Latin America | Diario

Research evidence excerpt

Latin America | Diario

Latin America | Diario EquityJuneResearch23, 2026

Exhibit 1 - Brazil: TOP 5 incumbents MS inDiario | Latin America

selected credit products, %

Azzas 2154, Benefit Systems, Charting LatAm, Heineken, LatAm Banks, Pampa, 90.0%80.0%

70.0%SmartFit, Suzano, Vista Energy, YPF

60.0%

LatAm Banks | Brazil | The State of Disruption; Another Quarter, Another Check-In. Digital banks 50.0%40.0%

continued to gain share in key retail lending products in early 2026, adding 90bps in share (o/w 30.0%

80bps was lost by the largest incumbents). The key debate among investors remains whether these 20.0%

share gains reflect excessive risk-taking. Our analysis suggests the dynamic is increasingly a zero- 10.0%

sum game, rather than the big expansion seen in 2022/23. Supporting this view, CC/personal loans 0.0% 2018 2019 2020 2021 2022 2023 2024 Q3 25 Q4 25 Q1 26

Personal Cards Payrollat low-income borrowers are growing just 4% y/y. .

Source: Jefferies, BACEN.

LatAm Banks | Mexico | Key Takes from latest FSR. Mexico’s private sector remains in

deleveraging mode, raising questions about long-term credit deepening. SMEs are carrying Exhibit 2 - Argentina - Oil production (kb/d)

corporate loan growth, while large corporates remain subdued. At the same time, the RWA-density 900800

tailwind that boosted CET1 ratios since 2020 has largely run its course. 700600

SmartFit (Buy) & Benefit Systems (Buy) | Hybrid Models Unlocking Structural Competitive 400300

Advantage. We believe SmartFit's hybrid model, combining its leading gym network with the fast- 200100

growing TotalPass platform, positions it uniquely across both B2C and B2B channels, enhancing 0 May-25 1Q26 Apr-26 May-26

revenue diversification and improving visibility through recurring corporate contracts. TotalPass is .