Parque Arauco 2Q26 Conference Call Highlights

研报英文原文证据摘录

Parque Arauco 2Q26 Conference Call Highlights

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

31 July 2026

Parque Arauco Neutral

PARAUCO.SN, PARAUCO CI

2Q26 Conference Call Highlights Price (30 Jul 26):Ch$3,997.90

Latin American Cement &

Parque Arauco hosted its 2Q26 conference call today with its top management Construction / Real Estate

team. Please refer below to our notes. PARAUCO is currently trading at 19.4x P/ Marcelo Motta AC

FFO 2027e vs CENCOMAL at 12.9x and MALLPLAZ at 16.3x. (55-11) 4950-6712

marcelo.g.motta@jpmorgan.com

• 2H26 outlook. The tough comps from Argentina ease in 2H26 (2H25 already Banco J.P. Morgan S.A.

had weaker Argentina visits) so Same Area Sales should be flat to slightly Jonathan S. Koutras

positive. (55-11) 4950-3549

jonathan.s.koutras@jpmchase.com

• Non-rental revenues. Parking is now ~6% of revenue, up from 5% last year. Banco J.P. Morgan S.A.

Non-rental revenue (including parking) was highlighted as a contributor to Adrian E Huerta

organic revenue growth, particularly in Chile (alongside the west building (52-81) 8152-8720

expansion) and as part of the non-rental revenue tailwinds referenced in adrian.huerta@jpmorgan.com

Colombia. J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

• Argentina tourism down. Positive sales effect from Argentine visitors is Felipe Barragan Sanchez

fading vs 2025 – expectation is to keep decreasing, potentially offset by (52-55) 5283-1666

Brazilian tourism this winter. felipe.barragan@jpmorgan.com

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

• Capital increase completed. Follow-on fully placed (75.8mn shares, US Morgan Grupo Financiero

$300mn raised), cutting net debt/EBITDA to ~4.5x, below the 5.0-6.0x target

range.

• Capex deployment. Follow-on proceeds lift capacity from ~US$200mn to US