SEDAR Interim Financial Statements

[
  {
    "companyName": "Martinrea International Inc.",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "2025-09-30": {
        "cashAndCashEquivalents": 142987,
        "tradeAndOtherReceivables": 759620,
        "inventories": 519284,
        "prepaidExpensesAndDeposits": 44924,
        "incomeTaxesRecoverable": 23299,
        "totalCurrentAssets": 1490114,
        "propertyPlantAndEquipment": 1879996,
        "rightOfUseAssets": 218086,
        "deferredTaxAssets": 215738,
        "intangibleAssets": 38222,
        "investments": 64625,
        "pensionAssets": 18599,
        "totalNonCurrentAssets": 2435266,
        "totalAssets": 3925380,
        "tradeAndOtherPayables": 1116814,
        "provisions": 26187,
        "incomeTaxesPayable": 20243,
        "currentPortionOfLongTermDebt": 16097,
        "currentPortionOfLeaseLiabilities": 56705,
        "totalCurrentLiabilities": 1236046,
        "longTermDebt": 894959,
        "leaseLiabilities": 184919,
        "pensionAndOtherPostRetirementBenefits": 40754,
        "deferredTaxLiabilities": 32999,
        "totalNonCurrentLiabilities": 1153631,
        "totalLiabilities": 2389677,
        "capitalStock": 601188,
        "contributedSurplus": 46583,
        "accumulatedOtherComprehensiveIncome": 197627,
        "retainedEarnings": 690305,
        "totalEquity": 1535703,
        "totalLiabilitiesAndEquity": 3925380,
        "cashPerShare": 1.9644,
        "workingCapitalPerShare": 3.4907
      },
      "2024-12-31": {
        "cashAndCashEquivalents": 167951,
        "tradeAndOtherReceivables": 613505,
        "inventories": 508231,
        "prepaidExpensesAndDeposits": 33599,
        "incomeTaxesRecoverable": 12784,
        "totalCurrentAssets": 1336070,
        "propertyPlantAndEquipment": 1949004,
        "rightOfUseAssets": 215802,
        "deferredTaxAssets": 199512,
        "intangibleAssets": 37535,
        "investments": 65378,
        "pensionAssets": 17493,
        "totalNonCurrentAssets": 2484724,
        "totalAssets": 3820794,
        "tradeAndOtherPayables": 1024716,
        "provisions": 6862,
        "incomeTaxesPayable": 25332,
        "currentPortionOfLongTermDebt": 10445,
        "currentPortionOfLeaseLiabilities": 54235,
        "totalCurrentLiabilities": 1121590,
        "longTermDebt": 970969,
        "leaseLiabilities": 189176,
        "pensionAndOtherPostRetirementBenefits": 40384,
        "deferredTaxLiabilities": 31653,
        "totalNonCurrentLiabilities": 1232182,
        "totalLiabilities": 2353772,
        "capitalStock": 601188,
        "contributedSurplus": 46052,
        "accumulatedOtherComprehensiveIncome": 210821,
        "retainedEarnings": 608961,
        "totalEquity": 1467022,
        "totalLiabilitiesAndEquity": 3820794
      }
    },
    "incomeStatement": {
      "threeMonthsEndedSep30-2025": {
        "sales": 1190801,
        "costOfSalesExcludingDepreciation": -951776,
        "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssetsProduction": -69053,
        "totalCostOfSales": -1020829,
        "grossMargin": 169972,
        "researchAndDevelopmentCosts": -11221,
        "sellingGeneralAndAdministrative": -89583,
        "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssetsNonProduction": -3996,
        "lossOnDisposalOfPropertyPlantAndEquipment": -176,
        "restructuringCosts": -2511,
        "operatingIncome": 62485,
        "shareOfLossOfEquityInvestments": -662,
        "financeExpense": -15951,
        "otherFinanceIncomeExpense": -245,
        "incomeBeforeIncomeTaxes": 45627,
        "incomeTaxExpense": -9865,
        "netIncome": 35762,
        "basicEarningsPerShare": 0.49,
        "dilutedEarningsPerShare": 0.49
      },
      "threeMonthsEndedSep30-2024": {
        "sales": 1237493,
        "costOfSalesExcludingDepreciation": -993212,
        "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssetsProduction": -80931,
        "totalCostOfSales": -1074143,
        "grossMargin": 163350,
        "researchAndDevelopmentCosts": -10852,
        "sellingGeneralAndAdministrative": -82384,
        "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssetsNonProduction": -3973,
        "lossOnDisposalOfPropertyPlantAndEquipment": -262,
        "restructuringCosts": 0,
        "operatingIncome": 65879,
        "shareOfLossOfEquityInvestments": -690,
