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    Heiko Brussellini

    Vice President and Senior Equity Analyst at Unidentified Firm

    Heiko Brussellini is a Vice President and Senior Equity Analyst at Unidentified Firm, specializing in coverage of the European consumer goods and luxury retail sectors. He covers major companies including LVMH, Nestlé, and Unilever, and has built a reputation for nuanced company analysis and accurate forecasts, reflected by a TipRanks success rate of 64% and an average annualized return of 10.3% on rated calls. Brussellini began his research career at Societe Generale in 2014 before moving to BNP Paribas as an equity research associate, eventually joining Unidentified Firm in 2020 where he was promoted to Vice President in 2023. He holds Series 7 and Series 63 licenses, is registered with FINRA, and is frequently recognized in industry surveys for his insightful sector coverage.

    Heiko Brussellini's questions to BRF (BRFS) leadership

    Heiko Brussellini's questions to BRF (BRFS) leadership • Q2 2025

    Question

    Heiko Brussellini asked about the record-high gross margin in Brazil, questioning if it was driven by temporary mix or seasonal effects, or if this level is sustainable. He also inquired about the remaining idle capacity for processed products and whether growth might slow as capacity fills up.

    Answer

    CFO Fabio Mariano responded that while there were some positive mix shifts, they were not significant enough to solely explain the profitability change, and he does not expect a structural regression, especially with lower feed costs anticipated. He clarified that the significant idle capacity of the past is now largely utilized, necessitating new investments for growth. CEO Miguel Goulard added that the BRF Plus efficiency program and internal benchmarks continue to unlock organic growth potential beyond current capacity.

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