Fras-le Mobility Video Conference to present the results of the third quarter of 2025. Before we start, we would like to do a few announcements, important announcements. This video conference is being recorded. After the end, it will be made available on our website, ri.fraslemobility.com. We have simultaneous translation to English. To access it, just click on the button interpretation with the globe icon in the bottom of your screen. At the end of the presentation, there will be a Q&A session. Questions can be asked two ways, through audio, showing the interest through the icon r aise your hand, or in writing through the Q&A buttons. Besides this, we reinforce that the information in this video conference is not the guarantee of a performance-involved risk and uncertainty. They are regarding future events depending on circumstances that can and cannot happen.
We thank you for being with us in another results video conference. We have with us today our President, Daniel Randon , CEO, Anderson Pontalti, Business Director, RI M&A Hemerson de Souza , and our RI Specialist, Jéssica Cantele , and as a guest, the RI Manager, David Bicchetti. Daniel Randon is in Belèm for COP30 and will not be participating in the video conference but has recorded a message.
Hello, good morning. It's a pleasure to be with you with this results video conference of Fras-le Mobility. I thank the presence of all the analysts, investors, partners, and colleagues that follow us. I'd like to start highlighting an important evolution in our governance structure. Since September 1st, I took on the position of President of the company, while Anderson Pontalti is now in the position of CEO of Fras-le Mobility.
This transition represents a natural movement in our corporate governance model, strengthening executive management, ensuring the continuity of our long-term strategy. Anderson has a consolidated trajectory in handling corporate companies with deep business knowledge and leadership aligned to our values. I am fully confident in his capacity to conduce Fras-le Mobility in this new phase marked by growth, innovation, and sustainable value generation. I record my thank you to Sergio Carvalho that will now act as Executive Senior Advisor. His contribution was essential in the international growth of Fras-le Mobility, and he will continue to support with his experience and strategic vision. We are starting a new cycle with an even more robust governance and a leadership team that's prepared to continue to deliver results that are consistent and sustainable. I'd like to highlight two recent achievements that reinforce our evolution trajectory.
Our units in Alabama, United States, and China have a TISAX certification, Trusted Information Security Assessment Exchange, a global reference in information security in the automobile industry. This achievement reinforces our commitment to the highest standard for data protection, increasing the trust of our clients and international partners. We conclude the sixth emission of the ventures of Fras-le Mobility, the first one done in the market. This operation represents a relevant advance in our capital strategy, strengthening the financial structure of the company and increasing our capacity to invest, innovation, and expansion. I congratulate the teams involved by these achievements that demonstrate our discipline in execution, operational solidity, and focus on sustainable growth. ESG is and always will be a strategic focus for Randoncorp and its controlled companies like Fras-le Mobility. The journey of commitment in our ESG mission is directly connected to sustainable growth of our companies.
This vision reflects in our initiatives and in the decision-making, like it will be demonstrated by my colleagues in this presentation. With this, I pass the floor to Hemerson that will present the main results and highlights of this quarter. Thank you so much.
Very well, good morning, everyone that participates in our video conference of the third quarter results, the nine months of the year. We are divided in this presentation by Jessica, Anderson, and myself. I start first thanking the excellent, the vote, and the results we had with the Excel Award. Several distinctions in this program. We do RI work that is consistent in our trajectory, trying to make explicit the growing drivers of Frasle and the possibilities we have to leverage our business and the results that we bring operationally reflect, and we are thankful for the distinction that the market gives us. I want to thank.
We will continue motivated to continue to do this excellent work. Going to the next chart, we invite you, those that are in São Paulo. I know we closed the in-person positions. This event will be done online also. To participate, the Universo Fras-le Mobility event that will happen on November 18th, 9:00 A.M., we will be in person in São Paulo. As I mentioned, distributing this in the network online. It will be a stage to speak more about what we have done, strategies, results, present results, and we will also have the possibility to be more increased or arranged and detailed also regarding the synergy process that we are bringing of the Dacomsa in Mexico, the acquisition. We will not go into too much detail on this conference.
In the next quarter, we will go more deep in the materials, but bringing a reasonable dimension of what we are doing, sharing with the market in this event, Universo Fras-le. Everybody is invited to watch us in the stream, and those that will be in person, it will be a pleasure to meet you in São Paulo on November 18th. The next slide we bring the numbers of what we do, what we did the nine months of the year compared to what we have of public guidance. We closed a revenue of BRL 4.1 billion for a guidance of BRL 5.4 million- BRL 5.8 billion going towards the gap that we wanted. Regarding the market, external market performance, we have a guidance of $500 million-$540 million. We are at $387 million, also converging to reach the gap that we proposed.
