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    Ricardo Boiati

    Senior Equity Research Analyst at Safra

    Ricardo Boiati is a Senior Equity Research Analyst at Banco Safra, specializing in financial analysis and investment strategy with coverage of notable Brazilian companies such as Grupo Oncoclínicas and BRF. His career at Safra has positioned him as a key resource for investors, providing expert insights on sector trends and export performance, particularly in healthcare and agribusiness equities. Prior to his tenure at Safra, Boiati built a strong foundation in equity research, advancing through roles that have emphasized rigorous analysis and client advisory. He is recognized for his analytical expertise and established credentials within the Brazilian financial sector.

    Ricardo Boiati's questions to JBS (JBS) leadership

    Ricardo Boiati's questions to JBS (JBS) leadership • Q2 2025

    Question

    Ricardo Boiati of Safra inquired about the potential for sustainable margin improvement from the company's ongoing prepared foods projects and asked how the shareholder base has been evolving since the dual listing on the NYSE.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, stated the company targets higher double-digit margins, around 15%, for these new projects. Global CFO Guilherme Cavalcanti reported that average daily trading volume has more than doubled since the listing, with a significant increase in interest and meetings with new U.S. investors, and outlined the strategy to gain inclusion in major indices like the Russell.

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    Ricardo Boiati's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership

    Ricardo Boiati's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q4 2024

    Question

    Ricardo Boiati of BTG Pactual questioned the potential to expand the use of feedlots for cattle supply in South America, the price premium achieved, and asked about any operational risks for National Beef from the new U.S. administration's policies on immigration and trade.

    Answer

    Executive Rui Mendonca stated the goal is to maintain 25% of cattle supply from feedlots, which provides benefits like 90% plant occupancy, quality for value-added products, traceability, and easier European certification, leading to premium pricing. Executive Timothy Klein responded that while they monitor U.S. policy changes, they have seen no operational impact so far.

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    Ricardo Boiati's questions to BRF (BRFS) leadership

    Ricardo Boiati's questions to BRF (BRFS) leadership • Q2 2024

    Question

    Ricardo Boiati asked about the market impact of recent capacity expansions in specific product lines like sausages and breaded products, and requested an update on the operational synergies being realized with Marfrig.

    Answer

    CFO Fabio Mariano stated that new market capacity has not disrupted market dynamics due to strong, balanced demand. CEO Miguel Gularte elaborated on the Marfrig relationship, describing it as a pursuit of excellence through benchmarking best practices in areas like supply chain and commercial approaches. He highlighted that this multi-protein strategy improves purchasing power and creates a more competitive structure, all managed under strict governance.

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    Ricardo Boiati's questions to BRF (BRFS) leadership • Q1 2024

    Question

    Ricardo Boiati from Banco Safra asked for an update on the supply and demand dynamics for chicken and pork in the Chinese market. He also requested details on the impact of the severe flooding in Rio Grande do Sul on BRF's operations, including its plants, integrated farms, and logistics for both inputs and finished products.

    Answer

    CEO Miguel de Souza Gularte noted a displacement in Asian exports, with China remaining a relevant but shifted destination. He observed a price recovery for poultry and a more balanced situation for pork, with new licenses providing more choices. Regarding the floods in Rio Grande do Sul, he expressed solidarity and detailed the company's fundraising efforts. Operationally, he confirmed that all five plants in the region had resumed operations. While logistical challenges exist, requiring longer routes, the company is managing to supply the plants and ship products, with a focus on employee safety.

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