Camil Alimentos (CAML3) Q3 2025 Prepared Remarks earnings summary

Executive summary

• Net revenue reached BRL 3.1 billion, up 3.4% year-over-year, driven by price increases despite a 7% drop in volumes, mainly due to lower grain sales in Brazil and international markets.

• Adjusted EBITDA was BRL 195.8 million (margin 6.3%), down 21.4% from Q3 2023, mainly due to lower volumes and profitability in Brazil, partially offset by strong international performance.

• Gross profit stood at BRL 534 million, with a margin of 17% for the quarter.

• Net income fell sharply to BRL 44.4 million, a 69% year-over-year decrease, reflecting margin compression and higher financial expenses.

• The company advanced its ESG agenda, maintained inclusion in the B3 Corporate Sustainability Index, and reported on sustainability initiatives.

Financial highlights

• Gross revenue was BRL 3.6 billion (+3.5% YoY, -4.9% QoQ); net revenue was BRL 3.1 billion (+3.4% YoY, -4.8% QoQ).

• Gross profit was BRL 534.2 million (-7.8% YoY, -23.5% QoQ); gross margin was 17.2% (-2.1pp YoY).

• Cost of goods sold increased by 6%, driven by higher costs in grains, fish, and coffee.

• SG&A expenses rose 9% nominally in Brazil, with non-recurring effects totaling BRL 35 million.

• Other operating income included BRL 10.5 million from a favorable tax lawsuit.

Outlook and guidance

• Management is focused on scaling operations, improving customer service, and strengthening brands to support future growth, with optimism for high-growth categories and international expansion, especially after the Paraguay acquisition.

• Seasonal working capital release in Q4 is expected to improve leverage.

• The company continues to focus on efficiency, brand development, and leveraging its diversified platform to navigate challenging economic conditions.