J.P. Morgan LatAm FTM 23 Jun 26 Randoncorp; Rumo and More

Research evidence excerpt

J.P. Morgan LatAm FTM 23 Jun 26 Randoncorp; Rumo and More

Latin America Equity Research

LatAm First to Market 23 June 2026

Top Stories

Randoncorp (Marcelo Motta) (RAPT4 BZ, UW)

May Revs.: Soft Month at R$1.06bn, -8% YoY or -10% YoY Ex-FRAS; Working Days Adj. Weak at -4%

YoY

Randoncorp: It was a weak month for the company (link here) as figures excluding Frasle were down -10% yoy / -6% MoM.

On a working day basis, revenues ex-Fras were at R$30.6mn, -6% both yoy and MoM, being at the lowest level since January

2026. Consolidated revenues followed the same weak trend at -8% yoy / -4% MoM. Adj. by working days it stood at -4% yoy

and -4% MoM, leading YTD top line to R$5.25bn, -3% yoy comparing with JPMe full year growth estimate at +2% yoy. May

data compares with ANFAVEA truck production at -15% yoy and ANFIR truck-trailer sales -13% yoy.

Rumo (Guilherme Mendes) (RAIL3 BZ, N)

Mato Grosso Harvest Tracker (Jun. 22): El Niño Risks, Corn Harvest Progress, Rumo CEO Change

The Mato Grosso Agribusiness Institute (IMEA) released its weekly report, providing updates on the progress of the soybean

and corn harvests as well as truck spot freight prices.

CEO Change: Pedro Palma Steps Down; Daniel Rockenbach Assumes Role on an Interim Basis

Rumo (RAIL3, N) announced that its CEO, Pedro Palma, will step down after two years in the role, and more than 13 years at

the company, to be replaced by Daniel Rockenbach, a seasoned railroad industry veteran with over 20 years of experience,

including over 15 at Rumo. Mr. Rockenbach will assume the position on an interim basis, effective July 20. Changes in top

management have been a subject of speculation since last year, when BTG and Perfin acquired a stake in Cosan,

making today's announcement unsurprising. We believe the market will view Mr.