Intelbras Highlights from the 2Q26 Conference Call

Research evidence excerpt

Intelbras Highlights from the 2Q26 Conference Call

J P M O R G A N Latin America Equity Research

30 July 2026

Intelbras Overweight

INTB3.SA, INTB3 BZ

Highlights from the 2Q26 Conference Call Price (29 Jul 26):R$13.44

LatAm Technology & Telecom /

Intelbras concluded its conference call to discuss its 2Q26 results: Education

Marcelo Santos, CFA AC

• Long-term EBITDA margin expectation remains around 13%. (55-11) 4950-3708

Management framed ~13% as the historical midline over a long-run view, with marcelo.p.santos@jpmorgan.com

better years running above; two recent semesters have printed above 14%. Livea Mizobata

• EBITDA margins for 2026 should be lower than 1H26. Part of the 1H (55-11)livea.mizobata@jpmorgan.com4950-3604

margin gain is cyclical, prices are already set at replacement cost while book

Victoria Antonello

cost still reflects cheaper inventory, and this portion should normalize toward

(55-11) 4950-3703

recent historical margins; management explicitly cautioned that assuming 1H victoria.antonello@jpmorgan.com

margins persist for the rest of the year would be “overly optimistic.” Banco J.P. Morgan S.A.

• GPON segment to be phased-out until the end of 2026... The company is

executing a planned exit, buying only residual components for final kits still in

inventory, with the router portfolio retained as part of the smart-home solution;

GPON was roughly 20% at end of last year, remained double digits in 1H26,

and is expected to fall to single digits in 2H26.

• ... causing ICT revenues to be lower in 2H than in 1H. Management guided

ICT revenue lower in 2H, driven primarily by the continued GPON reduction;

core ICT drivers (structured cabling from the Tubarão fiber plant, aided by anti-

dumping measures, and enterprise networking) remain in growth and support