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    Guilherme Palhares • Santander

    Guilherme Palhares's questions to JBS N.V. (JBS) leadership

    Guilherme Palhares's questions to JBS N.V. (JBS) leadership • Q2 2025

    Question

    Guilherme Palhares of Santander inquired about JBS's perspective on the table egg industry, the prospects for its Mantiqueira investment, and potential opportunities for growth in the U.S. egg market.

    Answer

    Global CEO Gilberto Tomazoni framed the investment as a new platform for diversified growth, with a strategic goal to become a global leader in the egg category. He highlighted positive industry trends, with eggs being an affordable protein, and noted opportunities in branding and value-added products.

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    Guilherme Palhares's questions to Pilgrims Pride Corp (PPC) leadership

    Guilherme Palhares's questions to Pilgrims Pride Corp (PPC) leadership • Q2 2025

    Question

    Guilherme Palhares asked for the main drivers behind the 5% growth in US costs, which outpaced volume growth. He also inquired about the outlook for wage inflation and labor availability.

    Answer

    President & Global CEO Fabio Sandri addressed the labor market, explaining that the company strategically overstaffed its plants to 105% in Q2 to prepare for potential market impacts and maintain operational stability. He noted that the company maintains competitive wages region by region and has seen success in staffing, benefiting from some labor reduction in the foodservice sector.

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    Guilherme Palhares's questions to Pilgrims Pride Corp (PPC) leadership • Q1 2025

    Question

    Guilherme Palhares requested more detail on the 2025 CapEx plan, asking for a breakdown between expansion and maintenance and the main locations for expansion. He also asked for an explanation of the broiler mortality issues, seeking to understand the split between disease and genetics.

    Answer

    CFO Matt Galvanoni clarified that most growth CapEx is for projects that will add capacity in 2027 or later, with a plant conversion being impactful in 2026. CEO Fabio Sandri explained that the mortality issues are connected to a new broiler breed that has better yields but is weaker against respiratory diseases. He stated the industry is learning to manage the new breed and expects the situation to improve over time.

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    Guilherme Palhares's questions to BRF SA (BRFS) leadership

    Guilherme Palhares's questions to BRF SA (BRFS) leadership • Q1 2025

    Question

    Guilherme Palhares of Santander asked for more details on the strategic rationale behind the company's recent acquisitions in Saudi Arabia. He also inquired about the progress of the BRF+ efficiency program and the current state of production capacity, questioning if further investment is needed to support volume growth.

    Answer

    CEO Miguel de Souza Gularte explained that investments in China and Saudi Arabia are aligned with market opportunities and are designed to leverage the strong Sadia brand reputation in those regions. CFO Fabio Mendes Mariano added that while the BRF+ program delivered over BRL 300 million in Q1, opportunities for further efficiency gains remain. He confirmed that targeted investments are underway to expand capacity by 3-5% in the medium term to meet projected demand, while the focus on efficiency continues.

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    Guilherme Palhares's questions to BRF SA (BRFS) leadership • Q2 2024

    Question

    Guilherme Palhares asked for an outlook on the monetization of tax credits and its impact on cash generation, and requested more detail on the performance dispersion across operations under the BRF+ 2.0 program.

    Answer

    CFO Fabio Mariano explained that monetizing federal tax credits will take time, while the company actively optimizes state-level credits, citing a recent transaction with Marfrig. He also noted that returning profitability allows the use of accumulated tax losses. CEO Miguel Gularte described BRF+ as a continuous improvement culture across all divisions, not just a program with a finish line. He emphasized that the goal is a synchronized, excellent company, not 'islands of excellence,' fostered by healthy internal competition and shared learnings.

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    Guilherme Palhares's questions to BRF SA (BRFS) leadership • Q1 2024

    Question

    Guilherme Palhares from Santander asked for more detail on the industrial gains from the BRF+ 2.0 program, such as improved yields and lower mortality, and their forward-looking impact on unit costs. He also inquired about the company's current level of idle capacity and whether utilizing it would require significant new investment or if efficiency gains alone would suffice.

    Answer

    CFO Fabio Mendes Mariano quantified the Q1 BRF+ captures, with BRL 227 million from field indicators (hatching, mortality) and BRL 107 million from industry gains (yield). CEO Miguel de Souza Gularte explained that efficiency gains, such as a 1-2% increase in yield, are equivalent to opening a new plant. He confirmed the company has installed idle capacity, which is an opportunity, not a dead weight. He stated that the current level of investment is sufficient to capture these opportunities, and the company is confident it can respond in a timely manner to utilize this capacity for growth.

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    Guilherme Palhares's questions to Ambev SA (ABEV) leadership

    Guilherme Palhares's questions to Ambev SA (ABEV) leadership • Q1 2025

    Question

    Guilherme Palhares requested an update on the Argentinian market, seeking expectations for volume and pricing performance as inflation eases and the market normalizes.

    Answer

    Executive Carlos Eduardo Lisboa expressed a positive long-term outlook for Argentina, noting that key economic indicators and the beer industry are improving sequentially. He stated that Ambev's volumes were in line with the industry, maintaining stable market share. He affirmed the company's commitment to investing in its brands and executing its revenue management plan, positioning Ambev to lead the category's eventual recovery.

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