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    Guilherme Martins

    Research Analyst at Goldman Sachs Group Inc.

    Guilherme Costa Martins is an Equity Research Analyst at Goldman Sachs Group Inc., specializing in Latin American energy and industrial sectors with notable coverage of companies such as YPF SA and Cosan. His research calls and recommendations have contributed to Goldman Sachs' analyst coverage, with published ratings and price targets indicating disciplined performance though specific success rates or rankings are not publicly available. Martins joined Goldman Sachs prior to 2025, following experience in financial analysis and risk management, and collaborates closely with senior colleagues Bruno Amorim and João Frizo. He possesses a background in finance management and compliance, with credentials supporting his role as a research analyst, though FINRA registration details and securities licenses are not publicly listed.

    Guilherme Martins's questions to ULTRAPAR HOLDINGS (UGP) leadership

    Guilherme Martins's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q4 2024

    Question

    An analyst from Goldman Sachs asked if Ultrapar could quantify the potential EBITDA gains for Ipiranga from the government's agenda against unlawful practices. He also inquired about the company's leverage, asking if it's expected to run at the lower end of its target range given the light balance sheet and no immediate plans for major non-organic growth.

    Answer

    Ultrapar CFO Rodrigo de Almeida Pizzinatto declined to provide a specific estimate of EBITDA gains but stated that resolving all unlawful practices could return Ipiranga's profitability to levels seen in 2016-2017. He confirmed that the company does expect its leverage to remain closer to the bottom of its target range.

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