J.P. Morgan LatAm FTM 27 May 26 Televisa; Brazil Car Rental; Brazil Drug Retail & Pharma; Rede D’Or & Bradsaúde and More

Research evidence excerpt

J.P. Morgan LatAm FTM 27 May 26 Televisa; Brazil Car Rental; Brazil Drug Retail & Pharma; Rede D’Or & Bradsaúde and More

Latin America Equity Research

LatAm First to Market 27 May 2026

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Televisa (Marcelo Santos, CFA) (TV, N)

Update Estimates; Remain Neutral on Capex Cycle and Slower Deleveraging in TV-UVN

We update our estimates on Televisa following 1Q26 results. On Televisa consolidated assets (izzi and Sky), we increase

estimates based on stronger trends for the residential cable business, as indicated by management in the earnings call (link to

our comments), with segment margin likely closing the year at ~40% (above our former 38.5% expectation), and the

implementation of a price hike of Ps30 in March, which should be supportive to ARPU. This is partially offset by stronger than

expected deterioration in Sky revenues. On Televisa Univision (unconsolidated, where Televisa owns a ~45% stake), we tone

down our estimates mostly on a weak outlook for US advertising, hurt by the World Cup, which the company does not own the

rights to in the US), potentially seeing some recovery by the end of the year on the electoral cycle. We remain Neutral on

Televisa, given the capex cycle related to fiber overlay in Mexico and slower develeraging in Televisa Univision. Among telcos,

we favor Tigo (OW), TEO (OW), and Megacable (OW).

Brazil Car Rental (Guilherme Mendes)

Feedback from Meeting with Lefosse Law Firm on the Brazilian Tax Reform

Today, we hosted a meeting with Lefosse, a prominent Brazilian law firm, represented by its tax partner, Mr. João Paulo

Cavinatto, to discuss the recently enacted Brazilian tax reform and its potential implications for the car rental segment. In our