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Investor Relations14 Oct 2025
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São Martinho (SMTO3) investor relations material
São Martinho Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary12 Aug, 2025
Executive summary
Net revenue reached BRL 1,857.5 million in 1Q26, up 12.2% year-over-year, driven by strong ethanol performance despite lower sugar prices and volumes.
Adjusted EBITDA rose 19.7% to BRL 805.0 million, with margin expanding 2.7 p.p. to 43.3% compared to 1Q25.
Net income declined 40.9% year-over-year to BRL 62.8 million, impacted by changes in fair value of biological assets and timing of Interest on Equity payments.
Cash income totaled BRL 157.0 million, up 11.8% from 1Q25.
Sugarcane crushing and sugar output declined due to adverse weather and water deficit, with TRS down and 11% less sugar produced.
Financial highlights
Adjusted EBIT was BRL 331.1 million (+7.6% vs. 1Q25), margin at 17.8%.
Cash COGS increased 10.4% year-over-year to BRL 926.6 million, mainly due to higher ethanol sales and increased corn processing costs.
Financial result (cash) was an expense of BRL 124.8 million (+26.5% vs. 1Q25), driven by higher Selic rates.
Net debt stood at BRL 4.9 billion as of June 30, 2025, with a leverage ratio of 1.36x Net Debt/Adjusted EBITDA LTM.
Sugar sales dropped 8% quarter-on-quarter, mainly due to lower hedged prices compared to the previous period.
Outlook and guidance
Total Capex guidance for 2025/26 crop year updated to BRL 3.0 billion, reflecting increased investment in corn ethanol and biological assets.
Maintenance Capex guidance unchanged at BRL 1,990.5 million.
Ethanol prices are expected to recover after the crop year, with parity projected to rise to 60–70% by year-end.
Sugar production in the Center South is forecasted below 39 million tons, lower than market consensus, due to adverse weather and fires.
Forward-looking statements highlight risks from market, operational, and weather-related factors.
What drove the 1Q26 Adjusted EBITDA increase?
Explain the revision to the Capex guidance.
Detail corn purchases for the 2025/26 crop year.
Assess impact of Santelisa deal on crushing.
Corn ethanol plant CapEx impact on margins?
Sugar production expectations for center south?
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Next São Martinho earnings date
Q2 202611 Nov, 2025
Next São Martinho earnings date
Q2 202611 Nov, 2025
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Eferix Drawings Google Play
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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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