World September 8, 2026 06:55 AM

New BTG Pactual-commissioned Nexus Poll Shows Flavio Bolsonaro Narrowly Ahead of Lula in Simulated Runoff

Survey finds Bolsonaro at 46% versus Lula at 45% in second-round scenario; margin of error places result in a technical tie

By Sofia Navarro
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A Nexus poll commissioned by BTG Pactual between September 4 and 7 indicates right-wing Senator Flavio Bolsonaro holds a one-point lead over President Luiz Inacio Lula da Silva in a simulated second-round runoff, while first-round voting preferences keep Lula ahead. The survey of 2,002 respondents reports a margin of error of 2 percentage points, making the second-round difference statistically a tie.

New BTG Pactual-commissioned Nexus Poll Shows Flavio Bolsonaro Narrowly Ahead of Lula in Simulated Runoff
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Key Points

  • Nexus poll, commissioned by BTG Pactual and fielded Sept 4-7 with 2,002 respondents, shows Flavio Bolsonaro ahead of Lula 46% to 45% in a simulated runoff - relevant to political risk assessments and market sentiment.
  • In a first-round scenario, Lula leads with 39% versus Bolsonaro's 35%; other candidates include Augusto Cury (9%), Ronaldo Caiado (4%) and Renan Santos (4%) - useful for forecasting possible runoff dynamics that may affect investor expectations.
  • The 2 percentage point margin of error exceeds the observed second-round difference, making the result a technical tie - this uncertainty could influence short-term volatility in financial markets and investor positioning.

A Nexus poll, conducted at the request of BTG Pactual from September 4 to 7, shows right-wing Senator Flavio Bolsonaro with a narrow advantage over leftist President Luiz Inacio Lula da Silva in a simulated head-to-head runoff for next months presidential contest.

In that second-round simulation, the poll recorded 46% support for the eldest son of former President Jair Bolsonaro, compared with 45% for Lula. The 1 percentage-point gap is within the polls stated margin of error of 2 percentage points, which Nexus described as producing a technical tie.

That result represents Flavio Bolsonaros strongest performance in Nexus tracking of the race, which began in late March. At the outset of that tracking, the two front-runners were tied at 46% each. An earlier Nexus release on August 31 showed Lula ahead of Bolsonaro by 46% to 45% in a similar runoff scenario.

The same BTG-commissioned survey also presented a first-round breakdown of voter preferences. In that configuration, Lula led with 39% of the vote, followed by Bolsonaro on 35%. Other candidates polled lower: Augusto Cury at 9%, Ronaldo Caiado at 4% and Renan Santos at 4%, according to the survey.

Nexus surveyed a total of 2,002 people during the four-day field period. The company reported a margin of error of 2 percentage points for the poll, which is larger than the observed difference between the two leading candidates in the second-round simulation and is therefore characterized as a statistical tie.

Under Brazils electoral rules, if no candidate secures more than 50% of valid votes in the first round, the two candidates with the highest vote totals proceed to a second-round runoff. The first-round voting is scheduled for October 4, with a potential second-round vote set for October 25.


Methodology notes

The survey dates, sample size and margin of error were provided by Nexus: 2,002 respondents interviewed between September 4 and 7, and a margin of error of 2 percentage points. Nexus began publicly tracking the contest in late March, when the two leading candidates were tied at 46%-46%.

Risks

  • Narrow lead within the polls margin of error - the 2 percentage point margin exceeds the 1 point difference between candidates, creating statistical uncertainty that can affect market and political projections.
  • Single poll snapshot - the survey reflects opinions collected Sept 4-7 and may change before first-round voting on Oct 4, introducing timing-related uncertainty for sectors sensitive to electoral outcomes.

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