LatAm Capital Goods & Transportation Road Ahead (Jun. 8): BESS Auction in December, EMBJ View on China and India, Malha Sul Update

Research evidence excerpt

LatAm Capital Goods & Transportation Road Ahead (Jun. 8): BESS Auction in December, EMBJ View on China and India, Malha Sul Update

J P M O R G A N Latin America Equity Research

08 June 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

LatAm Capital Goods &

Transportation

Road Ahead (Jun. 8): BESS Auction in December,

EMBJ View on China and India, Malha Sul Update

Upcoming Events This Week Latin American Capital Goods

• Mon. (Jun. 8): IMEA Data @ 5pm ET Marcelo Motta AC (55-11) 4950-6712

marcelo.g.motta@jpmorgan.com• Tue. (Jun. 9): RAIL Monthly Volumes - AMC

• Thu. (Jun. 11): ANFAVEA Data Jonathan S. Koutras

(55-11) 4950-3549

Top News from Past Week: jonathan.s.koutras@jpmchase.com

Latin American Transportation

• Brazil schedules two BESS auctions for December with different local AC Guilherme Mendes content rules. Brazil's Ministry of Mines and Energy scheduled two

(55-11) 4950-4105

unprecedented battery energy storage system (BESS) auctions for December guilherme.g.mendes@jpmorgan.com

2026 – one on December 2nd exclusively for projects meeting local content

Julia Orsi

requirements, and another on December 4th open to all suppliers. The split was (55-11) 4950 3351

a compromise after months of delays caused by disagreements over julia.orsi@jpmorgan.com

nationalization rules. Auctions are expected to contract a total of 2GW in battery Banco J.P. Morgan S.A.

capacity, mobilizing around R$10bn in investments, and it’s a key driver for

WEG’s (N-rated) top line. Winners must begin operations by August 2028 under