Latin America Corporates Apples to Apples – Comparable Metrics and Relative Value Report

Research evidence excerpt

Latin America Corporates Apples to Apples – Comparable Metrics and Relative Value Report

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

16 June 2026

Latin America Corporates

Apples to Apples – Comparable Metrics and Relative

Value Report

This 14th edition of the Latin America Corporates Comparable Metrics and Latin America Corporate Research

ACRelative Value Report summarizes key financial and credit metrics for 99 Natalia Corfield

companies across 11 sectors. The report combines fundamental and relative value (1-212) 834-9150

information through concise tear sheets designed to support comparable credit natalia.corfield@jpmorgan.com

analysis and enable rigorous “apples-to-apples” comparisons, with this edition J.P. Morgan Securities LLC

providing a snapshot as of LTM 1Q26. Commodity performance was more Alejandra Andrade

differentiated amid shifting price dynamics: (1) Base Metals generally posted (1-212) 834-3220

alejandra.andrade@jpmorgan.com

stronger core results and improved credit metrics, supported by record pricing and J.P. Morgan Securities LLC

by-product contributions; (2) Iron Ore and Steel were modestly weaker amid a still

Ian B Snyder

challenged Brazilian steel market; (3) Oil & Gas and Petrochemicals were mixed, (1-212) 834-3798

with early improvement emerging in select names and a more meaningful uplift ian.b.snyder@jpmchase.com

expected from 2Q26 onward for others; (4) Sugar & Ethanol remained pressured J.P. Morgan Securities LLC

by lower sugar prices and higher costs; and (5) Pulp & Paper results softened on Florencia Palacios

higher fiber costs driven by weather events and maintenance, though we expect (1-212) 622-1129

improvement as these factors normalize. Outside of commodities, Consumer florencia.x.palacios@jpmorgan.com