Same way, we accumulated 18.5% of EBITDA margin above the guidance base. Therefore, we believe we will be in the interval. In terms of investment, we invested BRL 123 million cash the first nine months, which brings us to the guidance of BRL 170 MILLION - BRL 210 million. We will be very close to invest the resources in the CAPEX and the projects for investment that we have in the range that we proposed. It's a quick extract. Now we will detail a little bit more what we have in terms of results. Next slide, we're talking a bit the highlights of this quarter. Our ROIC adjusted is 20.3% when we exclude the non-recurring or one-offs. We are 1.6 times the leverage when we consider the pro forma 12 months of Dac omsa.
Remember that the acquisition of Dac omsa, we reached three times the revenue annually, constantly with our own revenue generation and the capital acquisition in July. We are converging to an adequate level. What we mentioned publicly, when we do an acquisition, we quickly have the possibility to reallocate, make the company making it ready for new movements. Regarding the market as a whole, we have noticed in the domestic market, the level of purchasing is more selective by the dealers. It has to do with the application of resources in stock. We saw the nine months a reduction in stock from the dealers. The cost of capital is currently very high in the country. On the other side, the movement has already happened. We notice now an adequation to normalize levels. We do not have the stock reduction effect impacting sales.
External market, we do have a caution, higher caution globally due to the trade war scenario that we are seeing. This affects some markets specifically. We have had a tighter market in Mexico. Dac omsa, as a comparison, grows a low single digit. We had the forecast to have a moderate growth this year. We're growing 3%-4% of revenue reflected by the moment and the proximity to the United States. This movement impacts our market. On the other hand, we have done good investments in the maintenance of what we called operational fronts, optimizing an important part of cost, do it raw material or sourcing the Dac omsa, reinforcing that we're going to have a lot more. We will be more open. The results that we have regarding Dac omsa and Fras-le Mobility event, I invite you to watch it.
Those that will be in person, it will be a pleasure to meet you. It will be important for us to talk more about this important acquisition, and it brings to us relevant results, especially for future cycles of Fras-le Mobility, repeating the success that we have with recent acquisitions like Fremax and Juratek. Going to the next slide, we are talking about the revenue. It's worth highlighting here, as I said, we have robust growth when we compare the combined growth of organic and non-organic, 43%. We have the Dacomsa numbers here. As we mentioned, we reduced a lot the exposition, or we increased, let me put it in other words, the spare parts market. Dac omsa has this vocation, and it makes us a player connected to consumer goods, automobile consumer goods.
Obviously, the 7% for spare parts keeps us competitive, efficient, and productive, which makes us same way competitive in spare parts. When we look at organic growth, it's close to 8%. It reduces a bit the space that we want to be to grow two digits at least, but it's a cutout of the moment that we are living, especially in heavy vehicles in the United States and Brazil. We have suffered with a lower demand in the United States, decreasing production of commercial vehicles, especially the Class 8, 25% in the first month, and a lower demand for consumer items. Sales in the United States reflects in a lower use of the fleet and affects spare parts. It's rare, but it's happening. Brazil, same way. We have a little bit more heated market of heavies. We are not losing market position.
On the other hand, reinforcing some lines or position, but the market is a bit more tight, and this reflects in revenue, obviously. It is not a structural scenario. It is momentaneous. The U.S. for next year is still not favorable. We believe it will be equivalent to these months. Even so, 43% is the best quarter in the history of Fras-le Mobility in terms of size of the revenue culminated with the potential of the acquisition of Dacomsa, but it is a reflection of our strategy. We have an acquisition, but it is the fruit of the work of the team from management of Fras-le has done to condition organic growth combined with non-organic growth, which raises us to a robust growth figure above 30%. We reduced a bit the exposition.
We grew our exposition to Dac omsa brought motor items with higher relevance in the breakdown according to family of product. I reinforce that the motor segment is not aligned that we had as our portfolio. It has been a great surprise. We are creating avenues to grow more with these lines. Above all, the North American market also with perspectives to grow in other perspectives that we are not in. I remind you that in the quarter, we have good growth in disc brakes, the capacity implemented at Fremax, and the comfort shock absorbers. We have grown market share above 30% in shock absorbers in Brazil. It was a little bit more than 15% in 2020, showing the efficiency of combining businesses and the synergies we have with Nakata, the growth in the market of it inside our country.
Nakata forecast also important to say an RP change by the 29th and 11th of January. Also, we have told the customers, "Place your orders before this period." This favors the fourth quarter sales for the riding comfort where we have suspension and shock absorber. Going to 11, the slide 11, there is a bridge of the revenue from last year, the nine months of 2024 and the nine months of 2024 to 2025. The commercial line that has highest reduction by many reasons, but impacted no doubt by production of vehicles, especially in the North American market, ends up impacting a bit the revenue. Our revenue, obviously here, 90% is friction for brakes commercial. When we look at the sales breakdown, we are close to 80% connected with the light line of vehicles and SUVs, light vehicles and SUVs.
