LatAm Transport and Capital Goods: Daily Take-Off: MOVI, WEG, EMBJ, RAPT, RAIL, RENT, GAP

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LatAm Transport and Capital Goods: Daily Take-Off: MOVI, WEG, EMBJ, RAPT, RAIL, RENT, GAP

2024 to be financed through the credit line for app drivers and taxi drivers (MP

1.359, of up to R$30bn for cars priced up to R$150k), until now restricted to new

vehicles. Potential Impact: Marginally positive for Rumo, as the renegotiation eases

the rural-credit squeeze we had flagged as a risk to 2026/27 planting and grain

volumes. Slightly positive for Localiza and Movida, as extending the subsidized Move

Brasil line to semi-new electrified vehicles adds a funded demand channel for the

used EVs and hybrids.

EMBJ: Embraer in the final round for an Ethiopian Airlines order; decision

expected by August

According to AeroIn, Ethiopian Airlines is in the final stage of evaluating an order of

up to 50 aircraft to renew its regional fleet and expand across Africa, comparing the

Embraer E2, the Airbus A220 and the Boeing 737 MAX 7, with the final selection

expected by August according to CCO Lemma Yadecha. Embraer has pitched the

E195-E2 on lower acquisition cost and fuel burn; a win would mark Ethiopian's first

Embraer commercial jets, after the carrier had earlier postponed the E2 versus

A220 decision until the GTF engine issues were resolved and Boeing subsequently

joined the contest. Potential Impact: Neutral for Embraer at this stage.

GAP: 2Q26 Conference Call Highlights

During the conference-call some topics were discussed, including Tariffs:

maximum-tariff fulfillment reached 90% in 1H26 and should end the year around

95%, with domestic charges at Los Cabos and Puerto Vallarta up an additional 7%

from 1-Jul and a new passenger-fee increase planned for January, approaching 100%

fulfillment in 2027. Traffic: management attributed June softness to world cup fare