Net operating revenue in 2Q23 was negatively impacted by the drop in commercial vehicle production in Brazil due to the change in motorization from Euro 5 to Euro 6, and by the sales price reduction, due to the reduction in raw material costs. The recovery of production volumes in Europe, mainly in aluminum wheels for light vehicles, helped to mitigate these effects.

Exchange variation had a positive impact of R$ 17.3 million in 2Q23 and a negative impact of R$ 101.2 million in 1H23.

The table below shows the behavior of consolidated net operating revenue by region and by product, for the periods indicated.

Net Operating Revenue- R$ thousand			2Q22	2Q23	Var.			1H22	1H23	Var.
Aluminum Wheels (Light vehicles)	142,562	168,730	18.4%	270,038	332,136	23.0%
Steel Wheels (Light vehicles)	150,686	150,554	-0.1%	278,140	287,426	3.3%
Steel Wheels (Commercial vehicles)	399,312	263,324	-34.1%	794,307	552,035	-30.5%
Structural Components (Light vehicles)	112,573	115,561	2.7%	214,440	230,034	7.3%
Structural Components (Commercial vehicles)	467,558	308,929	-33.9%	910,661	631,073	-30.7%
South America			1,272,691	1,007,098	-20.9%		2,467,585	2,032,705	-17.6%
	30.4%	26.5%			29.1%	26.1%
Aluminum Wheels (Light vehicles)	143,273	158,063	10.3%	291,616	319,506	9.6%
Steel Wheels (Light vehicles)	472,172	361,345	-23.5%	976,095	712,656	-27.0%
Steel Wheels (Commercial vehicles)	120,117	90,850	-24.4%	237,570	186,370	-21.6%
Structural Components (Commercial vehicles)	537,796	446,994	-16.9%	1,099,792	985,160	-10.4%
North America		1,273,359	1,057,251	-17.0%		2,605,073	2,203,693	-15.4%
30.4%	27.8%		30.8%	28.3%
Aluminum Wheels (Light vehicles)		593,709	675,395	13.8%		1,155,863	1,357,475	17.4%
Steel Wheels (Light vehicles)	334,590	321,817	-3.8%	664,336	652,305	-1.8%
Steel Wheels (Commercial vehicles)	387,719	395,115	1.9%	812,856	834,210	2.6%
Europe			1,316,018	1,392,327	5.8%		2,633,055	2,843,990	8.0%
	31.4%	36.6%			31.1%	36.5%
Aluminum Wheels (Light vehicles)	184,676	195,793	6.0%	439,551	422,262	-3.9%
Steel Wheels (Light vehicles)	51,834	44,865	-13.4%	110,492	99,566	-9.9%
Steel Wheels (Commercial vehicles)	93,806	103,870	10.7%	213,819	197,140	-7.8%
Asia + Others		330,316	344,527	4.3%		763,861	718,968	-5.9%
7.9%	9.1%		9.0%	9.2%
Iochpe-Maxion Consolidated			4,192,384	3,801,203	-9.3%			8,469,575	7,799,356	-7.9%
		100.0%	100.0%				100.0%	100.0%
Maxion Wheels	3,074,457	2,929,720	-4.7%	6,244,682	5,953,088	-4.7%
	73.3%	77.1%	-22.0%	73.7%	76.3%	-17.0%
Maxion Structural Components	1,117,927	871,483	2,224,893	1,846,268
			26.7%	22.9%			26.3%	23.7%

4.2) Cost of Goods Sold

Cost of goods sold reached R$ 3,376.5 million in 2Q23 and R$ 7,033.5 million in 1H23, a decrease of 7.7% compared to 2Q22 and 4.0% compared to 1H22.

This lower percentage reduction than the drop in sales is mainly due to the lower operational efficiency of operations dedicated to commercial vehicles in Brazil.

4.3) Gross Profit

Gross profit of R$ 424.7 million in 2Q23 and R$ 765.8 million in 1H23, a reduction of 20.6% compared to 2Q22 and 33.2% compared to 1H22.

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