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    Regis Cardoso • XP Inc.

    Regis Cardoso's questions to Cosan SA (CSAN) leadership

    Regis Cardoso's questions to Cosan SA (CSAN) leadership • Q1 2025

    Question

    Regis Cardoso sought clarification on the target for absolute debt reduction at the holding company level. He also asked for more detail on the cost variability of the preferred shares and requested a more specific timeline for Moove's operational recovery, whether it would be in weeks, months, or years.

    Answer

    Executive Rodrigo Alves indicated a mid-term leverage target of around 1.5x and stated that Moove is expected to be in a much better operational position by the end of the year. Executive Marcelo Martins added that the long-term goal is for the holding company's structural debt to be close to zero. Rodrigo Alves also clarified that preferred share costs become less competitive when their step-up rates make them more expensive than the company's average cost of debt.

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    Regis Cardoso's questions to Cosan SA (CSAN) leadership • Q4 2024

    Question

    Regis Cardoso of XP asked about the primary metric used to evaluate the capital structure, questioning whether it was the Debt Service Coverage Ratio (DSCR) or a debt-to-EV ratio, and what a healthy target would be. He also inquired about the potential for an equity injection at Raizen and whether it could involve separating assets like E2G or renewables.

    Answer

    Executives Rodrigo Alves and Marcelo Martins responded. Rodrigo Alves identified the DSCR target as 1.5x but noted there isn't a specific debt-to-EV target because deleveraging itself is expected to reprice the company's equity. Regarding Raizen, he confirmed they are open to partners in specific businesses like renewables and that Cosan has no capital to inject, implying a willingness to be diluted. Marcelo Martins added that splitting Raizen's assets is a possibility, pending partner agreement, and that Raizen's plant portfolio is also under review for potential reduction.

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    Regis Cardoso's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership

    Regis Cardoso's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2025

    Question

    Regis Cardoso asked for comments on the production ramp-up schedule for new platforms and sought examples of how the investment plan could be flexed in response to lower oil prices.

    Answer

    Sylvia dos Anjos, Executive Director of E&P, confirmed the 2025 production guidance of 2.8 million boe/d remains on track, incorporating all ramp-ups and scheduled maintenance. She clarified that project simplification efforts are focused on uncontracted projects, as those in execution are not altered. She also noted that all projects are already resilient to a $45/barrel Brent price, limiting the need for major changes.

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    Regis Cardoso's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2024

    Question

    Regis Cardoso asked about the potential re-acquisition of the Mataripe refinery (RLAM), questioning the strategic goals. He also sought details on the business models for renewables, asking which areas would be developed internally versus via partnerships, and inquired about the impact of the IBAMA strike.

    Answer

    CFO Sergio Leite stated the RLAM review is ongoing, with a decision expected by the end of H1 2024, emphasizing the goal is to find new value. Directors William da Silva and Mauricio Tolmasquim detailed the renewables strategy: biorefineries will be largely internal, while onshore wind/solar will involve partnerships. Exploration Director Joelson Mendes noted the IBAMA strike could have up to a 2% impact on annual production if it persists.

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    Regis Cardoso's questions to Ultrapar Participacoes SA (UGP) leadership

    Regis Cardoso's questions to Ultrapar Participacoes SA (UGP) leadership • Q4 2024

    Question

    Regis Cardoso sought Ultrapar's perspective on the upcoming Hidrovias capital increase, asking about its expected size and primary purpose, such as CapEx or deleveraging. He also questioned why the amortization of Ipiranga's branding initiatives was running below expectations and whether this was related to contract terms or lower costs.

    Answer

    An executive explained that the Hidrovias capital increase, planned for March, is intended to unlock growth and reduce leverage below a 3.5x bond covenant, thereby improving the company's capital structure. Regarding Ipiranga, the executive clarified that lower-than-expected amortization is partly due to CapEx postponements, as the recognition of these branding bonuses is directly correlated with sales volumes, which are affected by the timing of investments.

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    Regis Cardoso's questions to Ultrapar Participacoes SA (UGP) leadership • Q2 2024

    Question

    Regis Cardoso asked about the origin and monetization timeline for tax credits on the balance sheet, Ipiranga's preferred model for service station branding, and the potential market impact from recent Petrobras price decreases.

    Answer

    Executive Rodrigo de Almeida Pizzinatto stated that existing tax credits are expected to be monetized within five years. Executive Leonardo Linden expressed a preference for a post-payment branding model for better alignment with resellers but noted decisions are made case-by-case. He viewed recent price shifts as part of the normal market dynamic.

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