Analyst Coverage

CONSENSUS

	2025	2026
Net Revenue (R$ million)	9,750	10,365
Gross income (R$ million)	2,984	3,292
Gross Margin (%)	30%	32%
EBITDA (R$ million)	1,425	1,826
EBITDA Margin (%)	15%	18%
Net Income (R$ million)	489	849
Net Margin (%)	5%	8%
ROE (%)	7%	11%

ANALYSTS COVERAGE

INSTITUTION	ANALYST	TARGET PRICE	RECOMENDATION
BB Banco de Investimento S.A.	Felipe Mesquita	12.00	Buy
BofA Global Research	Carlos Peyrelongue	11.00	Buy
Bradesco BBI	Bruno Mendonça	10.00	Buy
BTG Pactual	Gustavo Cambauva	17.00	Buy
Citi	André Mazini	6.70	Neutral
Itaú BBA	Elvis Credendio	9.00	Neutral
JP Morgan	Marcelo Motta	10.50	Neutral
Goldman Sachs	Jorel Guilloty	6.50	Neutral
Morgan Stanley	Alejandra Obregon	7.00	Neutral
Safra	Rafael Rehder	8.00	Neutral
Santander	Fanny Oreng	9.50	Buy
UBS	Tainan Costa	11.00	Buy
XP	Ygor Altero	10.50	Buy