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Rafael

Managing Director and Equity Research Analyst at UBS

Rafael Sorota is a Managing Director and Equity Research Analyst at UBS Investment Bank, specializing in the consumer cyclical sector with a focus on gaming, lodging, and leisure companies. He covers specific firms including Wynn Resorts, Las Vegas Sands, Marriott International, Hilton Worldwide, and DraftKings, boasting a strong performance track record with a 68% success rate on TipRanks, an average return of 14.2% per rating, and ranking in the top 5% of analysts covering gaming stocks. Sorota joined UBS in 2021 after spending over a decade at firms like JPMorgan and Credit Suisse, where he began his career as an analyst in 2008 following roles at Bear Steinhardt. He holds Series 7, 63, and 86/87 FINRA licenses and has been recognized by Institutional Investor as an All-America Research Team member multiple times.

Rafael's questions to Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) leadership

Question · Q4 2025

Rafael inquired about Volaris' leverage, which increased from 2.6x in Q4 2024 to 3.1x in Q4 2025, asking about the path to deleveraging given higher CapEx and marginal margin improvement, and if there's a board-level leverage target.

Answer

Jaime Pous, CFO, stated that leverage is expected to sequentially improve towards the end of 2026, projecting a reduction from 3.1x to 2.6x during the year, primarily driven by the improvement and reduction of Aircraft on Ground (AOGs).

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