LatAm Transport and Capital Goods: Daily Take-Off: EMBJ, WEG, RAIL, ASUR

Research evidence excerpt

LatAm Transport and Capital Goods: Daily Take-Off: EMBJ, WEG, RAIL, ASUR

NTT decisions supported the higher capacity interpretation, although

implementation remains suspended due to ongoing legal proceedings and

discussions regarding potential economic-financial impacts on Rumo’s concession.

The issue is particularly relevant given plans to integrate the Norte-Sul Railway with

the future East-West rail corridor (Fiol/Fico), creating a major logistics route

linking Brazil’s agricultural regions to export markets. Government officials

reportedly believe that resolving the capacity dispute is important to ensure the

efficient operation and future expansion of the national rail network. Potential

Impact: Neutral for Rumo if the discussion to accept a higher capacity leads to the

financial rebalancing of the contract.

ASUR: 2Q26 Conference Call Highlights

In Friday's 2Q26 earnings call, CEO Adolfo Castro stated this already to be a lost

summer season for Cancun, describing the softness as a consequence of the higher

jet fuel, the Spirit bankruptcy (0.5m passengers lost at Cancún and 135k in Puerto

Rico in the quarter) and sargassum almost exceeding last year's levels; he expects

no improvement in 3Q, hopes 2Q was the bottom in traffic, margins, costs and

tariffs, and sees a better winter season with published seats above last year for

November and December. Maximum-tariff compliance should still end the year

close to 99% despite the mix shift away from US passengers, and the Volaris Pratt &

Whitney engine drag on domestic Cancún traffic is improving as aircraft return with

new engines. On capital deployment, the Motiva airports acquisition is expected to

close in 3Q26, with Brazil the region holding up approvals, no significant synergies