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    Bruno Amorim • The Goldman Sachs Group, Inc.

    Bruno Amorim's questions to Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) leadership

    Bruno Amorim's questions to Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) leadership • Q2 2025

    Question

    Bruno Amorim from Goldman Sachs asked CEO Carlos Piani for his assessment of SABESP one year after privatization, inquiring about where value creation opportunities have exceeded expectations and where challenges have been greater than anticipated.

    Answer

    CEO Carlos Augusto Leone Piani stated that the opportunity at SABESP is immense and that the transformation is progressing well. He noted that the biggest unexpected challenge has been the 'heated' São Paulo economy, which has created intense demand for labor and services. He described the primary management challenge as balancing the market's demand for efficiency commitments with the need to meet concrete annual universalization targets, a balance he believes the company has managed well so far.

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    Bruno Amorim's questions to Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) leadership • Q1 2025

    Question

    Bruno Amorim requested more details on SABESP's strategy to reduce personnel costs and questioned if these reductions would lead to an increase in other costs, such as third-party services.

    Answer

    Executive Daniel Szlak outlined the 'Sabesp Gente' program, focusing on internal mobility, external hiring at lower average costs, and replacing critical roles. He suggested that third-party service costs might actually decrease, as the company can now hire directly for roles that were previously outsourced.

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    Bruno Amorim's questions to Vista Energy SAB de CV (VIST) leadership

    Bruno Amorim's questions to Vista Energy SAB de CV (VIST) leadership • Q2 2025

    Question

    Bruno Amorim of Goldman Sachs asked about the maximum production level Vista could achieve by the end of the following year, considering its pipeline system capacity.

    Answer

    CEO Miguel Galuccio stated that while 2026 guidance is not yet public, Vista's current transportation capacity allows for production up to 144,000 barrels per day. He added that with the completion of the Vaca Muerta Sur pipeline, expected in mid-2027, total capacity will increase to 200,000 barrels per day. Galuccio also announced an Investor Day in Q4 2025 to provide long-term guidance.

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    Bruno Amorim's questions to Vista Energy SAB de CV (VIST) leadership • Q1 2025

    Question

    Bruno Amorim asked if the Petronas acquisition would alter plans for Vista's existing assets or if the new and old operations should be viewed as independent.

    Answer

    Miguel Galuccio, Chairman and CEO, clarified that Vista is developing a single, revised plan that integrates the new asset with existing operations. He emphasized that the new plan will be more robust, with a focus on protecting the balance sheet, maintaining healthy leverage, and benefiting from a stronger free cash flow profile. A comprehensive new guidance will be issued in Q2.

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    Bruno Amorim's questions to Vista Energy SAB de CV (VIST) leadership • Q4 2024

    Question

    Bruno Amorim asked for commentary on the overall M&A environment in Vaca Muerta, particularly regarding assets that might become available from departing foreign players.

    Answer

    CEO Miguel Galuccio described Vista's M&A approach as pragmatic, disciplined, and opportunistic, with a continued focus on Vaca Muerta shale oil. He mentioned that the company has called a shareholder meeting to ensure it is prepared for potential M&A activity and will evaluate all relevant opportunities that arise.

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    Bruno Amorim's questions to Centrais Eletricas Brasileiras SA - Eletrobras (EBR) leadership

    Bruno Amorim's questions to Centrais Eletricas Brasileiras SA - Eletrobras (EBR) leadership • Q1 2025

    Question

    Bruno Amorim inquired about Eletrobrás's hedging strategy to mitigate the impact of price mismatches between subregions and asked about the company's liquidity to secure contracts at the more attractive recent prices for 2025 and 2026.

    Answer

    Executive Eduardo Haiama acknowledged that the Q1 hedging strategy, which anticipated low prices, was incorrect due to a significant price mismatch between subregions. He stated the company has reversed its position to capitalize on higher prices. Executive Ivan de Souza Monteiro added that this new strategy should more than offset the Q1 impact and confirmed the company has sufficient liquidity to execute sales for 2026 and 2027.

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    Bruno Amorim's questions to Centrais Eletricas Brasileiras SA - Eletrobras (EBR) leadership • Q2 2024

    Question

    Bruno Amorim questioned the investment outlook for asset improvements over the next four years and the expected EBITDA to free cash flow conversion, considering the balance between paying down liabilities and funding value-accretive renovations.

    Answer

    Eduardo Haiama, VP of Finance, and other executives emphasized that the primary investment priority is ensuring asset safety and operational longevity for the next 30 years. They described a cautious capital allocation strategy that balances safety with opportunities in the energy transition, aiming to provide attractive returns to shareholders rather than maximizing immediate free cash flow.

