2Q26 Earnings Preview: Latin America Equity Strategy | Latin America

Research evidence excerpt

2Q26 Earnings Preview: Latin America Equity Strategy | Latin America

Idea

July 20, 2026 09:02 PM GMT

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+MLatin America Equity Strategy | Latin America Nikolaj Lippmann

Equity Strategist

2Q26 Earnings Preview Nikolaj.Lippmann@morganstanley.comMorgan Stanley C.T.V.M. S.A.+ +1 212 761-2463

Julia M Leao Nogueira

We foresee a strong quarter for earnings in LatAm, especially EquityJulia.Nogueira@morganstanley.comStrategist +55 11 3048-6046

Commodities. Brazil should outperform Mexico in EBITDA

(+42% vs +26% YoY), with a clear driver for EPS from Oil & Gas Exhibit 1 : Latin America 2Q26 revenues,

in Brazil, and Mining in Mexico. EBITDA and EPS growth forecasts by country...

USD growth yoy by country Revenues EBITDA Earnings

120%

Key Takeaways 100%

80%

We look at analyst 2Q26 expectations for ~175 companies under coverage within 60%

LatAm 40%

20%

We forecast strong results for LatAm companies, with +22% USD yoy growth for 0%

-20%

revenues, +38% for EBITDA and +42% for EPS -40%

Colombia Peru Argentina Panama Brazil Mexico Chile At the country level, Colombia and Peru stand the strongest for EBITDA -60%

In Brazil, Commodities should outperform (Oil & Gas), while Domestics should Source: Morgan Stanley Research

lag, although remaining solid (Financials)

Exhibit 2 : ...broken-down in USD yoy and qoq

In Mexico, EPS is driven higher by Commodities (Mining)

comps

Growth YoY Growth QoQ

We expect a strong quarter in 2Q 2026 for LatAm. We expect Latin American Brazil 24%Rev EBITDA42% 41%NI 12%Rev EBITDA24% 16%NI

companies to post a +42% USD yoy earnings growth in 2Q26. In addition, we Chile 7% 2% 13% -2% -12% -20%

Colombia 36% 81% 41% 18% 32% 142%

forecast revenues and EBITDA in USD to vary by +22% and +38% yoy.