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    Thiago Duarte • Unknown Analyst

    Thiago Duarte's questions to Adecoagro SA (AGRO) leadership

    Thiago Duarte's questions to Adecoagro SA (AGRO) leadership • Q2 2025

    Question

    Thiago Duarte from BTG Pactual sought clarification on cane quality, specifically TRS levels, and how the company expects to maintain flat crushing volumes despite lower yields. He also asked if the favorable ethanol-equivalent price in Mato Grosso do Sul would lead other regional mills to also prioritize ethanol over sugar.

    Answer

    Renato Junquera Pereira, Sugar, Ethanol and Energy VP, clarified that while yields are expected to be similar to last year, TRS content will be slightly lower due to harvesting frost-impacted cane. He confirmed that for mills in Mato Grosso do Sul with similar tax incentives and logistics, it would be rational to follow Adecoagro's strategy of maximizing ethanol production over sugar at current price levels.

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    Thiago Duarte's questions to Adecoagro SA (AGRO) leadership • Q1 2025

    Question

    Thiago Duarte of BTG Pactual inquired about several key areas: how Adecoagro plans to meet its full-year sugarcane crushing target after a weak first quarter, the unit economics of its various crops explaining the low margin in the Crops segment, and the specific organic and inorganic growth opportunities in Latin America that new majority shareholder Tether finds compelling.

    Answer

    Executive Chairman Juan Jose-Pineyro Sartori detailed Tether's growth strategy, highlighting support for organic expansion, potential acquisitions, and new ventures like energy, all backed by Tether's financial strength. Executive Renato Pereira explained that the Q1 crushing pace was a deliberate strategy due to dry weather, and with recent heavy rains, he expects yields to recover and be 5-10% higher, making the annual target achievable. Executive Mariano Bosch clarified that crop economics are best viewed by campaign, not quarter, and ranked the current priorities as full-season corn, followed by wheat/soybean double crop, and then full-season soybean.

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    Thiago Duarte's questions to Cosan SA (CSAN) leadership

    Thiago Duarte's questions to Cosan SA (CSAN) leadership • Q2 2025

    Question

    Thiago Duarte from BTG Pactual asked for more detail on the Move segment's volume recovery dynamics post-fire. He also sought an update on Cosan's portfolio recycling and divestiture priorities for debt reduction, questioning if the strategy or urgency has changed given the high interest rate environment.

    Answer

    CFO Rodrigo Araujo stated that Move's strategy prioritized preserving its customer base, leading to a rapid volume recovery, with positive dynamics seen each month. Executive Marcelo Martins added that deleveraging is a major priority and that while discussions for partial asset sales are ongoing, the company will not sacrifice portfolio quality for speed. He also reiterated that Cosan will not inject new capital into Raizen.

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    Thiago Duarte's questions to Cosan SA (CSAN) leadership • Q4 2024

    Question

    Thiago Duarte of BTG Pactual asked for greater clarity on the primary direction of Cosan's deleveraging strategy, given the multiple options available such as asset sales or capital increases. He also pressed for a specific debt reduction target to gauge the company's immediate goals.

    Answer

    Executive Rodrigo Alves outlined a conceptual framework, stating that full asset sales are an option while capital increases are not the primary path. He signaled a strategic shift away from using holding company debt for new growth, favoring expansion within the operating companies instead. Executive Marcelo Martins provided a clear sequence: asset sales at both Cosan and Raizen must precede any consideration of capitalization. He committed to a tangible goal, stating the objective is to reduce debt by 'at least 30% in the coming months.'

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    Thiago Duarte's questions to Ambev SA (ABEV) leadership

    Thiago Duarte's questions to Ambev SA (ABEV) leadership • Q2 2025

    Question

    Thiago Duarte asked for a breakdown of the net revenue per hectoliter gain between price and mix, questioned the timing of Q2 price increases relative to historical patterns, and sought clarity on the strategy for the core segment amid SKU reductions and the rise of newer brands.

