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    Gustavo Trojanu

    Senior Equity Research Analyst at Itaú BBA

    Gustavo Troyano is a Senior Equity Research Analyst at Itaú BBA, specializing in food and protein companies within the Latin American market. He regularly covers leading firms such as JBS, providing in-depth analysis and guidance on sector performance, where his published research tracks the comparative returns of covered stocks versus the Ibovespa index over periods as long as 12 months. Troyano's career at Itaú BBA has seen him produce detailed sector insights and recommendations, and he holds official CNPI-affiliated analyst certification as required for securities analysis in Brazil. His credentials and affiliation are explicitly disclosed in regulatory-compliant research reports prepared for institutional investors.

    Gustavo Trojanu's questions to BRF (BRFS) leadership

    Gustavo Trojanu's questions to BRF (BRFS) leadership • Q2 2025

    Question

    Gustavo Trojanu from Itaú BBA inquired about the impact of avian flu, specifically how BRF's extensive new export permits helped mitigate the effects in markets like China. He also asked for the outlook on unit costs, questioning why they hadn't yet reflected the recent drop in grain prices.

    Answer

    CEO Miguel Goulard explained that the 198 new permits obtained over the past two years allowed for agile reallocation of products, mitigating volume impacts, though price downgrades occurred for specific cuts destined for China. He noted that contingency plans, including diverting products to the domestic market or pet food division, were effective. CFO Fabio Mariano added that the benefit of lower grain costs is expected to materialize in the second half of the year, projecting a potential 2% reduction in animal feed costs.

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