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    Henrique Brustolin • Bradesco BBI

    Henrique Brustolin's questions to JBS N.V. (JBS) leadership

    Henrique Brustolin's questions to JBS N.V. (JBS) leadership • Q2 2025

    Question

    Henrique Brustolin of Bradesco BBI questioned the significant sequential margin deterioration in U.S. Beef, asking about potential one-off factors and what management believes is necessary to return margins to breakeven levels.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, explained that the margin pressure was a short-term impact from extreme market volatility and positioning, not operational issues. He expressed confidence in a long-term herd rebuild and stated that JBS is comfortable with its current capacity, not planning any adjustments.

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    Henrique Brustolin's questions to Ambev SA (ABEV) leadership

    Henrique Brustolin's questions to Ambev SA (ABEV) leadership • Q2 2025

    Question

    Henrique Brustolin asked for an assessment of the company's goal to sustain flat year-on-year margins, given H1 volatility, particularly for Brazil Beer. He also questioned if price relativity between premium and mainstream segments explained the latter's underperformance.

    Answer

    CEO Carlos Eduardo Klutzenschell Lisboa expressed increased confidence in achieving their goals, citing stronger brands, a more complete portfolio, and benefits from the digital ecosystem. He clarified that the core segment's underperformance was primarily due to its higher exposure to the on-premise channel, which was more affected by weather, and noted that price relativity gaps are already easing.

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    Henrique Brustolin's questions to Ambev SA (ABEV) leadership • Q1 2025

    Question

    Henrique Brustolin asked for clarification on Brazil beer pricing performance in Q1, questioning how it should be interpreted for future quarters given easier comps and a mentioned mismatch in the pricing calendar.

    Answer

    Executive Carlos Eduardo Lisboa explained that while Q1 net revenue per hectoliter growth of 2.4% was solid, it was partially offset by a pricing calendar mismatch and lower carryover from the previous year. He emphasized that volume growth of 0.7% was a key achievement and that net revenue management, supported by a strong brand portfolio and the BEES digital platform, remains a crucial driver for the company's full-year margin expansion goals.

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    Henrique Brustolin's questions to BRF SA (BRFS) leadership

    Henrique Brustolin's questions to BRF SA (BRFS) leadership • Q1 2025

    Question

    Henrique Brustolin of BTG Pactual inquired about the potential impact of Avian flu on exports, particularly concerning China's reaction and Brazil's regionalization protocols. He also asked about BRF's future growth strategy, covering both organic and inorganic opportunities.

    Answer

    CEO Miguel de Souza Gularte addressed the Avian flu concern, expressing confidence in Brazil's robust biosafety protocols and BRF's contingency plans, which include 187 new export permits and strategic inventories to ensure supply continuity. CFO Fabio Mendes Mariano discussed growth, highlighting the 16% Q1 revenue increase and noting that ongoing investments are expected to boost production capacity by an additional 3-5% upon maturity, complementing a strategy that also includes inorganic growth.

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    Henrique Brustolin's questions to BRF SA (BRFS) leadership • Q2 2024

    Question

    Henrique Brustolin inquired about the drivers of profitability in the domestic market, specifically the gross margin evolution, and sought clarification on why poultry production growth might be lagging housing growth.

    Answer

    CFO Fabio Mariano explained that while in-natura product profitability is rising, the margin gap to higher-value processed products, which constitute over 70% of domestic sales, remains significant. He suggested future EBITDA growth will be supported by both revenue and ongoing cost efficiencies from the BRF+ program. He clarified that the comment on production lagging housing was an interpretation of third-party data, implying average slaughter weight as a potential factor.

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    Henrique Brustolin's questions to UNITED BREWERIES CO INC (CCU) leadership

    Henrique Brustolin's questions to UNITED BREWERIES CO INC (CCU) leadership • Q1 2024

    Question

    Henrique Brustolin questioned the trends within Chile's beer category, specifically the premium versus mainstream mix, and the volume outlook for the coming year. He also asked for the outlook on the International segment's performance, particularly in Argentina.

    Answer

    Felipe Dubernet, CFO, responded that heavy promotions in the premium beer segment by competitors masked any significant mix shift. For the future, he expects Chilean industry volumes to grow in line with GDP. For the International segment, he highlighted robust growth in Paraguay, Uruguay, and Bolivia. In Argentina, he believes consumption may have bottomed out as inflation eases, but the recovery's timing remains highly uncertain, with H1 expected to be tougher than H2.

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