Analyst Coverage

CONSENSUS

	2026	2027
Net Revenue (R$ million)	11,452	11,927
Gross income (R$ million)	3,595	3,923
Gross Margin (%)	31%	32%
EBITDA (R$ million)	2,115	2,223
EBITDA Margin (%)	19%	19%
Net Income (R$ million)	708	1,010
Net Margin (%)	6%	9%
ROE (%)	13%	16%

ANALYSTS COVERAGE

INSTITUTION	ANALYST	TARGET PRICE	RECOMENDATION
BB Banco de Investimento S.A.	Felipe Mesquita	12.00	Buy
BofA Global Research	Victor Tapia	8.00	Neutral
Bradesco BBI	Bruno Mendonça	14.00	Buy
BTG Pactual	Gustavo Cambauva	12.00	Buy
Citi	André Mazini	9.50	Neutral
Itaú BBA	Elvis Credendio	9.00	Neutral
JP Morgan	Marcelo Motta	7.00	Neutral
Goldman Sachs	Jorel Guilloty	8.00	Neutral
Morgan Stanley	Alejandra Obregon	8.00	Neutral
Safra	Rafael Rehder	11.00	Neutral
Santander	Fanny Oreng	12.80	Buy
UBS	Tainan Costa	7.00	Neutral
XP	Ygor Altero	12:00	Buy