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    Thiago Bertolucci

    Research Analyst at The Goldman Sachs Group, Inc.

    Thiago Bertolucci is an analyst at The Goldman Sachs Group, Inc., specializing in Latin American consumer and food sectors with a focus on companies such as BRF SA and Arcos Dorados Holdings. He has actively participated in earnings calls for these firms, providing detailed inquiries on inventory management and market strategies, demonstrating an acute understanding of complex industry dynamics. Bertolucci's analyst career includes consistent coverage of at least these companies since at least 2024, though earlier roles and tenure information are currently unavailable. His professional credentials and securities licensing status are not publicly documented, and performance metrics such as rankings or average returns have not been disclosed.

    Thiago Bertolucci's questions to BRF (BRFS) leadership

    Thiago Bertolucci's questions to BRF (BRFS) leadership • Q2 2025

    Question

    Thiago Bertolucci from Goldman Sachs asked about the strategy for releasing the increased finished product inventory built up during the avian flu crisis and how dependent this strategy is on trade with China reopening. He also followed up on the negative EBITDA margin in the Banvit (Turkey) operation and its outlook.

    Answer

    CEO Miguel Goulard emphasized the philosophy of 'sell to produce,' aiming to normalize inventory levels to near-zero without destroying value as markets reopen. CFO Fabio Mariano added that the pace of normalization depends on market opportunities, especially the reopening of China and Europe. Regarding Turkey, an executive explained the negative margin was due to excess local poultry supply. The recovery plan involves increasing the mix of higher-value processed products, adjusting slaughter rates, and integrating the Turkish platform more closely with Brazilian operations under a 'Turkey Plus' efficiency program.

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