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    Bernardo Guttmann • XP Inc.

    Bernardo Guttmann's questions to Itau Unibanco Holding SA (ITUB) leadership

    Bernardo Guttmann's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2025

    Question

    Bernardo Guttmann from XP Inc. asked about the reversal in profitability where the retail segment's ROE surpassed the wholesale segment's, seeking to understand the key drivers such as spread, efficiency, or risk profile improvements.

    Answer

    President & CEO Milton Maluhy Filho explained that the retail ROE improvement was a result of a multi-faceted effort, not a 'silver bullet'. Key drivers included a derisking of the portfolio, expansion of net financial margin from products like financed credit cards, and a nominal drop in the cost of credit. He emphasized the sustainability of this new profitability level for retail while noting that wholesale continues to deliver solid results, showcasing the advantage of a diversified universal bank.

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    Bernardo Guttmann's questions to Itau Unibanco Holding SA (ITUB) leadership • Q4 2024

    Question

    Bernardo Guttmann from XP Inc. asked about the client NII growth guidance, seeking to understand which segments offer the best opportunities for spread expansion given the competitive market dynamics.

    Answer

    CEO Milton Maluhy Filho stated the bank is well-prepared for any scenario and highlighted that the average portfolio's growth boosts the margin more than the end-of-period figure suggests. He identified growth opportunities across all businesses, with a particular focus on the resilient mid-to-high income segments where the bank is gaining share, and noted the significant, unquantified potential from the 'One Itau' platform.

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    Bernardo Guttmann's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2024

    Question

    Bernardo Guttmann inquired about the bank's strategy for the payroll loan segment, its appetite for growth given the INSS interest rate cap, and its approach to competing with aggressive digital players.

    Answer

    CEO Milton Maluhy Filho explained that the INSS cap impacted the market, leading Itaú to shift production from external correspondents to more profitable internal channels. A key strategic priority is to enhance the digital channel offering for payroll loans, which is a focus of the bank's increased technology investments, to improve competitiveness and client experience.

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    Bernardo Guttmann's questions to Telefonica Brasil SA (VIV) leadership

    Bernardo Guttmann's questions to Telefonica Brasil SA (VIV) leadership • Q2 2025

    Question

    Bernardo Guttmann of XP Inc. inquired about the outlook for lease expenses and the potential synergies from the FiBrazil stake acquisition, as well as Vivo's broader M&A strategy.

    Answer

    CEO Christian Gebara explained that the FiBrazil acquisition, pending approval, will unlock synergies by integrating the network's operations, citing FiBrazil's BRL 282 million EBITDA in 2024 as a capture opportunity. He noted Vivo's M&A strategy focuses on non-overlapping fiber assets with similar technical standards. CFO David Melcon Sanchez-Friera added that while lease payments show volatility, the Q2 amount was the lowest in four quarters, reflecting successful renegotiations and efficiency initiatives that are expected to keep costs under control despite 5G expansion.

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    Bernardo Guttmann's questions to Telefonica Brasil SA (VIV) leadership • Q1 2025

    Question

    Bernardo Guttmann inquired about the sustainability of Vivo's margin expansion, asking about key efficiency levers, and sought clarity on the significant drop in prepaid revenue, questioning if it was due to migration or lower recharge volumes.

    Answer

    Executive Christian Gebara explained that the drop in prepaid revenue is primarily driven by the successful and aggressive migration of higher-value customers to hybrid plans. Regarding margins, he attributed the 8.1% EBITDA growth to strong revenue performance combined with cost reductions from digitalization, particularly through the increased use of the Vivo app for sales and customer care, and growth in lower-CapEx new businesses.

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    Bernardo Guttmann's questions to Telefonica Brasil SA (VIV) leadership • Q4 2024

    Question

    Bernardo Guttmann from XP Inc. asked about the margin outlook for the upcoming year, excluding one-offs, and the expected timeline for selling assets like copper and real estate following the concession regime change.

    Answer

    Executive Christian Gebara outlined a four-year plan for asset monetization, including migrating 1.2 million copper customers, selling 120,000 tons of copper cables, and freeing up about 50% of nearly 2,000 properties. Executive David Sanchez-Friera addressed margins, noting full-year EBITDA grew 9% with a margin above 40% (ex-one-offs). He expressed optimism for improving trends in EBITDA after leases and CapEx, stating recent costs were preparatory for concession benefits that will soon turn cash-flow positive.

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    Bernardo Guttmann's questions to Telefonica Brasil SA (VIV) leadership • Q2 2024

    Question

    Bernardo Guttmann asked about potential competitive threats from irrational offerings by regional mobile players and requested details on the expected economic benefits and timeline for the concession-to-authorization migration.

    Answer

    Executive Christian Gebara responded that while the mobile market is highly competitive, Vivo's strategy is centered on its unique national value proposition and bundled services, which drives strong results. Regarding the concession migration, he outlined the regulatory steps, suggesting a potential agreement by October. He noted that specific economic benefits related to OpEx, CapEx, and real estate would be detailed post-approval.

