The Point for Latin America

Research evidence excerpt

The Point for Latin America

efficiency (e.g., IOC optimization). We also left reassured on HYPE and RDOR, with

consistent top-line and margin outlooks, and GLP-1 remaining a key optionality

for the former. Elsewhere, interactions with HAPV, FLRY, and BLAU yielded no

major new news, in our view. In contrast, our takeaways from RADL were more

mixed, reflecting lower-than-expected gross margin potential from GLP-1 similar

short-term and outlook for tougher HPC comps into Q2. Please refer to our

detailed notes for further insights from meetings with RADL, RDOR, HYPE, SAUD,

FLRY, HAPV and BLAU.

Leandro Bastos, CFA | Renan Prata, CFA

Brazil Educational Services - Bz Education: Citi Brazil Equity Conference

Takeaways

We hosted Citi’s 18th flagship equities conference in São Paulo this week.

Unsurprisingly, growing signs of rising household indebtedness were top of mind

across investor discussions, although education companies have yet to see

material headwinds in collections, bad debt, or even early 2H26 intake demand. In

this context, the potential fasttrack of nursing distancelearning hubs appears to

be a more immediate opportunity for COGN in 2H26, while upside for YDUQS and

VTRU looks more backloaded, from 2027 onward. Elsewhere, the prospect of a

formal dividend policy resonated across investor meetings, with VTRU appearing

relatively more advanced at this stage. Overall, corporates broadly signaled

continuity of earnings trends heading into 2Q26, with YDUQS standing out as the

negative highlight given expectations for milderthananticipated operating

leverage. Please refer to our detailed notes inside.

Brazil Telecommunications Operators - Bz TMT: Citi Brazil Equity Conference

We hosted Citi’s 18th flagship equities conference in São Paulo this week. In