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    Bruno Tomazetto • Itau BBA

    Bruno Tomazetto's questions to Adecoagro SA (AGRO) leadership

    Bruno Tomazetto's questions to Adecoagro SA (AGRO) leadership • Q1 2025

    Question

    Bruno Tomazetto from Itaú BBA sought clarity on the expected timeline for implementing Tether's new investment plans and when results might become visible. He also asked for management's latest perspective on the macroeconomic environment in Argentina, particularly regarding export tariffs and FX dynamics, and its impact on the company.

    Answer

    Executive Mariano Bosch addressed the Argentina question, stating that the new 'real dollar' exchange rate for exports is a welcome change, creating a more realistic operating environment that benefits a low-cost producer in the long term despite some rising costs. Regarding timelines, both Mr. Bosch and Executive Chairman Juan Jose-Pineyro Sartori emphasized a disciplined, unhurried approach to execution to minimize risk. Mr. Sartori suggested that results from new strategic initiatives would likely be seen over the next 12 months but declined to commit to a specific short-term schedule.

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    Bruno Tomazetto's questions to Adecoagro SA (AGRO) leadership • Q3 2024

    Question

    Bruno Tomazetto inquired about the ethanol-to-gasoline price parity, considering the dual dynamics of industry-wide inventory buildups and higher-than-expected ethanol supply. He also asked for Adecoagro's outlook on the impact of recent fires on Brazil's sugar production and whether current prices reflect this.

    Answer

    Executive Renato Pereira explained that strong ethanol demand and a low 65% price parity at the pump are creating a tight stock-to-use ratio, which should push prices higher into late 2024 and early 2025. Regarding sugar, he stated that the fires will negatively impact yields in the first half of the next year, keeping the market tight and supporting prices, which provides an opportunity for Adecoagro to hedge its remaining production.

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    Bruno Tomazetto's questions to BrasilAgro - Companhia Brasileira de Propriedades Agricolas (LND) leadership

    Bruno Tomazetto's questions to BrasilAgro - Companhia Brasileira de Propriedades Agricolas (LND) leadership • Q3 2025

    Question

    Bruno Tomazetto from Itaú BBA asked about the company's current mindset on leasing land, particularly whether there are opportunities to partner with or lease from less efficient producers who may be constrained by the high cost of capital.

    Answer

    CEO André Guillaumon responded that the company is actively evaluating such opportunities but with strict discipline regarding capital allocation. He mentioned a target of not exceeding a 50-50 split between own and third-party capital for expansion, especially in a high-interest-rate environment. The strategy is shifting from transforming undeveloped land to leasing more mature, already-transformed areas from players who may have over-leveraged, presenting a different kind of opportunity for BrasilAgro.

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    Bruno Tomazetto's questions to AGRO3.SA leadership

    Bruno Tomazetto's questions to AGRO3.SA leadership • Q2 2025

    Question

    Bruno Tomazetto of Itau BBA asked for the company's outlook on M&A opportunities in 2025, considering the high-interest-rate environment.

    Answer

    Executive André Guillaumon described the current environment as a 'buyer's market' with occasional acquisition opportunities arising from high leverage in the sector. He highlighted a strategic advantage in the market's regional liquidity differences, noting that the company can sell assets in 'heated' markets like Bahia and use the capital to acquire assets in other regions.

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