This number is closer to 25 commercial reflected with the effects of the reduction and maintenance of growth in light vehicles. When we look at commercial sales, 1/3 United States, where it's tighter. Other markets, 1/3 Brazil is a bit more than 1/3 , around 45%. A big relevance, this support, especially in the United States to sell for commercial vehicles that concentrates 90% of the sales that we do here, Fras-le Mobility in these companies. Obviously, we have non-organic growth. Dac omsa has contributed a lot. This favorable moment in the light line, shock absorbers, the light brake pads and rotors, disc brakes, according to the Nakata capacity that I mentioned before. It's worth highlighting other markets also. The European market is suffering. Russia, Ukraine issue reduces the size of our market because we sell to these geographies. No changes in the tariff scenario.
We continue to pay the same tariffs we had in the last quarter, as mentioned clearly. The sales to the U.S. reduced in these nine months, not due to tariffs. We passed these to the market. On 12, we opened the internal external revenue. Internal grew 10%, going to BRL 1.9 billion revenue versus BRL 1.7 billion last year. In the nine months, this quarter, the nine months, the quarter specifically growing 10%, going to BRL 682 million external market. Dac omsa brings the impact this growth. I will now we hear from Jessica, later Anderson, and then Q&A.
Hello, good morning everyone. Thank you, Emerson. Continuing with the presentation, I'm going to talk a little bit about the highlights, operational highlights. EBITDA adjusted in the third quarter total BRL 860.2 million, a margin of 19.1%.
This result reinforces our consistency and profitability generation, even facing a challenging macroeconomic scenario, as it was highlighted by Emerson. This performance is the fruit of several actions, management, and efficiency in manufacturing. Emerson highlighted the Nakata performance growth in shock absorber leveraged by the anticipation of orders regarding the migration of SAP that will happen now in the end of the year and Fremax that achieved 100% of the installed capacity after the installation of the energy substation. Dac omsa also contributes with a lot of representativity in this number because there is a mix of products of higher added value that favors our composition of margin. On the other hand, we face several pressures and challenges of volume reduction for commercial vehicle brakes in the fixed cost in manufacturing in Caxias do Sul and the Alabama unit.
Also, the devaluation of the exchange dollar facing real affects the export margin. Even with all these adverse points, we were able to deliver an EBITDA margin in our guidance for the year forecast. We had a non-recurrent event, an additional BRL 1.6 million regarding a gain in a lawsuit that was recorded in the second quarter this year. I'm going to talk about our financial performance. Cash flow was free cash flow was negative, impacted by a few factors inside investments. Like as a highlight, we have the investment of BRL 18.5 million in Dac omsa that are for the maintenance of the manufacturing and updating of machinery. The financial result presented higher expenses due to the SELIC rate and a higher credit level, higher especially for the acquisition of Dac omsa.
When we go to the line of tax and social contributions in this quarter, we have an effective Aliquota of 3.1% benefited by paying interest on their own capital in August generated an asset R$ 30.1 million. That's why an Aliquota that's lower this year and accumulated, it's 19.17%-17.55%. About the variation of ENG, we finished with 82 days, the second quarter of the year. That's an improvement due to the extension of the deadlines to the suppliers' anticipation of receivable and adjust in stock, especially in the distribution center in Argentina. Regarding dividends of JCP, we did the biggest payment on interest on capital in our history, almost BRL 91 million, the equivalent of BRL 0.34 per share, reinforcing our commitment of paying our shareholders. Finally, in the integralization of capital, the highlight was our offer of shares concluded in July this year.
We captured BRL 231 million liquid net. Sorry, next. We finished the quarter with a net profit of BRL 107 million, a growth liquid margin of 7.1%, reflecting all the factors that I listed before. The effect of a liquidity contributed for this result and accumulated, as I mentioned, we have 17.55. Regarding our capital structure, leverage finished the quarter in 1.7 times, a reduction of 0.5 facing the second quarter this year. If we consider EBITDA for Dac omsa, this indicator goes to 1.6 times. Emerson mentioned this in the beginning. Results are the factors that I mentioned. I won't repeat myself, but one that we should highlight when we look at leverage. I pass the floor to Anderson that's going to comment our perspectives for the next quarter.
Thank you, Jessica, Emerson, Monica. It's a pleasure to be with you.
