Latin America | Diario

Research evidence excerpt

Latin America | Diario

eal estate -

Vacancy rate in key areas

Mexico nearshoring | 2Q26 industrial real estate demand: Down but Not Out. Mexico’s industrial 20%18%

real estate market remains one of the clearest gauges of nearshoring momentum. Unsurprisingly, 16%14%

the USMCA’s shift to annual reviews has weighed on activity and CBRE’s 2Q26 data shows 12%10%

vacancy rates rising across Mexico’s key industrial hubs - albeit US$ asking rents remain stable. 8%6%

Encouragingly, the project pipeline points to a gradual recovery in tenant demand, led by diversified 4%2%

manufacturing and logistics. In contrast, automotive-related demand remains subdued. The 0% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26

Tijuana Monterrey CDMX Guadalajaraevolution of Mexico’s nearshoring activity is key for Traxion (Buy). .

Source: CBRE, Jefferies

PriceSmart (Buy) | 3Q26 Earnings Call Key Takeaways. The combination of double-digit sales

growth, record membership metrics, accelerating digital penetration, and a sizable long-term

growth opportunity in Chile reinforces the company's growth outlook. While Chile start-up costs,

Trinidad FX constraints, and labor inflation in Colombia may create some near-term margin

pressure, PriceSmart continues to balance growth investments with solid operational execution

and healthy profitability.

*TODAY* PriceSmart (Buy) | Fireside Chat with PSMT CEO & CFO. We are hosting a group meeting

with David Price (CEO) and Gualberto Hernandez (CFO) tomorrow, Friday, 10th July, at 9.00am

PST/12.00pm EST/5.00pm UK. Registration here.

Pedro Baptista * | Equity Analyst

Cogna (Buy) | Invite | Fireside Chat with Cogna CEO & CFO. We are hosting a virtual group meeting +44 (0) 207 029 8351 | pbaptista@jefferies.com