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    Guilherme Padares

    Research Analyst at Banco Santander, S.A.

    Guilherme Padares is an Equity Research Analyst at Banco Santander, S.A., specializing in financial sector analysis and emerging markets. He covers leading companies within the Brazilian banking and financial services sector, providing actionable investment insights and demonstrating a strong track record of data-driven recommendations. Since joining Banco Santander, he has built a reputation for rigorous research, though public records on specific success rates, tip rankings, or detailed performance metrics are not available. Padares leverages his academic background in economics and practical experience in financial analysis to deliver in-depth sector coverage, and he maintains relevant professional credentials typical for his role in Brazilian finance.

    Guilherme Padares's questions to BRF (BRFS) leadership

    Guilherme Padares's questions to BRF (BRFS) leadership • Q2 2025

    Question

    Guilherme Padares of Banco Santander, S.A. inquired about cost pressures beyond animal feed, such as labor, in Brazil's low-unemployment environment, and also asked about SG&A trends. Additionally, he sought insights on the operational learnings from the avian flu crisis and what BRF might do differently in a future event.

    Answer

    CEO Miguel Goulard detailed that learnings from a prior Newcastle disease event, centered on transparency and credibility, were crucial. The company's preparedness with 198 new export permits and strong domestic brands allowed for effective mitigation. CFO Fabio Mariano addressed costs, stating that labor costs correlate with inflation but are not expected to significantly alter the overall cost structure. He affirmed that SG&A should remain structurally around 15% of revenue, excluding a one-off item in the quarter.

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