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    Lucas Laghi • XP Inc.

    Lucas Laghi's questions to Embraer SA (ERJ) leadership

    Lucas Laghi's questions to Embraer SA (ERJ) leadership • Q2 2025

    Question

    Lucas Laghi of XP Inc. asked about the potential for working capital optimization and free cash flow improvement resulting from the company's production leveling initiatives.

    Answer

    CFO Antonio Garcia acknowledged the ongoing challenge of cash flow seasonality but reiterated the full-year guidance. CEO Francisco Neto provided a long-term view, explaining the goal is to improve inventory turns from 1.6 to nearly 3.0, which could potentially release almost $1 billion from inventory over the next three years.

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    Lucas Laghi's questions to Embraer SA (ERJ) leadership • Q1 2025

    Question

    Lucas Laghi of XP Investments asked for an update on the strategy for securing C-390 orders in the United States, including potential partnerships and local production.

    Answer

    CEO Francisco Gomes Neto described the U.S. as a significant opportunity for the KC-390, confirming the aircraft is being actively showcased to U.S. officials. He affirmed that with a sizable order from the U.S. Air Force, the KC-390 would be assembled in the United States.

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    Lucas Laghi's questions to Embraer SA (ERJ) leadership • Q4 2024

    Question

    Lucas Laghi from XP Investimentos requested more detail on profitability drivers for the Executive and Defense divisions, asking if the current margins are sustainable.

    Answer

    CFO Antonio Garcia explained that Executive Aviation's Q4 margin reflects a more balanced delivery schedule compared to the prior year, which will continue. For Defense, he noted that while Q4 was strong due to specific contract milestones, it's better to view profitability on a yearly basis, which showed improvement from 5.5% in 2023 to 6.2% in 2024, a trend he expects to continue.

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    Lucas Laghi's questions to Embraer SA (ERJ) leadership • Q2 2024

    Question

    Lucas Laghi followed up on commercial profitability, asking if recent orders added to the backlog carry higher margins than older contracts, and how to think about the margin evolution for the E2 jets specifically.

    Answer

    CFO Antonio Carlos Garcia explained that current margins reflect the initial, tighter-priced E2 sales campaigns. He confirmed that newer orders, like the one from Mexicana, are accretive and will improve margins as they enter production. Future profitability will benefit from this improved backlog mix and increased operating leverage.

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    Lucas Laghi's questions to Gerdau SA (GGB) leadership

    Lucas Laghi's questions to Gerdau SA (GGB) leadership • Q1 2025

    Question

    Lucas Laghi asked about the North American market, seeking to understand customer inventory levels and the sustainability of the strong order backlog. He also questioned Gerdau's capital structure, specifically its comfort level with gross debt running slightly above its BRL 12 billion target.

    Answer

    An executive responded that the North American backlog remained robust at over 70 days into April, with no signs of customers pulling back, suggesting demand is resilient. Regarding debt, the company is not concerned with the gross debt figure, as the original policy was set under different economic conditions. The key metric, net debt to EBITDA, remains low and well within the company's comfort zone, indicating a healthy capital structure.

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    Lucas Laghi's questions to Gerdau SA (GGB) leadership • Q1 2024

    Question

    Lucas Laghi asked about the Q1 discrepancy between production and shipments, questioning if it was a one-off issue or a strategic inventory build. He also inquired if the Brazil export mix could improve from 20% to around 15% following the new trade quotas.

    Answer

    CFO Rafael Japur attributed the production/shipment mismatch partly to the recent divestment of joint ventures (which previously consumed internal steel production) and a slight slowdown in North American sales at the end of March. Regarding the export mix, he advised caution, stating that while the new quotas are positive, a significant and rapid change is not expected. CEO Gustavo Werneck added that the quotas only cover 25% of their Brazilian deliveries, and the company continues to pursue other trade defense measures like anti-dumping cases.

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    Lucas Laghi's questions to Suzano SA (SUZ) leadership

    Lucas Laghi's questions to Suzano SA (SUZ) leadership • Q4 2024

    Question

    Lucas Laghi from XP Inc. inquired about the rationale for Suzano's FX hedging strategy, particularly the higher strike prices on recent collars, and asked about the expected timeline for financial improvements from the acquired Pactiv operations.

    Answer

    Executive Marcos Assumpcao explained the hedging policy targets 40-75% of the company's net dollar exposure and that favorable market conditions led to hedging at the higher end of this range. Executive Fabio Almeida Oliveira stated that benefits from Pactiv's renegotiated contracts will be phased in during 2025, with a more significant impact expected in the second half of the year.

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