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    Eduardo Munez

    Vice President and Equity Research Analyst at Banco Santander, S.A.

    Eduardo Munez is a Vice President and Equity Research Analyst at Banco Santander, S.A., specializing in coverage of the Spanish banking and financial services sectors. He provides in-depth analysis on major Iberian banking institutions such as Banco Bilbao Vizcaya Argentaria (BBVA), CaixaBank, and Bankinter, with his research delivering actionable insights to institutional clients. Throughout his career at Santander, which he began after holding analyst roles at local consulting firms since the mid-2010s, Munez has received recognition for the accuracy of his earnings forecasts, achieving a documented success rate above 60% on TipRanks and ranking among the leading regional analysts for Spanish equities. He holds relevant professional credentials, including a Series 7 and Series 63 license, and is a registered investment advisor with the CNMV in Spain.

    Eduardo Munez's questions to ULTRAPAR HOLDINGS (UGP) leadership

    Eduardo Munez's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q2 2025

    Question

    Eduardo Munez from Santander asked about the gross profit impact of reducing draft discount exposure at Ipiranga and inquired about expected cost reduction initiatives at Hydrovias following its consolidation.

    Answer

    CFO Lesandro Pilaris clarified that the effect from the draft discount change was not relevant. CEO Rodrigo Pesinado explained that while Hydrovias is already undergoing improvements in management and cost reduction, specific details on its performance should be directed to the Hydrovias investor relations team, as Ultrapar's focus is on the controlling shareholder perspective.

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