LatAm TMT Q2 Lease Tracker: Lease Pressure Eases, but Operating Leverage Is Uneven

研报英文原文证据摘录

LatAm TMT Q2 Lease Tracker: Lease Pressure Eases, but Operating Leverage Is Uneven

Global Research

28 July 2026ab

LatAm TMT Equities

Latin AmericaQ2 Lease Tracker: Lease Pressure Eases, but

Leonardo Olmos, CFAOperating Leverage Is Uneven

Analyst

leonardo.olmos@ubs.com

+55-11-9658 7533

Lease growth falls below MSR at Vivo and TIM; Claro still lacks operating leverage Gustavo Farias

Lease pressure eased further in 2Q26, with LTM cash lease outflow growth slowing Associate Analyst

to 1.8% at TEF-BZ and 0.0% at TIM, both below inflation and Mobile Service gustavo.farias@ubs.com

+55-11-2767 6154

Revenue (MSR) growth. Claro BZ remains the outlier, with lease outflows

increasing 6.3% LTM, broadly in line with its 6.1% MSR growth. We see the sector Batya Levi

trend as encouraging: lease inflation is no longer broadly diluting revenue growth, Analyst

and management initiatives—including tower-contract renegotiations and network batya.levi@ubs.com

+1-212-713 8824

sharing—appear to be gaining traction. However, the benefits remain uneven. TEF-

BZ shows the clearest improvement, TIM retains strong aggregate lease discipline Ondrej Cabejsek

but continues to face deteriorating unit economics, while Claro has yet to generate Analyst

meaningful lease-related operating leverage. ondrej.cabejsek@ubs.com

+44-20-7568 6332

TEF-BZ: strongest improvement, restoring positive operating leverage Oba Agboola

Associate Analyst

TEF-BZ delivered the clearest improvement in the quarter. LTM lease outflows

obaloluwa.agboola@ubs.com

increased only 1.8% YoY, versus 6.6% MSR growth, creating a favorable spread of +44-20-7568 3969

4.8ppt—the widest among the three operators. This marks a meaningful reversal

from 2025, when lease growth temporarily exceeded MSR and raised concerns that