Economy April 27, 2026 07:23 AM

Lula and Flavio Bolsonaro Locked in Statistical Tie Ahead of Runoff Simulations

BTG Pactual/Nexus poll shows narrow margin in second-round matchup as first-round scenarios leave no clear frontrunner

By Sofia Navarro
Lula and Flavio Bolsonaro Locked in Statistical Tie Ahead of Runoff Simulations

A new BTG Pactual/Nexus poll finds President Luiz Inacio Lula da Silva and Senator Flavio Bolsonaro statistically tied in a simulated second-round contest for this year’s presidential race, with first-round scenarios also showing a close race. The survey of 2,028 respondents conducted April 24-26 reports Lula at 46% and Flavio at 45% in a head-to-head, while first-round simulations put Lula at 41% and Flavio between 36% and 38%. The poll carries a 2 percentage point margin of error.

Key Points

  • Poll finds Lula at 46% and Flavio Bolsonaro at 45% in a simulated second-round matchup - relevant to financial markets following electoral uncertainty.
  • First-round simulations show Lula at 41% while Flavio ranges from 36% to 38% depending on other candidates - which affects the likelihood of a runoff.
  • Markets have been closely monitoring polls since the endorsement by imprisoned former President Jair Bolsonaro of his son Flavio in December - investors and traders track such developments.

Key finding - A BTG Pactual/Nexus poll released on Monday shows President Luiz Inacio Lula da Silva and Senator Flavio Bolsonaro effectively tied in a simulated second-round ballot for this year’s presidential election. In that head-to-head scenario, Lula is recorded at 46% of the vote and Flavio Bolsonaro at 45%.

Comparison with previous survey - The poll follows a March survey in which the two were recorded tied at 46% each in a simulated runoff.

First-round scenarios - In three separate simulated first-round matchups included in the poll, Lula is shown with 41% support. Flavio Bolsonaro’s share in those first-round simulations ranges from 36% to 38%, depending on which other contenders are present in the lineup.

Electoral mechanics - The survey reiterates Brazil’s runoff rule: if no candidate surpasses 50% of valid votes, the two leading candidates proceed to a second-round vote. The country has held runoffs in every presidential election since 2002.

Context noted in the poll - The release notes that markets have tracked polling closely since former President Jair Bolsonaro, who is imprisoned, publicly endorsed his son Flavio Bolsonaro in December. The poll also records ages and recent history without interpretation: Flavio Bolsonaro is 44 years old; Lula, 80, who defeated the elder Bolsonaro in 2022, is seeking a fourth non-consecutive term as president.

Survey sample and precision - Nexus interviewed 2,028 people between April 24 and April 26. The poll’s stated margin of error is 2 percentage points in either direction.


What this means - The poll presents a closely contested presidential contest with small differences between the two leading figures in both first- and second-round simulations. The measured sample size and the declared margin of error underscore that the results fall within a narrow statistical band.

Risks

  • Statistical tie and the poll's 2 percentage point margin of error mean the race could be effectively even within sampling uncertainty - this creates continued volatility for markets that follow political risk.
  • First-round outcomes vary across simulations, leaving uncertainty over whether a decisive majority above 50% will be achieved and whether a runoff will be required - uncertainty for sectors sensitive to policy direction.
  • Reliance on polls to gauge market sentiment is complicated by changes in voter preferences between the survey dates (April 24-26) and election day - a potential source of shifting market expectations.

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