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    Gabriel Coelho Barra • Citibank

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

    Gabriel Coelho Barra's questions to Cosan SA (CSAN) leadership • Q1 2025

    Question

    Gabriel Coelho Barra asked for an update on Cosan's capital structure and short-term divestment plans. He also inquired about the strategy for the Moove business following a recent fire, focusing on the timeline for recovery and the balance between restoring volumes and maintaining margins.

    Answer

    Executive Rodrigo Alves explained that Moove is prioritizing restoring production volumes over margins to meet client needs and is actively using alternative facilities, with operational results already improving month-over-month. Both Rodrigo Alves and executive Marcelo Martins stressed the urgency of deleveraging Cosan's capital structure through various initiatives, clarifying that selling major stakes in core assets like Compass or Rumo is not being considered.

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    Gabriel Coelho Barra's questions to Cosan SA (CSAN) leadership • Q4 2024

    Question

    Gabriel Coelho Barra of Citi inquired about Cosan's capital allocation strategy following the Vale sale, specifically asking about the potential for further divestments in a challenging market. He also sought details on the operational and financial impact of the recent fire at the Moove facility, including insurance coverage and recovery timeline.

    Answer

    Executives Rodrigo Alves and Marcelo Martins addressed the questions. They affirmed that the Vale sale does not diminish the urgency for further deleveraging and that no assets are off the table, though portfolio quality and valuation remain paramount. Marcelo Martins stressed that asset sales are the priority before any potential capitalization. Regarding the Moove incident, Rodrigo Alves confirmed no fatalities or environmental impact occurred, with storage infrastructure intact. He highlighted that the company has robust insurance policies for operational risks and civil liabilities, which will be critical for mitigating financial impact.

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    Gabriel Coelho Barra's questions to Cosan SA (CSAN) leadership • Q2 2024

    Question

    Gabriel Coelho Barra questioned the future of Cosan's investment in Vale, asking if it remains a core asset in the context of deleveraging. He also sought clarity on the 1.5x debt service coverage ratio target and the expected timeline for achieving further deleveraging.

    Answer

    Executive Rodrigo Alves explained that while no major changes are expected in the portfolio mix, the Vale stake is being monitored closely amid relevant upcoming events. He clarified that the 1.5x coverage ratio target is designed to cover debt service, holding company costs, and shareholder dividends, enabling organic deleveraging. Alves stated there is no set date to reach this target but does not expect it to be sustained before the end of 2025, emphasizing that deleveraging will not compromise portfolio quality.

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    Gabriel Coelho Barra's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership

    Gabriel Coelho Barra's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2025

    Question

    Gabriel Coelho Barra asked how Petrobras is managing service and vessel contracting in a low oil price environment and inquired about its strategy for the increasingly competitive domestic gas market.

    Answer

    Renata Baruzzi, Executive Director of Engineering, explained the strategy involves simplifying project designs to attract more suppliers and increase competition. Mauricio Tolmasquim, Executive Director of Energy Transition, stated that in the gas market, they are pursuing an aggressive pricing strategy to capture new clients in the free market and have already signed several new contracts.

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    Gabriel Coelho Barra's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q4 2024

    Question

    Gabriel Barra from Citigroup inquired about the status of licensing for the equatorial margin, its potential CapEx impact, and long-term development challenges. He also asked for clarification on whether Petrobras plans to own more of its vessels and drills instead of chartering them.

    Answer

    President Magda de Regina Chambriard, Corporate Affairs Director Clarice Coppetti, and E&P Director Sylvia dos Anjos detailed the company's comprehensive efforts to secure licenses for the equatorial margin. They highlighted an unprecedented BRL 150 million environmental readiness plan, the geological potential similar to Guyana, and technical safeguards that make environmental risks minimal. On the second question, Engineering Director Renata Baruzzi clarified that the company's model remains to charter support vessels and drills, with no plans to shift to ownership. The only flexibility is in FPSOs, where the company decides between leasing and build-operate-transfer models based on market conditions.

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    Gabriel Coelho Barra's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2024

    Question

    Gabriel Coelho Barra asked about the potential acquisition of Braskem, focusing on its impact on Petrobras's balance sheet, debt levels, and dividend policy. He also inquired about the share buyback program, which is ahead of schedule, and whether it might be extended or increased.

    Answer

    CFO Sergio Leite explained the buyback is a successful pilot program and a new plan will be proposed to the board after the current one ends in August. Regarding Braskem, he stated the preferred model is co-management, which would have an insignificant impact on debt and dividends. Industrial Processes Director William da Silva added that an extensive due diligence was completed, confirming Braskem's operational integrity and significant synergies.

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

    Gabriel Coelho Barra's questions to Ultrapar Participacoes SA (UGP) leadership • Q4 2024

    Question

    Gabriel Coelho Barra inquired about the outlook for Ipiranga's margins in 2025, questioning what internal measures could improve profitability beyond tackling the prevalent unlawful industry practices. He also asked how Ultrapar plans to leverage its strong balance sheet in a high-interest-rate environment, specifically regarding the pace of investments and efforts to regain market share.

    Answer

    Ultrapar CFO Rodrigo de Almeida Pizzinatto explained that Ipiranga's margins were significantly impacted by unlawful practices, particularly concerning the biodiesel mix. He expressed optimism that recent legal changes, such as the RenovaBio law, will foster a fairer market. Ipiranga CFO Pedro Guedes added that the company's CapEx strategy for service stations prioritizes quality over speed, viewing market share as an outcome of its activities rather than a primary target.

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    Gabriel Coelho Barra's questions to Ultrapar Participacoes SA (UGP) leadership • Q2 2024

    Question

    Gabriel Coelho Barra inquired about Ipiranga's performance, focusing on the non-recurring SG&A impact from office relocations, the quantifiable effects of market irregularities like the Amapa issue and naphtha imports, and the outlook for the second half of the year.

    Answer

    Leonardo Linden, an executive, quantified the one-off SG&A impact from office moves at BRL 7-8 per cubic meter. He acknowledged significant market irregularities but noted positive enforcement actions. Linden expressed a positive outlook for the second half, anticipating more normalized inventory levels and a balanced market, which should improve profitability.

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