Diario | Latin America

Research evidence excerpt

Diario | Latin America

s production bridge

to 2030 (kboe/d)

LatAm Banks | Brazil | The Unconventional Policy Agenda Keeps Expanding. This week's 250

news flow reinforced that view. The government announced a package to refinance BRL100bn 200

of agricultural loans at an estimated fiscal cost of c.BRL3.6bn, while also considering an 150

expansion of Bracket 4 within the FGTS-funded MCMV program to broaden eligibility for 100

subsidized mortgage financing. While neither measure is inherently credit-negative for banks, 50

investors are likely to question not only the sustainability of these support mechanisms, 0

but also whether they could improve the prospects of the market's apparent least-preferred 1H26 base RdAgrowthoil LNG exports Urea plant Extraexportspiped 2030E prod

.

electoral scenario. Source: Jefferies ests

Pampa (Buy) | From Molecules To Market. Pampa’s new US$2.7bn urea project is key to Exhibit 4 - Latam- Fintechs CC penetration in

Selected markets

unlocking value from its Vaca Muerta shale gas resources. To us, the market is overly focused 30.0%

on headline capex & leverage, while underestimating the benefits to project economics that US$142bn US$49bn 20.0% US$14bn

Pampa’s vertical integration across gas, power & pipelines brings. With Pampa having lagged 25.0% 15.0%

peers YTD, we see scope for the gap to narrow as execution progresses and confidence in the 20.0% 10.0%

investment case builds. BUY; US$118 PT (unch'ed). 15.0% 5.0%

AMX (Buy) | 2Q26 earnings preview. AMX is scheduled to report 2Q26 results on Tuesday, July 10.0% 0.0%

21 after market. VA cons as follows: total revenue P$241.9bn (+3.5% y/y), EBITDA P$96.3bn 5.0%

(+4.2% y/y, 39.8% margin), and net income P$26.8bn (+20.4% y/y). The investor day held in May