Chile & North Andean Research: Weekly Brief: Revenue growth and margins; IMF cuts Chile‘s growth estimate; Santander Colombia to join Bre-B; Yape and Felix

Research evidence excerpt

Chile & North Andean Research: Weekly Brief: Revenue growth and margins; IMF cuts Chile‘s growth estimate; Santander Colombia to join Bre-B; Yape and Felix

Global Research

13 July 2026ab

Chile & North Andean Research Equities

Latin AmericaWeekly Brief: Revenue growth and margins;

Olavo ArthuzoIMF cuts Chile's growth estimate; Santander

Analyst

olavo.arthuzo@ubs.comColombia to join Bre-B; Yape and Felix

+55-11-2767 6306

Andrea Casaverde

Economist

Chart of the week: Revenue vs. margins – what is the outlook for each business? andrea.casaverde@ubs.com

To assess revenue growth potential and its conversion into margins, this week we +1-203-713-2515

plot a scatter chart across non-financial Andean companies, which shows a mixed Thiago Batista, CFA

landscape based on market consensus estimates. We note that the upper-right Analyst

quadrant, where revenue growth and margin expansion occur together, remains thiago.batista@ubs.com

sparsely represented. SQM is the sole and clearest example of this combination, +55-11-3513 6518

with a two-year revenue CAGR of 28% alongside ~100bps of margin expansion in Beatriz Shinye

2027, possibly reflecting both sustained commodity demand momentum and Associate Analyst

operational leverage. CMPC (4% CAGR, +89bps) presents a different but similarly beatriz.shinye@ubs.com

compelling case, with modest top-line growth coupled with meaningful margin +55-11-2767 6569

recovery, pointing to an operational efficiency story rather than one driven by

volumes. The Retail sector provides a modest but consistent positive surprise, with

Falabella (6%, +37bps) and Cencosud (4%, +41bps) each combining moderate

revenue growth with margin expansion. On the flip side, Southern Copper (9% CAGR,