Sign in

    Gabriel Barra • Citigroup Inc.

    Gabriel Barra's questions to Cosan SA (CSAN) leadership

    Gabriel Barra's questions to Cosan SA (CSAN) leadership • Q2 2025

    Question

    Gabriel Barra from Citigroup Inc. asked about the possibility of a capital increase at the Cosan holding company level, framing it as a potential solution for Raizen's capital needs and linking it to long-term succession planning, should a third-party partner for Raizen not materialize.

    Answer

    Executive Marcelo Martins firmly stated that a capital increase at Cosan is not directly linked to Raizen's capital structure issues. He clarified that the immediate priority is monetizing assets to rebalance Cosan's own capital structure. He acknowledged succession is a key topic to be addressed with the controlling shareholder at the appropriate time, but it follows the more urgent deleveraging efforts.

    Ask Fintool Equity Research AI

    Gabriel Barra's questions to Ultrapar Participacoes SA (UGP) leadership

    Gabriel Barra's questions to Ultrapar Participacoes SA (UGP) leadership • Q2 2025

    Question

    Gabriel Barra of Citi inquired about the dynamics of fuel margins amid regulatory changes, Ultrapar's view on Petrobras potentially re-entering the LPG market, and the future of the draft discount in working capital management following the IOF tax changes.

    Answer

    Ipiranga CEO Leonardo Linden noted that while regulatory shifts like single-phase taxation are positive long-term, it's too early to quantify the margin impact. Ultragas CEO Tabajara Albertalli stated that Petrobras's potential return would be as a high-quality, rule-abiding player. CFO Lesandro Pilaris explained the reduction in draft discount was a tactical response to the IOF tax, but it remains a tool for short-term capital management.

    Ask Fintool Equity Research AI