Latam Real Estate - Today's News IGTI Small Buyback Program, Housing Insurance R$31bn Dispute, MCMV MP Extended

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Latam Real Estate - Today's News IGTI Small Buyback Program, Housing Insurance R$31bn Dispute, MCMV MP Extended

nts in case of default) may reduce banks’ risk and support credit (1-212) 622-0424

garrett.greenblatt@jpmorgan.com

supply, while access is not automatic and depends on lender/contract rules. J.P. Morgan Securities LLC

• Lula asks for changes to Reforma Casa Brasil amid low uptake – CNN

Brasil.President Luiz Inácio Lula da Silva asked his government team and

CEF to change the Reforma Casa Brasil program, which offers cheaper credit Brazilian HBs Coverage Summary

for low-income households to renovate their homes, after concluding results Rating PT Dec-26 P/BV

are below CEF’s lending capacity and below population needs. The Planalto CYRE N R$ 29.50 0.88x

EZTC N R$ 17.00 0.67x has identified bureaucratic bottlenecks that are slowing credit approvals, with TEND OW R$ 48.50 2.86x

many applications reportedly denied due to missing documentation. MRVE N R$ 19.00 3.14x

CURY OW R$ 43.50 6.02x

• Sale of CSN Cimentos seen above R$12bn as bidders turn more aggressive DIRR OW R$ 7.00 0.58x

- Estadão. CSN Cimentos’ sale process moved to a 2nd phase with 4 bidders Source: J.P. Morgan estimates. Priced as of last trading day

with binding offers due on Aug 7th, and sources saying the foreigners are for all stocks.

coming in more aggressively. First-round non-binding bids were reportedly Latam Properties Coverage Summary

around R$12–13bn, above the ~R$10bn level previously discussed. CSN Rating PT Dec-26 P/FFO 27e

management has indicated the second phase should take 2–3 months, MULT OW R$ 38.00 9.2x

potentially closing in 3Q26, and said bidders are strategic players rather than IGTI OW R$ 32.00 7.9x

ALOS OW R$ 35.00 8.0x

financial buyers. LOGG OW R$ 34.00 19.5x