Camil Alimentos (CAML3) Q2 2026 (Q&A) earnings summary

Executive summary

• Net revenue reached R$ 3.0 billion in 2Q25, up 10.9% sequentially but down 8.6% year-over-year, with EBITDA of R$ 251 million and a margin of 8.4%.

• Consolidated volumes grew 6.8% year-over-year and 24.9% sequentially, driven by international operations, while Brazil saw a 2.1% YoY decline but a 17% sequential increase.

• International segment, led by Uruguay, posted export growth, while Peru faced profitability pressure; entry into Paraguay’s rice market was completed post-quarter.

• High-turnover products in Brazil (grains and sugar) saw a 1.5% annual volume decline, but sugar profitability improved sequentially; high-growth categories (fish, pasta, coffee, biscuits) showed mixed results, with coffee volumes recovering.

• ESG advances included the 2024 Sustainability Report, renewable energy projects, and ongoing portfolio and operational efficiency strategies.

Financial highlights

• Gross revenue was R$ 3.4 billion (-8.2% YoY, +9.8% QoQ); net revenue R$ 3.0 billion (-8.6% YoY, +10.9% QoQ).

• Gross profit reached R$ 674 million (-3.5% YoY, +11.2% QoQ), with a margin of 22.6%.

• EBITDA was R$ 250.6 million (-12.9% YoY, +7.5% QoQ), margin 8.4%.

• Net income was R$ 78.7 million (-33.7% YoY, +19.3% QoQ), with a 2.6% margin.

• Capex for the quarter was R$ 155.3 million (+133.5% YoY), focused on plant expansion and energy projects.

Outlook and guidance

• Management expects sugar profitability to return to historical levels, with a favorable outlook for 2026.

• Rice prices are expected to remain under pressure in the short term, but a reduction in planted area may support a future recovery.

• Leverage is expected to decrease by fiscal year-end due to working capital release and improved operating consistency.

• Continued focus on portfolio diversification, operational efficiency, and regional leadership.

• Expansion in Latin America with entry into Paraguay’s rice market and ongoing ESG, innovation, and brand strengthening.