LatAm Transport and Capital Goods: Daily Take-Off: GAP, MOTV, WEG, TUPY, RAIL, POMO, OMA

Research evidence excerpt

LatAm Transport and Capital Goods: Daily Take-Off: GAP, MOTV, WEG, TUPY, RAIL, POMO, OMA

Global Research

29 July 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: GAP, MOTV, WEG, TUPY, RAIL,

POMO, OMA Industrial

Alberto Valerio

Analyst

alberto.valerio@ubs.com

GAP: Cutting estimates on softer aeronautical outlook +55-11-2767 6918

We have updated our estimates post 2Q26 and maintain our Neutral rating on GAP. Andressa Varotto

While we continue to view the company as one of the highest-quality airport Analyst

operators in Latin America, supported by a resilient portfolio of Mexican airports, andressa.varotto@ubs.com

and growing diversification of non-aeronautical side, the weaker traffic and +55-11-2767 6654

delayed maximum tariff pass-through lead us to cut our estimates, while we see it Rafael Simonetti

as fairly priced. We continue to expect traffic improvement in 2H26 (flat YoY) and Associate Analyst

recovery in 2027 (+6% YoY), mainly on easing of aircraft grounding in Mexico and rafael.simonetti@ubs.com

international traffic recovering and non-aeronautical revenue outperforming while +55-11-2767 6628

we expect maximum tariff to be reached only in 2027. Link to full note.

MOTV: Grupo Mover signs definitive agreements to sell its entire 14.86% stake in

Motiva

Motiva disclosed in a material fact on Tuesday evening that it received a letter from

Grupo Mover (Sucea Participações and Sincro Participações, both in judicial

recovery) confirming the execution of binding, definitive agreements to sell 300.1m

common shares, approximately 14.86% of Motiva's capital, to Banco Bradesco BBI

(Valor). The value was not disclosed; at Tuesday's close of R$14.69 the block is worth

around R$4.4bn. Closing remains subject to conditions precedent, including