Analyst Coverage

CONSENSUS

	2024	2025
Net Revenue (R$ million)	8,662	9,490
Gross income (R$ million)	2,333	2,833
Gross Margin (%)	27%	30%
EBITDA (R$ million)	1,041	1,699
EBITDA Margin (%)	12%	18%
Net Income (R$ million)	251	918
Net Margin (%)	3%	10%
ROE (%)	4%	10%

ANALYSTS COVERAGE

INSTITUTION	ANALYST	TARGET PRICE	RECOMENDATION
BB Banco de Investimento S.A.	Felipe Mesquita	14.00	Buy
BofA Global Research	Carlos Peyrelongue	12.00	Buy
Bradesco BBI	Bruno Mendonça	11.00	Buy
BTG Pactual	Gustavo Cambauva	17.00	Buy
Citi	André Mazini	6.40	Neutral
Itaú BBA	Daniel Gasparete	10.00	Neutral
JP Morgan	Marcelo Motta	6.00	Neutral
Goldman Sachs	Jorel Guilloty	6.00	Neutral
Morgan Stanley	Alejandra Obregon	8.00	Neutral
Safra	Rafael Rehder	7.90	Neutral
Santander	Fanny Oreng	10.00	Buy
UBS	Victor Tapia	7.00	Neutral
XP	Ygor Altero	10.50	Buy