Neutral Liverpool J P M O R G A N Latin America Equity Research 27 July 2026 2Q26 - Operational Miss, but EPS Beat on Nordstrom Liverpool 2Q26 posted a low-quality EPS beat. Adj. EPS was up 24% y/y to Ps3.96 - beating JPMe by 11% and consensus by 13%. The beat was driven largely by higher income from associates (mainly Nordstrom) and lower-than-expected financial expenses and taxes. Meanwhile, it missed from an operating standpoint. Top-line of Ps57bn, was up timid 2% y/y (-6% vs JPMe and -2% vs consensus) ...