Equity Thematic Strategy 2026 World Cup Beneficiaries

Research evidence excerpt

Equity Thematic Strategy 2026 World Cup Beneficiaries

J P M O R G A N Global Markets Strategy

11 June 2026

Equity Thematic Strategy

2026 World Cup Beneficiaries

Global Equity Strategy

Bhupinder Singh AC

(1-212) 622-9812

bhupinder.singh@jpmorgan.com

Dubravko Lakos-Bujas AC

For the first time since 1994, the FIFA World Cup returns to North America as the (1-212) 622-3601

dubravko.lakos-bujas@jpmorgan.com

United States, Canada and Mexico jointly host the 2026 tournament. This is likely

Kamal Tamboli ACto be the largest single-sport event in history, with 48 nations competing in 104

(1-212) 622-5794

matches across 16 cities, of which the majority (78 matches and 11 cities) will be kamal.r.tamboli@jpmorgan.com

in the United States. Much of this is driven by the expansion of the tournament from J.P. Morgan Securities LLC

32 to 48 teams and from 64 to 104 matches. The tournament expansion is expected

to drive higher fan participation, travel flows and global media engagement. Early

indications are positive as evidenced by the 500M ticket requests for ~7M We would appreciate your support for

available seats or an oversubscription ratio of ~70x (see Report by our Internet J.P. Morgan in the 2026 All-Americas

Research team). According to FIFA, 6.5M people are expected to attend matches, Research Extel Survey in the following

with ~$14B of event-related expenditures (see Report) driving some $17.2B of macro categories:

GDP for the US alone.

1. Portfolio Strategy

2. Quantitative Research

Trade Recommendations. While anticipation for the tournament is high,

3. Thematic Research

expectations for likely beneficiaries are quite low given a challenging macro

4. Equity-Linked Strategies

backdrop, geopolitical uncertainty and growing concerns about the low-end

5.