Thank you for making the time, saving the time to be with Fras-le. Emerson, there's his presentation. Jessica has mentioned what we have in our horizon. Before I go point by point, I like to the reading that we had a favorable environment. We started to do this in the end of the year from January, February. We understand the market dynamics of heavy in Brazil and U.S. That would reflect obviously in an impact in revenue. We took the adjustment measures from the company in the second quarter, and we came back strong to do the best quarter in the history of the company in this third quarter planned. We imagined it would happen. It would happen, and we are ready to pass through the instability if it's six months or one year because we're creating a lot of value still with the past acquisitions.
Above all, Dac omsa that's still not reflected on the results. We were able to discuss the details of this in Universo Fras-le event. I hope you will be there looking specifically. Spare parts was always a resilient market, defensive, and we might have a reduction in the power of consumption of families and a reduction of attractiveness of premium products. It did not happen to Fras-le. We continue with a revenue of resilience. The numbers are record since the pandemic started. This guarantees a revenue resilience in the spare parts market, be it Brazil, be it Mexico, or Argentina. External environment we mentioned, it continues to be uncertain for a lot of us. Integration of Dac omsa will bring wonderful things for Fras-le Mobility.
We're very positively surprised with the potential that we see, and we have got closer to the North American market, understanding the market, understanding the players. We believe that this acquisition was more than right and a perfect timing also. Market has a fragility in terms of competitors of Fras-le Mobility. Declared chapter 11, some doing a movement, reducing their footprint in the North American market before the current government that weakens the presence of these companies in the market. This generates opportunities for organic growth for Fras-le in the future. Argentina, despite a higher volatility politically and in terms of exchange rate, it's still a very resilient, important market, always important for Fras-le because we generate margin in the chain. Continues strong. We're getting the stock markets right, and this has to do with qualification. Many years, the demand in Argentina was a non-real demand, pesos for parts.
We have higher professional level in services, transit time to cash that's better. We can transit with a lower stock level at that geography now, and we continue, obviously competitive in a market that will be more competitive once it's open. An excellent quarter, great quarters to come. We are adjusted for the current market conditions. We can have an improvement in the market and the environment for heavy line in the future. This will bring great future for the company that will adjust to the demand in blocks, being able to grow in the original truck segment. Like in the U.S., we have installed capacity, and we can act fast, paying attention to the cost issue to go through the uncertainty moment. Companies from our sector that perform as well as Fras-le in this moment are not many.
The surprise in the balance sheets for the last quarters for those that are more exposed to the market has been harder for them. We are able to navigate with naturality.
Thank you, Anderson. Let's continue to the Q&A session. First question from Gabriel, analyst from Santander. Gabriel, welcome. Your mic is open. Go ahead with your question.
Good morning. Thank you for the opportunity. I have a first question focused on the distributor behavior. We saw that at least this year we see this behavior. The cost of capital is higher. Even so, the additional capacity of Fras-le Fremax was used fast. I want to know more about the reception and the movement detail that share moving on. And a second point focused in the leverage, we see the company achieved 1.7 EBITDA.
I want to understand going forward, exploring the cash flow and optimization and the organic side. These are the topics.
Good morning, Gabriel. Thank you for your question. Anderson, we want to start talking about the distributor behavior and Fremax that was able to, in the internal market, beating capacity and their share.
Anderson, can tell us about the head forward regarding leverage and future movement?
Thank you for your question, Gabriel. Thank you, Jessica. In the first quarter this year, yes, due to uncertainty that we went through and the cost of capital that was higher, all the customers chose to have lower risk choices or staying with lower stock levels to have a lower exposition to this cost. This we lived in the beginning of the year, and once the stock equalized, purchasing was being replenished as the market consumed what we know the sellout of customers.
How do they sell? They are growing around 7%-8%, and Fras-le is going above that a lot more with these clients. This is priced, and we have the inflation, but we have noticed that due to also our constant investment, the perception of value of our brands, financing, workshop financing, we're doing training, EAD qualification, visiting many areas of influence, specific mechanic areas in Brazil. This makes our brand more and more desired. This allows us to navigate with better prices than the competition. Above all, we guarantee the profitability with our parts. What we want in the future and in the present and in the future to keep the high profitability not just for us and for our customer. Our parts, for this to happen, must be pulled by the market. This is something we saw by Fremax. We have premium positioning.
They position with a level of service and coverage in the portfolio that's extremely relevant, and the market is eager for more parts. We have an effort, guided effort to not have ostentatious capacity. It has been used. It's a mix of many things: brand perception, level of service, relationship with the main dealers that are capitalized. The capitalized have more strength when the market is weak because they can provide a level of service because they have the financial level to keep the stock to allow this level of service to happen. The ones that have less capital have to do a few things that might leave holes in the market and theoretically have a lower presence with Fras-le Mobility. What I can say is that Fras-le grew its share in the dealers in our markets.
