Latin America Equity Research

Research evidence excerpt

Latin America Equity Research

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

31 July 2026

Brazil Healthcare

2Q26E Preview — Selective Into Prints, Prefer

Bradsaúde and Hypera

We see a selective and catalyst driven 2Q26E setup for Brazil Healthcare, with LatAm Retail & Healthcare

ACBradsaúde and Hypera as our preferred trades into prints, while we avoid Joseph Giordano

Rede D’Or and Blau. The quarter should be somewhat noisy, as the World Cup (55-11) 4950-3020

and calendar effects likely pressured occupancy, which is negative for hospital joseph.giordano@jpmorgan.com

operators but should help insurers through better MLR. Still, thinking longer-term, Banco J.P. Morgan S.A.

the broader industry backdrop remains supportive for scaled platforms, with Guilherme A. Vilela, CFA

headline industry ROE near historical highs and no clear evidence of broad-based (55-11) 4950-3059

guilherme.a.vilela@jpmorgan.com

over-earning given profit concentration among larger operators and a much lower Banco J.P. Morgan S.A.

median ROE. With that, Bradsaúde offers the cleanest positive skew, with earnings

Giovanni Vescovi

close to R$1bn likely to be well received despite high consensus dispersion. (55-11) 4950-2901

Besides, Hypera should continue to benefit from channel optimization and giovanni.vescovi@jpmchase.com

healthier sell-out. On the other side, Rede D’Or looks exposed to a softer hospital Banco J.P. Morgan S.A.

print, even if part of the bad news may already be priced in after its 5% Nicolas Larrain

underperformance versus Ibov over the past 3m, while Blau faces top line pressure (55-11) 4950-3472

and estimate cuts. In this note, we are fine-tuning our models ahead of the earnings nicolas.larrain@jpmorgan.com

season. Please find detailed 2Q26 previews inside the note. Banco J.P.