EM Corporate Credit Fundamentals: Resilient fundamentals on revenues, EBITDA, leverage & liquidity

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EM Corporate Credit Fundamentals: Resilient fundamentals on revenues, EBITDA, leverage & liquidity

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EM Corporate Credit Fundamentals

Resilient fundamentals on revenues,

EBITDA, leverage & liquidity

EM corps ended 2025 stronger amidst global volatility. 18 May 2026

EM corporate fundamentals held up relatively well through 2H25 despite commodity EM Corporate Strategy

volatility, trade-policy uncertainty and still-tight global financial conditions. Based on Global

aggregate fundamentals from 250+ issuers we track, EM corporates’ quarterly revenues

grew +1.2% YoY in 3Q and +5.1% YoY in 4Q, while EBITDA was up +4% in 3Q and +7%

in 4Q, lifting 2025 EBITDA growth to +3.3% YoY. Search for “Credit fundamentals” in

BofA portal or EMDL > 10 > 11 in Bloomberg.

EBITDA recovery broadened, led by LatAm and technology

EBITDA growth tracked the improvement in topline trends but showed a stronger Anne Milne

acceleration into year-end. LatAm was the positive surprise, with EBITDA up +24.6% YoY ResearchBofAS Analyst

in 4Q25, materially outpacing Asia at +4.5% and offsetting a -1.6% decline in CEEMEA. +1 646 855 4096

anne.milne@bofa.com

Ex-energy, the 4Q EBITDA picture was even stronger, with EM up +12.9% YoY and all

Bruno Larcher

three regions positive. At the sector level, technology & materials were the largest Research Analyst

contributors, while energy & real estate remained the weakest sectors. Merrill Lynch (Brazil)

+55 11 2188 4010

Debt rose, but leverage remains core EM strength at 1.5x bruno.larcher@bofa.com Joyce Liang

Total debt increased 8.9% YoY in 4Q25, with increases in all regions and higher across Research Analyst

IG (+9.7%) than HY (+5.7%). Despite the rise in debt, net leverage remained stable YoY Merrilljoyce.liang@bofa.comLynch (Singapore)