It has been a very good year for spare parts in Brazil, and it's not different from Mexico. The market in Mexico had a retraction, and we had an increase in Mexico retraction.
Very well, if you allow me. We still have a dominant position in some lines. We have a lot of space to grow organically the other lines. The snapshot of these nine months to growing 8%, our reality is more than that. It's simply connected to a few market issues that affected momentaneously our position. Thank you, Gabriel, for your question. I'm going to talk about leverage here. In fact, we have a quick addition. You can see it's not just connected to isolated events. Obviously, we had the capturing throttle one. That's a benefit, but cash flow reduced this quarter. It's a mantra.
As soon as we buy a company, we observe the spaces and the optimization that can be made. We do not focus on the first year. We do not want to lose any service to the customer. We do not want to lose support to the market status. Dac omsa has a relevant opportunity for us to do better with cash flow. This will be in our focus. It did not make a big difference this year, despite the fact that we have negotiated with suppliers' extension of deadlines, which benefits. It is small if we look at the full potential that we see there. Obviously, the growth in revenue, our maintenance, active maintenance, our very good levels of profitability will benefit to leverage. We look at this with a very good perspective. We continue to be a company that has a strategy: save space to grow non-organically.
We continue to have projects of acquisitions that are active. In a given moment, they will need resources for us to implement them. I reinforce that in Mexico, specifically the possibility to be able to do small acquisitions in our Dacomsa structure and have a relevant growth opportunity to leverage the organic growth that we have that is more limited due to the exposition that we have a market share in the dominant lines like motors and brakes. A lot of positive space is reserved, and leverage must be adequate to continue this way.
Perfect. Thank you.
Thank you. Next question from Gabriel Rezende, South Side, Itau. Gabriel, welcome. Your mic is open. You can ask the question.
Thank you, Monica. Good morning, Pontalti, Emerson. Congratulations for the results.
I want to explore a bit the comment that you made in the release, and you have debated a few points. It would be worth mentioning that it's the growth in the level that we're used to in the year of 2026. I want to understand how do you see what are the main drivers here? If we should come from Dac omsa, accelerating growth, if it's comfort with the heaviest market accelerating in Brazil, what is the main driver? That's the first question. Second, understanding if we can expect the impact of tariffs, U.S., Brazil, a bit worse in the fourth quarter compared to the third quarter when we look at the dynamics of growth of revenue, understanding how we could understand this data that the tariff comes at the end of the quarter if this effect is more intense in the fourth quarter. Thank you.
Thank you, Gabriel, for your questions. To start talking about the growth drivers for 2026, Anderson, you can start, and then Emerson can add the question about tariffs, U.S., Emerson. I think those that are in the U.S. are best positioned to talk about this.
Gabriel, thank you for your question. It's a pleasure to talk to you. If we analyze the second quarter, Fremax with all the offer and important growth, Nakata is growing market share in suspension, and steering will bring more growth for next year. Dac omsa, no doubt, will be able to navigate a bigger growth in the line of products that we got, deliver better competitivity through sourcing or a combination of raw materials. We believe that FRITEC can gain market share in Mexico next year or friction line for two reasons.
We are delivering value, improving the footprint, and there's work of formulation to be done. We see there's a lot of space in the market. The competitors are leaving space in the market. We believe we will get a share of this. We're preparing, increasing the level of production from now on. Another point, we want to navigate a level of growth in motors in the United States next year already. We are positioning the stock in the U.S. We can talk about this on Tuesday, two points of stock in the United States to meet the level of the demand that the market is. We are reinforcing the strategy and the business model in the United States. I believe that the heaviest line in the United States second quarter next year can be more positive if the market has a high bias.
If uncertainty reduces in the United States, automatically the market will get excited, and they do this fast. The immediate effect is the vehicles that are stopped due to lack of parts that are in better conditions. They generate a buffer, a backlog of spare parts. That is huge. This can happen some moment next year. We are betting more in the third or fourth quarter. When the market gets excited, the markets start to run, and many of them have a deficit in terms of maintenance. I believe there is an upside that is not considered in our forecast, but there are signs that we can this will happen. We do not know when exactly. It is a bit of all of this one certainty we have. We have a year full of Fremax that is sold for next year in a higher offer.
Allow me to add, Anderson.
We are living a moment, the way we see it, more complex of sales in the United States, especially. I see that worse than this it won't get. It's normal to grow less. You recompose, and the perspective is more favorable. Second semester next year, we'll compose this. We won't have a more complex moment than we're living today. There are families of products where we continue to have a low exposition in terms of market share, and the combinations that we have today of businesses, Dac omsa, and the global footprint being additional competitiveness. We have done, as I mentioned, we want to do more in the Fras-le universe. The results are excellent, not just for Dac omsa when we think about synergies, but for the current business. When we have a package of 10 plus 10, it's 20. No, the benefit is for everyone.
