**Both candidates advanced from Brazil’s October 4 first-round presidential vote—Flávio Bolsonaro (PL) with 47.03% and incumbent Lula (PT) with 45.16%—setting up an October 25 runoff.** Neither participated in first-round debates, but in the days immediately following the vote both publicly committed to head-to-head encounters in the runoff period. Lula described the second-round format as “tête-à-tête” and necessary for presenting proposals directly, while Flávio stated he intends to participate to compare government records and platforms, adding that he expects to emerge stronger from the exchanges. Television networks have already scheduled multiple debates: Record on October 11, Band on October 18, and Globo on October 23. Campaign teams have engaged with broadcasters on formats and pools, and no major procedural or legal obstacles have emerged that would block the events. These confirmed schedules, combined with the explicit recent statements from both sides, have produced strong trader consensus that at least one debate will occur before the runoff.