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    Isabella Simonato • Bank of America

    Isabella Simonato's questions to Adecoagro SA (AGRO) leadership

    Isabella Simonato's questions to Adecoagro SA (AGRO) leadership • Q2 2025

    Question

    Isabella Simonato of Bank of America requested more details on the Bitcoin mining partnership, including terms and contract length. She also asked about the impact of the new shareholder structure on the stock's trading liquidity and if there were any plans to address it.

    Answer

    CEO Mariano Bosch responded that the stock's liquidity remains reasonable and above its historical average, so it is not a current concern. On the Bitcoin partnership, he reiterated that it is a small-scale test using 5% of their energy production. The exact terms of the agreement are still being finalized, but the goal is to validate if they can achieve a highly attractive effective energy sale price, potentially above $80 per megawatt-hour.

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    Isabella Simonato's questions to Adecoagro SA (AGRO) leadership • Q4 2024

    Question

    Isabella Simonato of Bank of America followed up on ethanol price dynamics, asking for more detail on the context and timing for the ethanol-gasoline price parity potentially reaching 70%, given recent market history and upcoming seasonal production increases.

    Answer

    Executive Renato Pereira explained that strong demand, tight inventories (1.8 months of consumption vs. 2.2 last year), and a potential delay in the new crop could push prices higher and surpass the 70% parity level. He noted that the expected smaller, more sugar-focused Center-South crop and a potential blend mandate increase create a positive outlook. Executive Mariano Bosch confirmed they are selling current stocks to capitalize on favorable prices.

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    Isabella Simonato's questions to Adecoagro SA (AGRO) leadership • Q3 2024

    Question

    Isabella Simonato asked for an outlook on agricultural yields in Argentina, given favorable planting conditions, and requested details on the crop mix, noting the reduced exposure to corn.

    Answer

    Executive Mariano Bosch confirmed expectations for better year-over-year yields, assuming normal weather. He detailed a strategic shift in crop mix, with an increase in soybeans and a significant expansion in peanuts, which command strong prices in Europe. Sunflower planting is also up due to higher oil prices. Bosch highlighted that their fully integrated rice business, with its special varieties, maintains pricing power, contributing to record EBITDA in the segment.

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    Isabella Simonato's questions to Cosan SA (CSAN) leadership

    Isabella Simonato's questions to Cosan SA (CSAN) leadership • Q1 2025

    Question

    Isabella Simonato inquired about management's perspective on Raizen's recent performance and its operational prospects for fiscal year 2026. Additionally, she asked for details on the forward-looking liability management strategy, particularly concerning the remaining preferred shares.

    Answer

    Executive Marcelo Martins stated that Raizen's management is implementing swift changes to focus on its core business and improve efficiency, with divestments of energy and plant assets being actively pursued. Executive Rodrigo Alves added that while significant liability management occurred in Q1, the company will now hold more liquidity due to market uncertainty but will remain opportunistic. He noted the preferred shares are continuously monitored for cost-efficiency but are not a top priority for redemption.

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    Isabella Simonato's questions to Cosan SA (CSAN) leadership • Q4 2024

    Question

    Isabella Simonato asked about Cosan's debt profile, inquiring about the expected reduction in financial expenses following the Vale share disposal and associated liability management. She also requested clarification on the terms of the preferred shares and their role in the company's deleveraging strategy.

    Answer

    Executive Rodrigo Alves explained that the liability management strategy prioritizes callable, low-cost debt, such as the '27 bonds, and larger tranches like the '29, '30, and '31 bonds, to extend maturities without significant cost increases. He clarified that the preferred shares are not directly linked to the Vale acquisition, as proceeds are being used for bond and debenture liabilities. While no immediate changes are planned for the preferred shares, the company is monitoring optimization opportunities due to their cost step-up feature over time.

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    Isabella Simonato's questions to Ambev SA (ABEV) leadership

    Isabella Simonato's questions to Ambev SA (ABEV) leadership • Q1 2025

    Question

    Isabella Simonato asked about Brazil beer sell-out volumes versus sell-in for Q1, the trajectory of the Skol brand, and whether the steep year-over-year decline in Q1 CapEx is indicative of the full-year trend.

    Answer

    Executive Carlos Eduardo Lisboa confirmed that sell-out volumes were slightly positive and in line with Ambev's performance, resulting in stable market share. He acknowledged that the Skol brand was the primary driver of the core segment's decline but reaffirmed its strategic importance and the company's commitment to restoring its growth. CFO Guilherme Fleury de Figueiredo Parolari addressed CapEx, stating that while he could not provide guidance, the company remains highly disciplined in its capital deployment and asset utilization.

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    Isabella Simonato's questions to Ambev SA (ABEV) leadership • Q4 2024

    Question

    Isabella Simonato of Bank of America requested more details on the company's mention of pursuing inorganic growth. She also asked how Ambev plans to achieve margin expansion given the 2025 cost guidance for Brazil Beer is above inflation, seeking specifics on revenue management levers.

    Answer

    CEO Carlos Eduardo Lisboa described 2024 as the beginning of a margin recovery journey, stating that a strong focus on productivity and revenue management would be key to delivering margin expansion. CFO Lucas Lira clarified that organic growth remains the top priority, with inorganic growth being a secondary use of excess capital for strategic, value-accretive opportunities at the right price.

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    Isabella Simonato's questions to BRF SA (BRFS) leadership

    Isabella Simonato's questions to BRF SA (BRFS) leadership • Q1 2024

    Question

    Isabella Simonato of Bank of America inquired about the company's capital allocation strategy, given its significantly lower leverage. She asked about the outlook for CapEx, potential new growth avenues, and the focus on shareholder returns, specifically referencing the recently announced buyback program and the possibility of dividends.

    Answer

    CEO Miguel de Souza Gularte stated that despite the improved leverage, the primary focus remains on reducing gross debt to regain an investment-grade rating. He noted that CapEx levels for the year are expected to be similar to last year's, as there is still idle capacity to be utilized for growth. CFO Fabio Mendes Mariano added that the company will be attentive to liability management opportunities. Regarding shareholder returns, he emphasized that management is focused on improving results, and decisions on dividends are up to the controller and the board.

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