Camil Alimentos (CAML3) Q3 2025 (Q&A) earnings summary

Executive summary

• Net revenue reached R$3.1 billion in 3Q24, up 3.4% year-over-year, driven by price increases despite lower volumes; adjusted EBITDA was R$196 million, down 21.4% YoY, with a margin of 6.3%.

• Net income dropped 69.0% YoY to R$44.4 million, reflecting margin compression, lower profitability in Brazil, and non-recurring items.

• Diversification in high growth categories (pasta, coffee, biscuits, fish) and international markets supported resilience amid challenging domestic conditions.

• Acquisition of Rice Paraguay S.A. and Villa Oliva Rice S.A. marks entry into Paraguay, expanding geographic footprint and aligning with asset-light strategy.

• Continued focus on ESG, with reaffirmed inclusion in the B3 Corporate Sustainability Index and multiple awards for brand and marketing initiatives.

Financial highlights

• Gross profit was R$534 million with a 17.2% margin, down 7.8% YoY; cost of goods sold rose due to higher input costs in grains, fish, and coffee.

• EBITDA margin decreased to 5.5% from 8.3% YoY; adjusted EBITDA included R$24.5 million in non-recurring effects.

• Capex totaled R$83.7 million, focused on maintenance and new plant investments.

• Cash and equivalents at R$1.8 billion, down 30.3% sequentially.

• Moody's national rating at BrAA+ (Stable).

Outlook and guidance

• Management anticipates a strong first quarter in grains due to early harvest and favorable climate, with a weaker fourth quarter expected.

• Rice prices are expected to average R$100 per bag in the next crop season, with a 14% higher yield YoY.

• International rice prices are expected to drop another 5%, but no major declines anticipated.

• Optimism for growth in Paraguay and continued recovery in Peru, with focus on operational efficiency and leveraging synergies from acquisitions.

• Ongoing investments in ESG and sustainability initiatives to reinforce long-term value creation.