Camil Alimentos (CAML3) Q4 2026 (Q&A) earnings summary

Executive summary

• Net revenue for 2025 was R$11.1 billion, down 9.4% year-over-year, mainly due to lower raw material prices, especially rice and sugar, despite volume growth in international and high growth categories.

• EBITDA for the year reached R$915.3 million, up 0.9% year-over-year, with margin expansion to 8.2% (+0.8 p.p.), reflecting operational discipline and synergy capture.

• Net income for 2025 was R$148.5 million, a 31.6% decrease year-over-year, with a net margin of 1.3%.

• International segment drove volume growth (+30.6% YoY), offsetting a 3.2% decline in Brazil, while high growth categories (canned fish, coffee, cookies) also contributed positively.

• ESG initiatives advanced, including a new thermoelectric plant using rice husk for renewable energy and expanded social projects.

Financial highlights

• 4Q25 net revenue was R$2.5 billion (-16.5% YoY); gross profit was R$543.3 million (+2.2% YoY) with a margin of 21.7% (+4.0 p.p. YoY).

• Full-year gross profit up 4.3% to R$2.5 billion; gross margin stable at 22.4%.

• Q4 EBITDA: R$192.8 million, margin 7.7% (up 1.2 p.p. YoY); full-year EBITDA: R$915.3 million, margin 8.2% (up 0.8 p.p. YoY).

• Net debt at year-end was R$3.0 billion, with Net Debt/LTM EBITDA at 3.24x, within covenant limits.

• Capex for 2025 was R$463 million, mainly for new grain and thermoelectric plants.

Outlook and guidance

• Strategic focus remains on driving volumes in Brazil, expanding international presence, improving profitability, and operational efficiency.

• Management expects continued synergy capture and resilience despite challenging market prices.

• Coffee and High-Growth segments expected to drive future expansion, leveraging idle capacity.

• Anticipates earlier-than-expected rice price recovery due to acreage reduction and potential El Niño impacts.

• Preparation underway for IFRS S1 and S2 reporting and continued focus on sustainability and governance.