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    Bernardo Guttmann's questions to Banco Bradesco SA (BBD) leadership

    Bernardo Guttmann's questions to Banco Bradesco SA (BBD) leadership • Q1 2025

    Question

    Bernardo Guttmann inquired about the retail funding strategy, asking about the sustainability of recent cost improvements and how Bradesco is managing the competitive environment with more aggressive digital banks.

    Answer

    An executive explained that the lower cost of funding is sustainable and driven by two key levers: disciplined liquidity management, with a high LCR of 136%, and an increased 'principality' or depth of relationship with customers across all segments. This strategy, combined with improved cash management services for businesses, allows the bank to maintain an optimal funding cost, which they believe can be sustained through the year.

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    Bernardo Guttmann's questions to Banco Bradesco SA (BBD) leadership • Q2 2024

    Question

    Bernardo Guttmann of XP Inc. asked how Bradesco is strategically advancing into the more competitive high-income client segment following its de-risking efforts. He sought details on the initiatives, including digital platforms and financial advisory, being used to improve the client mix.

    Answer

    Executive Marcelo de Noronha confirmed a strategic focus on affluent clients, highlighting 12% year-over-year growth in the high-income portfolio. He contrasted this with a more conservative stance on low-income, non-account holder credit cards. Noronha noted growth across all audiences but with a clear emphasis on lower-risk products like payroll loans and a more careful approach to the mass market.

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    Bernardo Guttmann's questions to Tim SA (TIMB) leadership

    Bernardo Guttmann's questions to Tim SA (TIMB) leadership • Q1 2025

    Question

    Bernardo Guttmann asked about the contrasting performance between the resilient postpaid segment and the underperforming prepaid segment, seeking details on improvement levers. He also inquired about the primary efficiency strategies for margin improvement amid inflation.

    Answer

    CEO Alberto Griselli addressed the prepaid segment, outlining a three-part plan focusing on offers, communication, and channel tactics to improve loyalty and capture a larger share of market churn, while noting the overall market for recharges is shrinking. CFO Andrea Viegas stated that while their efficiency program includes AI and digitalization, the main cost pressure comes from inflation on leases, which they are actively mitigating through negotiations and other initiatives.

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    Bernardo Guttmann's questions to Tim SA (TIMB) leadership • Q4 2024

    Question

    Bernardo Guttmann from XP asked about the sustainability of the stable CapEx guidance, seeking details on efficiency levers and exposure to exchange rate fluctuations. He also questioned the company's appetite for its fiber operations, including the possibility of a sale.

    Answer

    CEO Alberto Griselli detailed that CapEx efficiency stems from competitive TCO negotiations with network providers and a targeted 'AAA approach' to capital allocation. CFO Andrea Viegas added that most contracts have an exchange rate band, minimizing FX exposure. On fiber, Griselli described the market as highly competitive and the business as dilutive to cash flow, confirming they are open to all options, from consolidation to a sale, pending the right opportunity.

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    Bernardo Guttmann's questions to Tim SA (TIMB) leadership • Q2 2024

    Question

    Bernardo Guttmann asked about the primary drivers of TIM's consistent margin expansion on the cost side and sought views on the potential competitive threat from new MVNO entrants like Nubank.

    Answer

    CEO Alberto Griselli stated that the competitive environment remains rational and focused on quality over price, and the impact of new MVNOs is yet to be determined as they have historically targeted niche segments. Both CEO Alberto Griselli and CFO Andrea Viegas attributed margin strength to ongoing productivity initiatives, digitalization, and a strategic review of their 'make versus buy' approach.

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    Bernardo Guttmann's questions to TIMS3 leadership

    Bernardo Guttmann's questions to TIMS3 leadership • Q4 2024

    Question

    Bernardo Guttmann from XP Inc. inquired about the sustainability of the stable CapEx guidance, asking for details on efficiency levers and the impact of exchange rates. He also questioned the company's appetite for its fiber operations, including the possibility of a sale.

    Answer

    CEO Alberto Griselli detailed several CapEx efficiency levers, including competitive tenders with network providers that lowered the total cost of ownership (TCO) and a data-driven approach to capital allocation. CFO Andrea Viegas added that most contracts have an exchange rate band, minimizing FX exposure. On fiber, Griselli described the market as highly competitive and the business as dilutive to free cash flow, confirming they are open to all options, from consolidation to a sale.

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    Bernardo Guttmann's questions to TIMS3.SA leadership

    Bernardo Guttmann's questions to TIMS3.SA leadership • Q2 2024

    Question

    Bernardo Guttmann of Xavier Research inquired about the primary drivers of TIM's consistent margin expansion on the cost side and sought views on the competitive landscape, particularly concerning the potential entry of Nubank as an MVNO.

    Answer

    CEO Alberto Griselli addressed competition, stating the market remains rational and focused on quality over price, and that the impact of a new MVNO remains to be seen. CFO Andrea Viegas and CEO Alberto Griselli explained that margin expansion is driven by productivity, digitalization, an accretive more-for-more revenue strategy, and a re-evaluation of their 'make versus buy' approach for certain activities.

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