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    Guilherme Costa Martins

    Research Analyst at Goldman Sachs

    Guilherme Costa Martins is an Equity Research Analyst at Goldman Sachs specializing in coverage of major Latin American energy and industrial companies such as Cosan, Ultra, and YPF. He delivers actionable research reports as part of Goldman Sachs’ highly ranked LatAm equity team, consistently providing price targets and recommendations—recently issuing a Buy rating on Ultra and a Neutral rating on Cosan as part of joint coverage. Martins joined Goldman Sachs’ Global Investment Research division after prior experience at leading financial institutions in Brazil and holds a degree in Economics from the University of São Paulo. He is professionally recognized as a certified analyst responsible for securities coverage and holds relevant industry credentials, with published research rigorously adhering to regulatory standards.

    Guilherme Costa Martins's questions to Cosan (CSAN) leadership

    Guilherme Costa Martins's questions to Cosan (CSAN) leadership • Q1 2025

    Question

    Guilherme Costa Martins asked for a potential projection for the interest coverage ratio by the end of the year, assuming no further divestments are completed, to better understand the baseline financial health.

    Answer

    Executive Rodrigo Alves acknowledged that the interest coverage ratio is expected to decline throughout the year from its Q1 level. However, he did not provide a specific guidance figure, stating that the company is not working with a scenario where a deleveraging transaction is not executed this year.

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