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São Martinho (SMTO3) investor relations material
São Martinho Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Nov, 2025
Executive summary
Second quarter results were impacted by a 2.7% reduction in sugarcane crushing and 1.6% lower TRS, mainly due to adverse climate events and productivity drops in key regions.
Net income for 2Q26 was BRL 176.4 million, down 5.9% year-over-year but up 180.8% sequentially, with net revenue at BRL 1.74 billion, down 11.3% year-over-year.
Adjusted EBITDA for 2Q26 was BRL 816.9 million, a 13.4% decrease year-over-year, with a margin of 47.0%.
Production mix shifted to 51% ethanol and 49% sugar, with São Paulo units focusing on ethanol from September.
Combined sugar and ethanol sales volume was approximately 15% lower year-over-year, with 60% of ethanol sales still to be realized in the second half.
Financial highlights
Adjusted EBIT margin declined year-over-year due to lower prices and operating leverage; net income was stable after adjusting for biological assets and mark-to-market effects.
Cash income year-to-date was BRL 1,019 million, down 13% from the previous year, mainly due to Consecana's effect and a 4% drop in sugar prices.
Corn processing generated BRL 146 million EBIT (31% margin) in the half-year, with full-year EBITDA expected around BRL 350 million.
Cash COGS in 2Q26 was BRL 761.0 million, down 11.9% year-over-year, due to lower sales and improved industrial efficiency.
Financial result (cash) was an expense of BRL 67.3 million in 2Q26, 17.6% lower year-over-year.
Outlook and guidance
Sugarcane crushing guidance revised down to 22 million tons for 12M26, with TRS production down 4.2% due to adverse weather and lower yields.
Production mix expected at 49% sugar and 51% ethanol, with São Paulo units maximizing ethanol since September 2025.
Maintenance CAPEX for next crop year expected below BRL 1.9 billion, with total CAPEX around BRL 2.8 billion, reflecting a 5% reduction.
Ethanol margins and prices expected to improve in the second half, with robust sales anticipated.
No change in corn ethanol production estimates.
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Next São Martinho earnings date
Q3 20269 Feb, 2026
Next São Martinho earnings date
Q3 20269 Feb, 2026
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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.
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