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

Research evidence excerpt

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

Global Research

28 July 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: TUPY, WEG, RAIL

Industrial

Alberto Valerio

TUPY: Tupy contracts R$600m in BNDES financing under the Brasil Soberano Analyst

program alberto.valerio@ubs.com

Tupy announced it signed financing operations with BNDES totaling R$600m under +55-11-2767 6918

the Brasil Soberano program, split into two R$300m credit lines (Giro Livre and Giro Andressa Varotto

Exportação), with a 60-month tenor, 12-month grace period and fixed rates of Analyst

11.90% and 10.41% per year, respectively (Valor); BNDESPar is Tupy's largest andressa.varotto@ubs.com

shareholder, with 30.7% of the capital. Potential Impact: Marginally positive for +55-11-2767 6654

Tupy, on the attractive debt cost. Rafael Simonetti

Associate Analyst

WEG: Brazil formally files a WTO consultations request against the 25% and rafael.simonetti@ubs.com

12.5% US tariffs +55-11-2767 6628

According to Valor, Itamaraty filed on Monday a request for consultations with the

US at the WTO dispute-settlement system, targeting both Section 301 measures (the

25% action and the 12.5% forced-labor tariff), which it called unjustified and

incompatible with US obligations under GATT 1994; the stated objective at this

stage is a mutually agreed solution, the Reciprocity Law remains an option, and the

government does not intend to abandon negotiations. Potential Impact: Neutral for

WEG.

RAIL: Chart of the week: Sorriso vs Paranaguá corn price differential

UBS LatAm Agri & Foods team published a note about how corn ethanol drives more

expensive corn in MT. Historically, the differential between corn prices in Sorriso