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    Pedro Fonseca • XP Inc.

    Pedro Fonseca's questions to BrasilAgro - Companhia Brasileira de Propriedades Agricolas (LND) leadership

    Pedro Fonseca's questions to BrasilAgro - Companhia Brasileira de Propriedades Agricolas (LND) leadership • Q3 2025

    Question

    Pedro Fonseca asked about BrasilAgro's land acquisition strategy, focusing on the attractiveness of the Maranhão and Piauí regions. He also inquired about the potential opportunities and risks from the US-China trade war and followed up on expected land acquisition pricing.

    Answer

    CEO André Guillaumon explained the company's counter-cyclical strategy of buying land in regions where producers are more leveraged, such as Maranhão and Piauí. Regarding the trade war, he stated that Brazil benefits marginally, particularly in protein value chains (pork, poultry), but a complete shift of Chinese soy demand to Brazil is unlikely due to logistical and stocking complexities. He anticipates a return to positive soy basis premiums but not at the extreme levels seen in the past. On land prices, he does not foresee new peaks but also doesn't expect significant nominal reductions.

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    Pedro Fonseca's questions to AGRO3.SA leadership

    Pedro Fonseca's questions to AGRO3.SA leadership • Q2 2025

    Question

    Pedro Fonseca inquired about the margin outlook for the off-season corn harvest and the expected sugarcane productivity given recent rainfall patterns.

    Answer

    Executive André Guillaumon confirmed that corn margins recovered significantly, leading to an increased harvest area. For sugarcane, he explained that while the delayed start of rains impacted the current harvest, the company is investing heavily in irrigation and expects a potential recovery if the rainy season extends, which could lead to 'very positive surprises' in the next fiscal year.

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    Pedro Fonseca's questions to AGRO3.SA leadership • FY 2024

    Question

    Following up, Pedro Fonseca asked about the company's hedging strategy for soybean and corn, noting the current hedge level is below last year's, and questioned what triggers might prompt an increase in hedging to capture better prices.

    Answer

    Executive André Guillaumon explained their strategy correctly anticipated a drop in Chicago prices and a recovery in the Brazilian premium. For the upcoming harvest, 17% is hedged, mainly via derivatives. He noted that the current high exchange rate makes further selling attractive and that the company is closely monitoring geopolitical factors, South American climate, and demand drivers like corn-based ethanol before making further moves.

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    Pedro Fonseca's questions to AGRO3.SA leadership • Q3 2024

    Question

    Pedro Fonseca of XP Inc. inquired about the catalyst for the recent Chaparral farm sale, the company's outlook on the upcoming USDA grain report, and the intended use of sales proceeds for capital allocation, such as dividends, buybacks, or growth investments.

    Answer

    Executive André Guillaumon explained that the farm sale underscores BrasilAgro's dual strategy of generating value from both operations and real estate, with the proceeds providing flexibility for future portfolio management. While deferring a decision on capital allocation to the Board, he highlighted the company's history of shareholder returns. Guillaumon anticipates the USDA report will guide Brazilian soybean production down to 152-153 million tonnes, a factor he believes is already priced in, and noted that logistical disruptions in Southern Brazil could support the price basis, validating their strategy to hold soybeans into the second half of the year.

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    Pedro Fonseca's questions to BRF SA (BRFS) leadership

    Pedro Fonseca's questions to BRF SA (BRFS) leadership • Q2 2024

    Question

    Pedro Fonseca asked about the outlook for the international market in the second half of 2024, the potential for securing more export permits, and the key drivers behind the current balance in poultry supply.

    Answer

    CEO Miguel Gularte explained that global supply and demand are balanced, and the 57 new permits secured in H1 2024 allow BRF to strategically place production and maximize value. He noted strong demand from Asia and a favorable grain cost environment. CFO Fabio Mariano added that Halal regions are performing exceptionally well, with a focus on growing the share of higher-margin processed products. He also noted that while Brazilian production capacity is growing, it remains in balance with demand.

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