Randon (RAPT4.SA): Q2 Revenue Disclosed; Earnings Preview

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Randon (RAPT4.SA): Q2 Revenue Disclosed; Earnings Preview

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20 Jul 2026 17:15:34 ET │ 11 pages

Randon (RAPT4.SA)

Q2 Revenue Disclosed; Earnings Preview

CITI'S TAKE

Buy Randon reported June and Q2 revenues. The company also disclosed the

last time it will report monthly revenues will be December this year – what Price (17 Jul 26 18:00) R$4.76

we see as a positive stance. In June, revenues were R$1.1bn (+10.7% YoY Target price R$7.00

over an easy comp from 2025). YTD, revenues are -1.2% YoY. In Q2, the Expected share price return 47.1%

company totaled R$3.3bn topline, 2% below CitiE on a still challenging Expected dividend yield 0.0%

scenario in the Brazilian trailer’s market. Fras-le reported R$1.4bn net Expected total return 47.1%

revenue in Q2, 1.8% increase YoY and 4% ahead of our published estimate.

Market Cap R$1,657M Below is our Q2 preview for the quarter.

US$326M

OEM – We expect revenues of R$764m, down 1% YoY. While demand conditions

remain weak, we believe the business is approaching a cyclical bottom following

several quarters of double-digit revenue declines. In our view, current volumes Andre Mazini, CFAAC

suggest stabilization rather than further deterioration. The road implements +55-11-4009-2017

industry grew 8% in June, according to ANFIR (LTM industry -15% YoY). We forecast andre.mazini@citi.com

EBITDA margin at 4.4%, modestly ahead of Q1 levels, supported by seasonality and Kiepher Kennedy

ongoing SG&A efficiency initiatives. Nevertheless, profitability should remain below +55-11-4009-2641

the levels we foresee for 2H26, when the Railway contract begins contributing more kiepher.kennedy@citi.com

meaningfully to results, improving both scale and operating leverage.

Piero Trotta

+55-11-4009-7781

piero.trotta@citi.com