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        "otherFinanceIncomeExpense": 1084,
        "incomeBeforeIncomeTaxes": 47433,
        "incomeTaxExpense": -33276,
        "netIncome": 14157,
        "basicEarningsPerShare": 0.19,
        "dilutedEarningsPerShare": 0.19
      },
      "nineMonthsEndedSep30-2025": {
        "sales": 3634567,
        "costOfSalesExcludingDepreciation": -2912716,
        "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssetsProduction": -215745,
        "totalCostOfSales": -3128461,
        "grossMargin": 506106,
        "researchAndDevelopmentCosts": -33183,
        "sellingGeneralAndAdministrative": -247949,
        "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssetsNonProduction": -11621,
        "lossOnDisposalOfPropertyPlantAndEquipment": -311,
        "restructuringCosts": -33114,
        "operatingIncome": 179928,
        "shareOfLossOfEquityInvestments": -1997,
        "financeExpense": -49399,
        "otherFinanceIncomeExpense": -4221,
        "incomeBeforeIncomeTaxes": 124311,
        "incomeTaxExpense": -32984,
        "netIncome": 91327,
        "basicEarningsPerShare": 1.25,
        "dilutedEarningsPerShare": 1.25,
        "weightedAverageSharesOutstandingBasic": 72787848,
        "weightedAverageSharesOutstandingDiluted": 72787848
      },
      "nineMonthsEndedSep30-2024": {
        "sales": 3863199,
        "costOfSalesExcludingDepreciation": -3109104,
        "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssetsProduction": -234578,
        "totalCostOfSales": -3343682,
        "grossMargin": 519517,
        "researchAndDevelopmentCosts": -32037,
        "sellingGeneralAndAdministrative": -247132,
        "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssetsNonProduction": -12230,
        "lossOnDisposalOfPropertyPlantAndEquipment": -1489,
        "restructuringCosts": -11610,
        "operatingIncome": 215019,
        "shareOfLossOfEquityInvestments": -2147,
        "financeExpense": -58501,
        "otherFinanceIncomeExpense": 8140,
        "incomeBeforeIncomeTaxes": 162511,
        "incomeTaxExpense": -63725,
        "netIncome": 98786,
        "basicEarningsPerShare": 1.3,
        "dilutedEarningsPerShare": 1.3
      }
    },
    "cashFlowStatement": {
      "threeMonthsEndedSep30-2025": {
        "netIncome": 35762,
        "adjustmentsFor": {
          "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssets": 73049,
          "amortizationOfDevelopmentCosts": 2179,
          "unrealizedLossGainOnForeignExchangeForwardContracts": 482,
          "financeExpense": 15951,
          "incomeTaxExpense": 9865,
          "lossOnDisposalOfPropertyPlantAndEquipment": 176,
          "deferredAndRestrictedShareUnitsExpense": 9984,
          "stockOptionsExpense": 177,
          "shareOfLossOfEquityInvestments": 662,
          "pensionAndOtherPostRetirementBenefitsExpense": 612,
          "contributionsMadeToPensionAndOtherPostRetirementBenefits": -788
        },
        "changesInNonCashWorkingCapitalItems": {
          "tradeAndOtherReceivables": 18424,
          "inventories": -36237,
          "prepaidExpensesAndDeposits": -8547,
          "tradeOtherPayablesAndProvisions": 11878
        },
        "interestPaid": -17540,
        "incomeTaxesPaid": -8561,
        "netCashProvidedByOperatingActivities": 107528,
        "increaseDecreaseInLongTermDebtNetOfDeferredFinancingFees": -45299,
        "equipmentLoanRepayments": -4421,
        "principalPaymentsOfLeaseLiabilities": -14055,
        "dividendsPaid": -3639,
        "exerciseOfEmployeeStockOptions": 0,
        "repurchaseOfCommonShares": 0,
        "netCashUsedInFinancingActivities": -67414,
        "purchaseOfPropertyPlantAndEquipmentExcludingCapitalizedInterest": -55872,
        "capitalizedDevelopmentCosts": -754,
        "increaseInInvestments": -22,
        "proceedsOnDisposalOfPropertyPlantAndEquipment": 189,
        "netCashUsedInInvestingActivities": -56459,
        "effectOfForeignExchangeRateChangesOnCashAndCashEquivalents": -698,
        "decreaseInCashAndCashEquivalents": -17043,
        "cashAndCashEquivalentsBeginningOfPeriod": 160030,
        "cashAndCashEquivalentsEndOfPeriod": 142987
      },
      "threeMonthsEndedSep30-2024": {
        "netIncome": 14157,
        "adjustmentsFor": {
          "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssets": 84904,
          "amortizationOfDevelopmentCosts": 3084,
