LATAM FIRST TO MARKET

Research evidence excerpt

LATAM FIRST TO MARKET

Latin America Equity Research

LatAm First to Market 03 August 2026

Top Stories

Brazil Healthcare (Joseph Giordano)

2Q26E Preview — Selective Into Prints, Prefer Bradsaúde and Hypera

We see a selective and catalyst driven 2Q26E setup for Brazil Healthcare, with Bradsaúde and Hypera as our preferred

trades into prints, while we avoid Rede D’Or and Blau . The quarter should be somewhat noisy, as the World Cup and

calendar effects likely pressured occupancy, which is negative for hospital operators but should help insurers through better

MLR. Still, thinking longer-term, the broader industry backdrop remains supportive for scaled platforms, with headline industry

ROE near historical highs and no clear evidence of broad-based over-earning given profit concentration among larger

operators and a much lower median ROE. With that, Bradsaúde offers the cleanest positive skew, with earnings close to R$1bn

likely to be well received despite high consensus dispersion. Besides, Hypera should continue to benefit from channel

optimization and healthier sell-out. On the other side, Rede D’Or looks exposed to a softer hospital print, even if part of the bad

news may already be priced in after its 5% underperformance versus Ibov over the past 3m, while Blau faces top line pressure

and estimate cuts. In this note, we are fine-tuning our models ahead of the earnings season. Please find detailed 2Q26

previews inside the note.

Thematic Research: Brazil Gaming (Estelle Weingrod/Karan Puri/Emy Shayo Cherman)

Brazil election nears; Betting rules likely tightening

Brazil’s online betting market is growing fast and becoming a key political topic, amplified by heightened visibility since the

World Cup.