    Answer

    CEO Carlos Eduardo Klutzenschell Lisboa stated that pricing decisions are based on market dynamics, not a fixed schedule, and the rate impact was in line with inflation, with positive brand mix contributing the rest. He reaffirmed that the core segment remains a priority and a cornerstone of the category. CFO Guilherme Fleury de Figueiredo Ferraz Parolari added that the SKU rationalization targeted low-moving, low-contribution items to improve productivity, not core brands.

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    Thiago Duarte's questions to Ambev SA (ABEV) leadership • Q1 2025

    Question

    Thiago Duarte inquired about the drivers of consolidated margin expansion for the year, asking for the expected contribution from different geographies, particularly Brazil Beer. He also asked for an assessment of beer affordability in Brazil today.

    Answer

    Executive Carlos Eduardo Lisboa stated that achieving margin expansion in 2025 will require a different approach due to cost headwinds, with all markets expected to contribute through the company's three strategic pillars. Regarding affordability, he sees significant growth opportunities in Brazil by increasing consumption frequency and accessibility, leveraging Ambev's diverse portfolio to cater to both premium and value-conscious consumers. CFO Guilherme Fleury de Figueiredo Parolari added that cost visibility, focus on controllables, and productivity levers are key to achieving their financial ambitions.

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    Thiago Duarte's questions to Ambev SA (ABEV) leadership • Q4 2024

    Question

    Thiago Duarte of BTG Pactual inquired about the volume decline of the Skol brand in 2024 and its strategic importance as a priority for 2025. He also asked for details on Brazil Beer's Q4 volume performance, questioning if there were regional disparities, such as stronger results in the North and Northeast.

    Answer

    CEO Carlos Eduardo Lisboa confirmed that Skol is a priority for 2025, highlighting its importance as a core brand that leads in 17 states and embodies the popular "easy-to-drink" profile. He acknowledged 2024 was a weak year for the brand. Lisboa also affirmed that volume performance was indeed led by the North and Northeast regions, both for the full year and in Q4.

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    Thiago Duarte's questions to AGRO3.SA leadership

    Thiago Duarte's questions to AGRO3.SA leadership • Q2 2025

    Question

    Thiago Duarte questioned the sustainability of the company's long-term strategy of converting pastures into farmland, especially with rising input costs.

    Answer

    Executive André Guillaumon strongly affirmed the thesis, stating that the IRR from converting pasture to agricultural land (7-9%) is substantially higher than holding it for cattle (2.5-3%). He emphasized that the land matures quickly and achieves high productivity levels, citing a new operation in Guapira Valley as a successful example. He believes this intensification model 'will make a major, major sense' for Brazil's agricultural future.

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    Thiago Duarte's questions to BRF SA (BRFS) leadership

    Thiago Duarte's questions to BRF SA (BRFS) leadership • Q2 2024

    Question

    Thiago Duarte questioned the outlook for the cost curve in the second half of the year, the company's capital allocation priorities given its low leverage, and the sustainability of its export price premium over market benchmarks.

    Answer

    CFO Fabio Mariano indicated there is marginal room for cost reduction in H2 2024, driven by efficiencies from the BRF+ program and some remaining grain negotiations. Regarding capital allocation, he mentioned potential investments in Brazil and Saudi Arabia, and noted that while conditions for dividend payments are improving, the decision rests with the board. CEO Miguel Gularte explained the export price premium is sustained by an assertive pricing system, strong brands, innovation, and the strategic flexibility provided by new export permits.

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    Thiago Duarte's questions to BRF SA (BRFS) leadership • Q1 2024

    Question

    Thiago Duarte from BTG Pactual asked about the company's view on the structural, sustainable profitability margin for the business now that the turnaround has consolidated. He also questioned the revenue dynamics in Brazil, pointing out the year-over-year drop, particularly in processed products, which seemed to contrast with positive commentary on demand and a rise in finished product inventories.

    Answer

    CEO Miguel de Souza Gularte explained that the BRF+ program has made the company's foundations more resilient across all segments, from the field to commercial execution, giving them confidence in sustained performance. CFO Fabio Mendes Mariano addressed the Brazil revenue, clarifying there was no change in demand. The volume dip was due to trade-offs (redirecting products to export), challenges from an inspector strike, and the strategic elimination of ~20% of unprofitable SKUs over the last nine months. Price was affected by mix changes and pressure in categories like margarine.

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