LATAM FIRST TO MARKET

Research evidence excerpt

LATAM FIRST TO MARKET

Latam Equity Research AC Latin America Equity Research

(1-212) 270-6000 28 July 2026 J P M O R G A N

morganwise@jpmorgan.com

primary drivers of earnings outperformance across sectors.

JSL (Guilherme Mendes) (JSLG3 BZ, OW)

2Q26 Preliminary Results

JSL (OW) published its 2Q26 results preview this morning, reporting gross revenues of R$2,943 million (+5.5% y/y), 1% above

JPMe. The single-digit beat was driven by slightly better-than-expected Dedicated Services revenues and an upside in JSL

Digital. Notably, Dedicated Services revenues increased 4% y/y excluding the grains operations (vs. the reported +2% y/y).

EBITDA figures were not disclosed for the quarter, but management indicated the EBITDA margin was in line with 1Q26 results

(19.6% last quarter vs. JPMe at 20.5% in 2Q26). Leverage ended the quarter at 2.7x net debt/EBITDA, down from 2.8x last

quarter. Overall, we view the preliminary figures positively, as they suggest the company is resuming its growth strategy while

maintaining a focus on profitability and disciplined capital allocation, consistent with the messaging from its Intralog Investor

Day. JSL is trading at 3.7x EV/EBITDA 12M Fwd.

Liverpool (Joseph Giordano) (LIVEPOLC MM, N)

2Q26 - Operational Miss, but EPS Beat on Nordstrom

Liverpool 2Q26 posted a low-quality EPS beat. Adj. EPS was up 24% y/y to Ps3.96 - beating JPMe by 11% and consensus by

13%. The beat was driven largely by higher income from associates (mainly Nordstrom) and lower-than-expected financial

expenses and taxes. Meanwhile, it missed from an operating standpoint. Top-line of Ps57bn, was up timid 2% y/y (-6% vs

JPMe and -2% vs consensus) on declining trends at Suburbia with SSS of -6.4% while Liverpool SSS only recovered modestly

to +1.7%.vs -2.5% in 1Q26. Adj.