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    Gustavo Sadka • Bradesco BBI

    Gustavo Sadka's questions to Cosan SA (CSAN) leadership

    Gustavo Sadka's questions to Cosan SA (CSAN) leadership • Q1 2025

    Question

    Gustavo Sadka asked about the strategy for the Radar agricultural land portfolio, specifically whether the company plans to accelerate land sales to capitalize on the current high-interest-rate environment and the company's leverage situation.

    Answer

    Executive Rodrigo Alves confirmed that accelerating land sales at Radar is already happening in practice. He noted that the company is taking advantage of favorable market conditions and has been consistently selling land at values above its internal portfolio appraisals, although no formal sales target has been disclosed.

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    Gustavo Sadka's questions to Cosan SA (CSAN) leadership • Q2 2024

    Question

    Gustavo Sadka addressed the holding company discount, suggesting it could be due to assets not being properly marked to market. He asked if Cosan is considering alternative mark-to-market options, such as private placements or selling stakes in its businesses, similar to what Compass has done in the past.

    Answer

    Executive Rodrigo Alves confirmed that the company continuously considers all options to unlock value, including private placements and stake sales. He acknowledged the challenging environment in the Brazilian capital market but emphasized that no options are off the table for assessment. However, he clarified that there are no specific short-term events of this nature currently in the pipeline.

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    Gustavo Sadka's questions to Ultrapar Participacoes SA (UGP) leadership

    Gustavo Sadka's questions to Ultrapar Participacoes SA (UGP) leadership • Q4 2024

    Question

    An analyst from Bradesco BBI asked if Ipiranga was observing the healthier fuel margins reported by the national petrol agency in early February and whether this was a broad market trend. He also inquired about the progress of investigations into unlawful biodiesel practices and which regulatory agenda items would be most impactful in 2025.

    Answer

    An executive attributed the recent margin effects primarily to inventory gains resulting from price increases by Petrobras and tax adjustments, rather than a structural improvement. He noted that there is better government alignment to combat unlawful practices, with the mandatory biodiesel mix being a critical point of focus due to its tax and environmental implications.

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    Gustavo Sadka's questions to Ultrapar Participacoes SA (UGP) leadership • Q2 2024

    Question

    Gustavo Sadka sought clarification on Ipiranga's Q3 margin guidance, asking if it would return to 2023 levels. He also asked about Ultragaz's Q2 margin pressures related to ICMS tax pass-through and the nature of Ipiranga's SG&A impact.

    Answer

    An executive confirmed Ipiranga's Q3 profitability is expected to be similar to 2023 levels. Executive Tabajara Costa noted the market has adapted to the ICMS tax changes from February, improving the outlook for H2. An executive clarified the SG&A impact was a one-off negative provision for future expenses, not a recurring cost.

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