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 EBITDA of R$907 million (7.4% margin); 4Q24 net revenue was R$3.0 billion (+11.7% YoY), EBITDA R$193 million (6.5% margin).

• Net profit for 2024 was R$217 million, down 39.8% YoY; 4Q24 saw a net loss of R$25 million.

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

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

Financial highlights

• Gross profit in 2024 was R$2.4 billion (+5.0% YoY, margin 19.5%); 4Q24 gross profit was R$531 million (17.7% margin, -7.2% YoY).

• SG&A as a percentage of net revenue was 14.7% for 2024, reflecting efficiency improvements.

• Total volume sold in 2024 was 2,114k tons (-3.5% YoY); 4Q24 volume was 458k tons (+5.3% YoY).

• Non-recurring revenues of R$33 million in 4Q24 from tax credit recoveries; total other operating revenues of R$58 million for the year.

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

Outlook and guidance

• Focus on accelerating growth in high-value categories (coffee, pasta, biscuits), expanding international presence, and operational efficiency.

• 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.