Camil Alimentos (CAML3) Q1 2027 (Q&A) earnings summary

Executive summary

• Consolidated sales volume grew 17.9% year-over-year in 1Q26, with strong performance in both Brazil and international markets, despite lower rice prices in key regions.

• Net revenue was stable at R$2.7 billion (-0.7% YoY), as volume gains nearly offset price deflation.

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

• Net income was R$28 million, a 57.6% YoY decrease, but a recovery from a net loss in the previous quarter.

Financial highlights

• Gross profit rose 7.5% YoY to R$651.8 million, with gross margin improving by 1.9 p.p. to 24.4%.

• SG&A expenses increased to 20% of net revenue, driven by higher transport volumes, freight rate adjustments, and commercial restructuring.

• Net financial expenses grew 19.9% YoY to R$142 million, driven by higher interest rates and currency effects.

• Capex was R$77.5 million in 1Q26, down 35% YoY, reflecting completion of major projects.

Outlook and guidance

• Management expects working capital to normalize by year-end, with no anticipated surprises or heavy consumption.

• Anticipates a recovery in rice prices in the second half, with El Niño potentially driving significant price increases.

• Maintenance CapEx is expected to range between R$200 million and R$240 million annually.

• Management remains confident in the volume growth and scale strategy, emphasizing brand strength, operational efficiency, and value creation.