LatAm IRR Tracker: The (#147) Bond proxy

Research evidence excerpt

LatAm IRR Tracker: The (#147) Bond proxy

Global Research

6 July 2026ab

LatAm IRR Tracker Equities

AmericasThe (#147) Bond proxy

Real Estate

Giuliano Ajeje

Comparing the attractiveness of the Malls, Utilities and Transportation sectors Analyst

This is our comparative weekly for the Malls, Utilities and Transportation report giuliano.ajeje@ubs.com

series assessing companies' real IRRs. We believe the IRR provides dynamic insight +55-11-2767 6371

into the attractiveness of these three multifaceted industries. For Malls, it helps to Alberto Valerio

analyse expected revenue growth, occupancy rates, and evolving consumer trends, Analyst

guiding investors in assessing the long-term stability and growth prospects of the alberto.valerio@ubs.com

companies. Conversely, in the Utilities sector, IRR can shed light on factors such as +55-11-2767 6918

energy price perspectives, expected capex disbursement, and regulatory Andressa Varotto

outperformance. Finally, for the Transportation sector, the IRR serves as a tool to Analyst

evaluate efficiency in capital allocation, expected demand growth driven by andressa.varotto@ubs.com

economic activity, and their ability to mitigate cost pressures. +55-11-2767 6654

Tainan Costa

Real levered IRR at ~11% for Malls; ~14% for Transportation; ~10% for Utilities Analyst

Currently, the sectors present a consolidated real levered IRR average of 11.5% tainan.costa@ubs.com

+55-11-2767 6091

(Figure 1CurentMalsvs.Utilitiesvs.TransportationRealIR). Comparing their averages since the start of 2023, we observe a discount

to Transportation when compared with Malls, with its average IRR at ~13.9%, while Rafael Simonetti

Malls' average IRR stands at ~10.8%. Additionally, we see a discount to Malls when Associate Analyst