LATAM Corporates Daily: Your daily dose of all things LatAm

Research evidence excerpt

LATAM Corporates Daily: Your daily dose of all things LatAm

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

28 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Highlights Latin America Corporate Research

Natalia Corfield AC

• Natura: Outlook on BB ratings revised to negative by S&P (1-212) 834-9150

natalia.corfield@jpmorgan.com

• Banorte: Mixed quarter; Remain OW select AT1s on carry and contained J.P. Morgan Securities LLC

downside Alejandra Andrade

• Sigma Foods: Protein cost tailwinds support margins and FCF generation (1-212) 834-3220 alejandra.andrade@jpmorgan.com

• Vesta: Equity offering to fund growth as new starts gain momentum J.P. Morgan Securities LLC

• Earnings Calendar Ian B Snyder

(1-212) 834-3798

• Performance ian.b.snyder@jpmchase.com

J.P. Morgan Securities LLC

Prices in this note are as of July 27, 2026.

Florencia Palacios

(1-212) 622-1129

florencia.x.palacios@jpmorgan.com

Natura: Outlook on BB ratings revised to negative by S&P J.P. Morgan Securities LLC

S&P revised Natura’s outlook to negative from stable and affirmed its BB ratings, Bhavya Gupta

citing increasing challenges in improving EBITDA and cash generation amid weak (91-22) 6157-3132

bhavya.x.gupta@jpmchase.com

discretionary demand and ongoing operational disruptions. While the company J.P. Morgan India Private Limited

has simplified its portfolio and is taking steps to enhance consultant productivity

and efficiency, execution risk and competitive pressures remain elevated. As a

result, S&P now considers Natura’s business risk profile to be weak. The base case

assumes operating cash flow turns positive in 2026 (>R$820 million), capex

normalizes (~1.5% of net revenue), and FOCF after leases recovers to ~R$357