Diario | Latin America

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Diario | Latin America

Latin America | Diario EquityMayResearch14, 2026

Exhibit 1 - GAPB - 1Q26 EBITDA split by assetDiario | Latin America

Non Airports

EBITDA

GuadalajaraBanco do Brasil, Brazil food retail, Brazil retail, CAAP, GAP, Grupo Exito, Mexico Montego Bay15% 27%

USMCA 7%

Other Mex

airports

10% Tijuana

GAPB (Hold) | CMD Takeaways. GAPB’s investor day outlined a clear strategic direction but was Vallarta 10%

scant on detail on its new Fibra GAP. GAPB is evolving from traditional airport operator into a 14% Los17%Cabos

.

broader mobility & infrastructure platform with 1) its Mexican airports segment transitioning into Source: Company data; Jefferies

a maturity phase featuring moderating growth and high FCF post 2029, and 2) focus on growing

Exhibit 2 - CAAP - Consolidated EBITDA (exthe high margin Cargo segment. On Fibra GAP, mgmt expect to initially sell a 4-10% stake with IAS29) in US$m

an offering size of up to MXN10.2bn (US$0.6bn), implying an expected value of Fibra GAP of

MXN236bn (c80% of GAPB's current market cap). 200180

Banco do Brasil (Buy) | Q1 26 key takes; FY guidance revised down. Net in line with BBG consensus 120100

(BRL3.4bn) but a BRL0.6bn miss at pre-tax level. Management changed two lines in the FY guidance; 8060

NII up from 6% to 8% y/y at mid-point and LLC up BR12bn to BRL67.5bn at mid-point, leaving mid- 4020

point of net income guidance at BRL20bn vs. BRL24bn before. NPL formation was sequentially - 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25

better mainly helped by corporates and agri. The most intriguing part in the reported numbers is . Argentina Italy Armenia Other

Source: Company data; Jefferies

the apparent over provisioning in individuals this quarter. CET1 still at decent levels (11.59%).