LatAm Equity Strategy: 2Q26 Earnings Season Preview: Neutral Setup, High Dispersion

研报英文原文证据摘录

LatAm Equity Strategy: 2Q26 Earnings Season Preview: Neutral Setup, High Dispersion

J P M O R G A N Global Markets Strategy

08 July 2026

LatAm Equity Strategy

2Q26 Earnings Season Preview: Neutral Setup, High

Dispersion

LatAm net income is expected to grow ~35%, with sales +18% and EBITDA Latin America and Brazil Equity

+23% also rising at a double‑digit pace, but with meaningful dispersion across Strategy

countries—Colombia is the clear growth outlier, Brazil and Mexico look solid but Cinthya M Mizuguchi AC

less extreme, while Chile stands out as the softer spot on the operating line (55-11) 4950-6560

(EBITDA down YoY) and Peru looks more mixed. Macro adds another layer of cinthya.mizuguchi@jpmorgan.com

dispersion: FX depreciation vs USD should generally favor exporters and Banco J.P. Morgan S.A.

USD‑linked revenue streams but pressure import‑heavy and Emy Shayo Cherman

consumption‑sensitive segments; and the commodity tape is mixed with oil (55-11) 4950-6684

emy.shayo@jpmorgan.com

sharply lower quarter-on-quarter, copper higher, iron ore and pulp lower, and steel Banco J.P. Morgan S.A.

roughly flat, creating cross-currents within Energy and Materials exposures. Diego Celedon

(56-22) 425-5245

Sector overview: The aggregate numbers look positive but qualitative feedback diego.celedon@jpmorgan.com

led us to believe that this should be a neutral earnings season. Rate-sensitive, Inversiones J.P. Morgan Limitada

discretionary areas should continue to feel the squeeze—consumer-facing Adrian E Huerta

segments and parts of financial services tied to activity/volumes may show slower (52-81) 8152-8720

top-line momentum, while the credit debate stays elevated even if delinquency adrian.huerta@jpmorgan.com

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.