The Point for Latin America

Research evidence excerpt

The Point for Latin America

Filipe Nielsen

B3 - Brasil Bolsa Balcão (B3SA3.SA) - July Market Activity Cools, with ADTV at

R$21.6bn (-23% m/m; +6% y/y)

With July now behind us, we take a look at B3’s cash equities ADTV and turnover

trends based on market data ahead of the release of its operating metrics. Using

volume data available through market feeds, we estimate cash equities ADTV at

R$21.6bn, down 23% m/m but still up 6% y/y. Our calculations also point to lower

turnover velocity, at 108%. While trading activity was particularly strong in 1Q,

volumes moderated in 2Q and appear to have slowed further at the start of 3Q,

partly reflecting typical seasonal patterns. We expect to see volumes gradually

recover in the following months, and they could pick up due to local presidential

elections. Our model currently contemplates cash equity ADTV of R$23bn for 3Q.

Gustavo Schroden | Arnon Shirazi, CFA | Brian Flores, CFA

Embraer (EMBJ.N) - Monthly Delivery Tracker: 8 Aircraft Delivered in July;

Guidance Within Reach

Embraer delivered eight aircraft in July according to Cirium data, including three

Phenom 300s, two Praetors (500 and 600), one E175, one E190-E2, and one KC-

390. With this note, we are initiating a monthly delivery tracker based on Cirium

data, which we believe provides investors with a more granular and timely view of

Embraer's delivery performance. YTD, Cirium points to 109 aircraft deliveries.

Historically, Cirium has proven to be a reliable predictor of reported Commercial

and Executive Aviation deliveries, with ~90% accuracy in 1H26 and discrepancies

largely limited to Defense & Security, particularly A-29 Super Tucano deliveries

that are typically not captured by the database. Embraer has now reached ~48%