This quarter we continued to deliver good performance seen in previous quarters in most of our business areas.
The performance in the domestic market was positive, sustaining high levels of revenues in short-cycle equipment, such as in Industrial Electro-Electronic Equipment and Commercial and Appliance Motors areas, motivated by the continued recovery of the economic activity started in the second half of last year. Likewise, long-cycle equipment has also had an important contribution, with significant deliveries made, as a result of contracts obtained in previous quarters, with emphasis on the areas of transmission and distribution (T&D) and industrial automation.
We continue to see an improvement in demand in the external market, mainly for short-cycle products, showing signs of a broader recovery in the global economy. This movement is reflected in the growth of our business in local currencies when compared to the same period last year. We had important performances in some regions, such as Industrial Electro-Electronic Equipment in China and Commercial and Appliance Motors in the Americas.
Revenue growth, improved operating margins, gains in scale, and efficiency in capital allocation are among the main factors that justify the growth of the company's financial indicators.
We were capable of making the necessary operational adjustments thanks to our modular production model, along with the health and safety protocols adopted since the first signs of COVID-19. These were decisive factors in managing the effects caused by the pandemic so far. This March marked a year of this unique moment in our history, however, we remain confident in our strategy to overcome the challenges presented, aware that this crisis is yet to be overcome.
- Net Operating Revenue (NOR) was R$ 5,076.9 million in 1Q21, 36.7% higher than 1Q20 and 3.8% higher than 4Q20;
- EBITDA¹ reached R$ 1,016.9 million, 64.2% higher than 1Q20 and 3.7% higher than 4Q20, while EBITDA margin was 20.0%, 3.3 p.p. higher than 1Q20 and 0.1 p.p. lower than the previous quarter;
- Return on Invested Capital (ROIC) reached 28.2% in 1Q21, up 7.5 p.p. from 1Q20 and up 2.7 p.p. from 4Q20.
(1) Earnings before Interest, Taxes, Depreciation and Amortization
The following financial and operating data are presented on a consolidated basis, except when otherwise indicated, in thousands of Brazilian Reais (R$) according to accounting practicesadopted in Brazil, including Brazilian Corporate