Cambuci (CAMB3) Q3 2024 earnings summary

Executive summary

• Consolidated net revenue reached R$124.3 million in 3Q24, up 3.4% year-over-year; nine-month revenue was R$347.3 million, down 1.2% from 9M23 due to discontinued Argentina operations.

• Brazil net revenue grew 9.4% in 3Q24 and 3.8% in 9M24, with three consecutive quarters of revenue growth.

• Consolidated net income was R$20.6 million in 3Q24 (down 6.4% YoY) and R$66.7 million in 9M24 (up 4.2% YoY), with a 19.2% net margin in 9M24.

• EBITDA margin was 24.2% in 3Q24 and 26.8% in 9M24, reflecting strong operational efficiency despite higher marketing investments.

• Marketing investments increased 98.4% YoY in 3Q24, supporting brand presence.

Financial highlights

• Gross margin consolidated at 48.9% in 3Q24 (up 0.6 p.p. YoY) and 50.1% in 9M24 (up 1.7 p.p. YoY).

• EBITDA was R$30.1 million in 3Q24 (down 0.3% YoY) and R$93.1 million in 9M24 (down 0.4% YoY).

• Net financial result turned positive, reflecting lower leverage and higher returns on cash invested at CDI rates.

• Cash flow from operations reached R$74.4 million in 9M24.

• Net cash position of R$44.5 million at 3Q24, 13 times higher than gross debt.

• Dividend and JCP distributions totaled R$15.9 million in 9M24.

Outlook and guidance

• Management expects a challenging commercial environment in 4Q24 due to persistent local and global economic headwinds.

• Focus remains on leveraging competitive advantages, investing in technology, and maintaining robust financial reserves.

• CAPEX for 2024 is projected at R$20 million.