Latin America | Diario

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Latin America | Diario

Latin America | Diario EquityJulyResearch22, 2026

Exhibit 1 - Brazil - quarterly oil production (kb/Diario | Latin America

d)

4,500 1Q26 total oil prod +18% YoYAlsea, AMX, Charting LatAm, GeoPark, Grupo Mexico, Petrobras, Pulp Outlook, 4,000

Sigma Foods, Southern Copper, Tenaris, Vale, Vista Energy, Volaris 3,5003,000 2Q26 pre-salt oil prod +23% YoY

2,500

2,000

SCCO (Buy) | GMex (Hold): 2Q26 Results Broadly In-Line: SCCO reported in-line 2Q26 EBITDA 1,0001,500

of US$2.86bn (+5% QoQ), and drove parent GMex's EBITDA aUS$3.5bn, +7% QoQ and 2% above 500-

FactSet cons. SCCO's industry-leading net cash costs of just US$0.05/lb offset softer grades Tupi1Q24 2Q24Buzios3Q24Iara4Q24 Mero1Q25 2Q25Other3Q25pre-salt4Q25 Post1Q26salt2Q26

and lifted FCF. Mgmt reaffirmed the start-up of the Tia Maria project for 2H27 and pointed to .Source: ANP; Jefferies

encouragement from a friendlier political backdrop in Peru.

Exhibit 2 - SCCO - Production vs Cash Costs

Petrobras (Hold) | PBR into 2Q26: Strong Engines; Slower Cash? Operationally, 2Q26 should rank (US$/lb)

among PBR’s strongest quarters on record, driven by solid production growth and record refining 2.62.2 280260

margins. Yet, we believe it may fall short of CF and dividend expectations. Indeed, we forecast 2Q 1.8 240

220divs of US$2.4bn vs FactSet/BBG cons of US$3.4-3.5bn. While some CF conversion issues look 1.41.0

temporary (eg, subsidy payment timing), Brazil’s oil export tax extension continues to cap PBR’s 0.6

180 0.2

oil price leverage. -0.2 160

1Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26

Banorte (Hold) | In-line quarter; change in CFO. Q2 26 earnings at MXN15.55bn- in-line with Net cash cost (US$/lb) By-prods revs (US$/lb)