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    Julia Rizzo • Morgan Stanley

    Julia Rizzo's questions to Arcos Dorados Holdings Inc (ARCO) leadership

    Julia Rizzo's questions to Arcos Dorados Holdings Inc (ARCO) leadership • Q2 2025

    Question

    Julia Rizzo from Morgan Stanley noted that CapEx was below expectations and asked if the company might end the year below its initial guidance, and what, if any, improvements in the development process are being realized.

    Answer

    CFO Mariano Tannenbaum reaffirmed the company's full-year guidance of 90 to 100 new EOTF restaurants and a CapEx range of $300 million to $350 million. He explained that capital expenditures are typically more back-ended in the year and confirmed the development team is continuously focused on finding efficiencies and cost reductions.

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    Julia Rizzo's questions to Arcos Dorados Holdings Inc (ARCO) leadership • Q1 2025

    Question

    Julia Rizzo asked for specific quantification of the Q1 calendar impact, color on Q2 sales comps in Brazil, and reasons why the QSR segment might have underperformed other retail sectors.

    Answer

    CEO Marcelo Rabach specified that the Leap Day had a ~110 basis point negative impact on comparable sales. He noted the Holy Week shift primarily affected Mexico and will benefit Q2. While acknowledging a volatile environment, he stated that Arcos Dorados outperformed key competitors and gained market share, suggesting QSR seasonality may explain some broader industry trends.

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    Julia Rizzo's questions to Adecoagro SA (AGRO) leadership

    Julia Rizzo's questions to Adecoagro SA (AGRO) leadership • Q1 2025

    Question

    Julia Rizzo from Morgan Stanley asked Executive Chairman Juan Sartori about the new controlling shareholder's commitment to maintaining Adecoagro's high standards of transparency and corporate governance for all shareholders. She also questioned the future use of cash flow, specifically whether the policy of distributing at least 40% of cash from operations would continue.

    Answer

    Executive Chairman Juan Jose-Pineyro Sartori affirmed that Adecoagro's reputation for transparency and governance was a key attraction for Tether. He stated the company will remain listed and that they have implemented even stronger minority shareholder protections than previously existed. Regarding cash flow, he confirmed the 40% distribution policy is approved for 2025 and that future capital allocation will focus on the most profitable use, whether through dividends, share repurchases, or acquisitions, to maximize return on equity.

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    Julia Rizzo's questions to Adecoagro SA (AGRO) leadership • Q4 2024

    Question

    Julia Rizzo of Morgan Stanley sought clarification on how tax credits from higher ethanol sales impacted the production cost calculation, aiming to understand the recurring cost basis. She also asked about the costs associated with the recent expansion in harvest area and the resulting CapEx outlook.

    Answer

    Executive Renato Pereira clarified that the tax credit is calculated based on ethanol sold, not produced, and expects a similar sales volume and mix in the coming year. Regarding expansion, he explained that leasing strategic, higher-quality land has lowered planting costs by about 15% to BRL 13,000 per hectare, improving operational efficiency.

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