Chile & North Andean Research "Weekly Brief: Sustainable earnings trajec..."

Research evidence excerpt

Chile & North Andean Research "Weekly Brief: Sustainable earnings trajec..."

Global Research

22 June 2026ab

Chile & North Andean Research Equities

Latin AmericaWeekly Brief: Sustainable earnings

Olavo Arthuzotrajectories? Elections in Colombia; Itau Chile

Analyst

olavo.arthuzo@ubs.comon Klap; Banco Bogotá on Itau Colombia

+55-11-2767 6306

Andrea Casaverde

Economist

Chart of the week: who has sustainable growth beyond 2027? andrea.casaverde@ubs.com

As the short-term macroeconomic turbulence begins to accommodate within +1-203-713-2515

consensus forecasts, the comparison of 2027E vs. 2028E earnings growth unveils Thiago Batista, CFA

companies with sustained multi-year earnings trajectories from those whose growth Analyst

narratives are concentrated within a single year. The 45-degree diagonal serves as a thiago.batista@ubs.com

critical benchmark: companies positioned above it demonstrate accelerating +55-11-3513 6518

growth (while those below it a deceleration). The most consistent performers are Beatriz Shinye

those situated closest to the diagonal, reflecting steady growth across both years: Associate Analyst

Credicorp, Banco de Chile, SQM and CCU emerge as compounders, delivering beatriz.shinye@ubs.com

earnings growth unaffected by base effects or isolated recovery dynamics. The +55-11-2767 6569

upper-left quadrant highlights the most compelling turnaround opportunities, with

companies experiencing negative growth in 2027 but pivoting to positive growth in

2028. Two particular highlights: IFS (+25%/-33%; removed from the chart) exhibits

the steepest deceleration, driven by a 2027 earnings surge that consensus views as

unsustainable, while CMPC (+154%/+59%), despite maintaining robust growth across