LATAM Corporates Daily: Your daily dose of all things LatAm

Research evidence excerpt

LATAM Corporates Daily: Your daily dose of all things LatAm

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

01 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Highlights Latin America Corporate Research

Natalia Corfield AC

• Brazil Fuel Distribution: Gradual exit from fuel support measures underway (1-212) 834-9150

natalia.corfield@jpmorgan.com

• Fibra NEXT: Final IPO and follow-on proceeds deployed for Portafolio J.P. Morgan Securities LLC

Saturno Alejandra Andrade

• Mexico: Economic policy commentary - Dusk before dawn (1-212) 834-3220 alejandra.andrade@jpmorgan.com

• Performance J.P. Morgan Securities LLC

Ian B Snyder

Prices in this note are as of June 30, 2026. (1-212) 834-3798

ian.b.snyder@jpmchase.com

J.P. Morgan Securities LLC

Florencia Palacios

Brazil Fuel Distribution: Gradual exit from fuel support measures underway (1-212) 622-1129

florencia.x.palacios@jpmorgan.com

Our counterparts in the equity team published on Brazil's recent actions unwinding J.P. Morgan Securities LLC

its fuel support framework. The government has removed the R$0.35/L diesel Bhavya Gupta

subsidy component — while keeping the remaining R$1.12/L diesel and R$0.44/L (91-22) 6157-3132

gasoline subsidies in place for now — citing lower oil prices and weakening tax bhavya.x.gupta@jpmchase.com

revenues as justification for a phased reduction. Authorities have also indicated J.P. Morgan India Private Limited

that the remaining subsidies are under active ANP review and could be

progressively phased out, while the 12% oil export tax is widely expected to expire

in mid-July or be gradually wound down. From a sector standpoint, our equity

counterparts note the impact as broadly balanced across the space. At Petrobras,