Mexico Equity Strategy: 2Q26: Better Than Expected So Far, Led Again by Materials

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Mexico Equity Strategy: 2Q26: Better Than Expected So Far, Led Again by Materials

e ExpectedStreet y/y GrowthJPM

Execution. The materials sector has delivered a strong quarter, with results Revenue 2.2p.p. 7% 1%

generally exceeding expectations across mining, cement, and 2Q26e EBITDA 2.1p.p. 13% 8%

petrochemicals. Grupo Mexico benefited from lower costs and stronger Controlling Income 2.1p.p. 14% 8%

Revenue 0.3p.p. 5% 1%

by-product credits, while Cemex posted another quarter of margin 2026e EBITDA 0.7p.p. 10% 5%

expansion driven by pricing, efficiency gains, and resilient demand in Controlling Income 0.8p.p. 16% 10%

Revenue 0.0p.p. 5% -1%

Mexico, leading to higher full-year guidance. Petrochemicals also 2027e EBITDA 0.5p.p. 3% -3%

improved meaningfully, as Alpek benefited from stronger PET margins Controlling Income -0.1p.p. 6% -6%

and raised its outlook, while Orbia delivered broad-based upside across all Source: Company reports, J.P. Morgan estimates, and

business segments on better pricing, mix, and commercial execution. BloombergNotes: EstimatesFinanceas L.P.of July 24, 2026

Overall, the quarter has been characterized by solid operational

performance and improving profitability across the sector.

• Communication Services: Solid Margins Offset Mixed Subscriber

Trends.America Movil posted a solid quarter with accelerating service

revenue growth and resilient performance in Mexico, while Brazil

remained softer. Televisa delivered stronger-than-expected EBITDA on

margin expansion and cost discipline, though broadband adds softened and

Sky continued to decline. Opsimex reported largely in-line financial and

operational results, with stable tower growth and improved tenant

additions. Overall, the sector has delivered a constructive quarter,