Camil Alimentos (CAML3) Q1 2027 Prepared Remarks earnings summary

Executive summary

• Consolidated sales volume grew 17.9% year-over-year to 594,000 metric tons, with strong advances in both Brazil and international markets, despite lower rice prices.

• Net revenue was R$2.7 billion, nearly stable year-over-year (-0.7%), as volume growth offset price deflation.

• EBITDA reached R$210 million (margin 7.9%), down 9.9% year-over-year but up 8.9% sequentially.

• Net income was R$28 million, a 57.6% year-over-year decrease, but reversed a loss from the previous quarter.

Financial highlights

• Gross profit rose to R$651.8 million (+7.5% YoY, +20.0% QoQ), with gross margin improving to 24.4% (+1.9pp YoY).

• SG&A expenses increased 22.7% YoY, mainly due to higher selling and administrative costs in Brazil.

• Net financial expenses were R$142 million (+19.9% YoY), driven by higher interest rates and currency effects.

• Capex was R$77.5 million in 1Q26, down 35% YoY and 16% QoQ, returning to maintenance levels after major projects.

• Net Debt/EBITDA LTM: 4.7x at 1Q26, up from 3.2x in 4Q25.

Outlook and guidance

• Management expects normalization of rice prices could help dilute SG&A as a percentage of revenue.

• Confident in sustaining consistent growth through brand strength, operating discipline, and value creation strategy, with continued expansion in international markets and innovation in product portfolio.

• Working capital seasonality expected, with increases in the first quarter and releases in the fourth quarter, especially for rice.