Daily Boarding: Malha Oeste amendment; GPS acquires Grupo Aster; GWM to build new plant in BZ

Research evidence excerpt

Daily Boarding: Malha Oeste amendment; GPS acquires Grupo Aster; GWM to build new plant in BZ

Brazil auto parts: US truck cycle improves: upgrade Tupy to Neutral; Keep Iochpe at

Underperform

Brazil bond-proxies: Less favorable backdrop leads to a more cautious stance

Investors survey: Investors Survey: what are current expectations?

Brazil grain logistics: Tax reform: All you need to know; Limited changes in logistics

competitiveness

Tupy: Weak 1Q26 results on heavy vehicle and off-road markets

Rumo: Capex and liabilities temper volume upside; Reiterating Buy on valuation

Copa: Strong results ahead of fuel headwinds; pass-through expected through 2026

Armac: Reiterating Underperform; Depreciation expansion cuts expected ROIC

Vehicle rentals: Peers 1Q26 review: growth decelerates further; pricing discipline

remains key

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