Daily Boarding: Brazil rental peers and Armac 1Q26 results review; Motiva and Copa traffic figures

Research evidence excerpt

Daily Boarding: Brazil rental peers and Armac 1Q26 results review; Motiva and Copa traffic figures

Marcopolo: 1Q26: earnings beat driven by better financial results, despite soft revenue

Hidrovias do Brasil: Negative 1Q26: Operating headwinds weigh on results

Iochpe-Maxion: Mixed 1Q26 results: cost control offset by financial results and taxes

Motiva: 1Q26: net income misses amid softer traffic expansion

WEG: 1Q26 miss as revenue weakness deepens and recurring margin drops

Volaris: Mixed 1Q26: Stronger revenue per seat, but 2Q26 points to higher cost pressure

Brazil vehicle rentals: Is the tax reform positive for rentals? Fleet outsourcing to likely

improve

GPS: Workweek reduction gains momentum; Impact on GPS appears manageable

Brazil bond-proxies: Geopolitics remain the key short-term driver of bond proxies

Ecorodovias: Rota das Gerais auction yields +R$0.9/sh; Capex/leverage risks rise over the

long run

Armac: Negative 4Q25 results amid heavy one-offs and complex moving parts

Ecorodovias: Rota das Gerais: potential NPV creation at expense of rising capex/leverage

concerns

Brazil Industrials: Global Industrials Conference feedback

Rumo: Potential truck strike read-though to Rumo

LatAm Airlines: Higher oil weighs on LatAm airlines; Cutting PO & estimates; reiterate

ratings

Sector: Brazil Tax Reform Handbook: Cross-Coverage Implications

GPS: Tax reform: All you need to know – Outsourcing to improve despite headline

WEG: Tax Reform: All you need to know - Why WEG stands out as a key beneficiary

Movida: Capital increase further supports the de-risking path

Vamos: Capital increase leads to slight deleverage; Core operational risks remain

Localiza: Tax reform: All you need to know; Not that bad after all