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    Renata Cabral

    Research Analyst at Citigroup

    Renata Cabral is an Equity Analyst at Citigroup, specializing in Latin American consumer staples with particular focus on the beverage industry. She covers major companies such as Ambev, Coca-Cola FEMSA, Fomento Económico Mexicano, Arca Continental, and Grupo Bimbo, issuing ratings and price targets with a record of up to 15 stock ratings. While her analysis has maintained a low success rate and negative average returns according to platforms like TipRanks, she remains an active industry voice tracking M&A activity and sector trends. Cabral began her career in equity research and joined Citigroup prior to 2023, managing coverage across key consumer companies in Latin America, and she is reachable through Citi's São Paulo office with credentials as a registered sell-side analyst for the region.

    Renata Cabral's questions to JBS (JBS) leadership

    Renata Cabral's questions to JBS (JBS) leadership • Q2 2025

    Question

    Renata Cabral from Citigroup asked for an update on the Brazilian beef cycle outlook and whether the company would consider providing more detailed disclosures on its prepared foods business, given its increasing strategic importance.

    Answer

    Global CEO Gilberto Tomazoni expressed optimism for the Brazilian beef cycle, citing structural improvements like increased feedlot usage. Global CFO Guilherme Cavalcanti explained that prepared foods are embedded across segments, making a separate disclosure complex, but estimated that highly processed items represent about 15% of the business, with branded products reaching up to 50%.

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    Renata Cabral's questions to AMBEV (ABEV) leadership

    Renata Cabral's questions to AMBEV (ABEV) leadership • Q2 2025

    Question

    Renata Cabral asked for insights into the 2026 outlook for raw material costs and requested details on Ambev's current hedging strategy for these inputs.

    Answer

    CFO Guilherme Fleury de Figueiredo Ferraz Parolari stated that Ambev is maintaining its standard 12-month forward, non-speculative hedging policy to protect the business. He reiterated confidence in the 2025 cash COGS per hectoliter guidance for Brazil Beer (5.5% to 8.5% range) but declined to provide any specific guidance for 2026.

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    Renata Cabral's questions to COCA COLA FEMSA SAB DE CV (KOF) leadership

    Renata Cabral's questions to COCA COLA FEMSA SAB DE CV (KOF) leadership • Q2 2025

    Question

    Renata Cabral of Citigroup Inc. inquired about the company's capital expenditure plans, asking if there were any changes for Mexico given the challenging first half. She also requested an update on the operational status of the flood-affected plant in Rio Grande do Sul, Brazil, and the associated CapEx plans for that region.

    Answer

    CEO Iain Craig García stated that long-term structural CapEx plans remain intact, while volume-linked investments are being adjusted. CFO Gerardo Cruz Celaya confirmed the company maintains its CapEx target of 8-9% of net sales but will phase projects dynamically. IR Director Jorge Collazo Pereda reported that the Porto Alegre plant is back to 100% production and distribution capacity, with a full SKU portfolio restored by July.

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    Renata Cabral's questions to COCA COLA FEMSA SAB DE CV (KOF) leadership • Q2 2025

    Question

    Renata Cabral of Citigroup Inc. asked for an update on CapEx plans, questioning if there were any changes for Mexico, and requested information on the operational status and CapEx strategy for the Porto Alegre plant in Brazil.

    Answer

    CEO Iain Craig García stated that long-term structural CapEx projects are proceeding, while volume-dependent spending is being adjusted. CFO Gerardo Cruz Celaya confirmed the company maintains its CapEx target of 8-9% of net sales but is dynamically phasing projects. IR Director Jorge Collazo Pereda reported that the Porto Alegre plant is back to 100% capacity and has restored its full SKU portfolio, with a flood containment wall project planned for 2026.

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