NEMAK 2Q26 Conference Call Highlights

研报英文原文证据摘录

NEMAK 2Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

22 July 2026

NEMAK Neutral

NEMAKA.MX, NEMAKA MM

2Q26 Conference Call Highlights Price (21 Jul 26):Ps2.95

Latin American Capital Goods

Nemak hosted its 2Q26 conference call today with CEO Herve Boyer and CFO Jonathan S. Koutras AC

Alberto Sada. Please refer to our notes below. NEMAKA is trading at 3.1x EV/ (55-11) 4950-3549

EBITDA 2027e vs. BZ peers at 4.5x. jonathan.s.koutras@jpmchase.com

Marcelo Motta

• USMCA. Annual review process does not affect the current agreement, with (55-11) 4950-6712

Nemak's products remaining exempt. While there are ongoing discussions marcelo.g.motta@jpmorgan.com

about continued tariffs on steel and aluminum, Nemak's client agreements Banco J.P. Morgan S.A.

stipulate that customers are responsible for all logistics as well as any potential

duties on imports. Content-of-origin requirements are also under

consideration; North American regional content has already risen to 75% from

62.5% in recent years – a positive development for the industry as a whole. A

potential solution to boost US content would be to increase vehicle assembly

within the country.

• EBITDA headwinds. Impacted by high comps (1H25 had commercial

negotiations tailwind), extraordinary expenses at certain NA facilities related

to higher volumes, and the Mexican peso appreciation against the US dollar.

Overall, Nemak had ~US$15mn in extraordinary expenses in the quarter, with

around half from COGS reclassification and half from the extraordinary

expenses.

• SG&A. SG&A was impacted by ~US$15mn, including US$7-10mn from

extraordinary expenses (detailed below) and the remainder from a

reclassification of accounts previously on COGS that starting 2Q will be on

SG&A.