          "unrealizedLossGainOnForeignExchangeForwardContracts": -4382,
          "financeExpense": 18840,
          "incomeTaxExpense": 33276,
          "lossOnDisposalOfPropertyPlantAndEquipment": 262,
          "deferredAndRestrictedShareUnitsExpense": 2893,
          "stockOptionsExpense": 43,
          "shareOfLossOfEquityInvestments": 690,
          "pensionAndOtherPostRetirementBenefitsExpense": 571,
          "contributionsMadeToPensionAndOtherPostRetirementBenefits": -489
        },
        "changesInNonCashWorkingCapitalItems": {
          "tradeAndOtherReceivables": -2739,
          "inventories": 12159,
          "prepaidExpensesAndDeposits": -2163,
          "tradeOtherPayablesAndProvisions": -5529
        },
        "interestPaid": -21839,
        "incomeTaxesPaid": -1849,
        "netCashProvidedByOperatingActivities": 131889,
        "increaseDecreaseInLongTermDebtNetOfDeferredFinancingFees": -29094,
        "equipmentLoanRepayments": -1329,
        "principalPaymentsOfLeaseLiabilities": -13096,
        "dividendsPaid": -3743,
        "exerciseOfEmployeeStockOptions": 0,
        "repurchaseOfCommonShares": -9471,
        "netCashUsedInFinancingActivities": -56733,
        "purchaseOfPropertyPlantAndEquipmentExcludingCapitalizedInterest": -80814,
        "capitalizedDevelopmentCosts": -1457,
        "increaseInInvestments": 0,
        "proceedsOnDisposalOfPropertyPlantAndEquipment": 4122,
        "netCashUsedInInvestingActivities": -78149,
        "effectOfForeignExchangeRateChangesOnCashAndCashEquivalents": -1178,
        "decreaseInCashAndCashEquivalents": -4171,
        "cashAndCashEquivalentsBeginningOfPeriod": 181438,
        "cashAndCashEquivalentsEndOfPeriod": 177267
      },
      "nineMonthsEndedSep30-2025": {
        "netIncome": 91327,
        "adjustmentsFor": {
          "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssets": 227366,
          "amortizationOfDevelopmentCosts": 5988,
          "unrealizedLossGainOnForeignExchangeForwardContracts": -192,
          "financeExpense": 49399,
          "incomeTaxExpense": 32984,
          "lossOnDisposalOfPropertyPlantAndEquipment": 311,
          "deferredAndRestrictedShareUnitsExpense": 12111,
          "stockOptionsExpense": 531,
          "shareOfLossOfEquityInvestments": 1997,
          "pensionAndOtherPostRetirementBenefitsExpense": 1827,
          "contributionsMadeToPensionAndOtherPostRetirementBenefits": -1952
        },
        "changesInNonCashWorkingCapitalItems": {
          "tradeAndOtherReceivables": -148015,
          "inventories": -11515,
          "prepaidExpensesAndDeposits": -11233,
          "tradeOtherPayablesAndProvisions": 134691
        },
        "interestPaid": -54168,
        "incomeTaxesPaid": -63014,
        "netCashProvidedByOperatingActivities": 268443,
        "increaseDecreaseInLongTermDebtNetOfDeferredFinancingFees": -38671,
        "equipmentLoanRepayments": -12269,
        "principalPaymentsOfLeaseLiabilities": -42187,
        "dividendsPaid": -10918,
        "exerciseOfEmployeeStockOptions": 0,
        "repurchaseOfCommonShares": 0,
        "netCashUsedInFinancingActivities": -104045,
        "purchaseOfPropertyPlantAndEquipmentExcludingCapitalizedInterest": -177476,
        "capitalizedDevelopmentCosts": -7351,
        "increaseInInvestments": -1271,
        "proceedsOnDisposalOfPropertyPlantAndEquipment": 839,
        "netCashUsedInInvestingActivities": -185259,
        "effectOfForeignExchangeRateChangesOnCashAndCashEquivalents": -4103,
        "decreaseInCashAndCashEquivalents": -24964,
        "cashAndCashEquivalentsBeginningOfPeriod": 167951,
        "cashAndCashEquivalentsEndOfPeriod": 142987
      },
      "nineMonthsEndedSep30-2024": {
        "netIncome": 98786,
        "adjustmentsFor": {
          "depreciationOfPropertyPlantAndEquipmentAndRightOfUseAssets": 246808,
          "amortizationOfDevelopmentCosts": 8172,
          "unrealizedLossGainOnForeignExchangeForwardContracts": -913,
          "financeExpense": 58501,
          "incomeTaxExpense": 63725,
          "lossOnDisposalOfPropertyPlantAndEquipment": 1489,
          "deferredAndRestrictedShareUnitsExpense": 6261,
          "stockOptionsExpense": 127,
          "shareOfLossOfEquityInvestments": 2147,
          "pensionAndOtherPostRetirementBenefitsExpense": 1702,
          "contributionsMadeToPensionAndOtherPostRetirementBenefits": -1657
        },
        "changesInNonCashWorkingCapitalItems": {
