Camil Alimentos (CAML3) Q3 2025 (Q&A) earnings summary

Executive summary

• Net revenue reached R$3.1 billion in 3Q24, up 3.4% year-over-year, driven by price increases despite lower volumes, with adjusted EBITDA at R$195.8 million (margin 6.3%, down 2.0pp YoY), and net income fell 69% to R$44.4 million, reflecting lower profitability in Brazil, partially offset by international gains.

• Diversification in high-growth categories (pasta, coffee, biscuits, fish) and international markets supported resilience amid challenging domestic conditions.

• The company expanded into Paraguay with the acquisition of Rice Paraguay S.A. and Villa Oliva Rice S.A., advancing its ESG agenda and brand recognition.

Financial highlights

• Gross profit was R$534 million (margin 17.2%, down 2.1pp YoY); cost of goods sold rose 6% YoY, compressing margins.

• Adjusted EBITDA was R$195.8 million (-21.4% YoY), including R$24.5 million in non-recurring effects; EBITDA margin was 6.3%.

• Net financial expense increased 4.7% YoY to R$115.2 million due to higher interest rates.

• Capex for the quarter was R$83.7 million, focused on maintenance and new plant investments.

• Cash and equivalents at quarter-end were R$1.8 billion, down 30% sequentially.

Outlook and guidance

• Management remains optimistic about high-growth categories and international expansion, with new product launches and brand development initiatives.

• Focus on operational efficiency, cost control, and leveraging synergies from recent acquisitions to drive future growth.

• Rice prices are expected to average BRL 100 per bag in the next crop season, with a 14% higher yield year-over-year.

• International rice prices are expected to drop another 5%, but no major declines anticipated.

• Ongoing investments in ESG and sustainability initiatives to reinforce long-term value creation.