TUPY Another Step Towards Improving Corporate Governance – Positive Take

Research evidence excerpt

TUPY Another Step Towards Improving Corporate Governance – Positive Take

J P M O R G A N Latin America Equity Research

11 June 2026

TUPY Neutral

TUPY3.SA, TUPY3 BZ

Another Step Towards Improving Corporate Price (10 Jun 26):R$13.00

Governance – Positive Take

Latin American Capital Goods

Tupy announced this morning (link here) that José Mucio Monteiro Filho has Marcelo Motta AC

resigned from his position as an independent member of the company's Board of (55-11) 4950-6712

Directors, effective June 10th, 2026, citing personal and professional reasons. Bear marcelo.g.motta@jpmorgan.com

in mind that Monteiro Filho is the current Defense Minister of Brazil and was Jonathan S. Koutras

nominated by BNDESPar – which holds ~30.7% stake in TUPY – back in late 2025 (55-11) 4950-3549

after the former board member, Marcio Spata, had resigned. Additionally, Tupy jonathan.s.koutras@jpmchase.com

Banco J.P. Morgan S.A.

flagged that a structured project aimed at enhancing its corporate governance

is currently under way, under the coordination of the Board of Directors and with

the support of a specialized consulting firm. The project is focused on the

definition and implementation of eligibility criteria applicable to members of

the Board of Directors and Executive Management. In this context, the

definition of Monteiro’s subsititue will be conducted “in line with the evolution of

the company’s corporate governance.” We see Tupy trading at 4.6x EV/EBITDA

’26e vs its historical average at 5.0x.

• Our view: We view today’s announcement – Monteiro Filho’s resignation and

Tupy’s project to enhance corporate governance – as positive for the company,

as it helps remove questions around Tupy’s corporate governance –

particularly potential undue influence by controlling shareholders – and