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    Pedro Seixas

    Corporate Analyst specializing in Emerging Markets Debt (EMD) at Neuberger Berman

    Pedro Seixas is a Corporate Analyst specializing in Emerging Markets Debt (EMD) at Neuberger Berman, where he provides research and analytics in support of global fixed income strategies. With experience analyzing corporate issuers across emerging markets, Seixas focuses on in-depth credit analysis and market performance, although specific company coverage and quantifiable performance metrics are not publicly disclosed. He began his career prior to joining Neuberger Berman and is FINRA registered, holding credentials as a Previously Registered Investment Adviser during his tenure at Neuberger Berman BD LLC in Atlanta. Seixas is recognized for his expertise within emerging markets debt and maintains professional qualifications validated by regulator records.

    Pedro Seixas's questions to UNITED BREWERIES CO (CCU) leadership

    Pedro Seixas's questions to UNITED BREWERIES CO (CCU) leadership • Q2 2024

    Question

    Pedro Seixas of Neuberger Berman asked for a quantitative breakdown of the 78% EBITDA decline, seeking to understand how much was attributable to FX depreciation versus the drop in sales volume.

    Answer

    CFO Felipe Dubernet provided a detailed breakdown of the CLP 37 billion EBITDA decrease. He attributed approximately CLP 16 billion of the decline to external effects, primarily the depreciation of the Chilean and Argentine pesos. The remaining CLP 21 billion was attributed to negative operating variables, with the sharp volume decline being the main driver, partially offset by price increases and efficiencies.

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    Pedro Seixas's questions to UNITED BREWERIES CO (CCU) leadership • Q2 2024

    Question

    Asked for a breakdown of the 78% EBITDA drop, specifically attributing it to FX depreciation versus volume decline.

    Answer

    The executive provided a breakdown of the CLP 37 billion EBITDA decline, attributing CLP 16 billion to external effects (mainly FX) and CLP 21 billion to operating variables (mainly volume decline, partially offset by price and efficiencies).

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    Pedro Seixas's questions to UNITED BREWERIES CO (CCU) leadership • Q2 2024

    Question

    Pedro Seixas from Neuberger Berman requested a quantitative breakdown of the 78% drop in EBITDA, asking how much was attributable to foreign exchange fluctuations versus the decline in sales volume.

    Answer

    CFO Felipe Dubernet provided a detailed breakdown of the CLP 37 billion EBITDA decline. He explained that external effects, primarily FX depreciation partially offset by some raw material cost benefits, had a negative impact of approximately CLP 16 billion. The remaining CLP 21 billion negative impact was due to operating variables, driven by the significant volume decline which was not fully compensated by price increases and efficiency gains.

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