We have a perspective to continue to advance and to grow. Next year, we have not talked about this possibility to continue to support the market that is favorable, being able to grow the bias of adding many things in projects starting next year, small additions of sales favorable regarding what we talk about being a composite composition that grows two digits regularly. Going to your second question, talking about the impact that tariff can bring, I do not see this will change the dynamics. The market was depressed with or without tariffs, not the tariffs that leveraged a reduction. Tariffs simply are an additional issue that reflects in the end to the customer. We made a huge effort to reflect as little as possible to the customer. We have increased competitiveness. I looked at different suppliers, many actions to have the last impact possible.
I see a bias of construction that the tariff might be smaller even still this year, still in this year. I do not think it is an ingredient that can impact sales. The global situation is what brings the reduction, not so much the tariffs. The bias of the tariffs is that they can be lower moving forward in terms of value demanded. We have some segments that are impacted. We should have lower tariffs with the agreements with the United States going forward.
That is clear. Thank you so much, Emerson Souza.
Thank you, Gabriel. Second, now we have Safra. Luisa, your audio is open. Go ahead with your question. We cannot hear you, Luisa.
Thank you for the opportunity. You mentioned in South America the context demands attention regarding price and new market entries. I want to know if you can comment a bit.
What's the pricing strategy that you have? If you can detail the new companies that are entering, how this impacts the competitive market. A question regarding the Nakata system should benefit the fourth quarter from what I understood, but is there an impact of this in the first quarter? That's what I had.
Thank you, Luisa, for your questions. Quickly talking about the dark moment period of Nakata, then I pass the floor to the others. We forecast a period that will impact indirectly nine days without operating the first quarter of the year at Nakata. Operation comes back on January 11. Yes, we will. Period where sales are impacted. This anticipation of orders that happens now in the third and fourth quarter will happen in the first quarter. We'll have a small impact regarding this moment.
Now to talk a bit about South America and to add, I pass the floor to Emerson. Can talk about new entries, Latin America, talking a bit competitivity in these regions.
Thank you, Luisa, for your question. What we notice, competition overall always existed. You have levels and moments that are different, more aggressive with retracted markets. This impacts profitability, especially. We are aggressive to give maintenance to our positioning or market shares. We have cleared that losing market share is a lot worse than losing margin momentaneously. Why do I say this? Market position is what you achieve with time. It's the level of service, quality of product, service at the end with the end customer. All of this reflects or impacts the position you have. The market share that you build takes time.
We are talking about shock absorbers that went from 14%, 15% from 18%, over 30% in 2025. The perspective that we have, this takes time to build. You can lose quickly if there is a mistake in terms of quality or not supporting the market. We see with Controil. Controil in the past was doing wonderfully well, growing positions, relevant position. We had the floods in Rio Grande do Sul one year ago, one year and a half, and we could not supply the market. We lost market share. Now it is very expensive to win market share. You have to reaffirm the commitment to the customer, repositioning products, sales campaign, promotions. It takes time. What we do when there is a moment of uncertainty and higher competition is to focus in the market position. Profitability must be combined somehow, but market position is very relevant.
We have done movements of maintenance. We did not reflect in our margins because these are smaller markets for us. We have a distribution center in Colombia, have good market position. It is important to highlight it is a market that we want to grow still. In the case of Mexico, we have seen stronger growth in white label brands, people that import from Asia or other sources. Does not reflect in terms of position loss, but affects competition a few lines. What is the response now? First, you defend, then you see what you do.
We are looking at what we want to do, this combination of the synergies that we're going to bring and combined efforts of the GATA, Fras-le Mobility global, and Dac omsa will allow us to be more aggressive in terms of market position because we're going to gain space with adequate price and at the same time, space to grow market share. This reduces our exposition or the size of the advantage that the distributor or a new competitor can see in those markets. It's not structural, it's not relevant, and obviously, it's part of it. We need to defend. We didn't lose any market share. We grew in many lines, even with the adverse scenarios in a few lines.
From now on, we have a good medication for these markets to recover profitability and to advance market position is what we want to do, like we did many times where we act. Do you have anything to add, Anderson?
I like to remember that we have a dominant position in all sources of revenue that we use in our product lines. We have the same conditions of an Asian player operating in our market, but we have something additional. We have the brands and the channels. We have a very relevant position to protect. Anderson was very fortunate when we need to recompose a market, maintain a market share, cost a little bit, and we recover it in the future.
Great, guys. It's clear.
