Camil Alimentos (CAML3) Q3 2026 (Q&A) earnings summary

Executive summary

• Net revenue reached R$2.9 billion in 3Q25, down 5.1% year-over-year, mainly due to lower prices, while consolidated volumes grew 14% year-over-year, driven by international and high growth segments.

• EBITDA rose 39.4% year-over-year to R$239 million, with margin up 2.6 percentage points to 8.1%, reflecting operating discipline and improved product mix.

• Gross profit increased 25.3% year-over-year to R$669 million, with a margin of 22.7%.

• The quarter included the first results from the Paraguay acquisition, expanding the Latin American platform.

• Net profit was R$44 million, nearly flat year-over-year but down 44% sequentially.

Financial highlights

• Net revenue: R$2.9 billion (-5.1% YoY, -1.2% QoQ); gross profit: R$669 million (+25.3% YoY); EBITDA: R$239 million (+39.4% YoY); EBITDA margin: 8.1% (+2.6pp YoY).

• Net profit: R$44 million (-0.6% YoY, -44% QoQ); net margin: 1.5% (+0.1pp YoY).

• Capex totaled R$95 million, mainly for new grain and thermoelectric plant construction.

• Net debt stood at R$3.8 billion (-5.9% YoY), with net debt/LTM EBITDA at 4.2x (flat YoY).

• Working capital was 93 days, down 20 days YoY, up 8 days QoQ.

Outlook and guidance

• High growth categories (coffee, fish, pasta, cookies) and international segment expected to continue driving margin and volume growth, with coffee showing strong market share gains.

• Integration of Villa Oliva in Paraguay expected to contribute to international segment growth.

• Expectation of maintaining current sugar profitability through next year, with rice margins challenged by low prices and potential recovery only in 2027.

• Fourth quarter in grains expected to be challenging due to seasonality and low prices.

• Management remains focused on value creation, operational excellence, and brand strength.