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    Rodrigo Reis de Almeida

    sell-side Equity Analyst at Santander

    Rodrigo Reis de Almeida is a sell-side Equity Analyst at Santander, specializing in Brazilian industrials and energy, with specific coverage of leading firms such as Petroleo Brasileiro SA Petrobras, Braskem SA, and Unipar. He has participated actively in earnings discussions, contributing insights across at least three major companies, and is recognized for rigorous corporate analysis, though publicly reported performance metrics or platform rankings remain undisclosed. Almeida joined Santander as a credited analyst prior to 2025 and is listed as the official coverage contact for investors in the sector, leveraging a background in financial markets and direct corporate engagement. His professional credentials include verified analyst registration at Santander, and he is frequently referenced in investor relations reports for major Brazilian corporations.

    Rodrigo Reis de Almeida's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership

    Rodrigo Reis de Almeida's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership • Q1 2025

    Question

    Rodrigo Reis de Almeida requested an update on the Equatorial Margin licensing process and asked about the long-term funding strategy for developing the region, including potential partnerships.

    Answer

    Sylvia dos Anjos, Executive Director of E&P, and Clarice Coppetti, Executive Director of Corporate Affairs, responded. They confirmed that all requirements have been submitted to the environmental agency (Ibama) and they are ready to drill. The current plan allocates $3 billion for exploration in the margin, with development funding to be addressed in future plans post-discovery. They also highlighted a successful emergency response simulation, demonstrating operational readiness.

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    Rodrigo Reis de Almeida's questions to BRASKEM (BAK) leadership

    Rodrigo Reis de Almeida's questions to BRASKEM (BAK) leadership • Q1 2025

    Question

    Rodrigo Reis de Almeida asked about the impact of recent import tariffs on Braskem's market share in Brazil. He also inquired about how spread pricing changes have affected costs in Mexico and requested details on the pricing structure for feedstock at the new Mexican import terminal.

    Answer

    Executive Roberto Ramos explained that the 'Seas of the Future' program, involving leased vessels, is already reducing ethane shipping costs to Mexico. He noted that the Braskem Trading and Shipping (DT&S) unit manages ethane procurement through a diversified portfolio of short, medium, and long-term contracts. Executive Rosana Avolio added that while it's difficult to isolate the tariff effect, Braskem's market share was slightly above its internal goals, reflecting a successful commercial strategy focused on the domestic market. She also mentioned that normalizing freight rates have positively impacted import parity.

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    Rodrigo Reis de Almeida's questions to BRASKEM (BAK) leadership • Q1 2025

    Question

    Rodrigo Reis de Almeida asked about the impact of recent import tariffs on Braskem's market share in Brazil and how shipping price changes have affected product costs. He also requested details on the new ethane import terminal in Mexico, specifically regarding feedstock pricing structure and contracts.

    Answer

    Executive Roberto Ramos explained that Braskem is lowering shipping costs by leasing its own vessels for ethane transport to Mexico and that its trading arm, BT&S, manages a portfolio of short- to long-term ethane purchase contracts. Executive Rosana Avolio added that the Mexico terminal is now operational, ensuring feedstock supply. She noted that while it's difficult to isolate the tariff impact, Braskem's market share was slightly above its goals, reflecting a successful commercial strategy focused on the domestic market.

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    Rodrigo Reis de Almeida's questions to BRASKEM (BAK) leadership • Q2 2024

    Question

    Rodrigo Reis de Almeida inquired about the demand outlook in Brazil for Q3, updates on import tariff discussions with Comex, and the spread outlook for the U.S. market, including recent pricing actions.

    Answer

    Pedro van Langendonck Teixeira de Freitas, an executive, noted that while Brazilian polymer demand is growing, Braskem's sales are slower due to strong import competition. He confirmed alignment with ABIQUIM on seeking higher tariffs and expects a government decision in Q3. For the U.S., he explained that flexible contracts lead to lower propane costs than spot prices and that while spreads may improve slightly, it won't be a "game changer." He also confirmed that July was shaping up to be a strong month, in line with typical Q3 seasonality.

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    Rodrigo Reis de Almeida's questions to BRASKEM (BAK) leadership • Q2 2024

    Question

    Rodrigo Reis de Almeida from Santander inquired about the demand outlook in Brazil for the third quarter, the status of import tariff discussions with Comex, and the spread outlook for the U.S. market, including recent pricing and input cost dynamics.

    Answer

    Executive Pedro van Langendonck Teixeira de Freitas explained that while Brazilian polymer demand is forecast to grow 13%, Braskem's sales are recovering more slowly at 2-3% due to strong import competition. He confirmed Braskem's alignment with ABIQUIM in requesting a 20% import tariff and expects a decision from Comex in Q3. For the U.S., he noted that while improved demand might slightly increase spreads, it would not be a 'game changer.' He also confirmed that July was trending as a seasonally strong month for the company.

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    Rodrigo Reis de Almeida's questions to ULTRAPAR HOLDINGS (UGP) leadership

    Rodrigo Reis de Almeida's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q1 2025

    Question

    Rodrigo Reis de Almeida of Banco Santander, S.A. inquired about the strategic agenda for Hidrovias, specifically asking if there are any operational synergies being pursued with Ultracargo on a daily basis.

    Answer

    An Ultrapar executive stated that there are no relevant operational synergies identified between Ultracargo and Hidrovias at present. The primary benefit is leveraging competent people from Ultrapar's ecosystem, such as installing Decio as the main executive at Hidrovias, rather than integrating day-to-day operations.

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    Rodrigo Reis de Almeida's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q4 2024

    Question

    Rodrigo Reis de Almeida asked about Ultragaz's role as a growth platform, seeking details on the most promising new business areas for long-term returns. He also requested clarification on the drivers of working capital improvement, specifically inventory reduction, and questioned the strategic shift that led to the initiation of a share buyback program.

    Answer

    Executive Tabajara Costa highlighted that new energy solutions contribute about 5% to Ultragaz's EBITDA and are growing, with biomethane and free-market energy trading being particularly exciting. Ipiranga CFO Pedro Guedes confirmed that working capital improved due to deliberate inventory management, especially reducing biofuel levels. He also explained the share buyback was a response to a lower share price, viewing it as an attractive capital return method alongside a 35% dividend payout.

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