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    Lucas Marquiori

    Research Analyst at BTG Pactual

    Lucas Marquiori is the Executive Director of Equity Research at BTG Pactual, specializing in coverage of major Brazilian industrial and infrastructure companies such as Embraer and Rumo. Known for his deep insights into sector performance and strong analytical skills, Marquiori frequently participates in earnings calls and is recognized for his thorough evaluations of margin trends and pricing efficiency, providing key investment recommendations and forecasts. He joined BTG Pactual as an equity analyst and has risen to a senior leadership role, consistently cited as a leading analyst in public analyst coverage lists since at least 2019. Marquiori holds advanced credentials in financial analysis and maintains active coverage of the transportation, infrastructure, and industrial sectors.

    Lucas Marquiori's questions to EMBRAER (ERJ) leadership

    Lucas Marquiori's questions to EMBRAER (ERJ) leadership • Q1 2025

    Question

    Lucas Marquiori of BTG Pactual requested more details on the company's initiatives to mitigate the financial impact of U.S. tariffs.

    Answer

    CFO Antonio Carlos Garcia explained that mitigation strategies involve internal cost reduction measures across the entire company, not just relocating production. He also noted that the tariff's impact is lessened by deducting the value of U.S. content in the aircraft, and the company remains confident in its 2025 guidance.

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    Lucas Marquiori's questions to EMBRAER (ERJ) leadership • Q4 2024

    Question

    Lucas Marquiori of BTG Pactual requested more detail on the 2025 margin guidance, asking for an outlook by business segment and suggesting Commercial Aviation could dilute overall margins.

    Answer

    CFO Antonio Garcia stated that the margin profile for 2025 is expected to be broadly in line with 2024's recurring levels. He indicated that Services & Support might see some normalization, while Defense would see more growth and Executive would remain at a similar level. He emphasized the guidance is based on the recurring margin and accounts for market volatility.

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