Camil Alimentos (CAML3) Q2 2027 (Q&A) earnings summary

Executive summary

• Q2 FY27 net revenue was R$2,764.8m, down 7.2% YoY; EBITDA was R$225.3m, down 10.1% YoY but up 7.3% QoQ. Consolidated volume fell 4.6% to 604.7k tons.

• Gross margin expanded 2.1pp to 24.7%, while net income fell 47.5% to R$41.3m; high-growth Brazil categories led volume growth.

Financial highlights

• Net revenue was R$2,764.8m, down 7.2% YoY and up 3.6% QoQ; gross profit rose 1.2% to R$681.9m.

• EBITDA was R$225.3m, down 10.1% YoY and up 7.3% QoQ; net income was R$41.3m, down 47.5% YoY.

• Cost of sales fell 9.7% to R$2.1bn; SG&A rose 8.9% to R$542.1m, or 19.6% of revenue, reflecting freight, route mix and promotional costs in Brazil.

• Net financial expense was R$127.6m; the year-over-year comparison included a non-recurring R$21m gain from settling sugar derivatives.

Outlook and guidance

• Rice-price recovery began to show in Brazil and Latin America late in the quarter; management expected effects to become clearer through Q3 and potentially Q4.

• Lower CapEx and improved cash generation are expected to support deleveraging; management expects leverage below 2.5x in the midterm, without setting a deadline.

• Management cited confidence in growth from high-value categories, disciplined execution, brand strength and operational efficiency.

• International profitability may recover with improved prices, potentially reaching slightly above historical levels; Peru's recovery plan may accelerate with higher prices.