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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 YPF SOCIEDAD ANONIMA (YPF) leadership

Question · Q3 2025

Guilherme Martins asked for more color on YPF's downstream pricing strategy and the competitive environment, particularly regarding alignment with international parity, and sought an update on the MetroGas divestment, expected production decline from asset exits, and potential cash outflows from legacy assets.

Answer

Chairman and CEO Horacio Marín explained YPF's dynamic micro-pricing policy, which uses a moving average due to market volatility to manage consumer price changes, supported by a new real-time intelligence center. He confirmed the imminent signing of the last ANDES1 area (Tierra del Fuego) and ongoing negotiations for ANDES2 (performing conventional fields) to transition YPF into a fully unconventional company by next year.

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Question · Q3 2025

Guilherme Martins asked for more insight into YPF's downstream pricing strategy, particularly why prices were not in line with international parity in Q2, and an update on the divestment of MetroGAS and other legacy assets, including potential cash outflows.

Answer

Chairman and CEO Horacio Marín explained that YPF's pricing policy uses a moving average due to high volatility in exchange rates, oil prices, biofuels, and taxes, aiming to avoid frequent, large price changes for consumers. He mentioned the use of a new real-time intelligence center for micro-pricing. Regarding divestments, Mr. Marín stated that the Tierra del Fuego asset (part of Andes 1) is being signed today, with one more area in Río Negro to follow. Negotiations for Andes 2 (performing conventional fields) are ongoing, with the goal of becoming a fully unconventional company.

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

Question · Q4 2024

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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