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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
São Martinho
São Martinho (SMTO3) investor relations material
São Martinho Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary10 Nov, 2026
Executive summary
2Q27 net revenue rose 7.7% YoY to BRL 1.873bn, while adjusted EBITDA fell 6.9% to BRL 760.9m and net income fell 71.1% to BRL 50.9m.
6M27 revenue fell 5.4% to BRL 3.403bn, adjusted EBITDA fell 17.2% to BRL 1.343bn and net income fell 62.8% to BRL 89.1m.
Rainfall reduced cane quality and crushing availability, leading to lower 2026/27 production guidance and a 47% sugar/53% ethanol mix.
Financial highlights
2Q27 net revenue was BRL 1,872.9m, up 7.7% YoY; higher sales volume, especially ethanol, offset lower prices.
Adjusted EBITDA was BRL 760.9m in 2Q27, down 6.9% YoY, with a 40.6% margin; 6M27 EBITDA was BRL 1,343.2m, down 17.2%.
Adjusted EBIT was BRL 95.1m in 2Q27, down 74.1% YoY; 6M27 adjusted EBIT of BRL 216.8m fell 68.9%.
Net income was BRL 50.9m in 2Q27, down 71.1%; 6M27 net income of BRL 89.1m fell 62.8%.
2Q27 cash COGS rose 32.5% YoY to BRL 1,008.4m, mainly reflecting higher TRS sold, particularly biofuel.
Outlook and guidance
FY2026/27 guidance: 22.822m tons crushed (-3.5%), average TRS of 132.2 kg/ton (-7.3%) and TRS output of 3.016m tons (-10.5%) versus prior guidance.
Cane guidance includes 1.355m tons of sugar, 935,000 m³ of ethanol and a 47%/53% sugar/ethanol mix; ~2.0m tons of cane carry over to 2027/28.
Corn guidance holds processing at 495,000 tons and ethanol at 209,400 m³; DDGS was revised to 127,100 tons (-5.3%) and corn oil to 8,200 tons (+4.3%).
FY2026/27 capex guidance is BRL 2.910bn, down 1.4%: BRL 1.960bn maintenance, BRL 150m operational improvements and BRL 800m expansion.
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Latest events from São Martinho
- Revenue and profit fell on weaker prices, but production and yields improved.SMTO3
Q1 2027 - Net income rose 50.2% on strong sales and efficiency, with record sugarcane crushing projected.SMTO3Q4 2026
- Revenue and profit fell on lower yields, but Capex was cut and margins stayed resilient.SMTO3Q2 2026
- Ethanol and DDGS drove revenue growth, but net income dropped on asset revaluation and costs.SMTO3Q1 2026
- Net revenue grew, but net profit fell sharply on fire impacts and one-offs; capex will decrease.SMTO3Q4 2025
- Net revenue and EBITDA surged, but net profit fell as Capex rose for ethanol and recovery projects.SMTO3Q2 2025
- Revenue up 22.3% and Adjusted EBITDA up 20.7%, but net income down 51.7% year-over-year.SMTO3Q1 2025
- Record sugar output and strong prices drove robust results despite ethanol margin pressure.SMTO3Q4 2024
- Ethanol and tax credits drove EBITDA up, but net income fell as Copersucar payments ended.SMTO3Q3 2025
Next São Martinho earnings date
Q3 202715 Feb, 2027
São Martinho
Next São Martinho earnings date
Q3 202715 Feb, 2027
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Frequently asked questions
São Martinho S.A. is an agribusiness company engaged in the production of sugar, ethanol, and bioenergy. The company operates large-scale sugarcane plantations and industrial facilities, focusing on integrated and sustainable production processes. São Martinho supplies sugar for food and beverage industries, ethanol for fuel and industrial applications, and generates bioelectricity from biomass. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.