Lula secured a 51.8% to 48.2% runoff victory over Flávio Bolsonaro on October 25, 2026, with a margin exceeding 4.4 million votes, prompting immediate recognition of the result by Brazil’s Superior Electoral Court and leading institutions. Flávio Bolsonaro refused to concede and announced plans to seek annulment, citing a Supreme Court justice’s last-minute nationwide two-hour voting extension ordered amid transport complaints. Analysts note the large margin, the fact that Bolsonaro’s own campaign sought localized extensions, and strict legal standards requiring proof that irregularities altered the outcome all reduce prospects for reversal. Institutional statements affirming the process and the absence of broader challenges further support trader expectations that annulment will not occur by year-end.