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    Leonardo Alencar • XP Investimentos

    Leonardo Alencar's questions to JBS N.V. (JBS) leadership

    Leonardo Alencar's questions to JBS N.V. (JBS) leadership • Q2 2025

    Question

    Leonardo Alencar of XP Investimentos asked about the U.S. beef cycle, considering external factors like Mexican cattle imports and U.S. tariffs on Brazilian beef. He also inquired about the demand outlook for chicken in China.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, acknowledged the short-term relevance of the Mexico cattle situation but stated it doesn't alter the long-term herd rebuild cycle. Global CEO Gilberto Tomazoni reiterated a positive outlook for the global chicken business, driven by strong demand and ongoing supply constraints.

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    Leonardo Alencar's questions to Ambev SA (ABEV) leadership

    Leonardo Alencar's questions to Ambev SA (ABEV) leadership • Q2 2025

    Question

    Leonardo Alencar asked about the performance dynamics between on-trade and off-trade channels amid adverse weather and economic pressures. He also sought more clarity on the pricing strategy across different categories, particularly between premium and core segments.

    Answer

    CEO Carlos Eduardo Klutzenschell Lisboa explained that the on-premise channel was more significantly impacted by the adverse weather. He noted that pricing initiatives began in March across all segments, with the rate of increase aligning with inflation, supplemented by positive mix effects from premiumization. He stressed the strategy is to balance long-term pricing goals with short-term cost inflation and portfolio health.

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    Leonardo Alencar's questions to Ambev SA (ABEV) leadership • Q1 2025

    Question

    Leonardo Alencar asked about costs, questioning if the 5.5% to 8.5% guidance for Brazil beer COGS was now conservative after a positive Q1. He also sought to reconcile Ambev's positive volume report with industry data showing a production decline.

    Answer

    Executive Carlos Eduardo Lisboa clarified that industry production data can be misleading in the short term and that Ambev's Q1 2024 production was unusually high, affecting the comparison. CFO Guilherme Fleury de Figueiredo Parolari added that while the Q1 cost tailwind was expected due to hedging, the company is maintaining its full-year cost guidance for now, as significant FX and commodity pressures are still anticipated starting in Q2.

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    Leonardo Alencar's questions to BRF SA (BRFS) leadership

    Leonardo Alencar's questions to BRF SA (BRFS) leadership • Q1 2025

    Question

    Leonardo Alencar from XP Inc. asked for an outlook on domestic demand for the second quarter, following an atypical first quarter. He also sought commentary on the export market, including the effects of Avian flu and potential tariff impacts on pricing dynamics in key regions like China.

    Answer

    CEO Miguel de Souza Gularte stated that the domestic market's supply-demand dynamic remains 'extremely balanced and very active,' similar to Q1, with sustained pricing power. Regarding exports, he noted that previously depressed prices are beginning to reverse in some geographies and that, so far, there has been no significant impact from tariffs, with volumes to China remaining stable.

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    Leonardo Alencar's questions to BRF SA (BRFS) leadership • Q1 2024

    Question

    Leonardo Alencar from XP Investimentos asked about the interplay between seasonal effects and structural operational improvements from the BRF+ program in Q1 2024, questioning if the strong performance is the new recurring baseline. He also inquired about the potential for further grain cost benefits and whether the favorable international pricing dynamics seen in Q1 would continue, particularly in the Middle East and Asia post-Ramadan.

    Answer

    CEO Miguel de Souza Gularte explained that fundamental changes, driven by the BRF+ program since late 2022, have made the company more resilient and less susceptible to historical seasonality. He emphasized that the program is now embedded in the company's culture, focusing on manageable factors to improve performance. Gularte confirmed that a gradual price improvement was anticipated and capitalized on through new export licenses (25 in Q1, plus 2 more for the Philippines), which provide more commercial options and diversity. He sees a resilient pricing environment continuing into the second quarter.

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