BB Seguridade Model Update

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

05 August 2026

BB Seguridade

Underweight

BBSE3.SA, BBSE3 BZ

Price (04 Aug 26):R$42.07

Model Update

▲Price Target (Dec-27):R$35.00

Prior (Dec-27):R$34.00

We update our BB Seguridade model for 2Q26 results (link).

We raise our adj. earnings forecasts for 2026-2027 by ~1%. We now forecast R

$8,745mn in earnings for 2026, down -3.5% Y-o-Y, and R$8,869mn for 2027, up

only 1% Y-o-Y. We now stand 1-3% above BBG consensus for 2026-2027 (9

estimates).

Latin American Financials

Guilherme Grespan AC

(55-11) 4950-3058

Banco J.P. Morgan S.A.

Yuri R Fernandes

All in, we raise our Dec 2027 price target to R$35 per share and maintain our

Underweight rating.

(1-212) 622-3400

J.P. Morgan Securities LLC

Fernanda Sayao

(55-11) 4950-6588

Banco J.P. Morgan S.A.

Diego Marquez Antonio

(52-55) 5339-94899

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Key Changes (FYE Dec)

Prev

4.34

4.37

Adj. EPS - 26E (R$)

Adj. EPS - 27E (R$)

Cur

4.37

4.43

0.7%

1.4%

Quarterly Forecasts (FYE Dec)

Adj. EPS (R$)

Q1

Q2

Q3

Q4

FY

2025A

1.00

1.12

1.28

1.14

4.53

2026E

1.11A

1.08A

1.11

1.07

4.37

2027E

1.10

1.11

1.12

1.11

4.43

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.