CAML3 Camil Alimentos

Camil Alimentos S.A. is a multinational company of Brazilian origin that operates in the food sector and has common shares traded on B3 under the ticker CAML3, listed in the Novo Mercado segment. With more than 60 years of history, it has established itself as one of the leading food platforms in Latin America, focusing on high-turnover categories such as grains and sugar, and higher value-added categories such as canned fish, pasta, coffee and cookies. The company does not engage in primary agricultural production, concentrating its business model on the processing, refining, packaging, storage and commercialization of food products under traditional, well-known brands in different South American markets.

Camil Alimentos’ history dates back to 1963, when it was founded in Rio Grande do Sul as a cooperative of rice producers, in a context of migration of rice cultivation from Brazil’s Center-West to the South. From its early years, the company stood out for innovating in the distribution of rice packed in 5 kg bags, helping standardize the product in Brazilian retail. Over the following decades, it expanded its logistics structure with storage and distribution centers in São Paulo, broadened its portfolio by entering the beans category and moved its headquarters to the capital city of São Paulo, a move that was accompanied by the entry of private equity funds into its capital. In 2017, it carried out its IPO on B3, reinforcing corporate governance standards and providing funds to continue its strategy of organic growth and acquisitions.

Camil’s business model is based on two main operating fronts: the Brazil Food segment and the International Food segment. In Brazil, the portfolio is concentrated in staple products such as rice, beans and sugar, as well as higher value-added lines such as canned fish, pasta, coffee and cookies. Internationally, the company operates in the processing and commercialization of rice and other grains in South American countries, combining strong local brands with its own industrial and logistics platforms. The value chain covers the stages of receiving grains, drying, grading, processing, packaging and distribution, in addition to complementary services such as grain storage and drying for third parties and energy generation from biomass, using rice husks in its own thermal power plants.

In the Brazilian market, Camil operates with a broad portfolio of brands and categories. In grains, it has ten processing plants distributed across the country, concentrated in Rio Grande do Sul, the main rice-producing region. The Camil brand leads rice sales in relevant regions, including the metropolitan area of São Paulo, and is supported by regional brands such as Namorado, Pop, Carreteiro, Butuí, Tche, Pai João and others. In sugar, the company operates mainly with the União brand, a historic reference in sweets and baking, as well as Da Barra, Duçula and Neve, handling packaging based on a long-term supply agreement for refined sugar with a strategic partner. In canned fish, the Coqueiro and Pescador brands position the company among the main players in canned sardines and tuna, with an industrial unit in Navegantes (SC). Camil has also expanded into dry pasta with the Santa Amália, Speciale, Don Sapore brands and, more recently, the Camil brand itself, and has entered the roasted and ground coffee, gourmet coffee and coffee capsule segments with the União, Seleto and Café Bom Dia brands, and the cookie market with Mabel and licensed Toddy-brand cookies.

In its international segment, Camil has built a significant presence in rice and grains in South America through acquisitions and organic expansion. In Uruguay, it controls Saman, the leading company in the production and export of Uruguayan rice, with several industrial units and a portfolio that includes rice, rice crackers, vegetable oil and byproducts of rice processing. In Chile, it operates through Tucapel, the leading rice brand, with an offering that extends to dry legumes, semi-prepared risottos, rice flour, olive oils and plant-based beverages made from rice. In Peru, Costeño Alimentos is one of the main packaged rice companies, with plants in different regions and operations also in cereals and vegetable oil. In Ecuador, Dajahu operates with the Rico Arroz brand and others, focusing on aged rice. In 2024, the corporate structure linked to the controlling shareholders enabled entry into the Paraguayan rice market through the acquisition of Rice Paraguay and Villa Oliva Rice, a transaction that, once fully completed, will increase the company’s rice origination and processing capacity in the region.

From an operational standpoint, Camil Alimentos structures its production processes with a focus on standardized quality, industrial efficiency and input control. For rice and beans, the company purchases grains from producers and cooperatives, provides drying, grading and storage infrastructure, and performs processing in stages that include cleaning, drying, dehusking (for rice), polishing, electronic sorting by color and size, and packaging. In sugar, its activities are limited to sieving, blending (for versions with sweeteners) and packaging of the already refined product. For fish, the stages focus on cleaning, preparation, canning, autoclave cooking and storage. For pasta, the process involves receiving the flour, mixing, extrusion, drying and packaging. For coffee, operations include cleaning, roasting, grinding and packaging in different formats. In cookies, the industrial plants handle everything from flour analysis, dough preparation and sheeting to baking, cooling, application of fillings or coatings and final packaging.

The company operates 33 processing plants and 25 distribution centers in South America, employing thousands of people and serving mainly food retailers, cash-and-carry formats and large distribution chains. Net revenue is concentrated in the food segment, with an emphasis on operations in Brazil, while the international segment shows higher margins, reflecting its competitive position in rice and grains markets outside the country. The customer base is diversified, although there is one large retail client that accounts for just over 10% of net revenue, with purchases spread among the main food product lines in Brazil. This diversification of channels and geographies helps dilute specific market risks, even though the company remains highly exposed to consumption patterns of staple foods and price competition on store shelves.

From a regulatory standpoint, Camil is subject to a comprehensive framework of sanitary, environmental and labeling rules both in Brazil and in the other countries where it operates. In Brazil, its activities are monitored by health surveillance agencies at the federal, state and municipal levels, with the Brazilian Health Regulatory Agency (ANVISA) setting guidelines for registration, notification of start of manufacturing, good manufacturing practices and standards for foods, sugars, ready-to-eat products and cereal derivatives. For animal-origin products such as canned fish, operations follow specific industrial and sanitary inspection regulations. On environmental matters, its activities are classified as potentially polluting and require federal technical registration with IBAMA, submission of annual reports and compliance with environmental license conditions issued by state and municipal environmental agencies. The company also seeks to use industrial residues such as rice husks to generate thermal energy, reducing waste disposal and dependence on fossil fuels, in line with resource efficiency practices and environmental impact mitigation.

Camil Alimentos’ corporate governance is strengthened by its listing on B3’s Novo Mercado, which requires a capital structure composed exclusively of common shares with voting rights and higher levels of transparency. The company’s trajectory has been marked by the participation of private equity funds, which have contributed to the professionalization of management and the strengthening of the board of directors and committee structures. In social and environmental terms, in addition to strict compliance with health surveillance and environmental licensing rules, the company maintains policies and processes focused on hygienic and sanitary production conditions, good manufacturing practices and quality control throughout the chain, factors that are relevant to food safety, regulatory compliance and the continued positioning of its brands among the leading processed food references in Latin America.