On Thursday, October 8, 2026, Camil Alimentos (CAML3) released its results for the second quarter of 2026 (2Q26). The company reported net revenue of R$ 2,764.8 billion, a decline of 7.2% compared with 2Q25 and an increase of 3.6% versus 1Q26. Net income totaled R$ 41.3 million, a drop of 47.5% year over year and an increase of 47.7% quarter over quarter, with a net margin of 1.5%. EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 225.3 million, down 10.1% year over year and up 7.3% from the immediately preceding quarter, with an EBITDA margin of 8.2%.
Gross revenue in 2Q26 was R$ 3,222.5 billion, a 6.1% decrease compared with 2Q25, impacted by lower average prices, mainly in the international segment, partially offset by a more favorable mix with growth in the high-value category in Brazil. Gross profit came to R$ 681.9 million, up 1.2% year over year and 4.6% quarter over quarter, raising the gross margin to 24.7%, 2.1 percentage points above 2Q25. Cost of sales and services totaled R$ 2,082.9 billion, a 9.7% year-over-year decrease, or 75.3% of net revenue.
Selling, general and administrative expenses (SG&A) reached R$ 542.1 million in the quarter, an increase of 8.9% compared with 2Q25, equivalent to 19.6% of net revenue. In Brazil, EBITDA was R$ 173.8 million, down 5.3% year over year, with an EBITDA margin of 8.4%. In the international segment, EBITDA totaled R$ 51.5 million, a decrease of 23.2% versus 2Q25, with an EBITDA margin of 7.5%.
Net financial result was an expense of R$ 127.6 million in 2Q26, a reduction of 9.9% versus the same period in 2025, influenced by a non-recurring positive effect of R$ 21 million from the settlement of sugar derivatives. Income Tax and Social Contribution (CSLL) generated a positive effect of R$ 16.3 million, 55.5% lower than in 2Q25, mainly reflecting exclusions of ICMS subsidies and tax benefits abroad. Net debt at the end of August 2026 stood at R$ 4,082.6 billion, up 17.8% in 12 months and down 3.1% versus 1Q26, with a net debt/EBITDA ratio for the last 12 months of 4.7x.
In operating terms, consolidated sales volume in 2Q26 was 604.7 thousand tons, down 4.6% year over year and up 1.9% quarter over quarter. In Brazil, volumes totaled 387.5 thousand tons (-2.5% YoY), with high turnover at 335.9 thousand tons (-4.6% YoY) and high value at 51.6 thousand tons (+14.1% YoY). In the international segment, volume was 217.1 thousand tons, a decline of 8.3% compared with 2Q25. Capex for the quarter reached R$ 52.6 million, a reduction of 66.1% versus the same period in 2025, in line with the normalization of investments after the completion of projects in Cambaí (RS).