          "tradeAndOtherReceivables": -87575,
          "inventories": 15897,
          "prepaidExpensesAndDeposits": -1226,
          "tradeOtherPayablesAndProvisions": -17128
        },
        "interestPaid": -65306,
        "incomeTaxesPaid": -50533,
        "netCashProvidedByOperatingActivities": 279277,
        "increaseDecreaseInLongTermDebtNetOfDeferredFinancingFees": 18847,
        "equipmentLoanRepayments": -5899,
        "principalPaymentsOfLeaseLiabilities": -38852,
        "dividendsPaid": -11489,
        "exerciseOfEmployeeStockOptions": 270,
        "repurchaseOfCommonShares": -49393,
        "netCashUsedInFinancingActivities": -86516,
        "purchaseOfPropertyPlantAndEquipmentExcludingCapitalizedInterest": -191681,
        "capitalizedDevelopmentCosts": -4601,
        "increaseInInvestments": -8130,
        "proceedsOnDisposalOfPropertyPlantAndEquipment": 5311,
        "netCashUsedInInvestingActivities": -199101,
        "effectOfForeignExchangeRateChangesOnCashAndCashEquivalents": -3197,
        "decreaseInCashAndCashEquivalents": -9537,
        "cashAndCashEquivalentsBeginningOfPeriod": 186804,
        "cashAndCashEquivalentsEndOfPeriod": 177267
      }
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Equity Investment",
        "description": "Investment in common shares of NanoXplore Inc., a publicly listed manufacturer of graphene powder and silicon-graphene-enhanced Li-ion batteries",
        "ownershipPercentage": 22.5,
        "value": 49438,
        "notes": "Equity accounted investment; market value $110,398 as at Sep 30, 2025"
      },
      {
        "type": "Equity Investment",
        "description": "Investment in shares of AlumaPower Corporation, a private company developing aluminum air battery technology",
        "ownershipPercentage": 11.8,
        "value": 4036,
        "notes": "Fair value through other comprehensive income"
      },
      {
        "type": "Equity Investment",
        "description": "Investment in shares of Equispheres Inc., a private company developing advanced materials for additive manufacturing",
        "ownershipPercentage": 6.8,
        "value": 9030,
        "notes": "Fair value through other comprehensive income"
      },
      {
        "type": "Other",
        "description": "Other investments",
        "ownershipPercentage": null,
        "value": 2121,
        "notes": ""
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 72787848,
      "classesOfShares": ["common shares"],
      "warrants": [],
      "options": [
        {
          "number": 525000,
          "exercisePrice": 11.495,
          "expiryDate": "2032-01-01",
          "notes": "Range $10.00-12.99, granted 2022-2024, expiry 2032-2034"
        },
        {
          "number": 1470000,
          "exercisePrice": 14.995,
          "expiryDate": "2028-01-01",
          "notes": "Range $13.00-16.99, granted 2018-2020, expiry 2028-2030"
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "threeMonthsEndedSep30-2025": {
          "stockOptionsExpense": 177,
          "deferredShareUnitsExpense": 3186,
          "restrictedShareUnitsAndPerformanceShareUnitsExpense": 6798
        },
        "nineMonthsEndedSep30-2025": {
          "stockOptionsExpense": 531,
          "deferredShareUnitsExpense": 3332,
          "restrictedShareUnitsAndPerformanceShareUnitsExpense": 8779
        },
        "threeMonthsEndedSep30-2024": {
          "stockOptionsExpense": 43,
          "deferredShareUnitsExpense": 110,
          "restrictedShareUnitsAndPerformanceShareUnitsExpense": 2783
        },
        "nineMonthsEndedSep30-2024": {
          "stockOptionsExpense": 127,
          "deferredShareUnitsExpense": 402,
          "restrictedShareUnitsAndPerformanceShareUnitsExpense": 5859
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": []
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-10-20",
        "description": "Acquired certain assets and assumed certain liabilities of Lyseon North America, Inc., a manufacturer of metal parts and assemblies for the bus market, for a net cash outflow of US $1,250.",
        "impactValue": 1250
      },
      {
        "eventDate": "2025-10-30",
        "description": "Acquired an additional 2,343,750 common shares in NanoXplore Inc. pursuant to a private placement offering at $2.40 per share for an aggregate purchase price of $5,625.",
        "impactValue": 5625
      }
    ]
  }
]