The Point for Latin America

Research evidence excerpt

The Point for Latin America

We believe Shopee’s lower average ticket versus MELI likely resonates better with

Avon than Natura. Key risk remains cannibalization of consultants, still ~90% of

sales, especially as better sell-out has not translated into stronger sell-in.

João Pedro Soares | Felipe Husein

Ecorodovias (ECOR3.SA) - June Traffic: Closing 2Q Well and Ahead of

Expectations

Traffic in June was positive, sustaining the previous months' strength and closing

2Q slightly ahead of our expectations. Highlights were once again the Ecovias

Norte Minas, Ecovias Minas Goias, and Ecovias Capixaba, with delivered

investments potentially boosting traffic. It is also worth noting that car imports

from BYD may be supporting traffic at Ecovias Capixaba, which is an important

route to imported and unfinished cars bound for Camaçari factory for completion.

On the negative side, we continue to see Ecovias Leste Paulista and Ecovias

Cerrado lagging. We maintain our Buy rating.

Filipe Nielsen

Industry

Argentina Integrated Oil & Gas - Vaca Muerta Watch, July 6: Key LNG projects

advance, Argentina hits 900kbpd milestone

We analyze last month's relevant developments within the Argentina/Vaca Muerta

energy space. We recently published a in-depth look at the case for Vaca Muerta: A

structural beneficiary of the new energy outlook.

Andrés Cardona | Gabriel Barra

Brazil Oil & Gas Refiners and Marketers - Data Tank: Our July 2026 Fuel Import

Monthly Report

According to COMEX STAT data, in July, Brazilian diesel imports amounted to

about 0.6mn m³ (-58% MoM, -55% YoY). Russian diesel accounted for 61% (vs.

72% in May), representing c.0.4m³ (-65% MoM, -48% YoY), and US diesel 38% (vs.

28% in May). Russian diesel imports offered a discount to US diesel, reaching c.–

16% in Jun (vs.