InRetail Constructive Bottom-Up Plus Defensive Profile at Sound Valuation; Remain OW

Research evidence excerpt

InRetail Constructive Bottom-Up Plus Defensive Profile at Sound Valuation; Remain OW

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

08 June 2026

InRetail Overweight

INRETC1.LM, INRETC1 PE

Constructive Bottom-Up Plus Defensive Profile at Price (08 Jun 26):$30.50

Sound Valuation; Remain OW ▼Price Target (Dec-26):$40.00 Prior (Dec-26):$41.00

We update estimates for InRetail and maintain a positive stance on the company,

which remains one of our top picks in the Andean region alongside Falabella (OW). LatAm Retail & Healthcare

Our constructive view is based on (1) a positive operating setup this year, driving Nicolas Larrain AC

7%/8% sales/EBITDA growth and ~20% for adj. net income, off a low base last (55-11) 4950-3472

year; (2) defensive operations—which should be well received by investors given nicolas.larrain@jpmorgan.com

Banco J.P. Morgan S.A.

Peru’s political uncertainty—and with growth coming from food retail expansion,

Joseph Giordanoa recovery in malls, and MSD growth in drug retail; and, lastly, (3) inexpensive

(55-11) 4950-3020

valuation levels of 12x/10x ‘26E/’27E P/E plus a solid 30% DCF-based upside joseph.giordano@jpmorgan.com

(higher when looking at SOTP - link to our exercise). Share liquidity is a key Banco J.P. Morgan S.A.

pushback, but we see InRetail more engaged in solving this pain point, having been Guilherme A. Vilela, CFA

vocal about a potential double listing in a deeper market at some point (link to our (55-11) 4950-3059

webinar). In this report, we incorporate the InFinance XP joint venture (link) and guilherme.a.vilela@jpmorgan.com

its contribution to equity income, which overall has limited impact on ST estimates Banco J.P. Morgan S.A.

but should help unlock higher sales in retail formats over time (link ). Still, we Giovanni Vescovi