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    Matheus Enfeldt

    Research Analyst at UBS

    Matheus Enfeldt is an Equity Analyst at UBS specializing in Latin American agribusiness and energy equities, notably covering companies such as Adecoagro, Petrobras, and Cosan. He has issued Buy and Neutral ratings with target prices that closely align with market consensus, including a Buy on Cosan at R$9.00 and a Neutral on Adecoagro at $9.90, with performance tracked through regular rating reviews. Beginning his analyst career prior to 2021 and joining UBS by at least that year, Enfeldt has established a strong presence in Latin American equity research as evidenced by consistent inclusion in institutional analyst coverage lists. He holds industry-standard research credentials and is featured in major investor communications by covered firms, underscoring his credibility and recognition among institutional investors.

    Matheus Enfeldt's questions to Cosan (CSAN) leadership

    Matheus Enfeldt's questions to Cosan (CSAN) leadership • Q1 2025

    Question

    Matheus Enfeldt questioned the outlook for the interest coverage ratio, noting it could fall below 1.0x in Q2 2025 and asking if this would trigger any debt covenants. He also asked about cash needs at the holding company level, given dividend obligations to preferred shareholders at Compass and Cosan Nove amid uncertain dividend flows from Raizen.

    Answer

    An executive clarified that a drop in the interest coverage ratio is not a covenant trigger but underscores the strategic urgency to reduce net debt. Regarding cash flows, he explained that dividend payments to preferred shareholders are not obligatory and that the efficiency of these structures is continuously monitored against other capital alternatives, especially concerning their fiscal impact and cost.

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    Matheus Enfeldt's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership

    Matheus Enfeldt's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership • Q1 2025

    Question

    Matheus Enfeldt questioned the sustainability of the dividend policy in a low oil price scenario and asked about Petrobras's competitive strategy in the LNG market.

    Answer

    Fernando Melgarejo, Executive Director of Finance and IR, affirmed the commitment to the dividend policy, explaining the debt ceiling was raised to $75 billion to provide flexibility and accommodate new revenue-generating assets. Claudio Schlosser, Executive Director of Logistics, highlighted that the Boaventura (Route 3) project is a key part of their strategy to significantly increase domestic LNG supply and competitiveness.

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    Matheus Enfeldt's questions to Adecoagro (AGRO) leadership

    Matheus Enfeldt's questions to Adecoagro (AGRO) leadership • Q1 2025

    Question

    Matheus Enfeldt of UBS inquired about the potential future size of Adecoagro, given the significant financial backing of Tether. He asked whether the company might pursue large-scale M&A to dramatically increase its capacity or if growth would be more complementary. He followed up by asking what leverage ratio the company would be comfortable with during a major expansion cycle.

    Answer

    Executive Chairman Juan Jose-Pineyro Sartori indicated that the company 'could grow quite a lot,' with growth being determined by management's proven ability to integrate assets and Tether's substantial financial capacity to support good deals. In response to the follow-up, Executive Mariano Bosch noted that growth would be pursued through various avenues, considering the 80% ownership cap and debt levels. Mr. Sartori added that alternative financing like tokenization and joint ventures could also be explored, providing capital beyond traditional debt or equity.

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    Matheus Enfeldt's questions to Adecoagro (AGRO) leadership • Q4 2024

    Question

    Matheus Enfeldt from UBS inquired about the timeline for clarity on the Tether acquisition offer and its impact on management's focus. He also questioned the constraints on increasing sugarcane crushing volumes for 2025, asking if it was purely weather-related or if more third-party cane could be sourced.

    Answer

    Executive Emilio Gnecco stated that due to legal restrictions, the company could not comment further on the Tether proposal but assured that operations continue normally. Executive Renato Pereira explained that crushing is constrained by prior dry weather which forced an advanced harvest, leading to a slower start to the year. He noted that while some third-party cane is contracted, they do not anticipate needing additional supply unless weather conditions worsen.

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    Matheus Enfeldt's questions to Adecoagro (AGRO) leadership • Q3 2024

    Question

    Matheus Enfeldt questioned the company's higher CapEx rate, particularly for expansion in sugar and ethanol, asking for the outlook on spending levels through 2026. He also inquired about the development of production costs.

    Answer

    Executive Mariano Bosch stated that the company is focused on being a low-cost producer and expects production costs to decrease in the next campaign. Regarding CapEx, he emphasized that shareholder distributions remain the priority, but the company is pursuing high-return growth projects. These include biomethane production with high levered returns and sugarcane plantation expansion. Investments are also being made in the profitable Rice and Dairy segments, all targeting unlevered IRRs of 18-25%.

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    Matheus Enfeldt's questions to ULTRAPAR HOLDINGS (UGP) leadership

    Matheus Enfeldt's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q1 2025

    Question

    Matheus Enfeldt of UBS Group AG asked about Ultrapar's ideal leverage target following the consolidation of Hidrovias and inquired about further investment plans, specifically in the TRR segment and for the AmPm convenience store chain.

    Answer

    An Ultrapar executive explained that consolidating Hidrovias will increase net debt by approximately 0.3x to 0.4x, but they anticipate rapid deleveraging due to strong cash generation. The executive characterized the TRR investment as a small, regional move and highlighted significant growth potential for AmPm stores, with a strategy to incorporate high-value brands like Krispy Kreme to enhance their retail offering.

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    Matheus Enfeldt's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q4 2024

    Question

    Matheus Enfeldt questioned Ultrapar's criteria for future large-scale diversification, asking what conditions, such as lower leverage or the maturation of the Hidrovias investment, would be necessary for another major capital allocation. He also asked for clarification on Ultracargo's investment pipeline, noting a perceived slowdown in expansion for 2026-27 and inquiring about the potential for new growth opportunities.

    Answer

    Ultrapar CFO Rodrigo de Almeida Pizzinatto stated that while the balance sheet permits new investments, the immediate focus is on executing the Hidrovias integration, and any new large-scale allocation is not a short-term priority. Executive Décio de Sampaio Amaral clarified that Ultracargo is not slowing down, citing a record investment year in 2024 and a robust pipeline of projects for 2025, including expansions at Suape and Itaqui, with plans reflecting demand-based reallocation rather than a reduction in ambition.

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