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    Henrique Brustolin

    Senior Equity Research Analyst at Bradesco BBI

    Henrique Brustolin is a Senior Equity Research Analyst at Bradesco BBI, focused on the Latin American consumer, food, and agribusiness sectors. He covers prominent companies including Ambev, BRF, Minerva Foods, and Boa Safra Sementes, consistently providing investment recommendations and price targets reflected in consensus platforms. Brustolin joined Bradesco BBI prior to 2024, having previously built his expertise in equity research with a track record of accurate ratings such as 'Neutral' on Ambev and 'Buy' on Boa Safra Sementes and Minerva Foods. His professional credentials include specialized experience in sell-side research, though no public record of international securities licenses or FINRA registration is available.

    Henrique Brustolin's questions to JBS (JBS) leadership

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

    Question

    Henrique Brustolin of Bradesco BBI asked for an explanation of the significant sequential margin deterioration in U.S. Beef and what factors, such as cattle supply or capacity adjustments, would be necessary to return the segment to breakeven profitability.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, explained that the margin pressure was due to extreme price volatility and market positioning, not operational inefficiencies. He stated that while herd rebuilding is underway, which tightens short-term supply, JBS is comfortable with its current capacity and does not foresee adjustments on its end.

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    Henrique Brustolin's questions to AMBEV (ABEV) leadership

    Henrique Brustolin's questions to AMBEV (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 (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 (BRFS) leadership

    Henrique Brustolin's questions to BRF (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 (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 MARFRIG GLOBAL FOODS (MRRTY) leadership

    Henrique Brustolin's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q1 2025

    Question

    Henrique Brustolin requested a breakdown of the projected operational synergies from the merger, distinguishing between revenue and cost-saving components. He also asked about the shareholder withdrawal rights, particularly for BRF minority holders, and any scenarios that might limit the merger's benefits for them.

    Answer

    Miguel de Souza Gularte, CEO of BRF, detailed the BRL 805 million in annual synergies, breaking them down into commercial, logistics, supply, and SG&A categories. Fabio Mendes Mariano, an executive, explained that the withdrawal right for BRF shareholders is at a set market value and estimated the net cash impact would be manageable, resulting in a comfortable post-merger leverage of around 3x. Executive Marcos dos Santos added that key shareholders support the deal.

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    Henrique Brustolin's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q2 2024

    Question

    Henrique Brustolin of Bradesco followed up on South American volumes, asking if the growth from new feedlot cattle would be concentrated at year-end or more gradual. He also inquired about the working capital policy for supplier advances given the new verticalization strategy.

    Answer

    Rui Mendonca, an executive, explained that the current positive cattle cycle in Brazil provides flexibility, allowing the company to maintain growth levels in Q3 and Q4 regardless of the exact timing of feedlot cattle. Tang David, an executive, added that working capital for feedlots saw a BRL 230 million supplement in Q2 and should remain at that level going forward.

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    Henrique Brustolin's questions to JBSAY leadership

    Henrique Brustolin's questions to JBSAY leadership • Q4 2024

    Question

    Inquired about the company's capital allocation strategy, specifically prospects for future M&A given its comfortable leverage. Also asked about the sustainability of the current positive chicken cycle and any risks of overproduction.

    Answer

    On M&A, the company is constantly looking for opportunities aligned with its strategy (growth in the US, Brazil, Europe; value-add) and financial discipline. Regarding the chicken cycle, demand remains strong while supply growth is constrained by genetic challenges in both the U.S. and Brazil. They do not see a risk of disruptive supply growth in the near term, which should support the cycle.

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

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

    Question

    Henrique Brustolin of BTG Pactual 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 about the performance expectations for the International business, particularly in Argentina.

    Answer

    Felipe Dubernet, CFO, noted that heavy promotions in the premium beer segment by competitors meant there was no radical shift in the portfolio mix. For the International segment, he highlighted robust growth in Paraguay, Uruguay, and Bolivia. For Argentina, he believes consumption may have bottomed out as inflation eases, but the recovery timeline remains highly uncertain, making the first half of the year tougher than the second.

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    Henrique Brustolin's questions to UNITED BREWERIES CO (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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    Henrique Brustolin's questions to AGRO3.SA leadership

    Henrique Brustolin's questions to AGRO3.SA leadership • Q4 2023

    Question

    Henrique Brustolin from BTG Pactual questioned the 23/24 yield guidance, asking how the company is factoring in El Niño risks. He also inquired about the land price market outlook and whether the company might pivot from a net seller to a net buyer of land.

    Answer

    CEO André Guillaumon explained that the yield guidance is conservative and based on historical farm-level data, which already incorporates recent weather-related downsides from farms like Chaparral. Regarding land prices, he sees a stabilization creating buying opportunities for the well-capitalized company. However, he stated the company will remain anti-cyclical, capitalizing on both sales in a liquid market and strategic purchases, rather than making a definitive pivot from selling to buying.

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    Henrique Brustolin's questions to BrasilAgro - Brazilian Agricultural Real Estate (LND) leadership

    Henrique Brustolin's questions to BrasilAgro - Brazilian Agricultural Real Estate (LND) leadership • Q4 2023

    Question

    Henrique Brustolin from BTG Pactual asked how the company is incorporating the risks of El Niño into its '23-'24 productivity guidance and questioned the outlook for land prices, probing if the company might become a net buyer.

    Answer

    Chairman and CEO André Guillaumon clarified that the guidance is conservative and already incorporates historical downsides, such as the recent poor performance of the Chaparral Farm. Regarding the land market, he noted a stabilization in prices, which he views as an opportunity. While the company has been a net seller due to market conditions, he affirmed they are anticyclical and prepared to acquire land when favorable deals emerge.

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