Diario | Latin America

Research evidence excerpt

Diario | Latin America

of the Iran war for a total of BRL170m, corresponding to the first week of April. Subsidy selected Fintechs (MXNm)

collections are taking almost 90 days (from initial indications of 30 days), which is set to materially

increase PBR’s working capital in 2Q26 and limit its short-term dividends.

Argentina Capital Markets | BYMA CEO Fireside Key Takeaways. We hosted BYMA CEO for a

fireside last week. MSCI maintained Argentina as a standalone market and did not initiate a formal

consultation for reclassification. Argentina could enter the watch list next year, with reclassification

potentially following if policy continuity is maintained post-elections in 2027. Argentina’s market

size and liquidity are more consistent with Emerging Market status, supporting the case for a

potential direct upgrade once remaining hurdles are addressed. We also discussed improving

macro consistency, rising foreign investor engagement, and a more constructive backdrop for .

Source: Jefferies, CNBV.

equity issuance, with a potential IPO window emerging over the next 6–9 months. Full notes available

upon request.

Inigo Vega * | Equity Analyst

Brazil Healthcare | Potential bid for minority stake in Amil. According to local media, Amil’s owner, +34 910769995 | ivega@jefferies.com

Junior, is in talks to sell a ~30% stake to Bain or Advent, potentially raising R$10bn and paving the Alejandro Anibal Demichelis * | Equity Analyst

way for an IPO. Since reacquiring the company in 2023, Amil has improved efficiency, repriced plans +34 919498377 | ademichelis@jefferies.com

and resumed growth. In 2025, revenue reached R$28bn and recurring profit R$1.9bn, implying a Pedro Baptista * | Equity Analyst

~16x P/E on a R$30bn valuation. +44 (0) 207 029 8351 | pbaptista@jefferies.com