LATAM FIRST TO MARKET

Research evidence excerpt

LATAM FIRST TO MARKET

Latin America Equity Research

LatAm First to Market 13 July 2026

Top Stories

The J.P. Morgan View (Fabio Bassi)

Resilience with Tail Risks: Fragile Risk-on, Funding & Crowding Matter, Carry Works

The resilient growth outlook paired with patient central banks is solidifying as the consensus macro and markets narrative

following the MOU agreement. Still, uncertainty lingers, as a renewed regional flare-up and/or a potential breakdown in US-Iran

negotiations remain key concerns, threatening to drive oil prices higher and further depress flows through the Strait of Hormuz.

Global Data Watch (Bruce Kasman)

It takes a licking and keeps on ticking

• Resilient consumer sustains momentum into midyear

• Energy inflation fades, but global core inflation sticky and high

• W. Europe perks up; Japan on strong but unsustainable path

• Next week: Gas slows US CPI and RS; Weak China GDP; BoK +25

Brazil F&B (Lucas Ferreira)

The Tag on the Shelf (Jun-26): Steady Proteins, Firmer Cookies, Softer Pasta

In this report, we leverage over 18 million data points collected from physical retail channels across around ~2,000 Brazilian

cities, tracking the price trends of covered companies’ products since July 2023.

Brazil Healthcare (Joseph Giordano)

Industry Complaint Monitor — +30% Spike in Complaints for HAPV in 2Q; Better Service at SAUD,

and Modest Worsening for RDOR

Brazil’s National Supplementary Health Agency (ANS) released its complaint data for June. For RDOR, the data show a 14% y/

y spike in RDOR/SulA’s main operating entity complaints (~76% of the lives). Similarly, HAPV showed a 3M average increase

of 34% in its IGR at core operations (~51% of the lives), while NDI (38% of the lives, mostly São Paulo) showed a 7% increase

y/y in June.