2Q26 Earnings KPI Preview

Research evidence excerpt

2Q26 Earnings KPI Preview

IdeaAlphaSignalsMEarnings Preview

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Sendas Distribuidora S.A. ASAI3.SA

SSS Likely downside surprise Modest revision lower

• Despite accelerating food inflation intra-quarter, industry data shows Cash & Carry volumes remain pressured.

Azzas 2154 SA AZZA3.SA

EBITDA Likely downside surprise Modest revision lower

BBB Foods Inc TBBB.N

Sales Growth Likely upside surprise Modest revision higher

• Despite decelerating industry SSS, 3B benefits as consumers trade-down, pushing further hard discount

share.

C&A Modas S.A. CEAB3.SA

Apparel SSS In-line Largely unchanged

• Despite 2Q presenting the toughest comparison base for apparel in the year, industry data points to resilient

y/y performance.

Grupo Casas Bahia S.A. BHIA3.SA

EBITDA In-line Largely unchanged

Companhia Brasileira de Distribuicao PCAR3.SA

• Initial 2Q operating disruption (as the extrajudicial recovery plan progresses) impacts 2Q SSS.

Cencosud SA CENCOSUD.SN

Falabella S.A. FALABELLA.SN

El Puerto de Liverpool SAB de CV LIVEPOLC1.MX

• Industry data pointing to negative Department Store SSS in May & June, with decelerating intra-quarter

performance for clothing (more relevant for Suburbia).

Lojas Renner SA LREN3.SA

SSS In-line Largely unchanged

Magazine Luiza S.A. MGLU3.SA

• Amid soft online sales performance, we expect continued operating expenses de-leverage.

Meliuz S.A. CASH3.SA

• Operating momentum continues, with new revenue streams driving further operating expense dilution, but we

believe this is in the price.

Natura Cosmeticos SA NATU3.SA

Adj. EBITDA Likely downside surprise Modest revision lower

• Following pre-2Q operating release (revenue -9-10% y/y, EBITDA margin expanding q/q), we see margin

downside risks to 2Q and 2H26.