Diario | Latin America

Research evidence excerpt

Diario | Latin America

ew offshore contracts. We continue to view GPS as one of the highest- .Source: USITC, Jefferies(150) (100) (50) 0 50

quality consolidators in Brazil, supported by disciplined capital allocation and significant long-term

consolidation opportunities, with solid organic growth prospects. We adjust our earnings estimates YPF - Argentina LNG project summary

and Price Target to R$17.0 (R$20.0). PartnersYPF - Argentina LNG project summary YPF 36%, Eni 32%, XRG/Adnoc 32%

Liquefaction Capacity 12 MTPA (2x6MTPA vessels)

Upstream feed blocks Meseta B.Esperanza I & II; Aguada Villanueva; Las Tacanas I & II

Brazil e-commerce | Shopee launches affiliate program for Instagram. Shopee and Meta GasEstimatedtreatmentMid/Downstreamplant capex (US$bn) 7.0

announced the launch of an affiliate program for Instagram in Brazil, as well as in SE Asia and PipelineFLNG vessels(526km, 48'') 4.08.0

Other 3.5Taiwan. According to Shopee, the company's creator and affiliate program now has over 5m Common facilities 1.5

Total 24.0 .

Brazilians registered, which will now have access to additional channels to promote products. We Source: Company data, Jefferies ests

note that MercadoLibre has been spending an increasing proportion of its sales & marketing budget

on its affiliate and creators program with the number of affiliates growing 6x y/y in Brazil in Q4 25,

for example.

Itausa (Buy) | Itaúsa Receives R$0.9bn Extraordinary Dividend from Itautec, 90% of Holdco Net

debt. Itautec distributed R$0.9bn in extraordinary dividends and IoC, following favorable outcomes

in a series of judicial and administrative proceedings that generated cash inflows at Itautec. As

Itautec is a non-operating subsidiary, this payment effectively represents the monetization of legacy