São Martinho (SMTO3) updated, on November 9, 2026, its production projection for the 2026/27 crop and estimated 3,016.0 thousand tons of ATR (Total Recoverable Sugar) in sugarcane, down 10.5% from the May 25, 2026 projection. The reduction stems from rains during crushing, which affected raw material quality (-7.3%) and the amount of cane processed (-3.5%), due to lower harvesting and crushing availability.
Estimated crushing is 22.8 million tons of sugarcane (22,822.0 thousand tons), 3.5% below the previous projection. The expected average ATR is 132.2 kg per ton, 7.3% below the previous target. The estimate considers the postponement of about 2.0 million tons of cane ("cana bisada", or carryover cane) to the 2027/28 crop, due to the greater availability and productivity of the cane fields and the reduction in crushing days caused by rains.
The production mix leaned more toward ethanol: 53% of the cane ATR will go to ethanol and 47% to sugar. The cane projection includes 1,355.0 thousand tons of sugar, 935.0 thousand m³ of ethanol, 785.0 thousand MWh of exported energy and 20.0 thousand tons of yeast. On a consolidated basis, ATR produced is 3,381.1 thousand tons, 9.5% below the previous projection, and ethanol totals 1,161.4 thousand m³.
The corn ethanol plant is expected to contribute 365.1 thousand tons of ATR, from 495 thousand tons of corn, and about 209 thousand m³ of ethanol, in line with the May 2026 estimate. The volume considers the longer maintenance period for the plant's Second Phase at the Boa Vista Unit. The co-product estimate is 127 thousand tons of DDGs (-5.3%) and eight thousand tons of corn oil (+4.3%).
Total Capex (investments) for the crop is estimated at about R$ 2.9 billion (R$ 2,910 million), down 1.4% from the previous projection. Maintenance Capex is about R$ 1.9 billion (R$ 1,960 million), a 2.0% reduction, due to changes in the offseason maintenance schedule with the extension of the harvest. The Corn Ethanol – Second Phase project, at R$ 800 million, remains on schedule, with start-up expected in the second half of 2027.
