2Q26 Beat; 3Q Guide Below Cons, but Likely Driven by Fuel Assumption; FY26 Guidance Reinstated

Research evidence excerpt

2Q26 Beat; 3Q Guide Below Cons, but Likely Driven by Fuel Assumption; FY26 Guidance Reinstated

trutura e Logistica S, GAP Airports, Grupo Aeromexico SAB de CV, Latam Airlines Group SA, Localiza Rent a Car SA,

Motiva Infraestrutura De Mob, Movida Participacoes SA, OMA, Vamos Locacao de Caminhoes M, Volaris, WEG.

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide

services or has a client relationship with the following company: Grupo Aeromexico SAB de CV, Latam Airlines Group SA, Localiza Rent a Car SA, Movida Participacoes SA, Vamos Locacao de

Caminhoes M, Volaris, WEG.

Morgan Stanley & Co. LLC makes a market in the securities of ASUR, Copa Holdings, GAP Airports, Latam Airlines Group SA, OMA.

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of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts' or strategists' compensation is not

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Morgan Stanley Research on a principal basis.