Marcopolo SA (POMO4.SA): FABUS Monthly Tracker – June 2026

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Marcopolo SA (POMO4.SA): FABUS Monthly Tracker – June 2026

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09 Jul 2026 14:53:47 ET │ 12 pages

Marcopolo SA (POMO4.SA)

FABUS Monthly Tracker – June 2026

CITI'S TAKE

Buy Brazil’s production totaled 2,634 buses in June (+23% YoY, +6% MoM).

Marcopolo’s production (1,266 buses) increased 26% YoY, outperforming Price (08 Jul 26 18:00) R$5.56

the industry by 250bps, while rising 5% MoM. Similar to the previous Target price R$9.00

month, production was concentrated in Micro (+363 units YoY) and Expected share price return 61.9%

Volare (+49 units YoY), with a large portion related to deliveries to Brazil’s Expected dividend yield 5.9%

Ministry of Health. On the negative side, City and Coach bus production Expected total return 67.8%

declined 35% and 23% YoY, respectively. In fact, YTD, Marcopolo has

Market Cap R$6,796M shifted production toward Micro and Volare, which are running 70% and

US$1,315M 15% above 2025 levels, respectively, while City and Coach buses are down

~33% versus 2025 on a consolidated basis. Marcopolo’s exports declined

32% YoY to 122 buses in June, broadly in line with industry trends, mainly

due to the absence of City bus exports and a sharp decline in Coach Andre Mazini, CFAAC

shipments, the latter likely reflecting weaker demand from Argentina. +55-11-4009-2017

andre.mazini@citi.com

Q2 production: Marcopolo produced 3,687 buses (+13% YoY) in Q2, driven mainly by Kiepher Kennedy

Micro (+119% YoY) and Volare (+35% YoY). Combined, Micro and Volare totaled 2.5k +55-11-4009-2641

units, and we estimate that ~1.5k of these were related to Caminho da Escola and kiepher.kennedy@citi.com

Ministry of Health contracts, which should provide a positive contribution to

Piero Trottaquarterly results. On the other hand, City (410 units) and Coach buses (778 units)