Daily Boarding: Car rentals: Tax reform - FCF upside, achievable pass-through; Movida up to Buy

Research evidence excerpt

Daily Boarding: Car rentals: Tax reform - FCF upside, achievable pass-through; Movida up to Buy

Armac: Negative 1Q26: sharp depreciation increase and weak rental productivity

WEG: 1Q26: Read-through from global peers

Localiza: 1Q26: A clean beat across the board

Rumo: 1Q26: Repricing supports share gains; small beat on core North operations

Ecorodovias: 1Q26: bottom line miss on weaker traffic and financial results

Randoncorp: 1Q26: Profitability recovery overshadowed by financial results and Addiante

losses

GPS: 1Q26: softer profitability drives net income miss

Vamos: 1Q26: Low-quality earnings beat; Core trends remain weak

Frasle: FX and operating headwinds hit growth; financial results drive net income miss

Mills: 1Q26: weaker rental revenue and higher taxes drive net income miss

Movida: Positive results on car rental strength, partially offset by fleet rental

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

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

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

long run

Brazil Industrials: Global Industrials Conference feedback

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

ratings

Sector: Brazil Tax Reform Handbook: Cross-Coverage Implications