GEMS FIRST TO MARKET

Research evidence excerpt

GEMS FIRST TO MARKET

Global Equity Research AC Global Equity Research

15 July 2026 J P M O R G A N

gr_publications@jpmorgan.com

Coca-Cola system’s market share gains are sustained. In our view, the cleaner near-term setup at KOF has driven the stronger

relative performance vs AC month to date, leaving both names on broadly similar forward multiples. Accordingly, despite KOF’s

cleaner near-term momentum in 2Q, we maintain our relative preference for AC*: valuation is now at parity (both trading at 15x

fwdP/E ) vs a 7% historical premium for AC vs KOF, we see better risk/reward and forecast visibility in AC’s Mexico given a less

competitive environment, and—importantly—we see less downside risk vs consensus in AC*, supporting a more asymmetric

(upward-skewed) revisions profile. Our new Dec-27 price target for AC* is Ps270 (37% implied upside), while KOF’s is Ps225

(25% implied upside).

Tenaris SA (Arun Jayaram) (TS, OW, PT $64.00), Argentina

2Q26 Preview: Moving in a Positive Direction as Volumes and Pricing Inflect Higher in 2H26

JPM View: Following a positive update at our energy conference, we expect 2Q26 to track largely in line with prior

expectations, marking the trough quarter of the year, and setting up a sequential recovery in 2H26 on improving volumes and

pricing. We are modeling 2Q26 EBITDA of $640mm vs. prior JPMe/STe of $637mm/$639mm. On volumes, after an anticipated

2Q26 shipment level of 900-950kt that absorbed the full brunt of the Middle East disruptions and depressed cost absorption, we

expect a sequential rebound in shipments, with volumes climbing to 984kt in 3Q26 and 1,016kt in 4Q26 from 929kt in 2Q26 on

the back of rising activity in NAM and Argentina. U.S. pricing continues to improve m/m, as increased drilling activity coupled