Q2 Preview: Rising cost pressures weigh on the recovery path; Maintain Neutral

研报英文原文证据摘录

Q2 Preview: Rising cost pressures weigh on the recovery path; Maintain Neutral

Global Research

1 July 2026ab

Intelbras Equities

BrazilQ2 Preview: Rising cost pressures weigh on the

recovery path; Maintain Neutral Diversified Technology Services

12-month rating Neutral

12m price target R$16.50Maintain Neutral; PT lowered by 6%

Prior : R$17.50

We update our INTB model ahead of the Q2 print on Jul-28th, incorporating tough

comps from 2Q25—which explains the forecasted YoY topline decline—as well as Price (30 Jun 2026) R$14.08

rising cost pressures from memory components, commodities, and FX. While these RIC: INTB3.SA BBG: INTB3 BZ

headwinds are not yet fully reflected in 2Q26 results, they constrain our growth

expectations for the full year, and add uncertainty around topline recovering back Trading data and key metrics

to double digits in 2027. All in, we remain Neutral with PT lowered to R$16.50 (from 52-wk range R$15.82-10.61

R$17.50). Market cap. R$4.61b/US$0.89b

Shares o/s 328m (COM)

Higher cost burden pressures the demand environment Free float 26%

Mounting cost pressure from memory components and commodities add a new layer Avg. daily volume ('000) 2,180

to Intelbras' story—UBS expects DRAM to be undersupplied until Q4 27 and NAND Avg. daily value (m) R$30.7

until Q2 27 (link). While we expect the company to pass it through to prices—as it Common s/h equity (12/26E) R$3.48b

has historically done—we also anticipate impact on volumes, which could limit the P/BV (12/26E) 1.3x

pace of growth going forward. A lower average FX rate vs Q1 should help mitigate Net debt to EBITDA (12/26E) NM

part of this pressure, although the BRL depreciation observed since mid-May

remains a key watchpoint for the remainder of the year. On EBITDA margin, we EPS (UBS, diluted) (BRL)