Latin America | Diario

Research evidence excerpt

Latin America | Diario

Latin America | Diario EquityJuneResearch16, 2026

Exhibit 1 - Mexico: New players MS in HHDiario | Latin America

deposits, %

Brazil Macro, BYMA, Charting LatAm, Colombian elections, Femsa, International

Energy Agency, LatAm Banks, SmartFit

Brazil Macro | Focus Report | Rising Inflation Clouds Easing Outlook. Brazil’s macro outlook is

being reshaped by persistent inflation pressures, driven in part by the recent oil shock, which has

pushed market expectations further above target and delayed prospects for monetary easing. As a

result, markets now anticipate a higher-for-longer Selic path, with limited room for rate cuts despite

already tight policy. While near-term growth has shown some resilience, the outlook for 2027 is

softening amid restrictive financial conditions. Even so, the Brazilian real has remained relatively .Source: Jefferies, CNBV, BANXICO, Mercado Libre, Didi,

stable, supported by high interest rate differential and favorable trade dynamics. Nubank, Bloomberg

LatAm Banks | Mexico | Fintech Credit in April/May, Clip goes Wallet and Spin launches Credit.

We show monthly credit data for most fintechs (+3.7% y/y growth in April). Clip is transitioning from Exhibit 2 - Focus Market Readout (12th June

2026)

an acquirer into a full-stack fintech, leveraging its SMB distribution to launch a two-sided wallet 2026 4w ago 1w ago Today WeeklyTrend Last 5 Days

and compete more directly in Mexico’s increasingly crowded ecosystem. Finally, Spin is entering IPCA (%) 4.92 5.11 5.30 (14) ↑ 5.35

credit via a JV with QED (an early Nubank backer), reinforcing the acceleration of retail-led financial ExchangeGDP (%Rategrowth)(R$/US$) 1.855.20 1.915.15 1.965.20 (4)(1) ↑↑ 1.995.20

(%) 13.25 13.50 13.75 (2) ↑ 14.00

services in Mexico.