Alpargatas: 2Q26 – Conference Call Highlights

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

07 August 2026

Alpargatas

2Q26 – Conference Call Highlights

Neutral

ALPA4.SA, ALPA4 BZ

Price (06 Aug 26):R$12.26

LatAm Retail & Healthcare

Alpargatas just hosted its 2Q26 conference call with top management and the IR

team. See the main highlights below.

Cost Discipline. Marketing spend normalized to ~14% of sales (reflecting

a more diversified regional expansion mix) and overall expenses fell q/q.

Brazil Sell-Out Drivers. The ~13% sell-out uplift was framed as partly

event-related (World Cup) but also driven by better channel execution and

a stronger contribution from supermarkets/wholesalers, including higher

ALPA participation.

Pricing & Demand Resilience. Pricing actions are described as a small

uptick and already absorbed; management sees no need for major price

moves, focusing instead on portfolio/channel mix to naturally support

higher average prices as sell-out grew ~13%.

Europe Momentum & Customer Orders. After volume softness in

2023–2024 tied to customer ordering behavior, a strong 2025 performance

led to more meaningful 2026 orders, with management suggesting this

dynamic could repeat into 2027.

US Model Change (Economics). The shift from a direct US operation to

a distributor model (Eastman) reduced the cost base materially, which

could improve EBITDA even if gross margin is structurally lower under the

new setup.

Input Costs & FX Buffering. Management said raw materials (including

oil-linked) are only part of COGS, with inventory/fixed-cost components

helping mitigate volatility, while FX has provided an offset—supporting

continued gross margin expansion.

Geography/Channel Mix on Margins. Europe’s growth supports higher

average gross margin (pricing/positioning), while Middle East/Africa

weakness is a drag given the lower-margin profile. In Brazil, specialized

channels have better margins, but this quarter traditional improved more,

and EBITDA per pair gains were attributed more to product mix than

channel mix.

Joseph Giordano AC

(55-11) 4950-3020

Banco J.P. Morgan S.A.

Nicolas Larrain

(55-11) 4950-3472

Banco J.P. Morgan S.A.

Guilherme A. Vilela, CFA

(55-11) 4950-3059

Banco J.P. Morgan S.A.

…