Daily Boarding: Randoncorp & Frasle revenue; Regis Bittencourt read-through to Motiva

Research evidence excerpt

Daily Boarding: Randoncorp & Frasle revenue; Regis Bittencourt read-through to Motiva

Accessible version

Daily Boarding

Randoncorp & Frasle revenue; Regis

Bittencourt read-through to Motiva

Industry Overview

Randoncorp: June revenue up +11% YoY 20 July 2026

Randoncorp’s June net revenue increased +11% YoY (vs BofAe at +2% YoY in 2Q26). The Equity

strong performance was primarily driven by Frasle (+13% YoY; vs BofAe at +2% for Latin America

2Q26). Ex-Frasle units also delivered a decent performance, growing +8% (BofAe at +2% Daily Boarding

for 2Q26), likely reflecting support from the Move Brasil financing program – see: Brazil Rogerio Araujo >>

autos: LV momentum remains strong; trucks recover on Move Brasil. For 2Q26, Research Analyst

Randoncorp’s revenue came in -1% below BofAe, largely due to a 2% miss in the ex- Merrill+55 11Lynch2188 (Brazil)4255

Frasle operations, while Frasle’s revenue was broadly in line with our expectations. rogerio.araujo@bofa.com

Potential impact: We view June data as positive to Randoncorp as growth accelerated in Gabriel Frazao >>

Research Analyst

June, and we expect Move Brasil to remain a tailwind in 3Q26. We also see the June Merrill Lynch (Brazil)

figures as positive for Frasle, as top-line growth improved meaningfully in June. We +55 11 2188 4252

gabriel.frazao@bofa.com

reiterate our Buy rating on Randoncorp on attractive valuation and our Underperform on

Fras-Le on a rich valuation.

NPV: net Present Value

Motiva: Regis Bittencourt auction to take place Jul-23rd

Regis Bittencourt (BR-116/SP/PR) contract renegotiation should be auctioned on Jul-

23rd. Motiva’s mgmt has previously highlighted that it was evaluating the asset. Under

the govt's base assumptions and using Motiva's cost of equity (9.2% real terms), we