1. Earnings Release 1Q19

2. Important
Our estimates and future statements are largely based on current expectations and forecasts about future events and financial trends that impact or may impact our business. Many important factors may adversely impact our results as they are foreseen in our estimates and future statements. The words “we believe,” “we may,” “we intend,” “we estimate,” and other similar words are used to point out estimates and forecasts. Our considerations about estimates and future statements include information related to results and forecasts, strategies, financing plans, competitive standing, industry environment, potential growth opportunities, impact from future regulations, and impact from the competition. Such estimates and forecasts are related solely to the date on which they were made, and therefore we exempt ourselves from publicly updating or reviewing any such estimates as a result of new information emerging, future events or any other factors, save for the regulations in force to which we are subject.

3. Agenda
Results
Performance & Prospects
Operating & Financial Results

4. Results Brazilian Bus Productio (un.)
Source FABUS
Brazilian Bus Production by Segment
1Q19
32,027
35,410
25,645
33,395
33,080
35,989
33,109
28,429
17,511
14,372
14,693
20,590
5,272

5. Results
Marcopolo Production (un. / BRL Million)

6. Results
Financial Results (BRL Million)

7. Agenda
Results
Performance & Prospects
Operating & Financial Results

8. Performance & Prospects
Second Wave (Segunda Onda):
We are moving forward with the Second Wave project, focused on more efficiently planning the distribution of the order book, deliveries and the purchase of raw material. New technologies and knowledges are being put into practice in order to meet more quality and reduce delivery time.
Plant Optimization:
The Lean Manufacturing and the investments made in 2018 are allowing us to increase efficiency, even in the midst of the process of reorganization of plants in Brazil. Throughout 2019, we will be able to specialize factories by segment of products with few disturbances.

9. Performance & Prospects
Brazilian Market:
The Brazilian market continues to grow, especially the urban segment, a model that had lagged behind during the beginning of the recovery.
A lighter mix (urban and micro) overlaps with heavier (road) products in early 2019.
The outlook is positive as we see the end of the effects of anticipation of purchases reflecting the law of accessibility.
Market Share:
Even during the process of recovering margins we are managing to maintain market share at high historical levels.

10. Performance & Prospects
Exports:
The export of urban models to countries in Central and South America has partially offset the fall in sales to Argentina. In volumes, the outlook for Marcopolo during the remainder of the year is growth, even though we do not see a strong recovery in the neighboring Argentinian market.
We continue to await confirmation of the bidding process for the city of Santiago, Chile, and the warming of international markets, which has traditionally occurred during the second quarter.
Way to the School (Caminho da Escola):
Deliveries to the Way to the School federal program continue in good volume in 1H19, with almost one thousand vehicles planned.
We are waiting for the announcement of a new bidding in the coming months, continuing the purchases that were resumed with greater intensity from February 2018.

11. Performance & Prospects
Controlled Companies:
In the 1Q19, the highlight among the foreign controlled units is Polomex, Mexico. With a good order book for the coming months, the operation remains with excellent operational and financial performance.
Australian Volgren follows its earnings recovery goal after a 2018 marked by operational problems.
The South African operation of MASA is experiencing difficulties in a depressed market, while the Chinese MAC, even grows in a seasonally weak quarter.
Non-controlled companies:
Among the non-controlled operations, Argentina's Metalpar stood out negatively. The urban bus production line was closed and we did not see opportunities for recovery of this market, which has been suffering since 2H18 with recurrent declines in demand caused by higher interest rates.
On the other hand, the Colombian Superpolo confirms the good expectations for 2019, delivering large volumes of heavy urban buses (articulated, especially), within the program of renewal of the fleet of Bogota, Colombia.

12. Agenda
Results
Performance & Prospects
Operating & Financial Results

13. Operating & Financial Results
Net Revenue (BRL Million) – Brazilian Market and Foreign Market/ Gross Margin (%)

14. Operating & Financial Results
EBITDA (BRL Million) / EBITDA Margin (%)

15. Operating & Financial Results
Net Profit (BRL Million) / Net Margin (%)

16. Operating & Financial Results
Indebtedness (BRL Million) / Industrial Net Debt/EBITDA (multiple)