Brazil Transportation: Notes from the Road: Feedback on Meetings in Rio de Janeiro and Where Buy-Side Sentiment Stands

Research evidence excerpt

Brazil Transportation: Notes from the Road: Feedback on Meetings in Rio de Janeiro and Where Buy-Side Sentiment Stands

J P M O R G A N Latin America Equity Research

29 July 2026

Brazil Transportation

Notes from the Road: Feedback on Meetings in Rio de

Janeiro and Where Buy-Side Sentiment Stands

Over the past few days, we held meetings with local investors in Rio de Janeiro, Latin American Transportation

ACwhere the prevailing tone was notably cautious. Localiza (RENT3, OW) remains Guilherme Mendes

the most widely discussed name; however, conviction has clearly faded, and it is (55-11) 4950-4105

no longer a consensus overweight. Feedback on Motiva (MOTV3, OW) has guilherme.g.mendes@jpmorgan.com

improved among local investors, with a notable increase in both interest and Julia Orsi

positioning — as also reflected in our quarterly Buy-Side Survey. Positioning in (55-11) 4950 3351

Rumo (RAIL3, N) remains visibly low, yet the name continues to generate julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

significant discussion, particularly in the context of a potential change in its

controlling structure. Finally, we were positively surprised by the growing interest

in Airlines — primarily LTM, CPA, and AZUL — as well as Mexican Airports,

although exposure to these sectors remains very limited. Within our Brazilian

coverage, we reiterate our preference for MOTV.

• Car Rental: Low Conviction on Localiza. Positioning in Localiza is mixed,

and conviction has softened materially. Some investors hold small to mid-sized

positions without strong conviction, with few adding exposure on the recent

share price weakness — given that micro fundamentals have not deteriorated

— while many remain on the sidelines. Bulls anchor their thesis on discounted