Camil Alimentos (CAML3) Q4 2025 (Q&A) earnings summary

Executive summary

• Net revenue reached R$12.3 billion in 2024, up 9% year-over-year, with Q4 revenue at R$3.0 billion (+11.7% YoY).

• EBITDA was R$907 million for 2024 (7.4% margin), with Q4 EBITDA at R$193 million (6.5% margin), both slightly down year-over-year.

• Net profit for 2024 was R$217 million, down 39.8% year-over-year; Q4 saw a net loss of R$25 million.

• Growth was driven by high-value categories (fish, pasta, coffee, cookies) and international expansion, offsetting challenges in grains and sugar.

• ESG progress included continued inclusion in the B3 Corporate Sustainability Index and advances in renewable energy and social initiatives.

Financial highlights

• Gross profit for 2024 was R$2.4 billion (+5.0% YoY, margin 19.5%); Q4 gross profit was R$531 million (17.7% margin, -7.2% YoY).

• Total volume sold in 2024 was 2,114k tons (-3.5% YoY); Q4 volume was 458k tons (+5.3% YoY).

• Non-recurring revenues from tax credit recoveries and indemnities totaled R$43.8 million in 2024.

• Net debt at year-end was R$2.7 billion, with net debt/EBITDA at 3.0x.

• Capex for 2024 was R$335 million (ex-M&A), with total investments and capex at R$587 million.

Outlook and guidance

• Focus on accelerating growth in high-value categories (coffee, pasta, biscuits) and expanding international operations, especially after the Paraguay acquisition.

• Deleveraging remains a priority, with a net debt/EBITDA target of 2–2.5x before new acquisitions.

• Expectation of flat operating numbers in 2025 due to high CapEx and financial expenses; improved cash generation anticipated in 2026.

• Continued investment in operational efficiency, brand value, and ESG commitments.