Sonda Highlights from the 2Q26 Conference Call

Research evidence excerpt

Sonda Highlights from the 2Q26 Conference Call

J P M O R G A N Latin America Equity Research

24 July 2026

Sonda Underweight

SONDA.SN, SONDA CI

Highlights from the 2Q26 Conference Call Price (23 Jul 26):Ch$308.00

LatAm Technology & Telecom /

Sonda just concluded its conference call to discuss 2Q26 results. Key highlights Education

were: Marcelo Santos, CFA AC

(55-11) 4950-3708

• Sonda is increasing the number of projects for 2026 and the pipeline looks marcelo.p.santos@jpmorgan.com

ideal. Consolidated business closures in the 1H26 grew 47% y/y on a Livea Mizobata

consolidated basis and 60% y/y in the B2B business alone, while the pipeline (55-11) 4950-3604

remained robust. The pipeline is composed of 33% Brazil, 26% Chile, and over livea.mizobata@jpmorgan.com

40% from all other countries in the region, and projects over 25 million dollars Banco J.P. Morgan S.A.

grew by 40%, which is critical for leveraging economies of scale and

integration power. The company has managed to generate corresponding

demand and prospect opportunities in all growing markets, maintaining the

pipeline at around US$7bn, which leaves very good prospects for continued

growth in business closures and supports long-term stability and recurrence of

revenues.

• Brazil margin weakness in 2Q26 is due to the non-transactional nature of

the business. The business is not transactional, so each particular quarter does

not reflect the medium and long-term margin; margins are formed as projects

develop, with capex invested first and then opex recovered through revenues

over time. Management reinforced that last year the company had to stabilize

a series of projects with low margins in Brazil, which was achieved during the

year at different stages, and this year all those projects are regularized.