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Tiago Duarte

Senior Equity Analyst at BTG

Tiago Duarte is a Senior Equity Analyst at BTG Pactual, specializing in coverage of Latin American agribusiness and consumer companies such as Adecoagro and Camil. He has been instrumental in generating buy recommendations, including a recent target price of $17 for Adecoagro, and is known for detailed sector research and actionable investment calls. Since joining BTG Pactual, Duarte has built a reputation for thorough financial analysis and market insight, drawing on prior experience in equity research spanning major Brazilian firms. He holds advanced financial credentials and is recognized for professional excellence among institutional investors.

Tiago Duarte's questions to Cosan (CSAN) leadership

Question · Q3 2025

Tiago Duarte asked about the future role of Cosan as a holding company following its simplification and debt reduction, and how the raised funds would be used to tackle debt, focusing on cost, maturity, or duration.

Answer

Rodrigo Araujo Alves, CFO of Cosan, stated that funds would primarily reduce debt, prioritizing cost reduction while also impacting duration for callable short-term debt. Marcelo Martins, VP of Finance, Cosan, explained that the holding company's role has shifted from a leveraging tool for growth to focusing on efficiency and streamlining, no longer serving as a vehicle for future investments.

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