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    Bruno Amorim's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership

    Bruno Amorim's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2025

    Question

    Bruno Amorim inquired about Petrobras's capital allocation strategy, including potential M&A for the RLAM refinery, and whether the current investment plan requires adjustments due to lower oil prices.

    Answer

    Fernando Melgarejo, Executive Director of Finance and Investor Relations, stated there were no new developments regarding the RLAM refinery and that all M&A must meet return criteria. He emphasized that the company's strategic plan is designed for price volatility, with projects tested at $45/barrel and a portfolio breakeven of $28/barrel, so no changes to the CapEx plan are currently needed.

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    Bruno Amorim's questions to Companhia Paranaense de Energia (ELP) leadership

    Bruno Amorim's questions to Companhia Paranaense de Energia (ELP) leadership • Q1 2025

    Question

    Bruno Amorim inquired about Copel's primary growth and capital allocation priorities following the new policy and recent board appointments. He also asked if it would be logical for the company to operate with leverage slightly above the 2.8x target, given the contracted deleveraging expected from the upcoming tariff review.

    Answer

    Executive Daniel Slaviero acknowledged that ending 2025 with leverage slightly above the 2.8x target is a reasonable possibility due to strong deleveraging prospects. He emphasized a long-term view for M&A, stating the current focus for 2025-2026 is on operational efficiency, executing the investment plan, and derisking through the tariff review, noting that 'time is on our side' as the company is still undervalued.

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    Bruno Amorim's questions to Companhia Paranaense de Energia (ELP) leadership • Q4 2024

    Question

    Bruno Amorim inquired about Copel's capital allocation strategy, specifically how the company balances short-term balance sheet optimization against maintaining flexibility for future opportunities, given the expected EBITDA growth. He also asked about the current energy price environment and the liquidity available for contracting at higher prices.

    Answer

    CEO Daniel Slaviero and CFO Felipe Gutterres addressed the questions. Slaviero stated that while the company's covenant is 3.5x, they are comfortable operating higher. The priority remains value-accretive investments, but in their absence, the company will use buybacks and dividends to prevent deleveraging below the current ~2.5x level. Gutterres added that a study on the optimal capital structure and a simplified dividend policy will be presented with Q1 results. Regarding energy prices, Slaviero confirmed Copel is actively capitalizing on price volatility, contracting energy for 2026-2029 at favorable rates with adequate market liquidity.

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    Bruno Amorim's questions to Companhia Paranaense de Energia (ELP) leadership • Q2 2024

    Question

    Bruno Amorim from Goldman Sachs followed up on capital allocation, asking about the company's target leverage levels and potential areas for growth and investment outside of its current portfolio, including different geographies or sectors.

    Answer

    Executive Daniel Slaviero clarified that the current leverage of ~1.9x Net Debt/EBITDA is artificially low due to cash held for upcoming grant bonus and severance payments; the pro-forma figure is closer to 2.5-2.8x. He stated that the optimal leverage target is still under review. For growth, Slaviero emphasized that the immediate priority is extracting more value from existing assets, such as through the capacity auction. While open to opportunities beyond its current 10-state footprint, he noted no concrete expansion plans are currently being pursued, and capital allocation could also involve share buybacks or increased dividends.

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    Bruno Amorim's questions to Ultrapar Participacoes SA (UGP) leadership

    Bruno Amorim's questions to Ultrapar Participacoes SA (UGP) leadership • Q1 2025

    Question

    Bruno Amorim from Goldman Sachs Group, Inc. questioned the competitive dynamics in fuel distribution, asking if the consistent market share gains by smaller players are due solely to illegal practices or if there are also new, legitimate competitive forces. He also requested more detail on the strategic plan for Hidrovias.

    Answer

    An Ultrapar executive confirmed that both informal practices and a new market dynamic are at play. He explained that Ipiranga's share loss is concentrated in the low-margin spot market, which is heavily influenced by imports, and the company must adapt. Regarding Hidrovias, the strategy is twofold: to enhance operational efficiency and productivity of existing assets, and to pursue an expansion plan focused on growth opportunities in the North region.

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    Bruno Amorim's questions to Cosan SA (CSAN) leadership

    Bruno Amorim's questions to Cosan SA (CSAN) leadership • Q2 2024

    Question

    Bruno Amorim asked what factors might trigger a shift from the current focus on the existing portfolio towards new investments. He also questioned what debt service coverage ratio would make the company comfortable enough to consider investments outside its current business lines.

    Answer

    Executive Rodrigo Alves reiterated that a debt service coverage ratio closer to 1.5x would provide more stability and allow for organic deleveraging. He stressed the importance of focus, given the complexity and structural nature of projects already in the pipeline. Alves emphasized that the priority is to execute well on the current portfolio to maintain or improve its quality, making new investments a lower priority for now.

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