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    Nicolas Larrain

    Research Analyst at JPMorgan Chase & Co.

    Nicolas Larrain is an Executive Director in Equity Research at JPMorgan Chase & Co., specializing in Latin American markets with a focus on the consumer and retail sectors. He covers major companies including Falabella S.A. and Genomma Lab Internacional, regularly participating in their earnings calls, and provides investment insights for clients. With a career spanning over a decade, Larrain holds a B.Sc. from the Pontifical Catholic University of Chile and has advanced to senior analyst roles since joining JPMorgan Chase, where he is based in the Santiago office. Larrain possesses recognized professional credentials relevant to his role as a lead analyst at a global investment bank.

    Nicolas Larrain's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership

    Nicolas Larrain's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q1 2025

    Question

    Nicolas Larrain of JPMorgan Chase & Co. asked about the company's high rental expenses as a percentage of revenue and whether there were plans to reduce them. He also inquired about the potential to recognize tax credits in the near future.

    Answer

    Executive Rafael Russowsky explained that higher rental costs are a strategic choice tied to operating in prime locations, which enables the company to achieve higher gross margins. On tax credits, he noted that recognition depends on future profitability but could be accelerated by pending federal tax settlements, which may allow the use of over BRL 2 billion in existing tax loss credits to settle liabilities.

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