World July 27, 2026 07:18 AM

Lula Maintains Edge Over Bolsonaro in BTG/Nexus Poll Ahead of October Runoff

Survey shows incumbent ahead in both simulated second-round contest and first-round projections; sample of 2,004 respondents carried out July 24-26

By Sofia Navarro
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A Nexus poll commissioned by BTG Pactual indicates President Luiz Inacio Lula da Silva leads Senator Flavio Bolsonaro in a hypothetical second-round vote for Brazil's October presidential election, and also tops a multi-candidate first-round scenario. The survey of 2,004 people conducted July 24-26 reports a 47% to 43% margin in the simulated runoff and provides first-round support levels for several candidates.

Lula Maintains Edge Over Bolsonaro in BTG/Nexus Poll Ahead of October Runoff
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Key Points

  • Poll shows Lula leading Bolsonaro 47% to 43% in a simulated second-round runoff - markets and political risk assessments could be sensitive to shifts in this margin.
  • First-round projection places Lula at 42%, Bolsonaro at 33%, with Ronaldo Caiado (6%), Renan Santos (5%), and Romeu Zema (3%) trailing - implications for coalition-building and sector-specific policy expectations.
  • Survey sampled 2,004 people between July 24-26 with a margin of error of 2 percentage points - poll precision and timing are relevant for near-term market interpretation.

A recent poll conducted by Nexus for BTG Pactual finds President Luiz Inacio Lula da Silva ahead of Senator Flavio Bolsonaro in a simulated second-round runoff for Brazil's presidential election scheduled for October. The survey places Lula at 47% against Bolsonaro's 43% in that head-to-head scenario.

The poll also offers comparative data from mid-July. A separate poll carried out on July 13 recorded Lula at 47% and Bolsonaro at 44% in a similar two-way projection.

In addition to the runoff figures, the survey presents a multi-candidate first-round projection. According to those results, Lula would lead with 42% of the vote, followed by Bolsonaro at 33%. The next-ranked candidates in the first-round scenario are Ronaldo Caiado with 6%, Renan Santos with 5%, and Romeu Zema with 3%.

Brazil's electoral system advances the top two vote-getters to a second round if no candidate secures more than 50% of valid first-round votes - a procedural detail that frames the significance of both the first-round and simulated runoff numbers reported by Nexus.

The poll was based on interviews with 2,004 respondents conducted between July 24 and July 26. Nexus reports a margin of error of plus or minus 2 percentage points for the survey.


The results provide a snapshot of voter preferences at the time of the fieldwork and show a modest movement in the simulated runoff compared with the mid-July reading. The data include both a direct two-candidate comparison and a broader first-round distribution among multiple contenders, allowing observers to assess how support is distributed across the leading names on the ballot.

Because the survey spans both a head-to-head scenario and a multi-candidate first round, it highlights where electoral coalitions and vote consolidation could prove decisive should no candidate reach an outright majority in the initial vote.

Readers should note the stated sample size and margin of error when interpreting these results, as standard sampling variability may affect the precision of the percentages reported.

Risks

  • Margin of error of 2 percentage points means actual voter support could differ from reported percentages - this uncertainty is relevant for investors and market participants monitoring political risk.
  • Poll timing reflects opinions captured July 24-26 and may not represent shifts in voter sentiment occurring after that window - financial sectors sensitive to policy shifts may be exposed to evolving polls.
  • If no candidate surpasses 50% in the first round, the advance to a runoff introduces additional electoral uncertainty that could affect market expectations for regulatory and economic policy.

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