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    Bruno Tomazetto

    Research Analyst at Itaú BBA

    Bruno Tomazetto is an Equity Research Analyst at Itaú BBA, specializing in Brazilian agribusiness and protein sectors, with active coverage of companies such as BRF, JBS, and SLC Agrícola. He has contributed notable insights on international market trends and capital allocation strategies, and his research has influenced positive investment perspectives for client portfolios in these companies. Bruno joined Itaú BBA in May 2023 after serving as an Equity Research Analyst at BTG Pactual from May 2021 to May 2023, and he has demonstrated strong analytical performance, with recommendations for stocks such as JBS rated 'Outperform.' His credentials include advanced expertise in financial analysis, though publicly available sources do not confirm FINRA registration or securities licenses.

    Bruno Tomazetto's questions to Adecoagro (AGRO) leadership

    Bruno Tomazetto's questions to Adecoagro (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 (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 AGRO3.SA leadership

    Bruno Tomazetto's questions to AGRO3.SA leadership • Q3 2025

    Question

    Bruno Tomazetto inquired about BrasilAgro's current strategy regarding land leasing, asking if the company sees opportunities to partner with capital-constrained producers in the current high-interest-rate environment.

    Answer

    CEO André Guillaumon affirmed that the company is actively looking at leasing opportunities, particularly as some producers have become over-leveraged. He stressed the importance of maintaining capital discipline, aiming for a 50-50 split between own and third-party capital. The current focus is on leasing more mature, transformed areas rather than undeveloped land, which aligns with their strategy of managing risk in a high-cost-of-capital environment. He noted that capitalized players will find interesting opportunities in the sector.

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

    Question

    Bruno Tomazetto of Itaú BBA asked about the M&A outlook for 2025, considering how a high-interest-rate environment might create opportunities with less capitalized players in the agribusiness sector.

    Answer

    Executive André Guillaumon acknowledged that high interest rates are creating stress for leveraged companies, leading to specific regional opportunities. He highlighted Bahia as a liquid, 'heated' market where the company can sell assets at a premium and use the capital to acquire properties in other, less liquid regions, effectively creating a buyer's market for strategic acquisitions.

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    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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