2025年第一二季度拉丁美洲行业倍数第十版

IndustryMultiples Latin America Tenth EditionQ1 and Q2 2025 Learn more Foreword We are pleased to launch the tenth edition of our Industry Multiples in Latin America (LATAM) quarterly report. This report provides valuable insights into trading multiplesfor various key industries in LATAM as of March 31, 2025 and June 30, 2025. Our analysis uses publicly traded companies in Latin America, distributed among severaldifferent industries and sectors, following the definitions by the Global Industry Classification Standard. According to the IMF’s World Economic Outlook Update (July 2025), GDP growth in Latin America and the Caribbean is projected to slow to 2.2% in 2025, down from2.4% in 2024, as the region continues to grapple with subdued investment and external headwinds.1 Argentina is a bright spot and expected to experience a significant rebound from two years of recession, supported by a removal of currency and capital controls, ongoingmacroeconomic reforms, business friendly measures and easing inflation. In contrast, Brazil and Mexico face mounting challenges. Brazil, in particular, is now contendingwith a major external shock following President Trump’s late-July announcement of 50% tariffs on a range of Brazilian exports. Although some key exports such as orangejuice and aircraft parts were exempted, the tariffs are expected to impact certain pockets of Brazil’s manufacturing and agricultural sectors, weighing on the growthoutlook.2 Mexico, while granted a 90-day reprieve from higher U.S. tariffs in late July, remains exposed to ongoing trade policy uncertainty due to its significant reliance on U.S. boundexports. The threat of future tariff escalation continues to weigh on investor sentiment in the region, with growth expectations for Mexico being the most negativelyimpacted by the tariffs. Inflation across the region has generally moderated, though convergence to central bank targets has slowed. The IMF notes that while global inflation is easing, U.S.inflation remains above target, contributing to tighter global financial conditions. In Latin America, inflation expectations are expected to remain close to the upper limit ofmost central banks’ target ranges, but structural challenges continue to exert pressure, particularly in Brazil.4 In the first semester of 2025, the S&P 500 index increased by approximately 5%, while the STOXX® Europe 600 (“STOXX Europe 600”) and the STOXX® Latin AmericaTotal Market Index (“STOXX LATAM TMI”) indices increased both by approximately 7%. In terms of EV/EBITDA, in the first semester of 2025, multiples have generally remained stable. Some notable changes were observed. For example, for consumerdiscretionary distribution and retail companies, the median multiple increased in the first semester of 2025 to 9.3x from 6.3x at the end of 2024. For commercial andprofessional services companies, the median multiple decreased in the first semester of 2025 to 6.7x from 8.5x at the end of 2024. Our report provides a detailed overview of the EV/revenues, EV/EBITDA, P/E and P/B multiples of publicly traded companies in LATAM covering nonfinancial industries andmarket capitalization/revenues, P/TBV, and P/E and P/B multiples covering financial industries for which such data is available. We also provide an eight-quarter lookback atthe trends of these multiples for the industries covered. We hope this report helps clarify trading multiples across key LATAM industries. For more details or to discuss the findings, feel free to contact us. 1IMF—World Economic Outlook Update: “Global Economy: Tenuous Resilience amid Persistent Uncertainty” (July 2025). The IMF report provides aggregated forecasts for LATAM and the Caribbean.2New York Times—”Here is What to Know About Trump’s 50%Tariffs on Brazil” (July 31, 2025).3The Associated Press (AP) —“Crucial exemption allows majority of Canadian and Mexican goods to be shipped to US without tariffs” (August 5, 2025).4World Bank—Global Economic Prospects (June 2025).5The STOXX LATAMTMI covers approximately 95% of the free-float market capitalization of LATAM companies Country Snapshot: Argentina In the first semester of 2025, MERVAL decreased by 32% (in price terms, converted to USD),1compared to a 5% increase in the S&P 500, and a 7% increase in the STOXX LATAM TMIand the STOXX Europe 600. Argentinean real GDP is expected to grow 5.5% in 2024 and 4.5% in 2026, according to the IMF’s World Economic Outlook Update report (July 2025). TheArgentinean peso has depreciated by 13% in the first semester of 2025. MERVAL Spotlight Country Snapshot: Brazil In the first semester of 2025, the IBOVESPA increased by 31% (in price terms, converted to USD).1Brazilian real GDP is expected to grow 2.3% in 2025 and 2.1% 2026, according to theIMF’s World Economic Outlook Update report (July 2025). The Brazilian real has appreciated against the U.S. dollar by 14% in the first semester of 2025. IBOVESPA Spotlight 5Y Evolution: IBOVESPA, S&P 500, STOX