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    Leo Koheja

    Vice President and Equity Research Analyst at BTG Pactual

    Leo Koheja is a Vice President and Equity Research Analyst at BTG Pactual, specializing in Latin American consumer and retail sectors with focused coverage on companies such as Ambev, BRF, and Magazine Luiza. He is known for comprehensive analytical reports and investment recommendations that have supported BTG Pactual’s strong performance in sector rankings, often receiving recognition for accuracy and market insight. Having started his finance career in the mid-2010s at BTG Pactual, Leo has built his expertise within the firm, leveraging CFA certification and holding Brazilian securities licenses. His thoughtful analysis and client-oriented approach have earned him respect within the investment community, with published work and conference presentations highlighting his impact on the industry.

    Leo Koheja's questions to GERDAU (GGB) leadership

    Leo Koheja's questions to GERDAU (GGB) leadership • Q2 2025

    Question

    Leo Koheja asked about the recent increase in net debt and its implications for cash conversion and future leverage targets. He also questioned the feasibility of a rebar price increase in Brazil, given the intense import pressure and recent price deflation.

    Answer

    CFO Rafael Japur explained that the debt increase funded significant CapEx and shareholder returns, and he anticipates positive free cash flow in the second half of the year. CEO Gustavo Ferneki expressed disappointment with Brazil's trade defense policies but stated Gerdau will defend its market share and believes there is room for price recovery, though the fight will be difficult.

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