Camil Alimentos (CAML3) Q4 2026 (Q&A) earnings summary

Executive summary

• Net revenue for 2025 was R$11.1 billion, down 9.4% year-over-year, mainly due to lower commodity prices, especially rice and sugar, despite strong volume growth in international and high-value segments.

• EBITDA reached R$915.3 million (+0.9% YoY), with margin expansion to 8.2% (+0.8pp YoY), reflecting operational discipline and synergy capture.

• Net income for the year was R$148.5 million, a decrease of 31.6% YoY, with a net margin of 1.3%.

• International segment volumes grew 30.6% YoY, driven by Uruguay and the integration of the Paraguayan acquisition, offsetting a 3.2% decline in Brazil.

• ESG initiatives advanced, including a new thermoelectric plant using rice husk for renewable energy and expanded social projects.

Financial highlights

• 4Q25 net revenue was R$2.5 billion (-16.5% YoY); gross profit was R$543.3 million (+2.2% YoY) with a margin of 21.7% (+4.0pp YoY).

• EBITDA for 4Q25 was R$192.8 million (-0.5% YoY), margin 7.7% (+1.2pp YoY); full-year EBITDA margin was 8.2% (+0.8pp YoY).

• Gross profit for 2025 was R$2.49 billion (+4.3% YoY), with a gross margin of 22.4% (+2.9pp YoY).

• Net debt at year-end was R$3.0 billion, with Net Debt/LTM EBITDA at 3.24x, within covenant limits.

• Capex for 2025 was R$463.4 million, focused on new grain and thermoelectric plants.

Outlook and guidance

• Strategic focus remains on driving volumes in Brazil, expanding international presence, improving profitability, and operational efficiency.

• The company expects continued margin expansion and value generation through portfolio diversification and synergy capture.

• No significant impacts anticipated from recent tax reforms (LC 214/2025 and LC 224/2025).

• Coffee and high-growth segments expected to drive future expansion, leveraging idle capacity.

• Anticipates earlier-than-expected rice price recovery due to acreage reduction and potential El Niño impacts.