Thank you, Luisa. We have another question from Gabriel Hazenchi. Your mic is open. Go ahead with your question.
Hi, guys.
Thank you for the opportunity. A quick comment. If you can mention the tax aliquota that you showed low was a positive surprise. How this can eventually what does it mean for the next quarters, especially the fourth quarter this year and for 2026, if there is an expectation to optimize more credits, JCP, aliquota level?
Thank you, Gabriel. I will answer here, and then you can add. Aliquota of the year of 2025 will depend if we will do a JCP distribution at the end of the year or not. If we distribute JCP, it should be below 15%. If we do not distribute, it should be above 20%, next to 20%. I do not see anything different.
When we look at the horizon of 2026, it should be in these levels with the distribution of JCP between 15% and distributing in the same levels that we're distributing should be around 15%-18%. Let's put it this way. Go ahead, Anderson.
Just one point. We have discussed the moment of doing this in a moment where we will bring the market, but still have a last synergy of Nakata the incorporation. There's a tax space. It's not what will base the decision. We need to have operational base in the moment that it makes sense. It should happen in the next. This is my certainty of moments that come from the government. We're talking about in the normal market conditions. We try to be efficient. The aliquota rates are in a range below trivial to use all the instruments in research and development.
An adequation of the operational footprint that allows to pay reform capital. We have many tools that we use to be effective to concentrate the efforts for the company to continue to grow. We pay taxes that contribute for society as a whole also. If there's a distribution of fourth quarter, this level that was mentioned around 15%, 15% liquid for the year. The year.
Great.
Next question from our XP analyst. Welcome. Your audience is open. Go ahead with your question.
Hi, good morning. Thank you for the space. A follow-up in the U.S. issue. You mentioned in a former question the recovery expectation in the heavies segment more next year, a point that drew our attention. Your comment about the delayed investment in maintenance considering the anti-cyclical profile in the spare parts market.
I want to understand from you what you have seen of difference in terms of timing for the recovery of the aftermarket compared to the new for the manufacturers. If we think about the aftermarket demand coming earlier, a recovery of the spare parts and understanding what can be a trigger for the level of activity of the North American market.
Emerson and Anderson.
I'm going to share with Anderson. He was recently at the forum that's connected to this. Thank you for your question, Fernanda. What's happening currently is the following. We have an excessive fleet for a demand that's lower. Many customers revisit the customers. He has a truck circulating delivery, and he wants to change a brake pad. He won't change the brake pad. He puts a truck in a line waiting maintenance, and he gets another truck that's stopped that still has brake pads.
At the same time, this is bad in terms of current demand. It is a bust when the recovery comes back because you will have the maintenance and the one that is using and the one that is stopped. This brings a positive bias for the spare parts than for the new. The replenishing of trucks is decreasing in the year 25% in bigger classes in the heavy class. The higher decrease in these lines. We do not see the scenario changing quickly because there is an excess, and this impacts the need of new market, new trucks. Spare parts will answer first. When the excessive stock finishes, it does not exist. You have to do the maintenance of what you are using and what is parked. It will be a leverage once the market restarts. Intermodal, if you want to add, feel free.
You have updated information. Historically, Fernanda, thank you for your question.
You must remember the spare parts take longer. It is more defensive when it feels lower magnitude. If an assembly goes 34%, replenishes 5%-10%, economic activity happens. The product running, vehicles running, the return is not different. Trust goes up, recovering consumption. The vehicle must be repaired, needs to repair the truck. Comes before a new vehicle. It is our vision. It feels later, lower magnitude, and comes back faster and a lower magnitude when a new vehicle's markets returns. It returns. Very relevant for Brazil. We are going to have a record of trading of used vehicles. It is fantastic. Who buys a used vehicle does not know. Mike Heldman, you do not know the history of spare parts and warranty. Everybody reviews. This generates an additional power of consumption that is fantastic. Year after year, the market vehicles resales is growing. This is fundamental.
It has to do with the fleet aging that's growing in the entire world. It's an additional boost for a Fras-le business. Besides growing our market share, the market is more dynamic, fluid, and the workshops are at historic levels. We see spare parts as a big gain. Intermodal specifically is a fair that shows the dynamics of the markets, the flow of containers. In the U.S., 40% occupation historically should operate in 75%-80%. It means that the import market is 50% its normal level. It's a huge decrease. It will come back. This drop has to do with uncertainty. You asked about the trigger of these things to come back. I think that the biggest factor that's impacting is uncertainty.
