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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
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, reflecting lower sales prices and volumes for sugar and ethanol, partially offset by growth in cogeneration, yeast, and DDGS revenues.
Adjusted EBITDA for 2Q26 was BRL 816.9 million, a 13.4% decrease year-over-year, with a margin of 47.0%, impacted by weaker sugar results.
Updated sugarcane guidance due to a 2.7% reduction in crushing and 1.6%–4.2% lower TRS, mainly from adverse weather impacting productivity in key regions.
Production mix shifted to 49% sugar and 51% ethanol, capitalizing on better ethanol prices and lower working capital needs, with São Paulo units maximizing ethanol since September.
CapEx guidance for 2025/26 is BRL 2.8 billion, a 5%–5.3% reduction from previous guidance, with maintenance CapEx below BRL 1.9 billion, focusing on structural cost optimization.
Financial highlights
Adjusted EBIT margin declined to 21.1% in 2Q26, with net income stable after adjusting for biological assets and debt transformation.
Cash income year-to-date was 13% lower, mainly due to Consecano's effect and a 4% drop in sugar prices; ethanol prices increased by 4.1%.
Corn processing generated BRL 146.2 million EBITDA (34.4% margin in 6M26), with full-year EBITDA expected around BRL 350 million.
6M26 net revenue was BRL 3,597.2 million, stable year-over-year, with higher ethanol and cogeneration revenues offsetting lower sugar revenue.
Outlook and guidance
Cane processing guidance for 12M26 revised down by 2.7% due to adverse weather and lower productivity; TRS production also revised down by 4.2%.
Ethanol margins expected to improve to 3% in the next quarter; 60% of ethanol and 49% of sugar remain to be sold in the second half.
Maintenance CapEx and modernization investments will be closely managed, with flexibility to delay or reduce non-essential projects if market conditions worsen.
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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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