Daily Boarding: Motiva rebalance at Renovias; RENT, RAIL, GGPS, ECOR and RAPT conf calls highlights

研报英文原文证据摘录

Daily Boarding: Motiva rebalance at Renovias; RENT, RAIL, GGPS, ECOR and RAPT conf calls highlights

Tocantins region. Nevertheless, management reiterated the 2026 capex guidance of

R$5bn. We maintain a Buy rating.

Randoncorp conference call highlights

After reporting a miss (see: 1Q26: Profitability recovery overshadowed by financial

results and Addiante losses), Randoncorp hosted a conference call with investors.

Highlights were: 1) In the autoparts division, management attributed the sharp

profitability recovery to higher volumes following inventory replenishment by truck

makers, as well as operational adjustments implemented in recent quarters. Looking

ahead, volumes are expected to remain stable in 2Q26, with a pickup anticipated ahead

of Fenatran (Brazil’s largest heavy vehicle fair, to take place in November 2026); 2) In

the truck trailer division, Randoncorp noted that most of the EBITDA margin

improvement was driven by operational improvements rather than market recovery, and

expects volumes to remain broadly stable in 2026 YoY. The division should also benefit

from new orders in the US starting in April; 3) The agribusiness segment now represents

~15% of revenues (from ~35% in previous years). Management expects the segment to

regain relevance over time, particularly in a scenario of lower interest rates in Brazil,

higher grain prices, and rising freight rates – which is not the base case foe the

foreseeable future; 4) The second phase of the Move Brasil program was viewed

positively, as incentives were extended to trailers and buses, in addition to trucks; 5)

Management reiterated that a net debt/EBITDA ratio of 2.0–2.5x is considered a

comfortable level, allowing the company to resume growth initiatives; 6) Management