I think the economic policy from the United States and the international relations of this policy bring a level of uncertainty that all market players, be the manufacturers, distributors, or the consumption, has delayed decisions. This is generating a huge backlog that in the future needs to be recovered, and this will impact in a first moment spare parts. A political heating of the triggers or threats sitting down. I noticed personally, it's not a company position. I see that things are coming down. The temperature of the conversation is lower. Trump is more moderate in his talks, and it can generate a bit more trust in the future. It's the way we see. We are prepared to retake. Once things restart, we will fully seize the opportunity.
Thank you so much.
Due to time, our last question from Jonathan. JP Morgan Analyst, good morning. Welcome.
Your mic is open. Go ahead with your question.
Thank you, Monica. Thank you for the space. Two questions. First, the cost of the product. The company is very vocal in these quarters. Talking about the product, the opening is a positive surprise. The question is how much friction can be diluted. It presents 40% of the floor plan, used to be higher, probably on the long run. 20%-30% of friction. Second question about working capital. A relevant improvement in terms of stock. If you can talk about improvements moving forward. If there's a normalization next year due to Dac omsa nature, probably is investing working capital. We see that they will stabilize around 30 days at Dac omsa. Thank you.
Thank you, Jonathan, for your questions. One for each one. Anderson, you can comment the product portfolio dilution of the friction line. Anderson can talk about working capital.
We love the friction line. Increasing sales. The product, we continue to grow. We will continue to grow in friction. When we decided in the past, we chose to increase the product portfolio. It came as a counterpart, the potential of the electric vehicle growth should lower the demand. It is confirming in some aspect. We have seen market adopting late. We see the power of China is in this market, but there's a lot of questions and little answers. We believe electric vehicles will find their niche, and there will be a specific size in the future. This market does not transform in a horizon of 10, 15 years, or 20 years. It takes long, especially in the geographies where we are present, where the average age is high. Imagine a fleet of 13, 14 years. How many years would take to be 100% electric?
At least 13 years-14 years. If I stopped combustion vehicles and 100% is electric, then the market would disappear. This is a very long term. We do not see a big change in behavior. We like friction, but we are loving direct steering because we are able to unlock the value. And the Nakata brand is very powerful. We see its value outside of Brazil also. Our capacity or leverage in this line is amazing. This is a line that depends on vehicle propulsion, independent of the propulsion. It is fully protected by the future motors. We are enjoying very much. It has the same issues as pads. It has an interesting situation that we learned. It is possible to have better margins in this line because it is a line that has fewer players. Second, because the part, the total cost of repair represents less than brake repair.
You recondition a full engine. The total cost is less. Nobody risks the service with lower quality parts. Those that have a solid brand in the market consolidate better. It is a line that we look with care. We are going to invest strongly to penetrate more in the United States. We are convinced there is a lot of space in other geographies also. My answer is, I believe we will continue to grow friction, but the other lines have a bigger potential in our business model inside what we see today.
A tendency is that the representativity of friction will go down. To add, Pontalti, we have non-organic projects of acquisitions that can leverage even more the portfolio in different types of products. Thank you for your question, for your participation. Going to the points to talk a bit. We can talk in another moment.
Working capital has been a learning in all the acquisitions. In the first moment, we do not want to do drastic changes. We do not want to lose the level of service, perception of low quality, or an intervention that is not good. It is the heart. If I service bad or non-adequate, delaying orders, creating a backlog, we need to continue running as is. Then we start to understand the elements that can bring to us opportunities for improvement. We know that Dacomsa has opportunities to do better in terms of resource application, working capital. We are going to focus a lot on this next year, but reinforcing without losing the qualification that the company has in terms of market service. I remember that Mexico, if we look at its full size, it is a bit bigger than the south of Brazil. We are almost in the middle of the country.
From end to end is eight hours. It is different from Brazil. If you leave Caxias to get to São Paulo, it takes almost one day, 18 hours. No, there you can do it fast. Obviously, the routes we take, the worst route can take 30 hours to deliver end to end. There is this different level of service than Brazil. This brings a higher stock level. You do not have the precision. We end up doing a service where a distributor does, where it is more evident in Brazil, in Mexico. This is based on margin. I would say Dac omsa will not be Fras-le. It will not have 60 days, 65 days of working capital employed because they have an important distribution channel. It will not be what it is today. I think something in the middle, we will converge. We are going towards this.
The Fras-le numbers show this, this construction order by quarter reduction of working capital. The first wave was extension of deadline will impact the end of the year with reductions. We have other opportunities to explore, and it will be clear in the next year, not this one and not in the first quarters of 2026, closer to the end of the next year. I hope that we can be prudent and do the best work possible using the less resources possible with an excellent level of service.
Perfect. Thank you.
Thank you, Jonathan. I want to thank everyone's participation. The RI team is available for any other questions or clarifications you might need. Thank you so much. Have an excellent day, everyone. Thank you.
Thank you, everyone.